BrightSpring Health Services, Inc. Reports Second Quarter 2025 Financial Results and Increases Full Year 2025 Guidance
BrightSpring Health Services (NASDAQ: BTSG) reported strong Q2 2025 financial results, with net revenue reaching $3.148 billion, up 29.1% year-over-year. The company's Adjusted EBITDA grew 28.8% to $143 million, while net income from continuing operations remained flat at $8.5 million.
The company's performance was driven by significant growth in both segments: Pharmacy Solutions revenue increased 32% to $2.79 billion, while Provider Services revenue grew 11% to $358 million. Following these results, BrightSpring raised its full-year 2025 guidance, now expecting revenue between $12.2-$12.6 billion (21.1-25.1% growth) and Adjusted EBITDA of $590-$605 million (28.2-31.5% growth).
Additionally, BrightSpring's planned divestiture of its Community Living business to Sevita, announced in January 2025, is expected to complete in Q4 2025.
BrightSpring Health Services (NASDAQ: BTSG) ha riportato solidi risultati finanziari per il secondo trimestre del 2025, con un fatturato netto che ha raggiunto i 3,148 miliardi di dollari, in crescita del 29,1% rispetto all'anno precedente. L'EBITDA rettificato è aumentato del 28,8%, raggiungendo i 143 milioni di dollari, mentre l'utile netto dalle operazioni continuative è rimasto stabile a 8,5 milioni di dollari.
La performance dell'azienda è stata trainata da una crescita significativa in entrambi i segmenti: il fatturato delle Pharmacy Solutions è cresciuto del 32%, raggiungendo i 2,79 miliardi di dollari, mentre il fatturato dei Provider Services è aumentato dell'11%, arrivando a 358 milioni di dollari. In seguito a questi risultati, BrightSpring ha rivisto al rialzo le previsioni per l'intero anno 2025, aspettandosi ora un fatturato compreso tra 12,2 e 12,6 miliardi di dollari (crescita del 21,1-25,1%) e un EBITDA rettificato tra 590 e 605 milioni di dollari (crescita del 28,2-31,5%).
Inoltre, la prevista cessione del business Community Living a Sevita, annunciata a gennaio 2025, dovrebbe concludersi nel quarto trimestre del 2025.
BrightSpring Health Services (NASDAQ: BTSG) informó sólidos resultados financieros para el segundo trimestre de 2025, con ingresos netos que alcanzaron los 3.148 millones de dólares, un aumento del 29,1% interanual. El EBITDA ajustado creció un 28,8% hasta los 143 millones de dólares, mientras que el ingreso neto de operaciones continuas se mantuvo estable en 8,5 millones de dólares.
El desempeño de la compañía fue impulsado por un crecimiento significativo en ambos segmentos: los ingresos de Pharmacy Solutions aumentaron un 32% hasta 2.790 millones de dólares, mientras que los ingresos de Provider Services crecieron un 11% hasta 358 millones de dólares. Tras estos resultados, BrightSpring elevó su guía para todo el año 2025, esperando ahora ingresos entre 12.200 y 12.600 millones de dólares (crecimiento del 21,1-25,1%) y un EBITDA ajustado de 590 a 605 millones de dólares (crecimiento del 28,2-31,5%).
Además, se espera que la venta planificada del negocio Community Living a Sevita, anunciada en enero de 2025, se complete en el cuarto trimestre de 2025.
BrightSpring Health Services (NASDAQ: BTSG)는 2025년 2분기 강력한 재무 실적을 발표했으며, 순매출액은 31억 4,800만 달러로 전년 대비 29.1% 증가했습니다. 회사의 조정 EBITDA는 28.8% 증가한 1억 4,300만 달러를 기록했으며, 계속 영업에서의 순이익은 850만 달러로 변동이 없었습니다.
회사의 실적은 두 부문 모두에서 큰 성장에 힘입었습니다: Pharmacy Solutions 매출은 32% 증가한 27억 9,000만 달러를 기록했고, Provider Services 매출은 11% 증가한 3억 5,800만 달러에 달했습니다. 이러한 결과에 따라 BrightSpring은 2025년 전체 연간 가이던스를 상향 조정하여, 매출을 122억~126억 달러(21.1~25.1% 성장), 조정 EBITDA를 5억 9,000만~6억 500만 달러(28.2~31.5% 성장)로 예상하고 있습니다.
또한, BrightSpring이 2025년 1월에 발표한 Community Living 사업부를 Sevita에 매각하는 계획은 2025년 4분기에 완료될 것으로 기대됩니다.
