$BIOS, Option Care Health, Inc. / 20000 I’ll present one of three scenarios, a base, bull and bear case: Base case: This is a difficult company to predict, but I feel a reasonable scenario when considering management’s general plan is that they company overcomes its negative EBITDA margin by 2021, grows it to 5% by 2026, and increases revenue at 2% year-over-year. This gives a share price of $0.77 per share, or 71% below its current $2.67 price. Bull case: BIOS successfully executes its cost reduction plan, improves in gross margin, focuses on and grows its higher margin revenue streams at 2% per year, clears away its negative EBITDA margins by 2019 and increases them to a respectable 7% by the end of the projection period (FY2026) for a $7 fair share price. Also, a sale of the company would be value creative for shareholders. Bear case: The company cuts costs as expected, but fails to grow revenues and turn margins positive, overcome the competitive environment inherent in the industry, doesn’t have enough quality assets on its balance sheet to generate returns, and winds up with a projected share price of -7.19; in other words, effectively zeroing shareholders. -- Part I: BioScrip (BIOS): One of the World's Most Shorted Stocks Part II: BioScrip (BIOS): Projected Financials Part III: BioScrip (BIOS): DCF Valuation (current) Part IV: BioScrip (BIOS): Final Thoughts