Option Care Health Withdraws Guidance After Sale Agreement

The Tip Desk · November 4, 2026 · 3 min read

Net revenue reached $1,493.5 million in the third quarter as the infusion-services company agreed to be acquired by Clayton, Dubilier & Rice and McKesson.

Option Care Health, Inc. (OPCH), the nation’s largest independent provider of home and alternate site infusion services, entered a definitive merger agreement under which Clayton, Dubilier & Rice, LLC and McKesson Corporation will acquire the company. Given the pending transaction, the company said it will not host an earnings conference call and has withdrawn its previously disclosed financial guidance.

The last reported quarter still showed a pickup in the pace of growth that had been slow earlier in 2026. Net revenue for the three months ended September 30, 2026 was $1,493.5 million, up 4.1% from a year earlier, after 1.9% year-over-year growth in the second quarter and 1.3% in the first quarter.

GAAP net income was $57.4 million, up 10.8% from a year earlier, after 6.7% growth in the second quarter and a 3.0% decline in the first quarter. GAAP diluted earnings were $0.38 a share, up 18.8% from a year earlier. Adjusted EBITDA was $124.6 million, up 4.3% from a year earlier, after 3.0% growth in the second quarter and a 6.3% decline in the first quarter. Adjusted diluted earnings were $0.49 a share, up 8.9% from a year earlier.

Gross profit was $285.0 million, versus $272.9 million a year earlier, with cost of revenue of $1,208.6 million. Operating income was $89.2 million, versus $84.5 million a year earlier. Selling, general and administrative expenses were $172.0 million. Restructuring, acquisition, integration and other expenses were $5.6 million. Interest expense, net, was $12.9 million. Other, net, was $2.6 million of income, versus $1.4 million of expense a year earlier.

Weighted average diluted shares were 150.5 million, versus 163.1 million a year earlier. The company had repurchased $150 million of outstanding shares in the second quarter.

Cash provided by operating activities was $114.7 million in the third quarter, down from $184 million in the second quarter and a $12.1 million use of cash in the first quarter. Cash and cash equivalents were $299.1 million at September 30, 2026, versus $232.6 million at December 31, 2025. Inventories were $408.0 million. Long-term debt, net of discount, deferred financing costs and the current portion, was $1.15 billion.

In the second quarter, Option Care Health had guided to sequential net revenue growth in the low to mid single-digits and sequential Adjusted EBITDA growth in the mid single-digits. Third-quarter revenue of $1,493.5 million compared with $1,442 million in the second quarter, and Adjusted EBITDA of $124.6 million compared with $117.5 million.

The company said the merger agreement remains subject to conditions, including stockholder approval and any required regulatory approvals, and that operations during the pendency of the transaction may be restricted. It also listed risks that the deal could be delayed, terminated or completed on different terms, and that related costs, litigation or market reactions could affect the stock, credit ratings or operating results.

The infusion-services provider said it employs more than 8,000 team members, including more than 5,000 clinicians, and serves patients in all 50 states.