Q1 2024 Brightspring Health Services Inc Earnings Call Transcript
Key Points
- BrightSpring Health Services Inc (BTSG) reported a strong first quarter with total revenue of $2.6 billion, marking a 27% growth year-over-year.
- Pharmacy Solutions segment experienced significant growth, with revenue reaching $2 billion, a 35% increase from the previous year, driven by both infusion and specialty business.
- Provider Services segment also showed robust performance with $600 million in revenue, up 7% compared to the same period last year.
- Adjusted EBITDA for BrightSpring Health Services Inc (BTSG) was $130.5 million for the quarter, representing a 13.2% growth versus the prior year's first quarter.
- The company raised both revenue and adjusted EBITDA guidance for the year, reflecting confidence in continued strong performance.
- Despite overall growth, certain segments like Home and Community Pharmacy grew at a slower rate of 15% year-over-year.
- The company noted some impact from the Change Healthcare disruption, although it was managed effectively.
- Operating cash flow was negative $79 million in the first quarter, which is typically lower compared to other quarters.
- The company's leverage ratio stands at 4.3 times, with a goal to reduce it to three times within three years, indicating ongoing challenges with debt management.
- While the company is optimistic about growth, there is an inherent challenge in maintaining such high growth rates, especially in the specialty pharmacy segment which has lower margins compared to other segments.
Good day, and thank you for standing by, and welcome to the Brightspring Health Services First Quarter 2024 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to turn the conference over to Jennifer Phipps, Chief Accounting Officer. Please go ahead.
Good morning. Thank you for participating in today's conference call. My name is Jennifer Phipps, Chief Accounting Officer of Brightspring. I am joined on today's call by John Rousseau, Chief Executive Officer, and Jim Mattingly, Chief Financial Officer. Earlier today, Brightspring released financial results for the quarter ended March 31st, 2024. A copy of the press release and presentation is available on the company's website.
Please note that today's discussion will include certain forward-looking statements that reflect our current assumptions and expectations, including those related to our future financial performance and industry and market conditions. Such
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