Core Insights - Haven Hospice, a provider of hospice care in North Central Florida, has sold select assets to BrightSpring Health Services effective September 1, 2024, while maintaining its mission of providing comfort and care [1][3] - The transaction was facilitated by The Braff Group, which served as the exclusive financial advisor to Haven Hospice [2] - Haven Hospice has been recognized for its excellence in end-of-life care and has been operational since 1979, facing challenges in reimbursement and regulatory oversight [3] Company Overview - Haven Hospice has been a premier provider of end-of-life care in North Florida for 45 years and has received multiple awards for its services [3] - BrightSpring Health Services is a leading provider of home and community-based healthcare services, which will enhance the resources available for improved patient outcomes [3] Transaction Details - The sale includes select assets of Haven Hospice and also involves the acquisition of the Attic Resale Stores by BrightSpring [1] - The Braff Group has completed over 375 transactions and is recognized as a top advisory firm in healthcare mergers and acquisitions [4]

Core Insights - BrightSpring Health Services has completed the acquisition of Haven Hospice, expanding its hospice services into Florida, effective September 1, 2024 [1][2] - The total consideration for the acquisition is $60 million, structured as $15 million in cash, $30 million in company equity, and a $15 million seller note payable in 2028 [2] Company Overview - BrightSpring Health Services is a leading provider of home and community-based health services for complex populations, offering integrated solutions across various service lines including pharmacy, primary care, home health care, and rehabilitation [4] - The company serves over 400,000 customers, clients, and patients daily across all 50 states [4] Service Expansion - The acquisition allows BrightSpring to provide advanced care planning, palliative, and hospice services throughout specific Florida Agency for Health Care Administration service areas [2] - BrightSpring's hospice services are rated in the top five percent for quality in the industry, indicating a commitment to high-quality care for patients and their families [2]

NEW YORK, Aug. 10, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, is investigating potential claims against BrightSpring Health Services, Inc. ("BrightSpring" or the "Company") (NASDAQ: BTSG) on behalf of BrightSpring stockholders. Our investigation concerns whether BrightSpring has violated the federal securities laws and/or engaged in other unlawful business practices. Click here to participate in the action. On or around January 25, 2024, Bright ...

Financial Data and Key Metrics Changes - Total revenue for Q2 2024 was $2.7 billion, representing a 26% year-over-year growth [9][41] - Adjusted EBITDA for the quarter was $139.1 million, reflecting a 17% growth year-over-year [9][43] - Adjusted EBITDA guidance for 2024 has been raised to a range of $570 million to $580 million, indicating a 12% to 14% growth excluding a nonrecurring Quality Incentive Payment from 2023 [11][49] Business Line Data and Key Metrics Changes - Pharmacy Solutions revenue was $2.1 billion, growing 32% year-over-year, with adjusted EBITDA of $94 million, up 19% [10][20] - Provider Services revenue reached $616 million, an 8% increase year-over-year, with adjusted EBITDA of $86 million, growing 16% [10][29] Market Data and Key Metrics Changes - Home health care average daily census grew 13% year-over-year to 44,246 [27] - The Infusion and Specialty business grew 40% year-over-year, with strong performance in specialty pharmacy [19][21] Company Strategy and Development Direction - The company focuses on delivering coordinated care to complex patient populations in lower-cost settings, emphasizing operational efficiencies and market share growth through acquisitions [12][14] - Recent acquisition plans include Haven Hospice, which is expected to enhance service offerings in Florida [16][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued strong growth rates for Pharmacy Solutions and Provider Services, with expectations for margin improvement in the second half of the year [54][56] - The company anticipates ongoing operational excellence initiatives to drive efficiency and improve margins [58][59] Other Important Information - The company completed a $100 million all-employee equity grant to reward staff for their contributions [35] - Cash flow from operations was negative $15 million, primarily due to a $90 million payment related to a legacy legal matter, but operational cash flow excluding this payment was $75 million [45][46] Q&A Session Summary Question: Inquiry about Pharmacy Solutions revenue growth - Management confirmed strong growth momentum in Pharmacy Solutions, expecting similar growth rates into the second half of the year [53] Question: Dynamics driving margin improvement - Management highlighted favorable calendar dynamics, lower taxes, and operational initiatives as key factors for expected margin improvement [56][59] Question: Specialty performance and growth drivers - Management noted broad-based growth across service lines, with strong execution in specialty pharmacy driving market share improvement [62][65] Question: Cross-selling efforts within Provider division - Management discussed integrated care opportunities and investments in clinical nursing hubs to enhance cross-selling capabilities [78][80] Question: Future growth in Home Health and Hospice - Management indicated that growth in Home Health and Hospice is largely organic, with a focus on quality care and operational performance [95][96] Question: Acquisition pipeline and M&A strategy - Management confirmed a robust acquisition pipeline, focusing on accretive deals while maintaining a strong balance sheet [102]

