Welcome to our dedicated page for BrightSpring Health Services news (Ticker: BTSG), a resource for investors and traders seeking the latest updates and insights on BrightSpring Health Services stock.
BrightSpring Health Services, Inc. (NASDAQ: BTSG) is a prominent provider of home and community-based healthcare services, catering to complex patient populations. The company's comprehensive platform delivers a range of clinical and pharmacy services across Medicare, Medicaid, and commercially insured groups.
Core Business: BrightSpring operates through several key segments, including Pharmacy Solutions and Provider Services. The Pharmacy Solutions segment, generating the majority of the company's revenue, focuses on delivering comprehensive pharmaceutical care and specialty drugs, while the Provider Services segment offers diverse healthcare solutions, including home health care, rehabilitation, and behavioral health services.
Recent Achievements: BrightSpring has recently expanded its footprint through strategic acquisitions, including a home health operation in Maryland, a behavioral therapy company in Michigan, and a long-term care pharmacy in Montana. These acquisitions bolster BrightSpring’s market penetration and enhance its capacity to deliver quality care directly to patient residences.
Since 2017, over 200 BrightSpring employees have received national recognition for exemplary service in areas such as human resources, marketing, and quality care. Seven employees were honored with the prestigious 2024 DSP of the Year Award from ANCOR, highlighting their dedication to high-need populations.
Innovative Projects: BrightSpring's home health and hospice service line, Adoration Home Health & Hospice, recently won accolades for its “Same Day, Next Day” campaign, which emphasizes timely home health care for post-hospitalization patients. This initiative has led to improved patient outcomes, increased referrals, and higher staff morale.
Financial Condition: BrightSpring remains robust, supported by strong revenue streams primarily from its Pharmacy Solutions segment. The company maintains a strategic focus on expanding its services and geographical reach through partnerships and acquisitions.
Partnerships and Collaborations: Notably, Onco360®, a subsidiary of BrightSpring, has partnered with Alexion Pharmaceuticals and Day One Biopharmaceuticals to deliver cutting-edge oncology medications. These collaborations underscore BrightSpring’s commitment to providing advanced treatment options for patients with complex and rare diseases.
Community Impact: BrightSpring also focuses on fostering a supportive work environment, recently awarding stock grants to thousands of employees as a token of appreciation for their dedication. This initiative aims to further align employee interests with the company's long-term goals.
Overall, BrightSpring Health Services continues to innovate and expand its comprehensive care model, positively impacting the lives of over 400,000 customers, clients, and patients daily across the United States.
BrightSpring Health Services (NASDAQ: BTSG) has successfully refinanced its entire $2.55 billion Term Loan B facility due February 2031 through its subsidiary Phoenix Guarantor Inc. The refinancing resulted in a reduced interest rate, with the facility now priced at SOFR +250 basis points, down from SOFR +325 basis points. This 75 basis point reduction is expected to generate annual cash interest savings of approximately $19.1 million. The transaction was completed without incurring any additional debt, with Morgan Stanley and KKR Capital Markets acting as lead bookrunners.
BrightSpring Health Services (NASDAQ: BTSG) announces that its specialty pharmacy partner, Onco360®, has been selected as the national pharmacy partner for multiple new medications treating advanced cancers and blood diseases. Eight new medications have been added to Onco360's distribution network, including treatments for: breast cancer (ITOVEBI™), myelodysplastic syndromes (Rytelo™), brain tumors (Voranigo®), paroxysmal nocturnal hemoglobinuria (PIASKY®), esophageal cell carcinoma (Tevimbra®), non-small cell lung cancer (LAZCLUZE™), acute leukemias (Revuforj®), and gastric tumors (Vyloy®).
BrightSpring Health Services (NASDAQ: BTSG) has announced its participation in two upcoming virtual investor conferences. The company will take part in the BTIG Virtual Digital Health Forum Panel on November 25th at 9:00 AM ET and the Bank of America Virtual Home Care Conference 2024 Fireside Chat on December 10th at 2:10 PM ET. A live and archived webcast of the Bank of America conference session will be accessible through BrightSpring's investor relations website.
BrightSpring Health Services (NASDAQ: BTSG) announced that its subsidiary CareMed has been selected by Eisai as a national specialty pharmacy provider for Leqembi®, an innovative Alzheimer's disease treatment. The FDA-approved medication demonstrated effectiveness in slowing cognitive impairment progression over 18 months in Phase III clinical trials involving 1,795 patients aged 50-90 with early Alzheimer's disease. Leqembi is a monoclonal antibody targeting aggregated forms of amyloid beta, showing superior results compared to placebo in treating mild cognitive impairment and mild dementia stages.
