STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

STOCKHOLDERS' EQUITY

STOCKHOLDERS’ EQUITY

During the year ended December 31, 2023, HC I completed secondary offerings of 23,771,926 shares of common stock. As of December 31, 2023, HC I no longer held shares of the Company’s common stock.

2017 Warrants — Prior to the Merger, BioScrip issued warrants to certain debt holders pursuant to a Warrant Purchase Agreement dated as of June 29, 2017. In conjunction with the Merger, the 2017 Warrants were amended to entitle the purchasers of the warrants to purchase 2.1 million shares of common stock. The 2017 Warrants have a 10-year term and an exercise price of $8.00 per share and may be exercised by payment of the exercise price in cash or surrender of shares of common stock into which the 2017 Warrants are being converted in an aggregate amount sufficient to cover the exercise price. The 2017 Warrants are classified as equity instruments, and the fair value of these warrants of $14.1 million was recorded in paid-in capital as of the Merger Date. During the years ended December 31, 2025 and 2024, warrant holders did not elect to exercise any warrants to purchase shares of common stock. At December 31, 2025 and 2024, the remaining warrant holders are entitled to purchase 51,838 shares of common stock.

2015 Warrants — Prior to the Merger, BioScrip issued warrants pursuant to a Common Stock Warrant Agreement dated as of March 9, 2015 which entitle the holders to purchase 0.9 million shares of common stock. The 2015 Warrants have a 10-year term and have exercise prices in a range of $20.68 per share to $25.80 per share. The 2015 Warrants were assumed by the Company in conjunction with the Merger and are classified as equity instruments, and the fair value of these warrants of $4.6 million was recorded in paid in capital as of the Merger Date. During the years ended December 31, 2025 and 2024, warrant holders exercised an immaterial number of warrants to purchase shares of common stock. During the years ended December 31, 2025 and 2024, no cash proceeds were received from warrant exercises. The 2015 warrants expired on June 30, 2025. At December 31, 2025, any outstanding warrants are no longer exercisable. At December 31, 2024 the remaining warrant holders are entitled to purchase 11,765 shares of common stock.

Share Repurchase Program — On February 20, 2023, the Company’s Board of Directors authorized a share repurchase program of up to an aggregate $250.0 million of common stock of the Company. On December 6, 2023, the Company’s Board of Directors approved an increase to its share repurchase program authorization from $250.0 million to $500.0 million. This program was completed in December 2024. On January 10, 2025, the Company’s Board of Directors authorized a 2025 share repurchase program of up to an aggregate $500.0 million of common stock of the Company. Under the share repurchase program, repurchases may occur in any number of methods depending on timing, market conditions, regulatory requirements, and other corporate considerations. The share repurchase program has no specified expiration date.

During the years ended December 31, 2025, 2024, and 2023, the Company purchased 10,079,009, 9,255,591, and 7,946,301 shares of common stock under this program for an average share price of $30.51, $27.01, and $31.46, totaling $307.5 million, $250.0 million, and $250.0 million, respectively. All repurchased shares became treasury stock. As of December 31, 2025, the Company is authorized to repurchase up to a remaining $192.5 million of common stock of the Company. In January 2026, the Company’s Board of Directors approved an increase to its 2025 share repurchase program authorization from $500.0 million to $1.0 billion.

Shares Outstanding — The following table shows the Company’s changes in shares of common stock for the years ended December 31, 2025, 2024, and 2023 (in thousands):

	Number of Shares
Balance at December 31, 2022	181,958
Equity award issuances	564
Share repurchases	(7,946)
Balance at December 31, 2023	174,576
Equity award issuances	941
Share repurchases	(9,256)
Balance at December 31, 2024	166,261
Equity award issuances	676
Share repurchases	(10,079)
Balance at December 31, 2025	156,858

Treasury Stock — As of December 31, 2025 and 2024, the Company held 27,664,622 and 17,585,613 shares of treasury stock, respectively.

Preferred Stock — The Company had no preferred stock outstanding as of December 31, 2025 or 2024.