Option Care Health, Inc.

Good day, and thank you for standing by. Welcome to the Option Care for Health fourth quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 11 on your telephone. You will then hear an automated message advising that your hand is raised. To withdraw your question, please press star 1-1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Nicole Maggio, Senior Vice President of Finance. Please go ahead.

Good morning. Please note that today's discussion will include certain forward-looking statements that reflect our current assumptions and expectations, including those related to future financial performance and industry and market conditions. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from our expectations. We encourage you to review the information in today's press release as well as in our Form 10-K filed with the SEC regarding the specific risks and uncertainties. We do not undertake any duty to update any forward-looking statements as required by law. During this call, we will use non-GAAP financial measures when talking about the company's performance and financial condition. You can find additional information on these non-GAAP measures in this morning's press release posted on the investor relations portion of our website. With that, I will turn the call over to John Rademacher, President and Chief Executive Officer.

Thanks, Nicole, and good morning, everyone. Thank you for joining us, and we're excited to share updates on our productive year and the 2025 results today. Before I do this, I want to take a moment to say thank you to the entire Option Care Health team. for their consistent execution and commitment to our mission of transforming healthcare by improving outcomes, lowering total cost of care, and delivering hope to our patients and their families. Before I get into the details on our business and financial performance, I'd like to reinforce our critical role across the healthcare industry. Option Care Health is uniquely positioned as the nation's largest independent provider of home and alternate site infusion therapies. We built a strategy on a national scale that starts with putting the patient at the center, provides high-quality care with cost advantages, and fosters clinical innovation with local responsiveness. Last year, we served over 315,000 unique patients across a range of therapeutic categories, ranging from IV antibiotics to some of the most sophisticated, rare, and orphan products in the marketplace. In fact, last year we completed over 2.5 million infusion events. Our 50-state licensure, expansive footprint, and comprehensive nursing team help us deliver consistent clinical outcomes and same-day service for large health systems and national payers across the country. This includes helping payers shift care into lower-cost settings and reduce inpatient utilization where clinically appropriate. With the ongoing economic pressures the healthcare industry is facing, we are on the right side of the healthcare cost curve, partnering to provide high-quality care at an appropriate cost in a setting in which patients want to receive it. As we reported this morning, our results were in line with what we preannounced in January. Meena will provide more detail, but I wanted to highlight the solid execution that drove our performance this past year. In 2025, the OptionCare Health team continued to capitalize on industry dynamics and made significant progress in our efforts to create a sustainable growth enterprise. We opened new infusion suites and pharmacies, deployed innovative technology, deepened our referral base, and expanded our formulary while navigating a dynamic environment and shifting economics on certain therapies. As we reaffirmed this morning, our current views on 2026 are also in line with the guidance that we communicated in January. The team continues to execute at a high level every single day, and the strength of our platform, our clinicians, our local market operations, and the consistency of clinical outcomes across our national infrastructure continue to differentiate us and provide value to our stakeholders. Our partnership with payers continues to deepen as we help them navigate affordability challenges and find opportunities to right-site care. We understand the pressure our payer partners are facing with rising healthcare costs, as well as rate pressure for those with Medicare Advantage exposure. We see strong alignment between our capabilities and the outcome the payers are trying to achieve, and we expect that momentum to continue. we have active site of care programs with the largest national payers. And this year we added five new programs with regional health plans and two additional with non-traditional payers. These programs are seeing traction and we expect that number will continue to grow in 2026 and beyond. We remain committed to leveraging our platform to help manage the total cost of care while producing quality outcomes through clinical oversight and helping to ensure adherence to medication care plans. On the formulary front, we see a strong pipeline of infused and injectable drugs to treat clinically complex patients, and we're encouraged by the engagement with pharma manufacturers and innovators who are seeking partners with our capabilities. Our comprehensive clinical competencies, including one of the nation's largest network of infusion nurses, as well as broad market access, national scale, and local pharmacy resources positions us as a partner of choice to help new to market products reach their targeted patient cohorts. And our pharma partnerships also continue to expand, including earlier involvement through clinical trial support and enhanced service and data insight programs. We continue to invest in and strengthen our programs to create specialized service offerings, clinical effectiveness reporting, and operational discipline to scale and configure programs with efficiency capture. Today, we are privileged to operate over 20 enhanced programs in service to pharma manufacturers, and we are excited about the pipeline of new programs we expect to launch in 2026 and beyond. Our referral source relationships remain strong as we have proven to be a reliable partner across health systems and specialty prescribers. Our consistent and disciplined approach helps us capture additional demand through increased reach and frequency with these referral sources. With a specialty prescriber space, we have aligned our commercial resources to improve focus on key call points. We see attractive growth factors in neurology, autoimmune, dermatology, oncology, and rare diseases, and we expect these therapeutic areas to play a larger role over time. The breadth of our portfolio continues to expand as additional therapies and indications are added, and we are excited about the opportunities ahead. We also continue to invest in growth across our platform throughout 2025. We added talent across commercial sales, operation, and our clinical teams. We strengthened our technology stack to drive efficiency and scale. We continue to deploy artificial intelligence and automate key patient administration functions, including invoice processing and cash posting. Today, approximately 40% of our claims are processed without human intervention. We believe these initiatives will help us to grow without significant incremental labor within these functions while improving the quality and productivity of our team members. Our ambulatory infusion clinic investments continue to progress well, with over 25 centers offering advanced practitioner capabilities. These additional investments complement our home-based and alternate site model, expand patient choice, and can support higher-acuity therapies in cost-effective settings. To provide some context, on a pro forma basis for InterMed Plus, which we acquired in 2025, our infusion clinic visits grew over 25% in the fourth quarter over prior year. And we've seen continued momentum in both the InterMed Plus sites in South Carolina, as well as within our other infusion clinic locations. We expect to further leverage our model as we navigate regulatory compliance and identify strategic locations for new clinics. Additionally, over 34% of our nursing visits this quarter occurred in one of our infusion suites or clinics, and we expect to continue to leverage the infrastructure we've built, which contributes to the results in both clinical capacity and efficiency. And with that, I will turn over to Meenal for a closer look at the financial results. Meenal?