RICHMOND, Va.–(BUSINESS WIRE)–Owens & Minor, Inc. (NYSE-OMI) today announced certain changes to its executive leadership team, including the appointment of Andrew G. Long as EVP, CEO, Products & Healthcare Services segment, replacing Jeffrey T. Jochims who will be leaving the Company. Long has served as the Company’s EVP and CFO since joining the Company in November 2019. In addition, Alexander J. Bruni has been promoted to EVP and CFO, replacing Long.
“Andy has been a great leader at Owens & Minor and I am looking forward to having Andy in this role where his skillset will help drive the Products & Healthcare Services segment to a stronger future. Andy is well prepared for these new responsibilities and has a track record of success – building a world-class finance organization, leading and strengthening our IT capabilities and developing and deploying the Owens & Minor Business System. Andy has earned the confidence of myself and the Board of Directors as well our 20,000 teammates around the world and we are certain he is the right person for this role,” said Edward A. Pesicka, President and CEO.
Alex Bruni joined Owens & Minor in April 2020 and has served as SVP of Finance, first leading corporate FP&A, then progressing to become the finance leader of the Products & Healthcare Services segment and most recently, the Patient Direct segment. He has previously served as CFO and COO of Centerline Communications and as VP of Finance at Patheon.
“Alex has successfully served as the operating CFO of each segment as well as leading our corporate FP&A function. This broad experience has given Alex a view across the entire organization and a deep understanding of the global enterprise, preparing him very well for this new role,” said Andy Long.
Also today, the Company provided preliminary results for the third quarter and updated guidance for full year 2022. For the third quarter, the Company expects to report GAAP net income per share in a range of $0.15 – $0.17 and expects adjusted net income per share (non-GAAP) to be in a range of $0.39 – $0.41. A reconciliation of the difference between the non-GAAP financial measure and the most comparable GAAP financial measure is included in a table below.
The Company has also updated its earnings guidance for 2022 and now expects adjusted net income per share to be in a range of $2.50 – $2.60 for the full year and adjusted EBITDA to be in a range of $527-$537 million. Previous full year guidance for adjusted net income per share was in a range $2.85 – $3.15 and previous full year guidance for 2022 adjusted EBITDA was $570-$610 million.
“While the Patient Direct segment continues to perform well, the Products & Healthcare Services segment is facing more pressures than previously expected with the unfavorable macro-economic conditions that show no signs of abating, along with elevated customer stocking levels and continued lower than expected hospital procedure volume. Accordingly, the pace of change at Owens & Minor must accelerate and I believe the leadership changes announced today will provide the Company with the best opportunity to contend with these headwinds,” Pesicka concluded.
Preliminary Financial Data
The preliminary financial results disclosed in this release are the Company’s preliminary estimates of certain financial results for the third quarter of 2022, which are based on currently available information. The Company has not yet finalized its results for this period and its consolidated financial statements as of and for the quarter ended September 30, 2022 are not currently available. The Company’s actual results remain subject to the completion of the quarter-end closing process, which includes review by management and the Company’s board of directors, including the audit committee. While carrying out such procedures, the Company may identify items that require it to make adjustments to the preliminary estimates of its results set forth therein. As a result, the Company’s actual results could be different from those set forth therein and the differences could be material. Therefore, a reader should not place undue reliance on these preliminary estimates of the Company’s results, which may differ from the Company’s actual reported results. The preliminary estimates of the Company’s results included therein have been prepared by, and are the responsibility of, the Company’s management. The Company’s Independent Registered Public Accounting Firm has not audited, reviewed or compiled such preliminary estimates of the Company’s results. Accordingly, KPMG LLP expresses no opinion or any other form of assurance with respect thereto. The preliminary estimates of certain financial results presented herein do not represent a comprehensive statement of the Company’s financial results and should not be considered as final or as a substitute for the information to be filed with the SEC in the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 once it becomes available. About Owens & Minor
Owens & Minor, Inc. (NYSE: OMI) is a Fortune 500 global healthcare solutions company integrating product manufacturing and delivery, home health supply, and perioperative services to support care through the hospital and into the home. Owens & Minor drives visibility, control and efficiency for patients, providers and healthcare professionals across the supply chain with proprietary technology and solutions, an extensive product portfolio, an Americas-based manufacturing footprint for personal protective equipment (PPE) and surgical products, as well as a robust portfolio of products and services for patients managing chronic and acute conditions in the home setting. Operating continuously since 1882 from its headquarters in Richmond, Va., Owens & Minor is a 140-year-old company powered by more than 20,000 global teammates. Learn more at https://www.owens-minor.com, follow @Owens_Minor on Twitter and connect on LinkedIn at www.linkedin.com/company/owens-&-minor.