BrightSpring Health Services (NASDAQ : BTSG) a publié de solides résultats financiers pour le deuxième trimestre 2025, avec un chiffre d'affaires net atteignant 3,148 milliards de dollars, en hausse de 29,1 % sur un an. L'EBITDA ajusté a progressé de 28,8 % pour atteindre 143 millions de dollars, tandis que le résultat net des activités poursuivies est resté stable à 8,5 millions de dollars.
La performance de l'entreprise a été portée par une croissance significative dans les deux segments : le chiffre d'affaires de Pharmacy Solutions a augmenté de 32 % pour atteindre 2,79 milliards de dollars, tandis que le chiffre d'affaires de Provider Services a progressé de 11 % pour s'établir à 358 millions de dollars. À la suite de ces résultats, BrightSpring a relevé ses prévisions pour l'ensemble de l'année 2025, anticipant désormais un chiffre d'affaires compris entre 12,2 et 12,6 milliards de dollars (croissance de 21,1 à 25,1 %) et un EBITDA ajusté entre 590 et 605 millions de dollars (croissance de 28,2 à 31,5 %).
De plus, la cession prévue de son activité Community Living à Sevita, annoncée en janvier 2025, devrait être finalisée au quatrième trimestre 2025.
BrightSpring Health Services (NASDAQ: BTSG) meldete starke Finanzergebnisse für das zweite Quartal 2025, mit einem Nettoumsatz von 3,148 Milliarden US-Dollar, was einem Anstieg von 29,1 % gegenüber dem Vorjahr entspricht. Das bereinigte EBITDA stieg um 28,8 % auf 143 Millionen US-Dollar, während der Nettogewinn aus fortgeführten Geschäftsbereichen mit 8,5 Millionen US-Dollar unverändert blieb.
Die Leistung des Unternehmens wurde durch ein signifikantes Wachstum in beiden Segmenten angetrieben: Der Umsatz im Bereich Pharmacy Solutions stieg um 32 % auf 2,79 Milliarden US-Dollar, während der Umsatz im Bereich Provider Services um 11 % auf 358 Millionen US-Dollar wuchs. Nach diesen Ergebnissen hat BrightSpring seine Prognose für das Gesamtjahr 2025 nach oben korrigiert und erwartet nun einen Umsatz zwischen 12,2 und 12,6 Milliarden US-Dollar (Wachstum von 21,1-25,1 %) und ein bereinigtes EBITDA von 590 bis 605 Millionen US-Dollar (Wachstum von 28,2-31,5 %).
Darüber hinaus wird erwartet, dass der geplante Verkauf des Community Living-Geschäfts an Sevita, der im Januar 2025 angekündigt wurde, im vierten Quartal 2025 abgeschlossen wird.
- Net revenue increased significantly by 29.1% to $3.148 billion
- Adjusted EBITDA grew 28.8% to $143 million
- Pharmacy Solutions segment showed strong 32% revenue growth
- Provider Services revenue increased by 11%
- Raised full-year 2025 guidance for both revenue and Adjusted EBITDA
- Strategic divestiture of Community Living business progressing as planned
- Net Income from Continuing Operations remained flat at $8.5 million despite revenue growth
- Corporate costs increased from $34 million to $38 million
Insights
BrightSpring's Q2 shows robust 29% revenue growth and increased 2025 guidance, driven by exceptional pharmacy segment performance.
BrightSpring has delivered impressive Q2 results with revenue reaching
The company's Adjusted EBITDA climbed
Management's decision to raise full-year 2025 guidance signals strong confidence in continued momentum. The updated projections call for revenue between
The planned divestiture of the Community Living business, expected to close in Q4, represents a strategic shift toward focusing on higher-growth segments. This portfolio refinement appears well-timed, as the Pharmacy Solutions segment is demonstrating exceptional traction with its
The performance differential between segments is notable - Pharmacy Solutions is clearly the growth engine while Provider Services delivers more modest gains. The corporate cost structure increased slightly, with overhead rising from
LOUISVILLE, Ky., Aug. 01, 2025 (GLOBE NEWSWIRE) -- BrightSpring Health Services, Inc. (“BrightSpring” or the “Company”) (NASDAQ: BTSG), a leading provider of home and community-based health services for complex populations, today announced financial results for the second quarter ended June 30, 2025, and increased Revenue and Adjusted EBITDA1 guidance.
Financial Highlights
(note: all figures exclude the Community Living business)
- Net Revenue of
$3,148 million , up29.1% compared to$2,438 million in the second quarter of 2024. - Net Income from Continuing Operations of
$8.5 million was flat compared to the second quarter of 2024. - Adjusted EBITDA1 of
$143 million , up28.8% versus$111 million in the second quarter of 2024. - Planned divestiture of Community Living business to Sevita, announced on January 20, 2025, is expected in Q4 2025.