Financial Performance - Q2 2024 - BrightSpring's total revenue for Q2 2024 was $2730 million, a 260% increase year-over-year[5,6] - Pharmacy Solutions revenue reached $2114 million, representing a 324% year-over-year growth[5,6,9] - Infusion and Specialty Pharmacy revenue was $1586 million, a 403% increase year-over-year[5,7] - Home and Community Pharmacy revenue amounted to $528 million, showing a 133% year-over-year increase[5,7] - Provider Services revenue was $616 million, an 80% increase year-over-year[5,6,9] - Adjusted EBITDA for Q2 2024 was $1391 million, a 167% increase year-over-year, excluding a $30 million Quality Incentive Payment (QIP) in Q2 2023[5,6] - Pharmacy Solutions segment EBITDA was $94 million, an 187% increase year-over-year, excluding the QIP[5,7,9] - Provider Services segment EBITDA was $86 million, a 157% increase year-over-year[5,8,9] Key Business Metrics - Pharmacy Solutions dispensed 10120 thousand prescriptions in Q2 2024, a 91% increase year-over-year[7] - Pharmacy Solutions revenue per script was $20894 in Q2 2024, a 237% increase year-over-year[7] - Home Health Care average daily census was 44246 in Q2 2024, a 132% increase year-over-year[8] Fiscal Year 2024 Guidance (Updated August 2024) - Total revenue is projected to be between $10450 million and $10900 million, representing an 184% to 235% year-over-year increase[10] - Pharmacy revenue is projected to be between $8000 million and $8400 million, representing a 227% to 288% year-over-year increase[10] - Provider revenue is projected to be between $2450 million and $2500 million, representing a 63% to 85% year-over-year increase[10] - Adjusted EBITDA is projected to be between $570 million and $580 million, representing a 60% to 78% year-over-year increase[10]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-41938 | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------------------|--------------- ...

