| CONSOLIDATED BALANCE SHEETS (USD $) | ||
| In Thousands | Mar. 31, 2010
| Dec. 31, 2009
|
| Current assets | ||
| Cash and cash equivalents | $37,245 | $0 |
| Receivables, less allowance for doubtful accounts of $13,113 and $11,504 at March 31, 2010 and December 31, 2009, respectively | 179,212 | 151,113 |
| Inventory | 60,406 | 51,256 |
| Deferred taxes | 23,218 | 12,913 |
| Prepaid expenses and other current assets | 13,379 | 3,999 |
| Total current assets | 313,460 | 219,281 |
| Property and equipment, net | 22,514 | 15,454 |
| Deferred taxes | 13,848 | 26,793 |
| Goodwill | 328,683 | 24,498 |
| Intangible assets, net | 25,024 | 0 |
| Deferred financing costs | 6,042 | 0 |
| Other non-current assets | 4,992 | 1,194 |
| Total assets | 714,563 | 287,220 |
| Current liabilities | ||
| Line of credit | 0 | 30,389 |
| Current portion of long-term debt | 2,628 | 0 |
| Accounts payable | 81,648 | 74,535 |
| Notes payable | 2,250 | 0 |
| Claims payable | 2,070 | 4,068 |
| Amounts due to plan sponsors | 14,194 | 4,938 |
| Deferred revenue | 3,657 | 0 |
| Accrued expenses and other current liabilities | 28,247 | 14,273 |
| Total current liabilities | 134,694 | 128,203 |
| Long-term debt, net of current portion | 316,690 | 0 |
| Income taxes payable | 5,980 | 2,437 |
| Other non-current liabilities | 911 | 787 |
| Total liabilities | 458,275 | 131,427 |
| Stockholders' equity | ||
| Preferred stock, $.0001 par value; 5,000,000 shares authorized; no shares issued or outstanding | 0 | 0 |
| Common stock, $.0001 par value; 75,000,000 shares authorized; shares issued: 55,980,327 and 42,766,478, respectively; shares outstanding, 53,014,245 and 39,675,865, respectively | 6 | 4 |
| Treasury stock, shares at cost: 2,652,917 and 2,647,613, respectively | (10,478) | (10,367) |
| Additional paid-in capital | 362,450 | 254,677 |
| Accumulated deficit | (95,690) | (88,521) |
| Total stockholders' equity | 256,288 | 155,793 |
| Total liabilities and stockholders' equity | $714,563 | $287,220 |
| PARENTHETICAL DATA TO CONSOLIDATED BALANCE SHEETS (USD $) | ||
| In Thousands, except Share data | Mar. 31, 2010
| Dec. 31, 2009
|
| Current assets | ||
| Receivables, less allowance for doubtful accounts | $13,113 | $11,504 |
| Stockholders' equity | ||
| Preferred stock, par value | 0.0001 | 0.0001 |
| Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
| Preferred stock, shares issued | 0 | 0 |
| Preferred stock, shares outstanding | 0 | 0 |
| Common stock, par value | 0.0001 | 0.0001 |
| Common stock, shares authorized | 75,000,000 | 75,000,000 |
| Common stock, shares issued | 55,980,327 | 42,766,478 |
| Common stock, shares outstanding | 53,014,245 | 39,675,865 |
| Treasury stock, shares at cost | 2,652,917 | 2,647,613 |
| UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | ||
| In Thousands, except Share data | 3 Months Ended
Mar. 31, 2010 | 3 Months Ended
Mar. 31, 2009 |
| Income Statement [Abstract] | ||
| Revenue | $335,068 | $325,749 |
| Cost of revenue | 296,150 | 289,759 |
| Gross profit | 38,918 | 35,990 |
| Selling, general and administrative expenses | 36,354 | 30,327 |
| Bad debt expense | 3,650 | 1,380 |
| Acquisition and integration expenses | 5,040 | 0 |
| Amortization of intangibles | 176 | 0 |
| (Loss) income from operations | (6,302) | 4,283 |
| Interest expense, net | 3,169 | 594 |
| (Loss) income before income taxes | (9,471) | 3,689 |
| Tax (benefit) provision | (2,302) | 404 |
| Net (loss) income | ($7,169) | $3,285 |
| (Loss) income per common share | ||
| Basic | -0.18 | 0.08 |
| Diluted | -0.18 | 0.08 |
| Weighted average common shares outstanding | ||
| Basic | 40,825 | 38,709 |
| Diluted | 40,825 | 38,787 |
| UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | ||
| In Thousands | 3 Months Ended
Mar. 31, 2010 | 3 Months Ended
Mar. 31, 2009 |
| Cash flows from operating activities: | ||
| Net (loss) income | ($7,169) | $3,285 |
| Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | ||
| Depreciation | 1,484 | 1,111 |
| Amortization on intangible assets | 176 | 0 |
| Amortization on interest and deferred financing costs | 524 | 0 |
| Change in deferred income tax | 9,671 | 197 |
| Compensation under stock-based compensation plans | 804 | 776 |