BrightSpring Health Services reported strong Q3 2024 financial results with net revenue of $2,907 million, up 28.8% year-over-year. The company reduced its net loss to $9.0 million from $130.1 million in Q3 2023, while Adjusted EBITDA grew 15.7% to $151 million. Pharmacy Solutions revenue increased 35% to $2,266 million, and Provider Services revenue grew 10% to $641 million. Based on strong performance, BrightSpring increased its full-year 2024 guidance, projecting revenue of $11,000-$11,300 million (24.6-28.0% growth) and Adjusted EBITDA of $580-$585 million (14.2-15.2% growth).
BrightSpring Health Services, Inc. (NASDAQ: BTSG) has announced plans to release its third quarter 2024 financial results on Friday, November 1, 2024. The company will hold an earnings conference call at 8:30 a.m. ET on the same day. Interested parties can register for the call through the provided link. A live and archived webcast of the call will be available on the company's investor relations website at https://ir.brightspringhealth.com under the 'Events & Presentations' section. Related presentation materials will be posted prior to the conference call. The webcast can also be accessed directly through a provided link.
BrightSpring Health Services (NASDAQ: BTSG) has appointed Dr. Steve Miller as a Class II member of its Board of Directors. Dr. Miller will serve on the Board's Audit Committee and chair the Quality & Compliance and Governance Committee. With decades of experience as a medical researcher, clinician, and administrator, Dr. Miller brings valuable expertise to BrightSpring.
Dr. Miller's notable career includes roles as Chief Clinical Officer at Cigna (2018-2022), Chief Medical Officer at Express Scripts (2005-2018), and Chief Medical Officer at Barnes-Jewish Hospital (1999-2005). He is currently the Chief Medical Officer at MediBeacon, a medical technology company.
BrightSpring's CEO, Jon Rousseau, expressed excitement about Dr. Miller joining the board, highlighting his unique insights into patient success. Dr. Miller stated his commitment to making a difference in healthcare and bringing his perspective to drive innovation at BrightSpring.
BrightSpring Health Services (NASDAQ: BTSG), a leading provider of home and community-based health services, announced that KKR, an existing shareholder, has agreed to purchase 11,619,998 shares of BrightSpring's common stock from Walgreens Boots Alliance (WBA) in a private transaction. The deal, negotiated directly between KKR and WBA, involves KKR's private equity funds and is expected to close around September 16, 2024. BrightSpring is not issuing or selling any shares in connection with this transaction. This move signifies a significant shift in ownership structure, potentially impacting BrightSpring's strategic direction and investor relations.
Haven Hospice, a Florida-based comprehensive hospice care provider, has been acquired by BrightSpring Health Services (NASDAQ: BTSG), effective September 1, 2024. The acquisition includes select assets of North Central Florida Hospice, Inc. and Haven Medical Group, , serving 18 counties in north central Florida. BrightSpring also acquired the Attic Resale Stores in a separate but related transaction.
Haven Hospice, established in 1979, has been recognized for excellence and innovation in advanced illness care. The company's mission remains unchanged, focusing on providing comfort, care, and compassion to individuals and families. This strategic move comes in response to challenging reimbursement and regulatory oversight conditions in the healthcare sector.
BrightSpring Health Services, as a leading provider of home and community-based health services, is expected to leverage its extensive resources to enhance care outcomes and satisfaction levels in a competitive market. Meanwhile, Haven's Foundation will continue its philanthropic activities to serve local community needs.
BrightSpring Health Services (NASDAQ: BTSG) has completed the acquisition of Haven Hospice, a Florida-based company with a Certificate of Need for hospice care in 18 north central Florida counties. The acquisition, effective September 1, 2024, expands BrightSpring's hospice services into Florida, a CON state. The total consideration for the acquisition is $60 million, structured as $15 million in cash, $30 million in Company equity, and a $15 million seller note payable in 2028.
BrightSpring's CEO, Jon Rousseau, emphasized the importance of compassionate hospice care and the company's commitment to serving high-need Floridians. The acquisition allows BrightSpring to provide advance care planning, palliative, and hospice services in Florida Agency for Health Care Administration service areas 3A, 4A, and 4B.
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