Brightspring Health Services, Inc. · NASDAQ:BTSG
Brightspring Health Services — Q3 2024 Earnings Presentation
15 slides from Brightspring Health Services's earnings presentation, Nov 1, 2024
Slide 1: Third Quarter 2024 Earnings Presentation
Third Quarter 2024 Earnings Presentation November 1, 2024 1
Slide 2: Forward-Looking Statements; Non-GAAP Financial Information
Forward-Looking Statements; Non-GAAP Financial Information Forward-Looking Statements • potential substantial malpractice or other similar claims; • This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looki
Slide 3: A leading pharmacy and health care provider in the U.S.
A leading pharmacy and health care provider in the U.S., serving large and growing markets that have significant unmet needs, with high-quality and integrated services that improve outcomes and reduce cost 3
Slide 4: BrightSpring at a Glance
BrightSpring at a Glance Attractive Markets, Needed Solutions ✓ Serving large and growing healthcare markets of high-cost and complex patient populations – in preferred and lower-cost home and community settings, for high ROI and patient satisfaction Focus on Growth and Operations ✓ Driving outsized
Slide 5: BrightSpring Financial Highlights
BrightSpring Financial Highlights Third Quarter 2024 $2,907M 28.8% $151.0M 15.7% Revenue Revenue Growth Adj. EBITDA Adj. EBITDA Growth Third Quarter 2024 ($ in millions) Y/Y Growth acy Solutions Pharm Pharmacy Solutions Revenue $2,266 +35.4% Hom acy ea arm nd Infusion and Specialty y Ph C 1,678 +42.
Slide 6: Q3 2024 Revenue and Adjusted EBITDA Results
Q3 2024 Revenue and Adjusted EBITDA Results ($ in millions) Revenue Total Revenue +28.8% $2,907 $2,257 $641 Provider Services +9.9% Pharmacy Solutions $583 +35.4% $2,266 $1,673 Q3 2023 Q3 2024 ($ in millions) Adjusted EBITDA(1) Adj. EBITDA 5.8% 5.2% margin(1) Total Adjusted EBITDA $151 $131 +15.7% +
Slide 7: Pharmacy Solutions Segment Performance
Pharmacy Solutions Segment Performance ($ in millions) Revenue Infusion and Specialty Pharmacy Home and Community Pharmacy Pharmacy Solutions $2,266 +35.4% $588 $1,673 Business Metrics $493 +19.1% $1,678 10,874 $1,180 Prescriptions dispensed +42.2% (thousands) +14.5% y/y 9,498 in 3Q23 Q3 2023 Q3 202
Slide 8: Provider Services Segment Performance
Provider Services Segment Performance ($ in millions) Revenue Home Health Care Community and Rehab Care Provider Services +9.9% $641 $583 Business Metrics +7.6% $376 $349 Home Health Care average 46,583 $234 +13.3% $265 +16.1% y/y daily census 40,124 in 3Q23 Q3 2023 Q3 2024 Community and Rehab Care
Slide 9: Financial Performance: Three Months Ended September 30, 2024
Financial Performance: Three Months Ended September 30, 2024 Three Months Ended September 30, 2023 vs. Three Months Ended September 30, 2024 Pharmacy Solutions Provider Services Three Months Three Months Three Months Three Months ($ in millions, Ended Ended Change ($ in millions, Ended Ended Change
Slide 10: 2024 Fiscal Year Guidance
2024 Fiscal Year Guidance 2024 Fiscal Year Guidance Fiscal Year Ended Prior Guidance Updated Guidance Actual (August 2024) (November 2024) ($ in millions) December 31, 2023 December 31, 2024E December 31, 2024E $8,000 - $8,400 $8,500 - $8,750 Pharmacy Revenue $6,522 22.7% - 28.8% y/y 30.3% - 34.2% y
Slide 11: Adjusted EBITDA Outlook
Adjusted EBITDA Outlook ($ in millions) Adjusted EBITDA (1) Adjusted EBITDA excl. Quality Incentive Quality Incentive Payment Quality Incentive Payment Payment Received Previously Eligible $538 $16 * $30 * $30 $570 - 580 $580 - 585 $555 - 570 +12 - 14% Y/Y +14 - 15% Y/Y +9 - 12% Y/Y $534 - $548 +5 -
Slide 12: De-leveraging Plan and Capital Allocation Priorities
De-leveraging Plan and Capital Allocation Priorities De-leveraging driven by operational performance and capital allocation Long Term Pre IPO / Post-Equity and Debt Transactions Leverage Ratio Leverage Ratio (1) Target Cash Flow • Capex needs: 1% of revenue Generation • Sustainable net working capit
Slide 13: Appendix
Appendix 13
Slide 14: Non-GAAP Reconciliations
Non-GAAP Reconciliations For the Three Months Ended For the Nine Months Ended ($ in thousands) September 30, 2023 September 30, 2024 September 30, 2023 September 30, 2024 Net Loss $ (130,124) $ (8,981) $ (149,634) $ (35,925) Income Tax (Benefit) Expense (5,807) 9,760 (12,987) (23,000) Interest Expen
Slide 15: Weighted-Average Shares Outstanding Calculation for Diluted EPS to Adjusted EPS
Basic and Diluted Weighted-Average Shares Outstanding Calculation utilized in calculating Diluted EPS to Adjusted EPS For the Three Months Ended (in thousands) March 31, 2024 June 30, 2024 September 30, 2024 Pre-IPO Shares (12/31/2023) 117,857 117,857 117,857 Initial Public Offering of Common Stock
BrightSpring Health Services — Q3 2024 Earnings Presentation on 6ix