| Bad debt expense | 3,650 | 1,380 |
| Changes in assets and liabilities, net of acquired business: | ||
| Receivables, net of bad debt expense | 5,028 | 12,657 |
| Inventory | (5,388) | 6,187 |
| Prepaid expenses and other assets | (6,810) | (478) |
| Accounts payable | 3,966 | (9,595) |
| Claims payable | (1,998) | (339) |
| Amounts due to plan sponsors | 1,075 | 53 |
| Accrued expenses and other liabilities | (26,304) | 173 |
| Net cash (used in) provided by operating activities | (21,291) | 15,407 |
| Cash flows from investing activities: | ||
| Purchases of property and equipment, net of disposals | (1,442) | (1,077) |
| Cash consideration paid to CHS, net of cash acquired | (92,464) | 0 |
| Net cash used in investing activities | (93,906) | (1,077) |
| Cash flows from financing activities: | ||
| Proceeds from new credit facility, net of fees paid to issuers | 319,000 | 0 |
| Borrowings on line of credit | 300,310 | 329,480 |
| Repayments on line of credit | (330,699) | (343,777) |
| Principal payments on long-term debt | (128,952) | 0 |
| Deferred financing costs paid for new credit facility | (7,394) | 0 |
| Net proceeds from exercise of employee stock compensation plans | 288 | 0 |
| Surrender of stock to satisfy minimum tax withholding | (111) | (33) |
| Net cash provided by (used in) financing activities | 152,442 | (14,330) |
| Net change in cash and cash equivalents | 37,245 | 0 |
| Cash and cash equivalents - beginning of period | 0 | 0 |
| Cash and cash equivalents - end of period | 37,245 | 0 |
| DISCLOSURE OF CASH FLOW INFORMATION: | ||
| Cash paid during the period for interest | 2,665 | 593 |
| Cash paid during the period for income taxes | $365 | $205 |
| BASIS OF PRESENTATION | |
| 3 Months Ended
Mar. 31, 2010 | |
| Notes to Financial Statements [Abstract] | |
| BASIS OF PRESENTATION | NOTE 1 BASIS OF PRESENTATION These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements, including the notes thereto, and other information included in the Annual Report on Form 10-K of BioScrip, Inc. and subsidiaries (the Company) for the year ended December 31, 2009 (the Form 10-K) filed with the U.S. Securities and Exchange Commission (SEC) on March 2, 2010. These unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information, and the instructions to Form 10-Q and Article 10 of Regulation S-X promulgated under the Securities Exchange Act of 1934, as amended. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The information furnished in these unaudited consolidated financial statements includes normal recurring adjustments and reflects all adjustments which are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented. Operating results for the three months ended March 31, 2010 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2010. The accounting policies followed for interim financial reporting are similar to those disclosed in Note 2 of Notes to Consolidated Financial Statements included in the Form 10-K. The unaudited consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries.On March 25, 2010, the Company acquired Critical Homecare Solutions Holdings, Inc. (CHS) (see Note 3 of Notes to the Unaudited Consolidated Financial Statements).Since that time, CHS financial results have been consolidated with the Companys financial statements.All significant intercompany accounts and transactions have been eliminated in the consolidation. Certain prior period amounts have been reclassified to conform to the current year presentation. Such reclassifications have no material effect on the Companys previously reported consolidated financial position, results of operations or cash flow. The Company has evaluated events that occurred during the period subsequent to the balance sheet date.There have been no subsequent events that require recognition or disclosure in the financial statements. |
| RECENT ACCOUNTING PRONOUNCEMENTS | |
| 3 Months Ended
Mar. 31, 2010 | |
| Notes to Financial Statements [Abstract] | |
