Option Care Health: What You Need to Know from OPCH‘s 2Q Earnings & Follow-Up with Management

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Option Care Health: What You Need to Know from OPCH‘s 2Q Earnings & Follow-Up with Management

J P M O R G A N North America Equity Research

30 July 2026

Option Care Health Overweight

OPCH, OPCH US

What You Need to Know from OPCH’s 2Q Earnings & Price (29 Jul 26):$23.93

Follow-Up with Management

Managed Care and Facilities

Yesterday, OPCH reported 2Q results that beat on both top and bottom lines, with Lisa C. Gill AC

the FY26 adj EBITDA guidance range narrowed (see our summary of the print (1-212) 622-6466

here). We hosted a call with management including John Rademacher (CEO), lisa.c.gill@jpmorgan.com

Meenal Seethna (CFO), and Bob Okunski (VP Investor Relations) today which John Stansel, CFA

was informative in framing some of the factors embedded in the 2H ramp. (1-212) 622-0083

Management is comfortable with the sequential progression implied by 3Q and FY john.stansel@jpmorgan.com

guidance, pointing to the fact it is underpinned by multiple drivers and not Cole Harris

dependent on any single item, while noting it is directionally aligned with the (1-212) 622-9068

cole.harris@jpmorgan.com

historical cadence in recent years. We believe expectations were low going into the

Benjamin Rossi

2Q print and expect investors will look to see progress around the ramp, although (1-212) 622-9603

we see several tailwinds supporting improved performance, namely momentum in benjamin.rossi@jpmorgan.com

the Acute portfolio, stabilization and continued improvement in Chronic as the J.P. Morgan Securities LLC

patient census recovers, and execution on cost management. While OPCH

refrained from commenting on 2027 at this point (as we expected), we appreciate

management’s focus on repositioning the business for greater stability and