RICHMOND, Va.--(BUSINESS WIRE)--Owens & Minor, Inc. (NYSE:OMI) announced today that it has been notified by a national healthcare-provider customer that the customer does not intend to renew its distribution agreement. The transition of this customer, which generated approximately $525 million in revenues to Owens & Minor in 2015, is expected to begin in late 2016.
Despite this change in its customer base, Owens & Minor affirmed its financial outlook for 2016 of adjusted earnings per diluted share in a range of $2.00 to $2.05. The 2016 outlook is based on certain assumptions that are subject to the risk factors discussed in the company’s filings with the Securities & Exchange Commission.
“Although we are disappointed in the customer’s decision to make this transition, we remain focused on achieving our long-term financial and operational performance goals,” said P. Cody Phipps, president & chief executive officer of Owens & Minor. “As a leading global healthcare services company, we remain focused on implementing our Transformation Agenda, which will position Owens & Minor for sustained profitable growth in the domestic and international markets. We intend to provide more detail on this customer transition, as well as our progress toward our 2016 goals, when we release first-quarter 2016 earnings.”
1st Quarter 2016 Earnings Date & Conference Call Information
Owens & Minor will report first-quarter 2016 financial results on Tuesday, May 3, 2016, after the close of the New York Stock Exchange. On the following morning, Owens & Minor will conduct a conference call for investors on Wednesday, May 4, 2016, at 8:30 a.m. EDT. The access code for the conference call, international dial-in and replay is #86705206. Participants may access the call at 866-393-1604. The international dial-in number is 224-357-2191. Replay: A replay of the call will be available for one week by dialing 855-859-2056. Webcast: A listen-only webcast of the call, along with supplemental information, will be available on www.owens-minor.com under “Investor Relations.”
Owens & Minor uses its website as a channel of distribution for material company information, including news releases, investor presentations and financial information. This information is routinely posted and accessible under Investor Relations at www.owens-minor.com.
Safe Harbor Statement
Except for historical information, the matters discussed in this press release may constitute forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those projected. These risk factors are discussed in reports filed by the company with the Securities & Exchange Commission. All of this information is available at www.owens-minor.com.
The company assumes no obligation, and expressly disclaims any such obligation, to update or alter information, whether as a result of new information, future events, or otherwise.