| RECENT ACCOUNTING PRONOUNCEMENTS | NOTE 2 RECENT ACCOUNTING PRONOUNCEMENTS In October 2009, the FASB issued Accounting Standard Update (ASU) 2009-13, Multiple-Deliverable Revenue Arrangements (ASU 2009-13). ASU 2009-13 amends ASC Topic 605-25, Revenue RecognitionMultiple-Element Arrangements (ASC 605). The update replaces the concept of allocating revenue consideration amongst deliverables in a multi-element revenue arrangement according to fair value with an allocation based on selling price. ASU 2009-13 also establishes a hierarchy for determining the selling price of revenue deliverables sold in multiple element revenue arrangements. The selling price used for each deliverable will be based on vendor-specific objective evidence (VSOE) if available, third-party evidence if VSOE is not available, or managements estimate of an elements stand-alone selling price if neither VSOE nor third-party evidence is available. The amendments in this update also require an allocation of selling price amongst deliverables be performed based upon each deliverables relative selling price to total revenue consideration, rather than on the residual method previously permitted. ASU 2009-13 is effective prospectively for revenue arrangements entered into or materially modified in fiscal years beginning on or after June 15, 2010. Early adoption is permitted, but then requires retrospective application of its provisions from the beginning of the fiscal year. The Companyisevaluating the amendment provisions of ASU 2009-13and does not believe it willhavea material impact on its financial condition, results of operationsor cash flows. |
| ACQUISITIONS | |
| 3 Months Ended
Mar. 31, 2010 | |
| Notes to Financial Statements [Abstract] | |
| ACQUISITIONS | NOTE 3 ACQUISITIONS On March 25, 2010, the Company acquired 100 percent of CHS, a leading provider of comprehensive home infusion therapy and home nursing products and services to patients suffering from acute and chronic conditions.The home infusion business provides for infusion pharmaceuticals, biopharmaceuticals, nutrients and related services and equipment to patients in the home.Its home nursing service operations provides nursing and therapy visits as well as private duty nursing services to patients in the home.The Companys acquisition of CHS added 35 specialty infusion pharmacies, including 16 ambulatory treatment centers (ATC) across 22 states, and 33 nursing locations to the Companys existing platform and creates one of the largest independent specialty pharmacy and home infusion providers in the US. Consideration The following table sets forth the consideration transferred in connection with the acquisition of CHS and the aggregate purchase price allocated as of March 25, 2010 (in thousands). Fair value of equity consideration: BioScrip common stock issued (13.1 million shares) $ 91,614 BioScrip warrants issued (3.4 million warrants) 12,268 Rollover options (716,086 options) 2,802 Cash paid to CHS stockholders 99,626 Total consideration conveyed to CHS stockholders $ 206,310 Cash paid for merger related expenses incurred by CHS 14,566 Assumption and repayment of CHS debt 128,952 Total amounts paid to execute the merger of CHS $ 349,828 Assets and Liabilities Acquired The followingtable sets forth the fair value of the assets acquired and liabilities assumed as a result of the acquisition of CHS (in thousands). Cash and cash equivalents $ 7,162 Receivables 36,777 Other current assets 11,867 Property and equipment 7,042 Other assets 4,000 Total assets acquired 66,848 Accounts payable (3,147 ) Notes payable (2,250 ) Amounts due to plan sponsors (8,180 ) Accrued expenses and other current liabilities (32,853 ) Deferred tax liabilities (14,541 ) Total liabilities assumed (60,971 ) Tangible assets acquired, net $ 5,877 Intangible assets acquired 25,200 Debt assumed (128,952 ) Goodwill 304,185 Total consideration conveyed to CHS stockholders $ 206,310 The excess of the purchase price over the fair value of the tangible and identifiable intangible assets acquired and liabilities assumed in the acquisition was allocated to goodwill.The value of the goodwill represents the value the Company expectsto becreated by combining the operations of the companies including the ability to cross-sell its services on a national basis with an expanded footprint in home infusion and the opportunity to focus on higher margin therapies.None of the goodwill is deductible for tax purposes. In accordance with ASC Topic 805 Business Combinations (ASC 805), the allocation of the purchase price is subject to adjustment during the measurement period after the closing date (March 25, 2010) when additional information on assets and liability valuations becomes available.Due to the proximity of the closing date to quarter- |
