Premier is considering selling all or part of the company, the group purchasing and consulting organization said Monday.
Premier, which has a member network of more than 4,400 hospital and health systems, established a special committee of independent directors to evaluate strategic alternatives that could include a sale, a financial restructuring or partnerships, the company said in a news release.
It is unclear how any actions taken would affect its member hospitals. A spokesperson declined to comment beyond the news release.
“Evolving market dynamics, coupled with an uncertain and challenging operating environment, compel us to take further action to adapt and help ensure Premier is best positioned for future success,” company President and CEO Michael Alkire said in the release.
For the nine months ended March 31, Premier reported a 9% revenue decline and a 34% decline in net income. In reporting its earnings May 2, the company said it was lowering revenue guidance for its supply chain services segment and its performance services segment.
More health systems have been stockpiling key supplies and equipment since the start of the COVID-19 pandemic.
Premier has been partnering with manufacturers to increase U.S. production of supplies and pharmaceuticals. Those projects have experienced unanticipated delays, the company said in the release.
