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© 2025 OPTION CARE HEALTH, INC. ALL RIGHTS RESERVED INVESTOR PRESENTATION NOVEMBER 2025
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© 2025 OPTION CARE HEALTH, INC. ALL RIGHTS RESERVED Disclaimers Forward-Looking Statements This presentation may contain “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “believe,” “project,” “estimate,” “expect,” “may,” “should,” “will” and similar references to future periods. Examples of forward-looking statements include, among others, statements we may make regarding future revenues, future earnings, other future financial results, regulatory developments, market developments, new products and growth strategies, and the effects of any of the foregoing on our future results of operations or financial conditions. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: (i) changes in laws and regulations applicable to our business model; (ii) changes in market conditions and receptivity to our services and offerings; (iii) pending and future litigation; (iv) potential liability for claims not covered by insurance; and (v) loss of relationships with managed care organizations and other non-governmental third party payers. For a detailed discussion of the risk factors that could affect our actual results, please refer to the risk factors identified in our reports as filed with the SEC. Any forward-looking statement made by us in this presentation is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise. Non-GAAP Measures In addition to reporting financial information in accordance with generally accepted accounting principles (“GAAP”), we are also reporting Adjusted net income, Adjusted EBITDA, Adjusted earnings per share ("Adjusted EPS"), and Net Debt Leverage Ratio, each of which are non-GAAP financial measures. These adjusted measures are not measurements of financial performance under GAAP and should not be used in isolation or as a substitute or alternative to net income, earnings per share, or any other performance measure derived in accordance with GAAP , or as a substitute or alternative to cash flow from operating activities or a measure of our liquidity. In addition, our definitions of Adjusted net income, Adjusted EBITDA, Adjusted EPS, and Net Debt Leverage Ratio may not be comparable to similarly titled non-GAAP financial measures reported by other companies. As defined by us: (i) Adjusted net income represents net income before intangible asset amortization expense, stock-based compensation expense, and restructuring, acquisition, integration and other expenses, net of tax adjustments, (ii) Adjusted EBITDA represents net income before net interest expense, income tax expense, depreciation and amortization, stock-based compensation expense, loss on extinguishment of debt, and restructuring, acquisition, integration and other expenses; and (iii) Adjusted EPS represents Adjusted net income divided by weighted average common shares outstanding, diluted, (iv) Net Debt Leverage Ratio represents gross debt less cash and cash equivalents on the balance sheet divided by the trailing twelve months Adjusted EBITDA. Gross debt is defined as the current portion of long-term debt and long-term debt excluding discounts and unamortized debt issuance costs. As part of restructuring, acquisition, integration and other expenses, we may incur significant charges such as the write down of certain long-lived assets, temporary redundant expenses, professional fees, certain litigation expenses and reserves related to acquired businesses, potential retention and severance costs and potential accelerated payments or termination costs for certain of its contractual obligations. Management believes that these adjusted measures provide useful supplemental information regarding the performance of our business operations and facilitate comparisons to our historical operating results. We have not reconciled Adjusted EBITDA and Adjusted EPS guidance to net income as management believes creation of this reconciliation would not be practicable due to the uncertainty regarding, and potential variability of, material reconciling items. Full reconciliations of each adjusted measure to the most comparable GAAP financial measure are set forth at the end of this presentation. 2