- Increased 2025 Revenue and Adjusted EBITDA guidance:
- Revenue:
$12,200 -$12,600 million - Adjusted EBITDA1:
$590 -$605 million
- Revenue:
“Our focus on delivering high quality care, operational excellence, and investment in best practices across prioritized markets and services continues to underpin strong overall business performance,” said Jon Rousseau, Chairman, President, and Chief Executive Officer of the Company. “We are committed to delivering coordinated services and excellent care to complex patient populations in our Pharmacy and Provider businesses, which provide significant value to the healthcare system. 2025 has thus far been a very productive year for BrightSpring, as we continue to execute our strategy and deliver results for all stakeholders.”
Second Quarter 2025 Financial Results
(note: all figures exclude the Community Living business)
Net Revenue of
Gross Profit of
Net Income from Continuing Operations of
Adjusted EBITDA1 of
1Adjusted EBITDA is a non-GAAP financial measure. Please see “Non-GAAP Financial Information” and the end of this press release for a reconciliation of Adjusted EBITDA to net income (loss) from continuing operations, the most directly comparable financial measure prepared in accordance with GAAP.
Key Financials (for BrightSpring continuing operations)
| Three Months Ended | ||||||||||||
| June 30, (Unaudited) | ||||||||||||
| 2025 | 2024 | % | ||||||||||
| ($ in millions) | ||||||||||||
| Pharmacy Solutions Revenue | $ | 2,790 | $ | 2,114 | 32 | % | ||||||
| Provider Services Revenue | 358 | 324 | 11 | % | ||||||||
| Total Revenue | $ | 3,148 | $ | 2,438 | 29 | % | ||||||
| Three Months Ended | ||||||||||||
| June 30, (Unaudited) | ||||||||||||
| 2025 | 2024 | % | ||||||||||
| ($ in millions) | ||||||||||||
| Pharmacy Solutions segment EBITDA | $ | 125 | $ | 94 | 32 | % | ||||||
| Provider Services segment EBITDA | 56 | 51 | 11 | % | ||||||||
| Total Segment Adjusted EBITDA | $ | 181 | $ | 145 | 25 | % | ||||||
| Corporate Costs | (38 | ) | (34 | ) | - | |||||||
| Total Company Adjusted EBITDA(1) | $ | 143 | $ | 111 | 29 | % | ||||||
1Adjusted 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 income (loss) from continuing operations, the most directly comparable financial measure prepared in accordance with GAAP.
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 are shown as compared to the full year 2024 Revenue and Adjusted EBTIDA results, excluding the Community Living business.
- Net Revenue of
$12,200 million to$12,600 million , or21.1% to25.1% growth.- Pharmacy Segment Revenue of
$10,750 million to$11,100 million , or22.8% to26.8% growth. - Provider Segment Revenue of
$1,450 million to$1,500 million , or10.0% to13.8% growth.
- Pharmacy Segment Revenue of
- Adjusted EBITDA2 of
$590 million to$605 million , or28.2% to31.5% growth.
A copy of the Company’s second quarter 2025 earnings presentation is available on the Company’s investor relations website, https://ir.brightspringhealth.com/
2A reconciliation of the foregoing guidance for the non-GAAP metric of Adjusted EBITDA to GAAP net income (loss) from continuing operations 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, August 1, 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 second quarter 2025 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 460,000 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.
