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Diplomat announces 2nd quarter financial results

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FLINT, Mich. — Diplomat Pharmacy announced financial results for the quarter ended June 30, 2018.  All comparisons, unless otherwise noted, are to the quarter ended June 30, 2017.  Prior period financials have been recast to include certain direct expenses as part of cost of sales instead of selling, general and administrative expense (“SG&A”) for our specialty segment.  This change is a reclassification only and has no impact on overall results.

Second Quarter 2018 Highlights include:

  • Revenue of $1,416 million, compared to $1,126 million, an increase of 26%
    • Specialty segment revenue of $1,234 million, compared to $1,126 million
    • PBM segment revenue of $189 million, which was not part of the business in the prior year period
  • Specialty segment total prescriptions dispensed of 236,000, compared to 220,000
  • PBM segment total volume, adjusted to 30-day equivalent, of 2,123,000
  • Gross margin of 6.9% versus 5.9%
    • Specialty segment gross margin of 5.9% versus 5.9%
    • PBM segment gross margin of 13.7%
  • EPS of $(0.05) per diluted common share versus $0.05
    • Adjusted EPS of $0.17 versus $0.25
  • Adjusted EBITDA of $42.7 million, compared to $25.2 million
    • Adjusted EBITDA margin of 3.0% versus 2.2%
  • Net cash provided by operating activities was $18.1 million, compared to $23.0 million
  • Net debt, including contingent consideration, reduced to $609.2 million, from $618.2 million at March 31, 2018

Brian Griffin, chairman and chief executive officer of Diplomat, commented “The Diplomat team delivered another great quarter with record revenue and adjusted EBITDA, driven by continued solid execution of our plan.  Our PBM integration is reaching its conclusion with CastiaRx demonstrating strong results in the quarter, as well as continued momentum on our growth and profitability initiatives across the entire enterprise.  I am truly excited to join such a highly energized organization and look forward to exploring our growth potential for the benefit of all of our stakeholders.”


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