Premier reports Q2 adjusted EPS 72c, consensus 66c

Reports Q2 revenue $359.63M, consensus $351.5M. "Our Q2 financial performance was largely in line with our expectations as we continued to advance our business strategy," said CEO Michael Alkire. "Like many others, Premier and our members and other customers are operating in a challenging and uncertain macro environment. We are continuing to see lower levels of healthcare services utilization within our provider member base than we anticipated, which impacts the volume of supplies they purchase. We expect our adjacent markets businesses to grow collectively, but due to market dynamics, Remitra is ramping slower than we originally contemplated in our fiscal 2023 guidance. We are mitigating the impact of these headwinds to reinforce the strength and resiliency of our business through targeted but meaningful cost-savings measures, including a modest reduction in our workforce. We are also revising our FY23 segment revenue guidance to reflect our outlook for the remainder of this fiscal year and our adjusted EPS guidance due to the impact of interest and depreciation expense. With significant, stable cash flows, a flexible balance sheet, and our strong relationships with our members and other customers, we remain confident in our longer-term prospects."