The forward-looking statements are based on management’s current expectations and are not historical facts or guarantees of future performance. The forward-looking statements relate to the future and are therefore subject to various risks, uncertainties, assumptions, or changes in circumstances that are difficult to predict or quantify. Our expectations, beliefs, and projections are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that management’s expectations, beliefs, and projections will result or be achieved. Actual results may differ materially from these expectations due to changes in global, regional, or local economic, business, competitive, market, regulatory, and other factors, many of which are beyond our control. We believe that these factors include but are not limited to the following:
- our operation in a highly competitive industry;
- our inability to maintain relationships with existing patient referral sources or establish new referral sources;
- changes to Medicare and Medicaid rates or methods governing Medicare and Medicaid payments for our services;
- cost containment initiatives of third-party payors, including post-payment audits;
- the implementation of alternative payment models and the transition of Medicaid and Medicare beneficiaries to managed care organizations may limit our market share and could adversely affect our revenues;
- changes in the case mix of patients, as well as payor mix and payment methodologies, and decisions and operations of third-party organizations;
- our reliance on federal and state spending, budget decisions, and continuous governmental operations which may fluctuate under different political conditions;
- changes in drug utilization and/or pricing, PBM contracts, and Medicare Part D/Medicaid reimbursement, which may negatively impact our profitability;
- changes in our relationships with pharmaceutical suppliers, including changes in drug availability or pricing;
- reliance on the continual recruitment and retention of nurses, pharmacists, therapists, caregivers, direct support professionals, and other qualified personnel, including senior management;
- compliance with or changes to federal, state, and local laws and regulations that govern our employment practices, including minimum wage, living wage, and paid time-off requirements;
- fluctuation of our results of operations on a quarterly basis;
- harm caused by labor relation matters;
- limitations in our ability to control reimbursement rates received for our services if we are unable to maintain or reduce our costs to provide such services;
- delays in collection or non-collection of our accounts receivable, particularly during the business integration process;
- failure to manage our growth effectively, which may inhibit our ability to execute our business plan, maintain high levels of service and satisfaction or adequately address competitive challenges;
- our ability to identify, successfully complete and manage acquisitions, joint ventures, and other strategic initiatives, including the pending sale of our Community Living business;
- our ability to continue to provide consistently high quality of care;
- maintenance of our corporate reputation or the emergence of adverse publicity, including negative information on social media or changes in public perception of our services;
- contract continuance, expansion and renewal with our existing customers, including renewals at lower fee levels, customers declining to purchase additional services from us, or reduction in the services received from us pursuant to those contracts;
- effective investment in, implementation of improvements to and proper maintenance of the uninterrupted operation and data integrity of our information technology and other business systems;
- security breaches, loss of data, and other disruptions, which could compromise sensitive business or patient information; cause a loss of confidential patient data, employee data or personal information; or prevent access to critical information and thereby expose us to liability, litigation, and federal and state governmental inquiries and damage our reputation and brand;
- risks related to credit card payments and other payment methods;
- potential substantial malpractice or other similar claims;
- various risks related to governmental inquiries, regulatory actions, and whistleblower and other lawsuits, which may not be entirely covered by insurance;
- our current insurance program, which may expose us to unexpected costs, particularly if we incur losses not covered by our insurance or if claims or losses differ from our estimates;
- factors outside of our control, including those listed, which have required and could in the future require us to record an asset impairment of goodwill;
- a pandemic, epidemic, or outbreak of an infectious disease;
- inclement weather, natural disasters, acts of terrorism, riots, civil insurrection or social unrest, looting, protests, strikes, or street demonstrations;
- our inability to adequately protect our intellectual property rights;
- risks related to our compliance with our regulatory framework;
- the interests of KKR Stockholder may conflict with our stockholders’ interests in the future;
- our substantial indebtedness; and
- significant changes in tax or trade policies, tariffs, or trade relations between the United States and other countries, such as the imposition of unilateral tariffs on imported products, including impacts on imported drug products, which could result in supply chain disruptions and significant increases in costs.
The forward-looking statements included in this press release are made only as of the date of this press release, and we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as required by law. These factors should not be construed as exhaustive, and should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, our actual results may vary in material respects from those projected in these forward-looking statements. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Our forward- looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, investments, or other strategic transactions we may make.
For additional information on these and other factors that could cause BrightSpring’s actual results to differ materially from expected results, please see our filings with the Securities and Exchange Commission (the “SEC”), which are accessible on the SEC’s website at www.sec.gov.
Non-GAAP Financial Measures
This press release contains “non-GAAP financial measures,” including “EBITDA” and “Adjusted EBITDA,” which are financial measures that either exclude or include amounts that are not excluded or included in the most directly comparable measures calculated and presented in accordance with accounting principles generally accepted in the United States, or GAAP.
EBITDA and Adjusted EBITDA have been presented in this release as supplemental measures of financial performance that are not required by, or presented in accordance with, GAAP, because we believe they assist investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. Management also believes that these measures are useful to investors in highlighting trends in our operating performance, while other measures can differ significantly depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which we operate and capital investments. Management uses EBITDA and Adjusted EBITDA to supplement GAAP measures of performance in the evaluation of the effectiveness of our business strategies, to make budgeting decisions, to establish and award discretionary annual incentive compensation, and to compare our performance against that of other peer companies using similar measures.
Management supplements GAAP results with non-GAAP financial measures to provide a more complete understanding of the factors and trends affecting the business than GAAP results alone. EBITDA and Adjusted EBITDA are not GAAP measures of our financial performance and should not be considered as an alternative to net income (loss) as a measure of financial performance or any other performance measures derived in accordance with GAAP. Additionally, these measures are not intended to be a measure of free cash flow available for management’s discretionary use as they do not consider certain cash requirements such as tax payments, debt service requirements, total capital expenditures, and certain other cash costs that may recur in the future.
