Q2 2024 Brightspring Health Services Inc Earnings Call Transcript
Key Points
- BrightSpring Health Services Inc (BTSG) reported strong second quarter performance with total revenue of $2.7 billion, representing 26% growth year over year.
- Adjusted EBITDA for the quarter was $139.1 million, showing a 17% growth year over year and exceeding internal plans.
- Pharmacy Solutions revenue grew by 32% to $2.1 billion, with a notable 40% year-over-year growth in the infusion and specialty business.
- Provider Services revenue increased by 8% to $616 million, driven by strength in home health care and rehab business.
- The company raised its adjusted EBITDA guidance for 2024 to a range of $570 million to $580 million, reflecting 12% to 14% growth.
- BrightSpring Health Services Inc (BTSG) experienced a negative cash flow from operations of $15 million in the second quarter, primarily due to a $90 million cash payment related to a legacy pharmacy legal matter.
- The company did not receive a $30 million quality incentive payment (QIP) in the second quarter, which had been received in the previous three years.
- Despite strong performance, the adjusted EBITDA margin for Pharmacy Solutions was 4.5%, which is relatively low.
- The company faces risks and uncertainties that could cause actual results to differ materially from expectations, as noted in their forward-looking statements.
- There were significant start-up costs associated with onboarding a large customer contract, impacting the quarter's profitability.
Good day, and thank you for standing by. Welcome to the Brightspring Health Services second quarter 2024 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Jennifer Phipps, Chief Accounting Officer at Brightspring. Please go ahead.
Good morning. Thank you for participating in today's conference call. My name is Jennifer Phipps, Chief Accounting Officer at Brightspring. I'm joined on today's call by Jon Rousseau, Chief Executive Officer; and Jim Mattingly, our Chief Financial Officer. Earlier today, Brightspring released financial results for the quarter ended June 30, 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
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