| GOODWILL | |
| 3 Months Ended
Mar. 31, 2010 | |
| Notes to Financial Statements [Abstract] | |
| GOODWILL | NOTE 4 GOODWILL The Company follows ASC Topic 350, IntangiblesGoodwill and Other (ASC 350) in accounting for its goodwill.Under ASC 350, goodwill is not amortized but is subject to at least an annual assessment for impairment by applying a fair-value based test.Management assesses impairment in the fourth quarter of each year or whenever there is an impairment indicator.The changes in the carrying amount of goodwill by operating segment for the three months ended March 31, 2010 are as follows (in thousands): Specialty Pharmacy Traditional Pharmacy Services Services Total Balance as of December 31, 2009 $ 24,498 $ - $ 24,498 Goodwill related to CHS acquisition (Note 3) 304,185 - 304,185 Balance as of March 31, 2010 $ 328,683 $ - $ 328,683 |
| DEBT | |
| 3 Months Ended
Mar. 31, 2010 | |
| Notes to Financial Statements [Abstract] | |
| DEBT | NOTE 5 DEBT In order to finance the acquisition of CHS, the Company entered into a New Credit Facility consisting of a term loan and a new revolving credit facility as well as issued unsecured notes.At the same time, the Company assumed and paid off the debt of CHS and paid off the prior revolving credit facility. Prior Credit Facility Prior to the acquisition of CHS, the Company had a revolving credit facility (Facility) with an affiliate of Healthcare Finance Group, Inc. (HFG).The Facility provided for borrowings up to $85.0 million at the London Inter-Bank Offered Rate (LIBOR) or a pre-determined minimum rate plus the applicable margin and other associated fees.On the date of the CHSacquisition, the outstanding balance of $27.0 million was paid in full. On March25, 2010, the Company completed its acquisition of CHS. In connection with the financing of the acquisition, the Company entered into certain agreements which are summarized below. New Credit Facilities On March25, 2010, the Company entered into a credit agreement (the New Credit Facility) by and among the Company, as borrower, all of its subsidiaries as subsidiary guarantors thereto, the lenders party thereto, Jefferies Finance LLC, as lead arranger, as book manager, as administrative agent for the lenders, as collateral agent for the secured parties and as syndication agent, Compass Bank, as a co-documentation agent, GE Capital Corporation, a co-documentation agent, Healthcare Finance Group, LLC, as collateral manager, HFG Healthco-4, LLC, as swingline lender for the lenders, and Healthcare Finance Group, LLC, as issuing bank for the lenders. The New Credit Facility consists of a $100.0million senior secured term loan facility (the Term Loan) and $50.0 million senior secured revolving credit facility (the Revolver), each issued at 98% of their principal amount. The Term Loan matures five years after funding and has a repayment schedule with quarterly amortization equal to 2.5%, 5.0%, 7.5%, 10.0% and 12.5% per annum of its principal amount in years one through five, respectively,with the balance due at maturity. The Revolver is available for five years after the closing of the acquisition. The amount of borrowingsthat may be made under the Revolverare based on a borrowing base andare comprised of specified percentages of eligible receivables and eligible inventory, up to a maximum of $50.0million. If the amount of borrowings outstanding under the Revolver exceed the borrowing base then in effect, then the Company is required to repay such borrowings in an amount sufficient to eliminate such excess. Additionally, if there are no borrowings outstanding under the Revolver and the principal amount of the Term Loan then outstanding exceeds the borrowing base then in effect, then the Company is required to repay the Term Loan in an amount sufficient to eliminate such excess. The Revolver includes $5.0 million of availability for letters of credit and $5.0 million of availability for swingline loans. Interest on both the Term Loan and advances under the Revolver are based on a base rate or Eurodollar rate plus an applicable margin of 3.0% and 4.0%, respectively, with the b |