Financial Performance - Net revenue for Q2 2024 was $2,730 million, representing a 26.0% increase from $2,167 million in Q2 2023[2] - Net income for Q2 2024 was $19.4 million, compared to $2.8 million in Q2 2023[2] - Adjusted EBITDA for Q2 2024 was $139 million, down 6.9% from $149 million in Q2 2023; however, excluding a $30 million Quality Incentive Payment in 2023, it was up 16.7% compared to $119 million in Q2 2023[2][3] - Total revenues for Q2 2024 reached $2,730,210, an increase of 25.9% compared to $2,166,724 in Q2 2023[26] - Product revenues were $2,114,491 in Q2 2024, up 32.4% from $1,596,839 in Q2 2023[26] - Gross profit for Q2 2024 was $389,033, compared to $372,070 in Q2 2023, reflecting a gross margin improvement[26] - Operating income decreased to $62,414 in Q2 2024 from $79,616 in Q2 2023, indicating challenges in managing operating expenses[26] - Net income for Q2 2024 was $19,441, a significant recovery from a net loss of $2,766 in Q2 2023[26] - The company reported a basic earnings per share of $0.10 for Q2 2024, compared to $0.03 in Q2 2023[26] Revenue Guidance - Full year 2024 revenue guidance increased to between $10,450 million and $10,900 million, reflecting growth of 18.4% to 23.5% over 2023[5] - Adjusted EBITDA guidance for 2024 is set between $570 million and $580 million, indicating growth of 12.2% to 14.2% over 2023[5] - The Pharmacy Segment revenue for 2024 is projected to be between $8,000 million and $8,400 million, representing growth of 22.7% to 28.8% over 2023[5] - The Provider Segment revenue for 2024 is expected to be between $2,450 million and $2,500 million, indicating growth of 6.3% to 8.5% over 2023[5] Operational Insights - The company expressed confidence in its operational excellence and ability to provide efficient care, positioning itself well for the remainder of 2024 and into 2025[2] - The conclusion of the Quality Incentive Payment program is expected to impact future Adjusted EBITDA positively, as it was a significant factor in the previous year's results[3] - The company plans to continue focusing on strategic investments and operational efficiencies to enhance future performance[18] Cash Flow and Assets - Total current assets increased to $1,521,879 as of June 30, 2024, from $1,456,641 at the end of 2023[22] - Total liabilities decreased to $3,999,212 as of June 30, 2024, down from $4,920,172 at the end of 2023[24] - Cash and cash equivalents rose to $25,027 as of June 30, 2024, compared to $13,071 at the end of 2023[22] - Cash used in operating activities for Q2 2024 was $(15,225,000), an improvement from $(25,204,000) in Q2 2023[27] - Total cash used in investing activities for Q2 2024 was $(57,692,000), compared to $(45,301,000) in Q2 2023, indicating increased investment[27] - The company reported a net cash increase of $39,907,000 from financing activities in Q2 2024, compared to $70,581,000 in Q2 2023[27] - Cash and cash equivalents at the end of Q2 2024 were $25,027,000, up from $11,256,000 at the end of Q2 2023[27] Debt and Costs - Long-term debt borrowings in Q2 2024 amounted to $2,566,000,000, with no new borrowings reported in Q2 2023[27] - Provision for credit losses in Q2 2024 was $6,496,000, up from $5,958,000 in Q2 2023, indicating a rise in expected credit losses[27] - The company incurred $5,022,000 in acquisition-related costs in Q2 2024, compared to $5,789,000 in Q2 2023[28] - Depreciation and amortization for Q2 2024 was $50,071,000, slightly down from $50,205,000 in Q2 2023[28] Earnings Per Share - For the three months ended June 30, 2024, the diluted EPS was $0.10, compared to $0.03 for the same period in 2023, representing a 233% increase[31] - The adjusted EPS for the six months ended June 30, 2024, was $0.22, up from $0.04 in 2023, indicating a significant improvement[31] - Non-cash share-based compensation for the three months ended June 30, 2024, was $0.07, compared to $0.01 in 2023, reflecting a 600% increase[31] - Acquisition, integration, and transaction-related costs for the three months ended June 30, 2024, were $0.02, down from $0.05 in 2023, showing a 60% decrease[31] - Restructuring and divestiture-related costs for the three months ended June 30, 2024, were $0.02, compared to $0.06 in 2023, a reduction of 67%[31] - The weighted average common shares outstanding used in calculating diluted EPS for the three months ended June 30, 2024, was 208,987 thousand, up from 126,449 thousand in 2023[31] - The income tax impact on adjustments for the three months ended June 30, 2024, was $(0.12), compared to $(0.04) in 2023[32] Other Costs - The company incurred ransomware attack response costs of $0.5 million for the three months ended June 30, 2023[29] - Management fees ceased following the completion of the IPO, with $22.7 million in termination fees recorded[29] - The company reported unreimbursed COVID-19 related costs of $0.00 for the three months ended June 30, 2024[31]

LOUISVILLE, Ky., Aug. 02, 2024 (GLOBE NEWSWIRE) -- BrightSpring Health Services, Inc. ("BrightSpring" or the "Company") (NASDAQ: BTSG), a leading provider of home and community-based health services for complex populations, today announced financial results for the second quarter ended June 30, 2024, and increases 2024 revenue and Adjusted EBITDA1 guidance. Financial Highlights Net Revenue of $2,730 million, up 26.0% compared to $2,167 million in the second quarter of 2023. Net income of $19.4 million, comp ...

LOUISVILLE, Ky., Aug. 02, 2024 (GLOBE NEWSWIRE) -- BrightSpring Health Services, Inc. ("BrightSpring" or the "Company") (NASDAQ: BTSG), a leading provider of home and community-based health services for complex populations, today announced financial results for the second quarter ended June 30, 2024, and increases 2024 revenue and Adjusted EBITDA1 guidance. Financial Highlights Net Revenue of $2,730 million, up 26.0% compared to $2,167 million in the second quarter of 2023. Net income of $19.4 million, comp ...

"We applaud our team at Rehab Without Walls for achieving the highest level of accreditation that a health and human services company can earn," said BrightSpring's President and CEO Jon Rousseau. "Their approach to comprehensive, holistic care creates sustainable short- and long-term results for patients that dramatically improves independence, which makes our rehabilitation team and services extremely deserving of this recognition." BrightSpring also celebrated additional CARF-accreditations in Community ...