Owens & Minor Inc. (OMI) stock plummeted 5.09% during Tuesday's intraday trading session, following the company's preliminary financial results for the fourth quarter and full year 2024 that showed significant losses amid plans to acquire Rotech Healthcare Holdings.
The medical supplies distributor reported a projected net loss of $288 million to $311 million for the fourth quarter, largely due to a $310 million goodwill impairment charge related to its Apria subsidiary. Despite the losses, the company highlighted strong performance in its Patient Direct division, with consistent mid-single-digit growth over the past year.
For the full year 2024, Owens & Minor forecasts a net loss ranging from $355 million to $378 million, but revenue between $10.67 billion and $10.70 billion. The company also announced that it has begun raising funds to support its planned acquisition of Rotech Healthcare Holdings, with the deal expected to be finalized in the first half of 2025.
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