| EARNINGS PER SHARE | |
| 3 Months Ended
Mar. 31, 2010 | |
| Notes to Financial Statements [Abstract] | |
| EARNINGS PER SHARE | NOTE 6 EARNINGS PER SHARE The following table sets forth the computation of basic and diluted income per common share (in thousands, except for per share amounts): Three Months Ended March 31, 2010 2009 Numerator: Net (loss) income $ (7,169 ) $ 3,285 Denominator - Basic: Weighted average number of common shares outstanding 40,825 38,709 Basic (loss) income per common share $ (0.18 ) $ 0.08 Denominator - Diluted: Weighted average number of common shares outstanding 40,825 38,709 Common share equivalents of outstanding stock options and restricted awards - 78 Total diluted shares outstanding 40,825 38,787 Diluted (loss) income per common share $ (0.18 ) $ 0.08 The computation of basic and diluted shares for the three months ended March 31, 2010 includes the weighted average effect of the 13.1 million shares issued and outstanding as a result of the acquisition of CHS on March 25, 2010.The computation of basic and diluted shares for the three months ended March 31, 2010 excludes the effect of 3.4 million warrants with anexercise price of $10 issued in connection with the acquisition of CHS and 2.8 million shares of other common stock equivalents as their inclusion would be anti-dilutive. Excluded from the computation of diluted earnings per share for the three months ended March 31, 2009 were 5.8 million shares, which are issuable upon the exercise of outstanding stock options.The inclusion of these shares would have been anti-dilutive as the exercise price of these shares exceeded market value of the shares of BioScrip on March 31, 2009. |
| OPERATING SEGMENTS | |
| 3 Months Ended
Mar. 31, 2010 | |
| Notes to Financial Statements [Abstract] | |
| OPERATING SEGMENTS | NOTE 7 OPERATING SEGMENTS In accordance with ASC Topic 280, Segment Reporting (ASC 280), and based on the nature of the Companys services, the Company has two operating and reportable segments: Specialty Pharmacy Services and Traditional Pharmacy Services.ASC 280 generally requires an enterprise to report segment information in the same manner in which management internally organizes its business for assessing performance and making decisions regarding allocation of resources.The Company evaluates the performance of operating segments and allocates resources based on income from operations. Revenues from Specialty Pharmacy Services and Traditional Pharmacy Services are derived from the Companys relationships with healthcare primary and third party payors including Plan Sponsors and PBMs as well as from its relationships with pharmaceutical manufacturers, patients and physicians. The Specialty Pharmacy Services segment consists of the Companys specialty pharmacy distribution and therapy management services.Specialty Pharmacy Services distribution occurs locally through community pharmacies, centrally through mail order facilities and through the Companys infusion pharmacies for patients requiring infused medications in the home or infused at a variety of sites including the Companys ambulatory infusion sites.All Specialty Pharmacy Services target certain specialty medications that are used to treat patients living with chronic and other complex healthcare conditions. The Traditional Pharmacy Services segment consists mainly of traditional mail order pharmacy fulfillment, and to a lesser extent, prescription discount card programs and integrated PBM services.These Traditional Pharmacy Services are designed to offer Plan Sponsors cost-effective delivery of pharmacy benefit plans including the low cost distribution of mail services for plan members who receive traditional maintenance medications. Immediately upon consummating the acquisition, the Company