Here are 1-3 brief analogies for Option Care Health (OPCH):

• Netflix for hospital-level infusion treatments: Option Care Health brings complex, specialized medical care (like IV infusions) directly to a patient's home, much like Netflix delivers entertainment, disrupting traditional methods.
• Amazon Pharmacy for complex IV treatments and nursing care at home: Similar to how Amazon Pharmacy delivers prescriptions, OPCH delivers and administers complex intravenous medications along with professional nursing care directly to patients' residences.
• Uber for highly specialized home infusion therapy: Option Care Health provides convenient access to professional, specialized medical services (infusion therapy) delivered directly to the patient's location, akin to Uber bringing transportation services to you.

• Infusion Therapy Services: Delivers complex intravenous medications and clinical care to patients in their homes or alternate sites for various acute and chronic conditions.
• Nutritional Support: Provides specialized parenteral and enteral nutrition solutions and services for patients with complex dietary needs.
• Care Coordination & Management: Offers comprehensive patient support, education, and clinical monitoring to ensure optimal treatment outcomes and continuity of care.

Option Care Health (OPCH) primarily sells its specialized infusion and alternate site care services to other companies, specifically third-party payers.

According to its most recent SEC filings (e.g., the 10-K for the fiscal year ended December 31, 2023), no individual third-party payer accounted for 10% or more of Option Care Health's consolidated net revenues in any of the past three fiscal years. Therefore, Option Care Health does not have a single "major customer" in the financial reporting sense of one entity comprising a significant portion of its revenue.

Instead, its revenue is diversified across a wide network of payer relationships. The categories of customer companies it serves include:

• Commercial Health Plans: These are private insurance companies that provide health coverage to individuals and employer groups. Option Care Health contracts with a broad range of these plans across the United States. Examples of prominent companies in this category that are likely among their diverse customer base include:
  • UnitedHealth Group (UNH)
  • Elevance Health (ELV)
  • CVS Health (via Aetna) (CVS)
  • The Cigna Group (CI)
  • Humana (HUM)
• Managed Care Organizations (MCOs): These organizations manage healthcare services for their members, often including those enrolled in Medicare Advantage and state Medicaid managed care programs. Many of the large commercial health plans listed above also operate significant MCO segments.
• Government Healthcare Programs: While not "companies" in the traditional sense, federal and state government programs such as Medicare and Medicaid are significant sources of payment for Option Care Health's services, often administered through contracted managed care organizations.

• McKesson Corporation (MCK)
• Cencora, Inc. (COR)
• Cardinal Health, Inc. (CAH)

John C. Rademacher, President & Chief Executive Officer

Mr. Rademacher possesses nearly two decades of experience in the healthcare industry, successfully deploying technology solutions and expanding professional services capabilities. He joined Option Care in 2015 as Chief Operating Officer and was named CEO of Option Care in January 2018, after serving as interim CEO since August 2017. Mr. Rademacher held various executive-level positions at leading healthcare companies, including President and General Manager for both the Ambulatory Care Division and the Nuclear and Pharmacy Services divisions at Cardinal Health. He also served as President of CareAllies and Chief Operating Officer for the CIGNA Behavioral Health business at Cigna Corporation.

Meenal Sethna, Executive Vice President & Chief Financial Officer

Ms. Sethna was appointed Executive Vice President and Chief Financial Officer, effective October 1, 2025. She is a seasoned public company CFO and business executive with over 30 years of broad experience across multiple industries. Ms. Sethna most recently served as Executive Vice President and Chief Financial Officer of Littelfuse, Inc., a publicly traded industrial technology company. Her responsibilities at Littelfuse included finance and accounting, tax and treasury, investor relations, digital and information technology, and supply chain operations. Prior to Littelfuse, she served as Vice President and Corporate Controller at Illinois Tool Works and held various roles at Motorola Inc. and Baxter International. Ms. Sethna has served on the Board of Directors of SPX Technologies, a publicly traded diversified, global supplier of highly engineered products and technologies, since 2019.

Luke Whitworth, Chief Operating Officer

Mr. Whitworth brings broad healthcare and leadership experience to Option Care Health. Prior to joining the company, he spent nearly fifteen years at Cardinal Health with a proven track record of accomplishment across Finance, Mergers and Acquisitions, Integration, Sales, and General Management. He served as the finance executive to build a multi-billion dollar post-acute business across distribution, services, and technology.

Mike Bavaro, Chief Human Resources Officer and Chief Diversity Officer

Mr. Bavaro serves Option Care Health with over 20 years of human resource leadership experience. Before joining Option Care Health in 2016, he served as divisional Vice President at Blue Cross Blue Shield of IL, TX, NM, MT & OK, a health insurance company. In this role, he was responsible for talent acquisition and workforce strategies and served as the interim Diversity and Inclusion Officer. He also held senior HR roles at Career Education Corporation and United Airlines.

Brett Michalak, Chief Information Officer

As CIO of Option Care Health, Mr. Michalak is responsible for all aspects of information technology, ensuring alignment of technology initiatives and operations with the Company's business goals and objectives. Prior to joining Option Care, Mr. Michalak was the CIO for Tickets.com, a privately held subsidiary of Major League Baseball Advanced Media, LP. In this role, he led the creation of the Provenue® software platform and was responsible for product development and technology organizations.

The key risks to Option Care Health (OPCH) are primarily centered around pricing pressures, pharmaceutical supply, and the competitive landscape of the healthcare industry.

