BrightSpring Health Services, Inc. Reports Fourth Quarter and Full Year 2024 Financial Results and Increases Full Year 2025 Guidance

LOUISVILLE, Ky., March 06, 2025 (GLOBE NEWSWIRE) -- BrightSpring Health Services, Inc. ("BrightSpring" or the "Company") $(BTSG)$, a leading provider of home and community-based health services for complex populations, today announced financial results for the fourth quarter and full year ended December 31, 2024, and increased revenue and Adjusted EBITDA(1) guidance.

Financial Highlights

   -- Fourth quarter net revenue of $3,053 million, up 28.6% compared to $2,375 
      million in the fourth quarter of 2023. 
 
   -- Fourth quarter net income of $15.4 million, compared to net loss of $7.2 
      million in the fourth quarter of 2023. 
 
   -- Fourth quarter Adjusted EBITDA(1) of $167 million, up 17.4% versus $143 
      million in the fourth quarter of 2023. 
 
   -- Full year net revenue of $11,266 million, up 27.6% compared to $8,826 
      million in 2023. 
 
   -- Full year net loss of $20.5 million, compared to net loss of $156.8 
      million in 2023. 
 
   -- Full year Adjusted EBITDA(1) of $588 million, up 9.3% versus $538 million 
      in 2023. 
 
          -- When excluding a certain $30 million Quality Incentive Payment 
             $(QIP.AU)$ in 2023, Adjusted EBITDA was up 15.9% compared to $508 
             million in 2023. This certain vendor QIP program has reached its 
             conclusion, as previously disclosed. 
 
   -- On January 20, 2025, announced BrightSpring entered into a definitive 
      agreement to divest the Community Living business to Sevita for $835 
      million, subject to customary closing adjustments. 
 
   -- Increased 2025 Revenue and Adjusted EBITDA Guidance, excluding Community 
      Living: 
 
          -- Revenue: $11,600 -- $12,100 million 
 
          -- Adjusted EBITDA(1): $545 -- $560 million 

"In 2024, BrightSpring's focus on quality and third-party satisfaction scores, growth in customers and patients served, and efficiency and best practices across the organization resulted in another excellent year of both operational and financial performance," said Jon Rousseau, Chairman, President and Chief Executive Officer of the Company. "I am proud of our team's commitment and capabilities that underpin these results, as well as the organization's impact throughout communities. We are enthusiastic about what's in front of us in 2025, as we further drive our mission to reach people who need the Company's beneficial service solutions. We expect the recently announced divestiture of Community Living to result in a more streamlined organization with greater capital flexibility and increased growth rates."

Fourth Quarter 2024 Financial Results

Net revenue of $3,053 million, up 28.6% compared to $2,375 million in the fourth quarter of 2023.

Gross profit of $422 million, up 14.4% compared to $369 million in the fourth quarter of 2023.

Net income of $15.4 million, compared to net loss of $7.2 million in the fourth quarter of 2023.

Adjusted EBITDA(1) of $167 million, up 17.4% compared to $143 million in the fourth quarter of 2023.

Full Year 2024 Financial Results

Net revenue of $11,266 million, up 27.6% compared to $8,826 million in 2023.

Gross profit of $1,588 million, up 10.8% compared to $1,434 million in 2023. Excluding a certain $30 million receipt of QIP in 2023, gross profit growth rate was 13.2%.

Net loss of $20.5 million, compared to net loss of $156.8 million in 2023.

Adjusted EBITDA(1) of $588 million, up 9.3% compared to $538 million in 2023

   -- When excluding a certain $30 million QIP in 2023, Adjusted EBITDA(1) was 
      up 15.9% compared to $508 million in 2023. 

(1)Adjusted EBITDA is a non-GAAP financial measure. Please see "Non-GAAP Financial Information" and the end of this press release for a reconciliation of Adjusted EBITDA to net loss, the most directly comparable financial measure prepared in accordance with GAAP.

