BTSG
BrightSpring Health Services, Inc.36.44
+0.48+1.33%
Dec 16, 4:00:01 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Quantifies headwinds, reaffirms growth drivers.
Q&A largely reaffirmed prepared remarks and 2026 guidance, but quantified pharmacy headwinds: $200M IRA in specialty/infusion, over $400M brand-to-generic there, $175M IRA in home/community pharmacy—yet underlying revenue implies 20%+ growth adjusted for these. Amedisys assets start at high single-digit margins but target provider's 17% via integration and tech; funded entirely from cash on hand. LDD wins guide to 16-20 over 12-18 months, expanding beyond oncology. Home health rates flat baseline, optimistic long-term. Headwinds clear, tailwinds crisp. Management confident on sales investments, AI/Lean projects; investors watch Amedisys ramp and volume durability.
Key Stats
Market Cap
6.57BP/E (TTM)
67.48Basic EPS (TTM)
0.54Dividend Yield
0%Recent Filings
8-K
20M-share sale, company repurchases
BrightSpring entered an underwriting agreement on March 2, 2026, for selling stockholders—primarily KKR—to offload 20 million common shares at $41.15 each, closing March 4. Company repurchased 1,464,807 shares from the underwriter, netting no proceeds from the offering itself. Share count shrinks slightly. No underwriting fees hit for the buyback.
10-K
FY2025 results
BrightSpring Health Services delivered FY2025 revenue of $12.9B, up 28% y/y, with Pharmacy Solutions surging 31% to $11.4B on 4% prescription growth and higher revenue per script from specialty mix shift, while Provider Services rose 11% to $1.5B via 9% home health census gains. Q4 accelerated momentum with Infusion/Specialty prescriptions up >27% y/y and rehab hours +12%, though Pharmacy gross margins dipped to 8.2% from product mix; Provider margins held steady amid volume drivers like de novo expansions. $2.6B debt pared post-IPO refinancing, $476M revolver availability bolsters liquidity; no capex/dividend/buyback details disclosed. Community Living divestiture ($835M pending Q1 2026 close) sharpens Senior/Specialty focus. Medicare/Medicaid reimbursement volatility risks quarterly trends.
8-K
Crushed 2025 results, guides strongly
BrightSpring crushed Q4 and full-year 2025 results from continuing operations, posting $3.6B revenue (up 29%) and $618M Adjusted EBITDA (up 34%), while leverage fell to 2.99x. Acquired 107 home health branches; Community Living divestiture closes Q1 2026. Guides 2026 revenue $14.5B-$15B, Adjusted EBITDA $760M-$790M. Growth accelerates.
8-K
Q3 revenue beats, guidance up
10-Q
Q3 FY2025 results
BrightSpring's Q3 revenue surged 28% y/y to $3.3B, driven by 31% Pharmacy Solutions growth while Provider Services added 9%, yielding operating income of $88M (derived) versus $29M last year. Gross margins held steady around 11.8%; diluted continuing EPS hit $0.17, confirmed against 218M shares with no anti-dilution flags. Cash swelled to $140M, operations generated $259M YTD (FCF not disclosed in the 10-Q), long-term debt dipped to $2.5B with $475M revolver availability and covenant compliance. Community Living divestiture for $835M cash advances, expected Q1 2026 close. Yet Medicaid reimbursement shifts pose reimbursement risks.
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