Option Care Health (OPCH) Investor presentation summary

Market position and business overview

• Leading independent provider of home and alternate site infusion services, serving over 285,000 patients in 2024 with a national network of 170+ locations and 5,000+ clinicians.

• Generated $5.0 billion in 2024 revenue, with a 13% four-year CAGR, and $444 million in adjusted EBITDA, reflecting a 19% four-year CAGR.

• Maintains a resilient, full-service network supporting a broad set of clinical services and a proven track record of integrating strategic M&A.

• Achieves 96% coverage of insured lives and is in-network with the top 10 payers.

• Consistent strong cash flow generation and attractive capital structure, with 2024 cash flow from operations up 26% over four years.

Financial performance and growth

• Q3 2025 net revenue reached $1.44 billion (+12.2%), adjusted EBITDA $119.5 million (+3.4%), and adjusted diluted EPS $0.45 (+9.8%) versus prior year.

• Raised full-year 2025 guidance: net revenue $5.60–$5.65 billion, adjusted EBITDA $468–$473 million, adjusted diluted EPS $1.68–$1.72, and cash flow from operations over $320 million.

• Demonstrated double-digit growth in revenue, adjusted EBITDA, and cash flow over the past four years.

• Net debt leverage ratio at 1.9x as of Q3 2025, with $706 million liquidity.

• $1.4 billion in operating cash flow generated from 2021 to Q3 2025.

Revenue composition and risk profile

• Revenue is well-diversified: ~75% from chronic therapies and ~25% from acute therapies, with no therapy representing more than 5% of consolidated revenue.

• 75%+ of product margin comes from generic and biosimilar therapies, which have more stable economics.

• Branded therapies account for ~50% of revenue but less than 20% of product margin, reducing volatility risk.

• Largest payer represents ~15% of revenue, with 88% commercial and 12% direct government reimbursement.