OPCH - Why Option Care Health Stock Plummeted Today
2023-10-25 19:05:20 ET
Shares of Option Care Health (NASDAQ: OPCH) fell more than 15% on Wednesday even after the home and alternate site infusion services company announced better-than-expected quarterly results and raised its full-year outlook. That outlook, however, wasn't quite optimistic enough to appease Wall Street's already high expectations.
Option Care Health's third-quarter 2023 revenue grew 7.1% year over year to $1.093 billion, translating to a 45% increase in net income to $56.3 million, or $0.31 per share. Analysts, on average, were modeling lower earnings of $0.28 per share on revenue of $1.09 billion.
Option Care Health CEO John Rademacher credited the company's relative outperformance to its focus on "outstanding clinical outcomes and extraordinary patient care." He added that he looks forward to seeing the impact his teams can make as they expand to the post-acute and ambulatory setting going forward.
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Why Option Care Health Stock Plummeted Today