Management defines EBITDA as net income (loss) from continuing operations before income tax expense (benefit), interest expense, net and depreciation and amortization. Management also defines Adjusted EBITDA as EBITDA, further adjusted to exclude non-cash share-based compensation, acquisition, integration and transaction-related costs, restructuring and divestiture-related and other costs, legal costs and settlements associated with certain historical matters for PharMerica, significant projects, and management fees.
The presentations of these measures have limitations as analytical tools and should not be considered in isolation, or as a substitute for analysis of our results as reported under GAAP. Because not all companies use identical calculations, the presentations of these measures may not be comparable to other similarly titled measures of other companies and can differ significantly from company to company. Please see the end of this press release for reconciliations of non-GAAP financial measures to the most directly comparable financial measure prepared in accordance with GAAP.
BrightSpring Contact:
Investor Relations:
David Deuchler, CFA
Gilmartin Group LLC
ir@brightspringhealth.com
Media Contact:
Leigh White
leigh.white@brightspringhealth.com
502.630.7412
| BrightSpring Health Services, Inc. and Subsidiaries Consolidated Balance Sheets June 30, 2025 and December 31, 2024 (In thousands, except share and per share data) (Unaudited) | ||||||||
| June 30, 2025 | December 31, 2024 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 70,070 | $ | 60,954 | ||||
| Accounts receivable, net of allowance for credit losses | 972,721 | 902,782 | ||||||
| Inventories | 625,465 | 636,561 | ||||||
| Prepaid expenses and other current assets | 129,248 | 161,310 | ||||||
| Current assets held for sale | 850,455 | 131,447 | ||||||
| Total current assets | 2,647,959 | 1,893,054 | ||||||
| Property and equipment, net of accumulated depreciation of June 30, 2025 and December 31, 2024, respectively | 177,582 | 180,570 | ||||||
| Goodwill | 2,370,134 | 2,363,884 | ||||||
| Intangible assets, net of accumulated amortization | 544,337 | 595,224 | ||||||
| Operating lease right-of-use assets, net | 164,095 | 161,032 | ||||||
| Deferred income taxes, net | 3,328 | 5,288 | ||||||
| Other assets | 36,162 | 39,128 | ||||||
| Non-current assets held for sale | — | 687,960 | ||||||
| Total assets | $ | 5,943,597 | $ | 5,926,140 | ||||
| Liabilities, Redeemable Noncontrolling Interest, and Equity | ||||||||
| Current liabilities: | ||||||||
| Trade accounts payable | $ | 965,302 | $ | 923,926 | ||||
| Accrued expenses | 252,828 | 295,746 | ||||||
| Current portion of obligations under operating leases | 38,489 | 38,910 | ||||||
| Current portion of obligations under financing leases | 3,875 | 3,463 | ||||||
| Current portion of long-term debt | 50,836 | 48,725 | ||||||
| Current liabilities held for sale | 194,035 | 117,563 | ||||||
| Total current liabilities | 1,505,365 | 1,428,333 | ||||||
| Obligations under operating leases, net of current portion | 132,547 | 129,467 | ||||||
| Obligations under financing leases, net of current portion | 8,238 | 6,530 | ||||||
| Long-term debt, net of current portion | 2,477,917 | 2,561,858 | ||||||
| Long-term liabilities | 74,107 | 71,190 | ||||||
| Non-current liabilities held for sale | — | 77,177 | ||||||
| Total liabilities | 4,198,174 | 4,274,555 | ||||||
| Redeemable noncontrolling interest | 2,816 | 3,730 | ||||||
| Shareholders' equity: | ||||||||
| Common stock, and 174,245,990 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively | $ | 1,771 | $ | 1,742 | ||||
| Preferred stock, outstanding at June 30, 2025 and December 31, 2024 | — | — | ||||||
| Additional paid-in capital | 1,909,854 | 1,866,850 | ||||||
| Accumulated deficit | (164,405 | ) | (222,155 | ) | ||||
| Accumulated other comprehensive (loss) income | (4,330 | ) | 1,418 | |||||
| Total shareholders' equity | 1,742,890 | 1,647,855 | ||||||
| Noncontrolling interest | (283 | ) | — | |||||
| Total equity | 1,742,607 | 1,647,855 | ||||||
