- Revenue Growth Net revenue reached $5.6 billion in 2025, reflecting 13% YoY growth driven by balanced expansion in acute and chronic therapies.
- Profitability Adjusted EBITDA rose to $471 million (6% YoY), with an 8.3% margin, while adjusted diluted EPS grew 9% to $1.72.
- Cash Flow Strength Generated $258 million in operating cash flow in 2025, maintaining a net debt leverage ratio of 2.0x, and guiding 2026 cash flow >$340 million (+30% growth).
- 2026 Outlook Revenue guidance of $5.8–$6 billion (4% growth midpoint), with EBITDA of $480–$505 million, despite 400 bps headwind from Stelara IRA and biosimilars.
- Strategic M&A Acquired Intramed Plus, exceeding initial expectations, and prioritizing disciplined, financially accretive acquisitions to drive growth.
Operational Highlights
The company's unique position as the nation's largest independent provider of home and alternate site infusion therapy enabled it to deliver consistent clinical outcomes and same-day service for large health systems and national payers. The company's comprehensive clinical competencies, including one of the nation's largest network of infusion nurses, broad market access, national scale, and local pharmacy resources, position it as a partner of choice to help new-to-market products reach their targeted patient cohorts.
Guidance and Outlook
The company expects full-year 2026 revenue of $5.8 billion to $6 billion, reflecting a 4% growth at the midpoint, and adjusted EBITDA of $480 million to $505 million. The company is confident in its plan, citing its strong execution and ability to navigate the challenges of payers and hospital systems. As Meenal Sethna mentioned, "If you exclude the Stelara headwind, our EBITDA growth rate would be in the double digits."
Valuation
Using the current valuation metrics, the company's P/E Ratio is 25.76, indicating that the stock may be slightly overvalued. However, the P/S Ratio is 0.97, which is relatively reasonable. The EV/EBITDA ratio is 11.5, which is also reasonable. The company's ROE is 15.39%, indicating a strong return on equity. Analysts estimate next year's revenue growth at 8.6%, which is slightly higher than the company's guidance.
Cash Flow and Capital Allocation
The company generated $258 million in cash flow from operations for the full year 2025 and finished the year at a net debt to leverage ratio of 2.0x. The company is setting its 2026 operating cash flow guidance to be greater than $340 million, reflecting a 30-plus percent growth in cash generation versus last year. The company remains committed to returning value to shareholders and is evaluating various opportunities for acquisitions and share repurchases.