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© 2025 OPTION CARE HEALTH, INC. ALL RIGHTS RESERVED Option Care Health is a leading independent provider of home and alternate site infusion services Stand-alone AIS and/or AIC2 Care Management Center1 1Care Management Center (CMC) is defined as a location with both a pharmacy and AIS. Total count includes a small number of st and-alone pharmacies. 2AIS: Ambulatory Infusion Suite | AIC: Ambulatory Infusion Clinic (Advanced Practitioner Model) Top 10 Payers In-Network 96% Coverage to Insured Lives 170+ Locations in the U.S. ~90 Full-Service Pharmacies Licensed in all 50 states 700+ Infusion Chairs NATIONAL SCALE WITH LOCAL RESPONSIVENESS o Our mission: Transform healthcare by providing innovative services that improve outcomes, reduce overall costs of care and deliver hope for patients and families. o Resilient full-service network that supports a broad set of clinical services across a variety of care sites o Proven track record of integrating and leveraging high-quality, strategic M&A o Consistent strong cash flow generation and attractive capital structure 285,000+ Patients Served in 2024 5,000+ Multidisciplinary Clinicians $5.0 billion 2024 Revenue +13% 4-year CAGR $444 million 2024 Adjusted EBITDA +19% 4-year CAGR 3 $323 million 2024 Cash Flow from Operations +26% 4-year CAGR
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© 2025 OPTION CARE HEALTH, INC. ALL RIGHTS RESERVED Investment Highlights Favorable Position in a Large and Growing Industry1 On the Right Side of Healthcare: High Quality at an Appropriate Cost in a Patient- Centric Setting2 Well-Diversified Portfolio of Therapies and Payer Relationships3 Strong Core Values that Drive Patient Satisfaction4 Proven, Experienced Management Team5 Strong Financial and Operating Performance with Track Record of Double-Digit Growth in Revenue, Adjusted EBITDA, and Cash Flow Generation6 4
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Q3 Highlights Refinanced term loan, reducing borrowing costs and extending maturity while adding $50 million in liquidity Responded to changing business conditions and capitalized on shifting competitive landscape while growing above assumed industry growth Focused on accelerating growth through disciplined execution, targeted investments, and maximizing strategic growth vectors On track with capital allocation priorities Strong balance sheet creates capital deployment flexibility Added new infusion clinics and expanded advanced practitioner footprint in key geographies Launched 3 new enhanced applications to drive operating efficiency Repurchased $62 million of stock – underscores strong confidence in business and long-term inherent value © 2025 OPTION CARE HEALTH, INC. ALL RIGHTS RESERVED 5 Strong Performance and Significant Progress in Q3 Balanced growth across the therapy portfolio translated to strong Q3 earnings performance1 Net Revenue of $1,435.0 million, +12.2% Adjusted EBITDA of $119.5 million, +3.4% Adjusted diluted EPS of $0.45, +9.8% 1Versus prior year Raised full year 2025 guidance based on continued strong performance 2 Net revenue $5.60 billion to $5.65 billion Adjusted diluted EPS $1.68 to $1.72 Adjusted EBITDA $468 million to $473 million Expect to generate >$320 million in Cash Flow from Operations 2Represents guidance as presented October 30, 2025
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Uniquely Positioned to Capture Growing Demand CONTINUING TO EXPAND PATIENT ACCESS AND INCREASE THE NUMBER OF PATIENTS SERVED 1NHIF 2020 Trend Report, DHC data, and Management estimates 2Reflects FY 2024 revenue data; Commercial also includes Medicare Advantage plans, Managed Medicaid plans, pharmacy benefit managers, and self-pay patients o Broad portfolio of chronic and acute therapies including more than 50 limited distribution therapies o Diversified payer portfolio with largest payer representing ~15% of revenue in 2024 o Low direct government reimbursement risk ~75% Chronic Therapies ~25% Acute Therapies ~88% Commercial Payers ~12% Direct Govt. o Fragmented provider landscape within home infusion industry enables a wide range of growth opportunities o National independent platform helps enable economies of scale while ensuring local responsiveness U.S. Home Infusion $100B Total U.S. Infusion Other Providers OPCHHOME INFUSION LANDSCAPE 1 OPCH PORTFOLIO 2 © 2025 OPTION CARE HEALTH, INC. ALL RIGHTS RESERVED 6
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© 2025 OPTION CARE HEALTH, INC. ALL RIGHTS RESERVED Robust National Platform with Comprehensive Clinical Solutions Referral Source Service Model Place of Administration Key Attributes Home and Alternate Site Infusion Model Compounding and dispensing through Pharmacy RN oversight with Pharmacist and Dietitian support Pharmacy and Medical benefits Enables Health System participation in 340B program Flexible site of care Nurse / Advanced Practitioner oversight of patients Broader traditional Medicare access Expanded formulary Potentially faster patient onboarding Facilitates support for new therapies and medically- complex patients Infusion Clinic Model Hospital Physician Office/Clinic Rx+DWO Rx+DWO Pharmacy/CMC Licensed Practitioner Home Infusion Suite Infusion Clinic Referral 7 DWO: “Detailed Written Order” CMC: “Care Management Center” is defined as a location with both a pharmacy and AIS.