| Total liabilities, redeemable noncontrolling interest, and equity | $ | 5,943,597 | $ | 5,926,140 | ||||
| BrightSpring Health Services, Inc. and Subsidiaries Consolidated Statements of Operations For the three and six months ended June 30, 2025 and 2024 (In thousands, except per share amounts) (Unaudited) | ||||||||||||||||
| For the Three Months Ended | For the Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenues: | ||||||||||||||||
| Products | $ | 2,790,101 | $ | 2,114,491 | $ | 5,322,272 | $ | 4,091,526 | ||||||||
| Services | 357,597 | 323,763 | 703,555 | 632,494 | ||||||||||||
| Total revenues | 3,147,698 | 2,438,254 | 6,025,827 | 4,724,020 | ||||||||||||
| Cost of goods | 2,556,402 | 1,931,760 | 4,884,617 | 3,738,860 | ||||||||||||
| Cost of services | 216,444 | 194,318 | 427,989 | 380,493 | ||||||||||||
| Gross profit | 374,852 | 312,176 | 713,221 | 604,667 | ||||||||||||
| Selling, general, and administrative expenses | 326,295 | 273,523 | 613,925 | 581,349 | ||||||||||||
| Operating income | 48,557 | 38,653 | 99,296 | 23,318 | ||||||||||||
| Loss on extinguishment of debt | — | — | — | 12,726 | ||||||||||||
| Interest expense, net | 38,778 | 43,282 | 80,541 | 97,752 | ||||||||||||
| Income (loss) from continuing operations before income taxes | 9,779 | (4,629 | ) | 18,755 | (87,160 | ) | ||||||||||
| Income tax benefit | 1,238 | (13,115 | ) | 998 | (39,619 | ) | ||||||||||
| Income (loss) from continuing operations, net of income taxes | 8,541 | 8,486 | 17,757 | (47,541 | ) | |||||||||||
| Income from discontinued operations, net of income taxes | 19,001 | 10,955 | 38,795 | 20,597 | ||||||||||||
| Net income (loss) | 27,542 | 19,441 | 56,552 | (26,944 | ) | |||||||||||
| Net loss attributable to noncontrolling interests included in continuing operations | (666 | ) | (478 | ) | (1,198 | ) | (1,113 | ) | ||||||||
| Net income (loss) attributable to BrightSpring Health Services, Inc. and subsidiaries | $ | 28,208 | $ | 19,919 | $ | 57,750 | $ | (25,831 | ) | |||||||
| Net income (loss) per common share: | ||||||||||||||||
| Basic income (loss) per share attributable to common shareholders: | ||||||||||||||||
| Continuing operations | $ | 0.05 | $ | 0.05 | $ | 0.09 | $ | (0.25 | ) | |||||||
| Discontinued operations | $ | 0.09 | $ | 0.05 | $ | 0.20 | $ | 0.11 | ||||||||
| Net income (loss) | $ | 0.14 | $ | 0.10 | $ | 0.29 | $ | (0.14 | ) | |||||||
| Diluted income (loss) per share attributable to common shareholders: | ||||||||||||||||
| Continuing operations | $ | 0.04 | $ | 0.04 | $ | 0.09 | $ | (0.25 | ) | |||||||
| Discontinued operations | $ | 0.09 | $ | 0.06 | $ | 0.18 | $ | 0.11 | ||||||||
| Net income (loss) | $ | 0.13 | $ | 0.10 | $ | 0.27 | $ | (0.14 | ) | |||||||
| Weighted average shares outstanding: | ||||||||||||||||
| Basic | 201,807 | 197,515 | 200,516 | 186,523 | ||||||||||||
| Diluted | 216,336 | 208,987 | 214,963 | 186,523 | ||||||||||||
| BrightSpring Health Services, Inc. and Subsidiaries Consolidated Statements of Cash Flows For the three and six months ended June 30, 2025 and 2024 (In thousands) (Unaudited) | ||||||||||||||||
| For the Three Months Ended | For the Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Operating activities: | ||||||||||||||||
| Net income (loss) | $ | 27,542 | $ | 19,441 | $ | 56,552 | $ | (26,944 | ) | |||||||
| Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities: | ||||||||||||||||
| Depreciation and amortization | 41,839 | 50,071 | 84,000 | 98,993 | ||||||||||||
| Impairment of long-lived assets | 608 | 211 | 4,019 | 1,980 | ||||||||||||
| Change in fair value of contingent consideration, net | 305 | — | 2,003 | — | ||||||||||||
| Payment of contingent consideration in excess of acquisition date fair value | (1,500 | ) | — | (1,500 | ) | — | ||||||||||
| Provision for credit losses | 32,557 | 6,496 | 40,658 | 13,118 | ||||||||||||
| Amortization of deferred debt issuance costs | 2,794 | 2,490 | 5,543 | 6,937 | ||||||||||||
| Share-based compensation | 22,802 | 15,136 | 38,483 | 39,984 | ||||||||||||
