Accendra Health, Inc. is a Richmond-based nationwide provider of home healthcare products, technology, and services (brands include Apria and Byram) focused on diabetes, respiratory and sleep apnea care.

# Accendra Health, Inc.

## Company identity
- Accendra Health, Inc. (f/k/a Owens & Minor, Inc.) and subsidiaries (Accendra Health, we, us, our or the Company)
- Nationwide provider of products, technology, and services that support health beyond the hospital
- Trusted brands: Apria and Byram Healthcare
- Headquarters: Richmond, Virginia

## Post-sale corporate structure
- October 7, 2025: entered into an Equity Purchase Agreement to sell the Products & Healthcare Services (P&HS) business
- December 31, 2025: completed the sale of the P&HS business
- Retained a 5% equity interest in the P&HS business
- Following the sale, the company operates as a smaller, less diversified entity with a single operating segment

## Core offerings
- Delivery of products, including disposable medical supplies, sold directly to patients and home health agencies
- Integrated home healthcare equipment and related services
- Primary focus areas:
  - Diabetes treatment products and supplies
  - Home respiratory therapy (including home oxygen and non-invasive ventilation services)
  - Obstructive sleep apnea treatment (CPAP and BiPAP devices) and patient support services
  - Other home medical equipment and patient care product lines (ostomy, wound care including negative pressure wound therapy, urology, incontinence, and related services)
- Revenue model: fee-for-service and capitation arrangements with payors (government and commercial)

## Customer base and payor mix
- Payment sources:
  - Managed care plans
  - U.S. Medicare and state Medicaid programs
  - Private insurers
  - Home health agencies
  - Direct payments from patients
- Payor concentration (2025):
  - Two largest commercial payors: approximately 23% and 14% of net revenue (from multiple separately managed contracts)
  - Medicare/Medicaid programs: approximately 19% of net revenue
- Impacted contracts:
  - A large commercial payor terminated contracts representing $322 million of net revenue (12% of net revenue) for the year ended December 31, 2025, including $231 million of capitation revenue

## Technology and operations
- Technology and electronic capabilities:
  - Web portals and electronic ordering
  - Electronic claims submission
  - Electronic funds transfer with managed care organizations
- Aimed at improving initial patient admission, expediting claims processing, and reducing administrative costs

## Brand and trademark footprint
- Trademarks: Accendra Health, Apria, Byram Healthcare, and Lofta

## Employees and labor
- Over 6,500 full-time and part-time employees as of the end of 2025 (following the P&HS sale)
- No teammates are represented by a labor union or subject to a collective bargaining agreement

## Financial and indebtedness snapshot (as of December 31, 2025)
- Aggregate principal indebtedness: $2.1 billion (excluding deferred financing costs)
- Revolving credit facility: undrawn availability of approximately $217 million
- Debt maturities and notes:
  - 2029 Notes: about $479 million
  - 2030 Notes: about $552 million

## Other context
- Positioning: focused on being a high-quality, low-cost operator in home healthcare
- Primary market: in-home diabetes, respiratory, and sleep apnea care, plus a broader range of home medical equipment and services
- After the P&HS sale, the company continues to focus on Accendra Health’s core business and governance as described in its filing materials

Owens & Minor, Inc. is a global healthcare solutions provider serving healthcare industry customers in approximately 80 countries with a focus on distributing medical surgical products and delivering healthcare supplies directly to patients and home health agencies.

# Owens & Minor, Inc. Company Summary

## Business Overview
- **Type:** Global healthcare solutions company, Fortune 500.
- **Headquarters:** Richmond, Virginia.
- **Operations:** Serves healthcare industry customers in approximately 80 countries.
- **Business Segments:** 
  - **Products & Healthcare Services**
  - **Patient Direct**

## Core Activities
- **Products & Healthcare Services:**
  - Manufactures, sources, and distributes medical surgical products.
  - Offers infection prevention supplies (e.g., surgical drapes, gowns, gloves).
  - Operates a network of distribution centers primarily in the U.S.
  - Provides value-added services like supplier management, analytics, inventory management, and surgical supply kitting.
  - Has proprietary brands, including “Halyard” (notably in sterilization wrap, surgical drapes, gowns, gloves).
  - Relies on raw materials like polypropylene and nitrile, with raw material costs affected by oil prices.
  - Partners with third-party delivery companies; earns revenue from distribution mark-ups, activity-based pricing, and support services.
  
- **Patient Direct:**
  - Delivers disposable medical supplies directly to patients and home health agencies.
  - Provides home healthcare equipment, including products for diabetes, respiratory therapy (oxygen, ventilation), sleep apnea (CPAP, BiPAP devices), ostomy, wound care, urology, incontinence.
  - Generates revenue from fee-for-service and capitated arrangements with government (Medicare, Medicaid) and private payors and directly from patients.
  - Operates over 300 locations across the U.S., including regional distribution centers, centers of excellence, and a national pharmacy.
  - Focuses on in-home care, reducing overall treatment costs; aims for high-quality patient care.

## Customers
- **Products & Healthcare Services Segment:**
  - Thousands of healthcare providers.
  - Contracts with major Group Purchasing Organizations (GPOs), such as Vizient (33%), Premier (21%), and HPG (10%) — these three represent 64% of revenue.
  - Relationships with hospitals, physicians, clinics, surgery centers, and smaller hospital networks.
  - No single customer accounted for more than 5% of revenue in 2024.

- **Patient Direct Segment:**
  - Revenue from government programs (Medicare, Medicaid), private insurers, home health agencies, and patients.
  - Customer mix includes multi-facility networks, smaller hospitals, and individual patients or private payors.

## Employees
- **Total Employees (as of end of 2024):**
  - **Approximately 13,500** full-time and part-time teammates in the U.S.
  - **Approximately 9,700** teammates outside the U.S.

## Financial Highlights (2024):
- **Revenue:** approximately **$10.7 billion**.
- **Net (loss):** **$(362.7) million**.
- **Earnings per Share:** **$(4.73)** (basic and diluted).
- **Total Assets:** **$4.66 billion**.
- **Total Equity:** **$565 million**.
- **Total Debt:** **$1.85 billion**.
- **Stock Price at Year-End (2024):** **$13.07** per share.
- **Number of Shareholders (as of January 31, 2025):** **2,082**.

## Key Recent Developments
- **Potential Sale:** Discussing a possible sale of the Products & Healthcare Services segment (no timeline or assurance of completion).
- **Acquisition:** 
  - **Rotech Healthcare Holdings Inc.** for approximately **$1.36 billion** (expected to close in 1H 2025).
  - Expect to reclassify Rotech into the Patient Direct segment.
  - Fully financed with cash and borrowings.
- **Legal and Regulatory:** 
  - Ongoing recall issues with Philips Respironics (medical devices in sleep equipment), with costs of recall addressed through agreements.
  - Significant impairment charge of **$307 million** in goodwill related to Apria, due to market and financial changes.
  - Active compliance with federal, state, and international healthcare regulations.
  - Significant focus on cybersecurity operations and data privacy.
  
This summary strictly reflects the information given and excludes any assumptions or hypotheticals.

ACCENDRA HEALTH INC/VA/

10-K / February 20, 2026

10-K / February 28, 2025

10-K / February 20, 2026

Accendra Health, Inc.

Company identity

Post-sale corporate structure

Core offerings

Customer base and payor mix

Technology and operations

Brand and trademark footprint

Employees and labor

Financial and indebtedness snapshot (as of December 31, 2025)

Other context