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Valuable Tech-Enabled Platform Across Stakeholder Spectrum Health Systems Consistent and reliable services to help health systems transition patients, freeing up beds and helping them manage Diagnosis- Related Groups Embed highly trained clinical resources within key hospitals to assist with patient discharge Provide comprehensive solutions to allow health systems to fully participate in qualified 340B program savings Payers Assist in managing total cost of care with potentially significant savings over costs of Hospital Outpatient Department or inpatient stays Consistent national clinical service model for patients across the country Improve member experience by providing high-quality care with strong patient satisfaction scores Partner in support of site of care initiatives and innovative member support programs Patients High-quality care in a convenient place of service at a reduced cost Comprehensive patient training and education to support complex therapies and disease states 24/7/365 clinical support and care plan monitoring Deep reach into rural communities Patient satisfaction scores consistently in mid-90’s and Net Promotor Score of 70+ Pharma Provide expert clinical capabilities, broad geographic coverage, and a comprehensive pharmacy network, enabling tailored programs and services to complex patient populations Provide sophisticated logistics and supply chain services through national logistics center and centralized strategic sourcing team © 2025 OPTION CARE HEALTH, INC. ALL RIGHTS RESERVED 8
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© 2025 OPTION CARE HEALTH, INC. ALL RIGHTS RESERVED Durable and Resilient Revenue Base Option Care Health operates one integrated network supporting a broad set of therapies, which can be generally categorized as acute and chronic therapies REVENUE COMPOSITION1 o Primarily generic drugs o Typical product margins of 50-70%2 o Significantly higher cost of service, supplies, and overhead than chronic therapies o Average treatment cycle of 2-12 weeks, with some longer duration patients o Expect underlying demand growth in low single digits o Considerable savings to hospital and payers through bed day management Acute Therapies o Branded and biosimilar therapies o Typical product margins of 5-30%2 o Average treatment cycle greater than one year o Demand growth expectation of low double digits, with broad range of underlying growth profiles at therapy level o All Other is a diverse category of branded and biosimilar therapies, none of which represents more than 3% of consolidated revenue Chronic Therapies NO THERAPY REPRESENTS MORE THAN 5% OF CONSOLIDATED REVENUE3 1Reflects FY 2024 revenue data 2Product margin accounts for direct cost of goods but excludes cost of service, supplies, and overhead expenses 3Excluding Stelara 9
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Generic Branded Biosimilar GenericBranded Biosimilar © 2025 OPTION CARE HEALTH, INC. ALL RIGHTS RESERVED 75%+ of product margin generated by generic and biosimilar therapies that typically have more stable economics Branded therapies represent ~50% of revenue but <20% of product margin Branded therapy product evolutions typically have a larger effect on revenue than on product margin given lower gross margin profile of branded drugs Balanced Revenue and Gross Profit1 PRODUCT MARGIN COMPOSED PRIMARILY OF GENERIC AND BIOSIMILAR CATEGORIES REDUCES RISK OF VOLATILITY MOVING FORWARD REVENUE COMPOSITION PRODUCT MARGIN COMPOSITION2 1Reflects FY 2024 revenue and product margin data 2Product margin accounts for direct cost of goods but excludes cost of service, supplies, and overhead expenses; adjusted for projected 2025 Stelara pricing adjustments 10
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Consistent Record of Growth and Financial Performance DEMONSTRATED ABILITY TO EXECUTE AND DELIVER ON GROWTH COMMITMENTS $3.0B $3.4B $3.9B $4.3B $5.0B 2020 2021 2022 2023 2024 $222M $290M $343M $425M $444M 7.4% 8.5% 8.8% 9.9% 8.9% 2020 2021 2022 2023 2024 $127M $209M $268M $371M $323M 2020 2021 2022 2023 2024 NET REVENUE ADJUSTED EBITDA CASH FLOW FROM OPERATIONS © 2025 OPTION CARE HEALTH, INC. ALL RIGHTS RESERVED 11 12023 Cash Flow from Operations impacted by ~$63M net inflow from Amedisys transaction termination fee 1