| Deferred income taxes, net | (139 | ) | (17,528 | ) | 3,892 | (49,260 | ) | |||||||||
| Loss on extinguishment of debt | — | — | — | 12,726 | ||||||||||||
| Loss (gain) on disposition of fixed assets | 1,448 | (98 | ) | 1,161 | 24 | |||||||||||
| Other | (1,583 | ) | (1,126 | ) | (1,422 | ) | (1,438 | ) | ||||||||
| Change in operating assets and liabilities, net of acquisitions and dispositions: | ||||||||||||||||
| Accounts receivable | (33,307 | ) | 3,054 | (112,756 | ) | (112,522 | ) | |||||||||
| Prepaid expenses and other current assets | 438 | 12,821 | 24,411 | 21,737 | ||||||||||||
| Inventories | (91,827 | ) | (765 | ) | 11,473 | 29,720 | ||||||||||
| Trade accounts payable | 107,148 | 19,724 | 53,277 | 41,329 | ||||||||||||
| Accrued expenses | (52,133 | ) | (110,462 | ) | (43,490 | ) | (153,892 | ) | ||||||||
| Other assets and liabilities | (7,916 | ) | (14,690 | ) | (15,630 | ) | (16,576 | ) | ||||||||
| Net cash provided by (used in) operating activities | $ | 49,076 | $ | (15,225 | ) | $ | 150,674 | $ | (94,084 | ) | ||||||
| Investing activities: | ||||||||||||||||
| Purchases of property and equipment | $ | (24,425 | ) | $ | (23,743 | ) | $ | (42,057 | ) | $ | (45,559 | ) | ||||
| Acquisitions of businesses | — | (34,217 | ) | (6,754 | ) | (43,611 | ) | |||||||||
| Other | 1,182 | 268 | 1,377 | 540 | ||||||||||||
| Net cash used in investing activities | $ | (23,243 | ) | $ | (57,692 | ) | $ | (47,434 | ) | $ | (88,630 | ) | ||||
| Financing activities: | ||||||||||||||||
| Long-term debt borrowings | $ | — | $ | — | $ | — | $ | 2,566,000 | ||||||||
| Long-term debt repayments | (11,928 | ) | (11,617 | ) | (23,720 | ) | (3,370,970 | ) | ||||||||
| Proceeds from issuance of common stock on initial public offering, net | — | — | — | 656,485 | ||||||||||||
| Proceeds from issuance of tangible equity units, net | — | — | — | 389,000 | ||||||||||||
| Borrowings (repayments) of the Revolving Credit Facility, net | — | 55,800 | (63,300 | ) | 5,100 | |||||||||||
| Payments of debt issuance costs | — | (225 | ) | — | (43,188 | ) | ||||||||||
| Repurchase of shares of common stock | — | (325 | ) | — | (650 | ) | ||||||||||
| Proceeds from shares issued under share-based compensation plan | 8,717 | 404 | 9,062 | 404 | ||||||||||||
| Taxes paid related to net share settlement of equity awards | (1,749 | ) | — | (4,512 | ) | — | ||||||||||
| Shares issued for payment of acquisition | — | 1,081 | — | 1,081 | ||||||||||||
| Payment of acquisition earn-outs | — | (2,656 | ) | — | (2,656 | ) | ||||||||||
| Purchase of redeemable noncontrolling interest | — | — | (5,100 | ) | (300 | ) | ||||||||||
| Payments of financing lease obligations | (3,283 | ) | (2,555 | ) | (6,691 | ) | (5,636 | ) | ||||||||
| Net cash (used in) provided by financing activities | $ | (8,243 | ) | $ | 39,907 | $ | (94,261 | ) | $ | 194,670 | ||||||
| Net increase (decrease) in cash and cash equivalents | 17,590 | (33,010 | ) | 8,979 | 11,956 | |||||||||||
| Cash and cash equivalents at beginning of period | 52,642 | 58,037 | 61,253 | 13,071 | ||||||||||||
| Cash and cash equivalents at end of period | $ | 70,232 | $ | 25,027 | $ | 70,232 | $ | 25,027 | ||||||||
| Cash and cash equivalents included in assets held for sale at end of period | 162 | 2,179 | 162 | 2,179 | ||||||||||||
| Cash and cash equivalents included in continuing operations at end of period | $ | 70,070 | $ | 22,848 | $ | 70,070 | $ | 22,848 | ||||||||
| BrightSpring Health Services, Inc. and Subsidiaries Reconciliation of EBITDA and Adjusted EBITDA For the three and six months ended June 30, 2025 and 2024 (Unaudited) | ||||||||||||||||
| The following table reconciles net income (loss) to EBITDA and Adjusted EBITDA: | ||||||||||||||||
| ($ in thousands) | For the Three Months Ended | For the Six Months Ended | ||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Net income (loss) | $ | 8,541 | $ | 8,486 | $ | 17,757 | $ | (47,541 | ) | |||||||
| Income tax expense (benefit) | 1,238 | (13,115 | ) | 998 | (39,619 | ) | ||||||||||
| Interest expense, net | 38,778 | 43,282 | 80,541 | 97,752 | ||||||||||||