Key Financials

 
                    Three Months 
                       Ended                 Year Ended 
                    December 31,            December 31, 
                   --------------          --------------- 
                    2024    2023     %       2024    2023     % 
                    -----   -----  ------   ------   -----  ------ 
($ in millions) 
Pharmacy 
 Solutions 
 Revenue           $2,397  $1,785  34%     $ 8,754  $6,522  34% 
Provider Services 
 Revenue              656     589  11%       2,512   2,304   9% 
                    -----   -----           ------   ----- 
Total Revenue      $3,053  $2,375  29%     $11,266  $8,826  28% 
                    =====   =====           ======   ===== 
 
 
                    Three Months 
                       Ended                 Year Ended 
                    December 31,            December 31, 
                   --------------          -------------- 
                    2024    2023     %      2024    2023     % 
                    ----    ----   ------   ----    ----   ------ 
($ in millions) 
Pharmacy 
 Solutions 
 segment EBITDA    $ 113   $  93   22%     $ 395   $ 371    6% 
Provider Services 
 segment EBITDA       99      86   16%       361     307   18% 
                    ----    ----            ----    ---- 
Total Segment 
 Adjusted EBITDA   $ 212   $ 178   19%     $ 755   $ 678   11% 
Corporate Costs      (45)    (36)   -       (167)   (140)   - 
                    ----    ----            ----    ---- 
Total Company 
 Adjusted EBITDA   $ 167   $ 143   17%     $ 588   $ 538    9% 
                    ====    ====            ====    ==== 
 

Full Year 2025 Financial Guidance

For the full year 2025, BrightSpring is increasing guidance, which excludes the Community Living business and the effects of any future closed acquisitions. All growth rates reflect growth from the full year 2024 revenue and Adjusted EBTIDA results, excluding the Community Living business.

   -- Net Revenue of $11,600 million to $12,100 million, or 15.2% to 20.1% 
      growth over full year 2024. 
 
          -- Pharmacy Segment Revenue of $10,150 million to $10,600 million, or 
             15.9% to 21.1% growth over full year 2024. 
 
          -- Provider Segment Revenue of $1,450 million to $1,500 million, or 
             10.0% to 13.8% growth over full year 2024. 
 
   -- Adjusted EBITDA(2) of $545 million to $560 million, or 18.4% to 21.7% 
      growth over full year 2024. 

A copy of the Company's fourth quarter and fiscal year 2024 earnings presentation is available on the Company's investor relations website, https://ir.brightspringhealth.com/

(2)A reconciliation of the foregoing guidance for the non-GAAP metric of Adjusted EBITDA to GAAP net loss cannot be provided without unreasonable effort because of the inherent difficulty of accurately forecasting the occurrence and financial impact of the various adjusting items necessary for such reconciliation that have not yet occurred, are out of our control, or cannot be reasonably predicted. For the same reasons, the Company is unable to assess the probable significance of the unavailable information, which could have a material impact on its future GAAP financial results.

Webcast and Conference Call Details

BrightSpring will host a conference call today, March 6, 2025, at 8:30 a.m. Eastern Time. Investors interested in listening to the conference call are required to register online.

A live and archived webcast of the event will be available on the "Events & Presentations" section of the BrightSpring website at https://ir.brightspringhealth.com/. The Company has posted supplemental financial information on the fourth quarter and fiscal year 2024 results that it will reference during the conference call. The supplemental information can be found under the "Events & Presentations" on the Company's investor relations page.

About BrightSpring Health Services

BrightSpring Health Services provides complementary home- and community-based pharmacy and provider health solutions for complex populations in need of specialized and/or chronic care. Through the Company's service lines, including pharmacy, home health care and primary care, and rehabilitation and behavioral health, we provide comprehensive and more integrated care and clinical solutions in all 50 states to over 450,000 customers, clients and patients daily. BrightSpring has consistently demonstrated strong and often industry-leading quality metrics across its services lines while improving the quality of life and health for high-need individuals and reducing overall costs to the healthcare system.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views with respect to, among other things, our operations and financial performance. Forward-looking statements include all statements that are not historical facts. These forward-looking statements may relate to matters which include, but are not limited to, industries, business strategy, goals and expectations concerning our market position, future operations, margins, profitability, capital expenditures, liquidity and capital resources and other financial and operating information. In some cases, we have used words such as "anticipate," "assume," "believe," "continue, " "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "future," "will," "seek," "foreseeable," "target," "guidance," the negative version of these words, or similar terms and phrases to identify these forward-looking statements.

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March 06, 2025 06:00 ET (11:00 GMT)