Diplomat reports strong Q1 results

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FLINT, Mich.— Diplomat Pharmacy announced financial results for the quarter ended March 31, 2018. All comparisons, unless otherwise noted, are to the quarter ended March 31, 2017.

First Quarter 2018 Highlights include:

• Revenue of $1,342 million, compared to $1,079 million, an increase of 24%
• Specialty segment revenue of $1,153 million, compared to $1,079 million
• PBM segment revenue of $191 million, which was not part of the business in the prior year period
• Specialty segment total prescriptions dispensed of 223,000, compared to 220,000
• PBM segment total volume, adjusted to 30-day equivalent, of 2,181,000
• Gross margin of 8.2% versus 7.9%
• Specialty segment gross margin of 8.1% versus 7.9%
PBM segment gross margin of 9.2%
• EPS of $(0.01) per diluted common share versus $0.06
• Adjusted EPS of $0.20 versus $0.19
• Adjusted EBITDA of $39.6 million, compared to $26.8 million
• Adjusted EBITDA margin of 3.0% versus 2.5%
• Net cash provided by operating activities was $48.6 million, compared to $44.3 million
• Net debt, including contingent consideration, reduced to $601.5 million, from $648.7 million at December 31, 2017

Jeff Park, Interim chief executive officer, commented “Diplomat reached a new high mark this quarter in which the incredible team we’ve built executed on our plan and achieved record revenues. Our first quarter demonstrated strong performance in both our Specialty segment and our PBM segment – relaunched last week under its new brand, CastiaRx. Our PBM integration has progressed rapidly, and as our innovation, growth and profitability initiatives continue to gain momentum, we believe we can drive substantial market share gains over time and generate long term value for all our stakeholders.”


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