Supply Chain Services segment revenue decreased 40% to $232.7 million, primarily reflecting lower product revenue.
Products revenue of $69.7 million declined 70%, primarily driven by lower demand and pricing, as the company expected, for pandemic-related supplies, which was partially offset by ongoing demand for commodity products.
Adjusted EBITDA of $122.8 million increased 5% Y/Y. Adjusted EPS improved 2% to $0.61.
The company's GAAP net income of $30.7 million decreased 39% from $50.7 million a year ago, primarily due to the impairment of certain capitalized software assets.
Guidance: Premier expects FY233 adjusted EPS of $2.63 - $2.75, versus the analysts' consensus of $2.67.
It sees FY23 sales of $1.38-$1.45 billion, down 1.25% Y/Y at the midpoint, compared to the consensus of $1.42 billion.
The company forecasts adjusted EBITDA of $510-$530 million.
Price Action: PINC shares traded lower by 0.48% at $38.31 on the last check Tuesday.
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