began integrating the operations of CHS into BioScrip, and the Company believes that its organization structure and related segment reporting may change. The Company is currently evaluating how to review and evaluate the operating performance of and allocate resources to the operating units following the acquisition of CHS. For the quarter ended March 31, 2010, the Company has included the results of CHS in its Specialty Pharmacy Services segment. Segment Reporting Information (in thousands) Three Months Ended March 31, 2010 2009 Results of Operations: Revenue: Specialty Pharmacy Services $ 286,276 $ 274,323 Traditional Pharmacy Services 48,792 51,426 Total $ 335,068 $ 325,749 (Loss) income from operations: Specialty Pharmacy Services $ (6,550 ) $ 1,638 Traditional Pharmacy Services 248 2,645 Total (6,302 ) 4,283 Interest expense 3,169 594 Income tax (benefit) expense (2,302 ) 404 Net (loss) income: $ (7,169 ) $ 3,285 Capital expenditures: Specialty Pharmacy Services $ 1,146 $ 943 Traditional Pharmacy Services 296 134 Total $ 1,442 $ 1,077 Depreciation Expense: Specialty Phar |
| STOCK-BASED COMPENSATION PLANS | |
| 3 Months Ended
Mar. 31, 2010 | |
| Notes to Financial Statements [Abstract] | |
| STOCK-BASED COMPENSATION PLANS | NOTE 8 STOCK-BASED COMPENSATION PLANS BioScrip Equity Incentive Plans Under the Companys 2008 Equity Incentive Plan (the 2008 Plan) the Company may issue, among other things, incentive stock options (ISOs), non-qualified stock options (NQSOs), stock appreciation rights, restricted stock, and performance units to employees and directors.Under the 2008 Plan, 3,580,000 shares were authorized for issuance (subject to adjustment for grants made under the Companys 2001 Incentive Stock Plan (the 2001 Plan) after January 1, 2008, as well as for forfeitures, expirations or awards that under the 2001 Plan otherwise settled in cash after the adoption thereof).As of March 31, 2010, 342,753 shares remained available for grant under the 2008 Plan.Upon theeffective dateof the 2008 Plan the Company ceased making grants under the 2001 Plan.The 2008 Plan and the 2001 Plan are administered by the Companys Management Development and Compensation Committee (the Compensation Committee), a standing committee of the Board. Under the terms of the 2008 Plan and the 2001 Plan, plan participants may use shares to cover tax withholding on income earned as a result of appreciation of equity-based instruments upon exercise, vesting and/or lapsing of restrictions thereon.Upon the exercise of stock options and the vesting of other equity awards granted under the Plans, participants will generally have taxable income subject to statutory withholding requirements.The number of shares that may be issued to participants upon the exercise of stock options and the vesting of equity awards may be reduced by the number of shares having a market value equal to the amount of tax required to be withheld by the Company to satisfy Federal, state and local tax obligations as a result of such exercise or vesting. BioScrip/CHS Equity Plan Effective upon the acquisition, the CHS 2006 Equity Incentive Plan was renamed as the BioScrip/CHS 2006 Equity Incentive Plan (the BioScrip/CHS Plan).There were 13,000,000 shares adopted by BioScrip and originally authorized under the CHS 2006 Equity Incentive Plan.These shares available for issuance under the BioScrip/CHS Plan were converted to shares of BioScrip common stock and adjusted using an exchange ratio defined by the mergeragreement, and equal a total of 3,106,315 shares of BioScrip common stock available under the BioScrip/CHS Plan. Of the options authorized and outstanding on the date of the acquisition, 716,086 options (2,996,875 options prior to conversion using the exchange ratio) were designated as rollover options.These rollover options were issued to the top five executives of CHS, and otherwise remain subject to the term of the BioScrip/CHS Plan, as amended, and were 100% vested on the date of conversion.Under the terms of the BioScrip/CHS Plan, any shares of BioScrip common stock subject to a rollover optionthat expire before all or any part of the shares of BioScrip stock subject to such option have been purchased pursuant to the exercise of such option shall remain available for issuance under the BioScrip/CHS Plan. The remaining 2,390,229 shares (10,003,125 shares prior to conversion using the exchange ratio) remai |
