Brightspring Health Services, Inc. · NASDAQ:BTSG
Brightspring Health Services — Q2 2024 Earnings Presentation
14 slides from Brightspring Health Services's earnings presentation, Aug 2, 2024
Slide 1: Second Quarter 2024 Earnings Presentation
Second Quarter 2024 Earnings Presentation August 2, 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-looking
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 Second Quarter 2024 $2,730M 26.0% $139.1M 16.7%(1) Revenue Revenue Growth Adj. EBITDA Adj. EBITDA Growth Second Quarter 2024 ($ in millions) Y/Y Growth acy Solutions Pharm Pharmacy Solutions Revenue $2,114 +32.4% Hom acy ea arm nd Infusion and Specialty al ty Ph C o
Slide 6: Q2 2024 Revenue and Adjusted EBITDA Results
Q2 2024 Revenue and Adjusted EBITDA Results ($ in millions) Revenue Total Revenue $2,730 +26.0% $2,167 $616 +8.0% Provider Services $570 Pharmacy Solutions +32.4% $2,114 $1,597 Q2 2023 Q2 2024 ($ in millions) Adjusted EBITDA(1) Adj. EBITDA 5.6% 5.1% margin(2) $119* Total Adjusted EBITDA $139 $149 $3
Slide 7: Pharmacy Solutions Segment Performance
Pharmacy Solutions Segment Performance ($ in millions) Revenue Infusion and Specialty Pharmacy Home and Community Pharmacy Pharmacy Solutions +32.4% $2,114 $1,597 $528 Business Metrics(3) $467 +13.3% $1,586 Prescriptions dispensed 10,120 $1,130 +40.3% +9.1% y/y (thousands) 9,274 in 2Q23 Q2 2023 Q2 2
Slide 8: Provider Services Segment Performance
Provider Services Segment Performance ($ in millions) Revenue Home Health Care Community and Rehab Care Provider Services +8.0% $616 $570 Business Metrics $345 +4.8% $362 Home Health Care average 44,246 $225 +13.0% $254 daily census +13.2% y/y 39,087 in 2Q23 Q2 2023 Q2 2024 Community and Rehab Care
Slide 9: Financial Performance: Three Months Ended June 30, 2024
Financial Performance: Three Months Ended June 30, 2024 Three Months Ended June 30, 2023 vs. Three Months Ended June 30, 2024 Pharmacy Solutions Provider Services Three Months Three Months Three Months Three Months ($ in millions, Change ($ in millions, Change Ended June 30, Ended June 30, Ended Jun
Slide 10: 2024 Fiscal Year Guidance
2024 Fiscal Year Guidance 2024 Fiscal Year Guidance Fiscal Year Ended Prior Guidance Prior Guidance Updated Guidance Actual (February 2024) (May 2024) (August 2024) ($ in millions) December 31, 2023 December 31, 2024E December 31, 2024E December 31, 2024E $6,950 - $7,050 $7,850 - $8,300 $8,000 - $8,
Slide 11: Adjusted EBITDA Outlook
Adjusted EBITDA Outlook ($ in millions) Adjusted EBITDA (1) Adjusted EBITDA excl. Quality Incentive Quality Incentive Payment Quality Incentive Payment Payment Received Previously Eligible $538 $16 * $30 * $30 $555 - 570 $570 - 580 +9 - 12% Y/Y +12 - 14% Y/Y $534 - $548 +5 - 8% Y/Y $508 2023 2024 In
Slide 12: De-leveraging Plan and Capital Allocation Priorities
De-leveraging Plan and Capital Allocation Priorities De-leveraging driven by operational performance and capital allocation Long Term Pre IPO / Post-Equity and Debt Transactions Leverage Ratio Leverage Ratio (1) Target Cash Flow • Capex needs: 1% of revenue Generation • Sustainable net working capit
Slide 13: Appendix
Appendix 13
Slide 14: Non-GAAP Reconciliations
Non-GAAP Reconciliations For the Three Months Ended For the Six Months Ended ($ in thousands) June 30, 2023 June 30, 2024 June 30, 2023 June 30, 2024 Net Income (Loss) $ 2,766 $ 19,441 $ (19,510) $ (26,944) Income Tax Benefit (2,834) (9,466) (7,180) (32,760) Interest Expense 79,684 52,439 157,861 11
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