The 2020 Mid-Year Economic Update_long

Owens & Minor Sales Up 3.1% in 2Q

Company also announces leadership changes.

Owens & Minor Inc. (NYSE: OMI), Richmond, VA, reported sales for the second quarter of $2.3 billion, up 3.1 percent year-over-year. Profit decreased 31.1 percent to $19.9 million.

"In the U.S., we continued to see growth among our larger healthcare provider customer accounts," said CEO Craig Smith. "In Europe, we continue to work on optimizing the network and improving operations, especially in the U.K. On the domestic side, we are looking forward to completing the Medical Action Industries acquisition, which will enable us to expand service offerings to our healthcare provider and manufacturer customers."

Domestic revenues for the quarter were up 2.3 percent, while international segment sales were up 28.1 percent.

Year-to-date sales were $4.6 billion, up 1.8 percent from the prior-year period. Profit decreased 17.5 percent to $45.4 million.

Owens & Minor has also named its current president and COO, James Bierman, as its new president and CEO, effective Sept. 1. Craig Smith, the company's current CEO, will continue to serve the company in the role of executive chairman.

"Jim Bierman is a talented executive with the experience and skill set to lead Owens & Minor," said Anne Marie Whittemore, lead independent director. "He has a deep understanding of the company and its business, having spearheaded our response to the changing healthcare landscape, and directed the investments necessary to drive long-term growth and value creation."

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