BioScrip Inc. today announced a multi-step plan to improve shareholder value, increase financial flexibility and position BioScrip as a pure play infusion services company focused on high-growth services.
"Our board and management team are committed to taking immediate and rapid action to streamline the company,” BioScrip President and CEO Rick Smith said. “Once complete, BioScrip will be a pure play infusion services provider focused on the higher-growth core infusion business. Importantly, we remain committed to continuing to provide high quality care and clinical service to patients."
The BioScrip board of directors has formed a committee that will be chaired by R. Carter Pate and tasked with overseeing the implementation and execution of this plan.
BioScrip also announced today that, while the company implements its financial improvement plan, the board of directors has authorized a process to explore a range of strategic alternatives and has hired Jefferies LLC as its financial advisor to assist in the process.
“We are operating with a sense of urgency,” Michael Goldstein, chair of the governance, Compliance and Nominating Committee of the BioScrip Board of Directors, said. “We are highly committed to the successful turnaround of BioScrip and taking an active role in overseeing the company's operations and cost reduction initiatives to improve the operating performance and cash flow of the company. We have also taken steps to strengthen the executive team, and look forward to working closely together to effect meaningful change and drive shareholder value."
To read the full strategic plan, visit www.bioscrip.com.