Infusion and home care management solutions company BioScrip, Inc. (NASDAQ:BIOS) Friday morning topped Wall Street estimates by posting a smaller-than-expected net loss during the fourth quarter of 2016, sending shares higher. The company posted a net loss of $5.2 million, or 6 cents per share, $0.02 better than the consensus estimate for loss of 8 cents per share. In Q4 2015, BioScrip lost 15 cents per share.
BioScrip also beat on the top line with revenue of $240.1 million during the latest quarter. That was down $3.6 million from a year earlier, but better than the consensus estimate for sales of $235.7 million.
For all of 2016, the company reported revenue of $935.6 million, down from $982.2 million in 2015. Net loss attributable to shareholders narrowed to $50.6 million, or 54 cents per share, from $309.5 million, or $4.51 per share, a year earlier.
BioScrip is in the midst of an 18-24 month turnaround plan.
Looking ahead to this year, the company provided full-year guidance of revenue in the range of $920-$950 million and a net loss between 30-45 cents per share. BioScrip noted that the guidance accounts for the negative effect of the Cures Act, legislation that directly impacts the BioScip business model by substantially reducing Medicare reimbursement rates as of the first of 2017.
Since plunging from over $3 per share to as low as 98 cents per share during the fourth quarter of 2016, shares of BIOS are slowly making up some ground, including popping ahead 24% in morning trading on Friday to $1.81.
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