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March 8, 2018, 8:34 a.m. EST

BioScrip accounting review identifies 'internal control deficiencies' and 'material weakness'

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By Tomi Kilgore

SPX

BioScrip Inc. said Thursday that after a review of financial statements, it identified "internal control deficiencies" that may have led to potential financial statement errors. The stock edged up 0.3% in premarket trade. The deficiencies were in connection with reconciliations for certain asset and liability accounts. The provider of infusion and home care management services said the potential errors do not appear to be material, but the ongoing review may result in a delay in the filing of its Form 10-K annual report with the Securities and Exchange Commission. The company said it will report a "material weakness" related to certain spreadsheets used to calculate periodic adjustments to accounts, but it did not have any effect on 2017 financial statements. Separately, the company reported a fourth-quarter net loss that narrowed to $1.2 million from $5.2 million a year ago, and revenue of $182.6 million. The stock has run up 17.6% over the past three months, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.66% has gained 2.8%.

/zigman2/quotes/210599714/realtime
US : S&P US
3,614.49
-23.86 -0.66%
Volume: 1.27B
Nov. 30, 2020 1:05p
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