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© 2025 OPTION CARE HEALTH, INC. ALL RIGHTS RESERVED Strategic Capital Deployment Balances Growth and Return to Shareholders o Strong and consistent cash generation profile 2021 – Q3’25: $1.4 billion in operating cash flow Disciplined focus on working capital management o Robust balance sheet and strong liquidity position $706 million liquidity as of Q3’25 Refinanced term loan, reducing borrowing costs and extending maturity while adding $50 million in liquidity in Q3’25 Net Debt Leverage Ratio 1.9x as of Q3’25 o Track record of value creation from strategic M&A 7 acquisitions and $300+ million deployed since 2021 o Capital deployment priorities Internal investments for profitable growth opportunities Strategic tuck-ins and near-adjacency acquisitions Return of capital via periodic share repurchase $166M $303M $715M Capex Acquisitions Share Repurchase 2021 – Q3’25 YTD STRATEGIC CAPITAL DEPLOYMENT $1.2 billion deployed since 2021 12
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© 2025 OPTION CARE HEALTH, INC. ALL RIGHTS RESERVED Continue investments in clinical and operational capabilities to leverage national platform with local responsiveness Deepen partnerships with national and regional payers by utilizing national platform Continue expansion of portfolio of therapies to include additional rare and orphan therapies and limited distribution products Further invest in innovative technology solutions including partnership with Palantir and AI tools Expand Infusion Clinic footprint to broaden our ability to serve a larger patient population and facilitate support for emerging therapies Continue focus on collaboration opportunities with pharma, leveraging clinical expertise and robust national platform Maintain strong track record of cash flow generation and strategic capital deployment through reinvesting in the business, M&A and periodic share repurchase Expectations for the Road Ahead 13
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Contact Us Our Website investor.relations@optioncare.com investors.optioncarehealth.com © 2025 OPTION CARE HEALTH, INC. ALL RIGHTS RESERVED 14
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© 2025 OPTION CARE HEALTH, INC. ALL RIGHTS RESERVED Reconciliation to Non-GAAP Measures For historical reconciliations of non-GAAP financial measures, please see our SEC filings and other financial reports, which are available on our website at investors.optioncarehealth.com 15
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© 2025 OPTION CARE HEALTH, INC. ALL RIGHTS RESERVED Reconciliation to Non-GAAP Measures For historical reconciliations of non-GAAP financial measures, please see our SEC filings and other financial reports, which are available on our website at investors.optioncarehealth.com OPTION CARE HEALTH, INC. RECONCILIATION BETWEEN GAAP AND NON-GAAP MEASURES (IN THOUSANDS) (UNAUDITED) 2024 2023 2022 2021 2020 Consolidated net income (loss) $211,823 $267,090 $150,556 $139,898 $ (8,076) Interest expense, net 49,029 51,248 53,806 67,003 107,770 Income tax expense (benefit) 71,776 91,652 55,212 -23,404 2,833 Depreciation and amortization expense 63,498 62,200 65,434 68,804 77,896 Consolidated EBITDA 396,126 472,190 325,008 252,301 180,423 EBITDA adjustments Stock-based incentive compensation 36,143 30,479 16,783 9,575 2,920 Loss on extinguishment of debt 377 - - 13,387 11,545 Gain on sale of assets - - (10,325) - - Restructuring, acquisition, integration and other 11,143 (77,486) 11,387 14,543 26,788 Consolidated adjusted EBITDA $443,789 $425,183 $342,853 $289,806 $221,676 Year Ended December 31, 16
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© 2025 OPTION CARE HEALTH, INC. ALL RIGHTS RESERVED Reconciliation to Non-GAAP Measures For historical reconciliations of non-GAAP financial measures, please see our SEC filings and other financial reports, which are available on our website at investors.optioncarehealth.com 17