1. Pricing Pressures and Reimbursement Risks from Third-Party Payers: Option Care Health faces significant pressure from third-party payers, including managed care organizations, to contain or reduce healthcare costs. This competition and payer influence can lead to reduced reimbursement rates for home infusion and specialty pharmacy services, directly impacting the company's gross margins and net income. There is a "looming risk of payer reimbursement pressure" and "chronic therapy margin pressures" that could affect profitability.
2. Changes in the Pharmaceutical Industry and Supply Chain: The company is exposed to risks related to the pharmaceutical industry, particularly concerning drug and supply shortages. Option Care Health relies on a limited number of suppliers for a significant portion of its pharmaceutical and medical supply purchases. A reduction in the supply of, or changes in the market for, compatible pharmaceuticals, as well as changes in FDA approval processes or drug recalls, could materially and adversely affect Option Care Health's financial condition and results of operations. The company anticipates a negative impact on gross profit in 2025 due to a manufacturer's intention to reduce the spread at which a certain therapy is procured.
3. Highly Competitive Environment and Need for Adaptation: Option Care Health operates in a highly competitive and fragmented market. The company's services are sometimes described as "commodity-like," leading to low margins and intense competition that drives prices lower. Failure to develop new services or adapt to evolving changes and trends within the healthcare industry could adversely affect its business.

The clear emerging threat for Option Care Health (OPCH) is the ongoing trend in pharmaceutical development towards the reformulation of complex injectable and infusible drugs into patient-friendly, self-administrable forms, primarily subcutaneous injections or oral medications.

Many biologics, specialty drugs, and immunotherapies that traditionally required intravenous administration by a healthcare professional are increasingly being developed and approved in forms that allow patients or their caregivers to self-administer the medication at home. Examples include the development of subcutaneous versions of drugs initially available only intravenously.

This shift directly reduces the demand for professional home infusion services provided by companies like OPCH for the specific drugs that transition to self-administration. As more high-volume and high-margin therapies become available in these alternative forms, it poses a direct and significant threat to OPCH's service revenue and overall business model, as the core need for their service for those particular drugs diminishes.

Option Care Health (OPCH) operates primarily in the U.S. home and alternate site infusion services market, providing a range of therapies for acute and chronic conditions. These services include anti-infectives, nutrition support, immunoglobulin therapy, heart failure, bleeding disorders, chronic inflammatory disorders, neurological disorders, and women's health.

The addressable market sizes for Option Care Health's main products and services in the U.S. are as follows:

• The U.S. home infusion market is estimated to be between $17 billion and $18 billion.
• The total U.S. infusion market, which encompasses inpatient, physician outpatient offices, skilled nursing facilities, and home infusion, is approximately $100 billion.

Option Care Health (OPCH) is anticipated to drive future revenue growth over the next two to three years through several key strategies:

1. Expansion of Home and Alternate Site Infusion Services: The company is strategically positioned to benefit from the increasing demand for home-based healthcare, expanding its services to meet this need. This shift towards convenient, cost-effective alternatives to traditional inpatient care is a significant growth trend in the healthcare industry.
2. Growth in Specialty Pharmacy and Rare/Orphan Therapies: Option Care Health has demonstrated strong performance in its rare and orphan portfolios, along with continued growth in established therapeutic categories. These areas are expected to contribute to ongoing double-digit revenue growth.
3. Strategic Acquisitions: Management has emphasized a continued focus on targeted "tuck-in" acquisitions and successful integration of prior deals to drive long-term earnings. This approach allows the company to expand its reach and capabilities.
4. Expansion of Ambulatory Infusion Suites (AIS) and Advanced Practitioner Models: Option Care Health is actively increasing its penetration of infusion suites, which has doubled since the strategy's inception, with chronic patients being the primary users. The advanced practitioner model also enables the company to serve a broader and more complex patient population, thereby expanding its portfolio.
5. Enhanced Partnerships: The company focuses on expanding relationships with managed care organizations, patient referral sources, and pharmaceutical manufacturers. These partnerships are crucial for broadening patient access, enhancing distribution channels, and supporting the launch of new products.

Share Repurchases

• Option Care Health increased its share repurchase program authorization from $250 million to $500 million in December 2023, with no specified expiration date.
• The company completed its previous $90 million buyback in Q4 2024 and subsequently announced a new $500 million stock repurchase program in January 2025.
• In the third quarter of 2025, Option Care Health completed a buyback of 6.76 million shares for $212.51 million, retiring over 4% of outstanding shares under its ongoing repurchase program. A $106 million break fee from a called-off merger with Amedisys was also used to repurchase stock in May 2024.

Share Issuance

• In March 2021, Option Care Health announced the pricing of a secondary offering of 12,000,000 shares of common stock.

Inbound Investments

• No specific large inbound investments from third-party strategic partners or private equity firms were identified within the last 3-5 years.

Outbound Investments

• In December 2022, Option Care Health divested its respiratory therapy assets in the U.S. Northeast, which generated $18.4 million.
• The company made small "tuck-in" acquisitions in late 2024, specifically in Texas and Florida, which contributed approximately $25 million to sales in Q2 2025.
• Option Care Health has a history of acquiring companies at reasonable valuations to support future growth.

Capital Expenditures

• Option Care Health reported capital expenditures of approximately -$38 million in 2020, -$36 million in 2021, -$26 million in 2022, -$35 million in 2023, and -$42 million in 2024.
• Capital expenditures have consistently resulted in cash outflows due to ongoing capital investments and acquisitions.
• The company significantly expanded its infusion suite capacity from 43 in 2022 to 84 in 2023, increasing total infusion seats to over 660, with the aim of providing more patient locations and reducing costs for payors.