Premier Inc PINC reported fourth-quarter (Q4) 2023 revenue of $340.4 million, missing the consensus of $356.3 million.
Supply Chain Services segment revenue decreased by 2% Y/Y to $228.1 million due to lower product revenue.
Products revenue fell 12% Y/Y to $61.6 million due to continued excess market supply and members' and other customers' inventory levels, leading to lower demand and pricing.
On the other hand, Performance Services revenue rose 4% Y/Y to $112.32 million, led by growth in the consulting services and some adjacent markets businesses.
Adjusted EBITDA increased 8% Y/Y to $132.6 million, aided by higher Supply Chain Services adjusted EBITDA and lower corporate expenses.
Adjusted EPS improved 11% to 68 cents, beating the consensus of 66 cents.
As of June 30, operating cash flow stood at $444.5 million, and cash and cash equivalents were $89.8 million.
The Charlotte, North Carolina-based company paid dividends of $100.2 million to the shareholders.
As previously disclosed and considering its ongoing strategic review, the company will not provide 2024 guidance.
In June, the company planned to divest non-healthcare GPO operations for around $800 million in cash.
Price Action: PINC shares are trading higher by 0.44% at $24.99 on the last check Tuesday.
Image: Premier
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