Richmond, Virginia-based Owens & Minor on Nov. 2 reported 2022 third-quarter financial results, including $2.497 billion in revenue, a slight decrease from the $2.502 billion reported during the same quarter in 2021.

For the nine-month period ending in September, total revenue was $7.4 billion, up sightly versus the same period last year.

The company’s adjusted EBITDA was $127 million for 3Q 2022, with margin up 140 basis points.

“In the third quarter we saw greater than expected macro-economic and industry-related forces that continue to challenge our Products & Healthcare Services segment and as the quarter progressed, we saw more of our acute care customers delay reorders utilizing their stockpiled items,” said Edward A. Pesicka, President & CEO of Owens & Minor. “To better address these challenges and capitalize on opportunities, we are accelerating execution of key initiatives to improve the segment’s performance.”

Operating income for 3Q was $60.2 million. Among its segments, Owens & Minor’s Patient Direct revenue was $594 million, up 142%, or 11.4% on a pro forma basis for its Apria acquisition, which closed in March.