| CONCENTRATION OF CREDIT RISK | |
| 3 Months Ended
Mar. 31, 2010 | |
| Notes to Financial Statements [Abstract] | |
| CONCENTRATION OF CREDIT RISK | NOTE 9 CONCENTRATION OF CREDIT RISK The Company provides trade credit to its customers in the normal course of business.One pharmacy network agreement under which various Plan Sponsors are served accounted for, in the aggregate, approximately 14% of revenues during the three month periods ended March 31, 2010 and 2009, respectively, and 13% and 17% of accounts receivable as of March 31, 2010 and 2009, respectively. |
| INCOME TAXES | |
| 3 Months Ended
Mar. 31, 2010 | |
| Notes to Financial Statements [Abstract] | |
| INCOME TAXES | NOTE 10 INCOME TAXES The Company uses an estimated annual effective tax rate in determining its quarterly provision for income taxes.The methodology employed is based on the Companys expected annual income, statutory tax rates and tax strategies utilized in the various jurisdictions in which it operates. The Companys benefit from income taxes was $2.3 million with an effective tax rate of 24.3%, for the quarter ended March 31, 2010. The effective tax rate of 24.3% is below the statutory rate due tothe CHS acquisitionrelated costs which were treated as a discrete item for tax purposes. The provision for income taxes for the quarter ended March 31, 2009 was $0.4 million with an effective tax rate of 11.0%. In 2009, the Company maintained a valuation allowance against it deferred tax assets. The effective tax rate of 11.0% was below the statutory rate, due to a reduction in the Companys valuation allowance associated with the expected utilization of a portion of net operating losses in 2009. The Company and its subsidiaries file income tax returns with Federal, state and local jurisdictions.The Companys uncertain tax positions are related to tax years that remain subject to examination.As of March 31, 2010, U.S. tax returns for 2005, 2006, 2007 and 2008 remain subject to examination by Federal tax authorities.Tax returns for the years 2004 through 2008 remain subject to examination by state and local tax authorities for a majority of the Companys state and local filings. |
| SECURITY INTEREST AND LETTERS OF CREDIT | |
| 3 Months Ended
Mar. 31, 2010 | |
| Notes to Financial Statements [Abstract] | |
| SECURITY INTEREST AND LETTERS OF CREDIT | NOTE 11 SECURITY INTEREST AND LETTERS OF CREDIT On March 25, 2010, as a result of the acquisition, the Company and its primary drug wholesaler entered into an agreement to amend the Existing Prime Vendor Agreement regarding the primary drug wholesalers first priority lien previously held.The primary drug wholesaler agreed to the subordination of liens securing the Companys obligations under the Second Priority Financing Documents to the Liens securing the First Priority Claims, upon the terms and subject to the conditions set forth in the Agreement. In addition, in the ordinary course of business, the Company obtained certain letters of credit (LC) from commercial banks in favor of various parties.At March 31, 2010, there was $2.8 on deposit as collateral for these LCs. |
| Document Information | |
| 3 Months Ended
Mar. 31, 2010 | |
| Document Information [Text Block] | |
| Document Type | 10-Q |
| Amendment Flag | false |
| Document Period End Date | 2010-03-31 |
| Entity Information (USD $) | |||
| 3 Months Ended
Mar. 31, 2010 | Apr. 30, 2010
| Jun. 30, 2009
| |
| Entity [Text Block] | |||
| Entity Registrant Name | BioScrip, Inc. | ||
| Entity Central Index Key | 0001014739 | ||
| Current Fiscal Year End Date | --12-31 | ||
| Entity Well-known Seasoned Issuer | Yes | ||
| Entity Voluntary Filers | Yes | ||
| Entity Current Reporting Status | Yes | ||
| Entity Filer Category | Accelerated Filer | ||
| Entity Public Float | $125,041,731 | ||
| Entity Common Stock, Shares Outstanding | 53,589,229 | ||
| Document Fiscal Year Focus | 2,010 | ||
| Document Fiscal Period Focus | Q1 |
