Business
BrightSpring Health Services, Inc. Reports First Quarter 2024 Financial Results and Increases Full Year 2024 Guidance
LOUISVILLE, Ky., May 02, 2024 (GLOBE NEWSWIRE) -- BrightSpring Health Services, Inc. (“BrightSpring” or the “Company”) (NASDAQ: BTSG), a leading provider of
About this update from Brightspring Health Services, Inc.
[{"type":"text","content":"LOUISVILLE, Ky., May 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 first quarter ended March 31, 2024, and increases 2024 revenue and Adjusted EBITDA1 guidance. Financial Highlights Net Revenue of $2,577 million, up 27.0% compared to $2,028 million in the first quarter of 2023.Net loss of $46 million, compared to net loss of $22 million in the first quarter of 2023.Adjusted EBITDA1 of $131 million, up 13.2% versus $115 million in the first quarter of 2023.Increased 2024 Revenue and Adjusted EBITDA Guidance: Revenue: $10,300 - $10,800 millionAdjusted EBITDA1: $555 - $570 million, excluding potential Quality Incentive Payment Elected Olivia Kirtley, CPA, to the Board of Directors in connection with the Company’s IPO, and in April 2024 appointed Timothy Wicks, former Executive Vice President of Optum Inc., part of UnitedHealth Group, to the Board of Directors “We are pleased with the strong revenue and adjusted EBITDA growth in both our Pharmacy and Provider segments during the first quarter of 2024 and are increasingly optimistic about our outlook for the remainder of the year,” said Jon Rousseau, Chairman, President and Chief Executive Officer of the Company. \"In Pharmacy Solutions, we delivered strong revenue growth of 35%. In Provider Services, revenue growth was solid and ahead of expectations, and we expanded adjusted EBITDA margins with our increased scale, efficiencies, and operational excellence. We continue to invest across both segments of the Company to drive high quality care and above market growth.” First Quarter 2024 Financial Results Net revenue of $2,577 million, up 27.0% compared to $2,028 million in the first quarter of 2023. Net revenue growth was driven across both segments and all businesses in the company, led by particular strength within specialty and infusion pharmacy. Gross profit of $369 million, up 10.4% compared to $335 million in the first quarter of 2023. Net loss of $46 million, compared to net loss of $22 million in the first quarter of 2023. Adjusted EBITDA1 of $131 million, up 13.2% compared to $115 million in the first quarter of 2023. 1Adjusted EBITDA is a non-GAAP financial measure. Please see “No...