| Depreciation and amortization | 41,839 | 39,700 | 82,671 | 78,936 | ||||||||||||
| EBITDA | $ | 90,396 | $ | 78,353 | $ | 181,967 | $ | 89,528 | ||||||||
| Non-cash share-based compensation (1) | 19,508 | 13,487 | 31,982 | 37,073 | ||||||||||||
| Acquisition, integration, and transaction-related costs (2) | 19,828 | 5,021 | 29,349 | 13,562 | ||||||||||||
| Restructuring and divestiture-related and other costs (3) | 12,785 | 10,839 | 30,281 | 34,738 | ||||||||||||
| Legal costs and settlements (4) | — | 2,493 | — | 12,966 | ||||||||||||
| Significant projects (5) | — | 444 | — | 1,604 | ||||||||||||
| Management fee (6) | — | — | — | 23,381 | ||||||||||||
| Total adjustments | $ | 52,121 | $ | 32,284 | $ | 91,612 | $ | 123,324 | ||||||||
| Adjusted EBITDA | $ | 142,517 | $ | 110,637 | $ | 273,579 | $ | 212,852 | ||||||||
(1) Represents non-cash share-based compensation to certain members of our management and full-time employees. The six months ended June 30, 2024 includes
(2) Represents transaction costs incurred in connection with planned, completed, or terminated acquisitions, which include investment banking fees, legal diligence and related documentation costs, finance and accounting diligence and documentation; costs associated with the integration of acquisitions, including any facility consolidation, integration travel, or severance; and costs associated with other planned, completed, or terminated non-routine transactions. The three and six months ended June 30, 2025 includes other non-routine transaction costs of
(3) Represents costs associated with restructuring-related activities, including closure, and related license impairment, and severance expenses associated with certain enterprise-wide or significant business line cost-savings measures. These costs include
(4) Represents settlement and defense costs associated with certain historical PharMerica litigation matters, including the Silver matter, all of which were finalized in 2024. See Note 13 within the unaudited condensed consolidated financial statements and related notes in this Quarterly Report on Form 10-Q for additional information.
(5) Represents costs associated with certain transformational projects and for the periods presented primarily included general ledger system implementation, pharmacy billing system implementation, and ransomware attack response costs, all of which were finalized in 2024.
(6) Represents annual management fees payable to the Managers under the Monitoring Agreement through the date of the IPO, and
| BrightSpring Health Services, Inc. and Subsidiaries Reconciliation of Adjusted EPS For the three and six months ended June 30, 2025 and 2024 (Unaudited) | ||||||||||||||||
| The following table reconciles diluted EPS to Adjusted EPS: | ||||||||||||||||
| (shares in thousands) | For the Three Months Ended | For the Six Months Ended | ||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Diluted EPS | $ | 0.04 | $ | 0.04 | $ | 0.09 | $ | (0.25 | ) | |||||||
| Non-cash share-based compensation (1) | 0.09 | 0.06 | 0.15 | 0.19 | ||||||||||||
| Acquisition, integration, and transaction-related costs (1) | 0.09 | 0.02 | 0.14 | 0.07 | ||||||||||||
| Restructuring and divestiture-related and other costs (1) | 0.06 | 0.05 | 0.14 | 0.18 | ||||||||||||
| Legal costs and settlements (1) | — | 0.01 | — | 0.07 | ||||||||||||
| Significant projects (1) | — | 0.00 | — | 0.01 | ||||||||||||
| Management fee (1) | — | — | — | 0.12 | ||||||||||||
| Income tax impact on adjustments (2)(3) | (0.06 | ) | (0.12 | ) | (0.10 | ) | (0.23 | ) | ||||||||
| Adjusted EPS | $ | 0.22 | $ | 0.06 | $ | 0.42 | $ | 0.16 | ||||||||
| Weighted average common shares outstanding used in calculating diluted U.S. GAAP net income (loss) per share | 216,336 | 208,987 | 214,963 | 186,523 | ||||||||||||
| Weighted average common shares outstanding used in calculating diluted Non-GAAP income (loss) per share | 216,336 | 208,987 | 214,963 | 197,360 | ||||||||||||
(1) This adjustment reflects the per share impact of the adjustment reflected within the definition of Adjusted EBITDA.
(2) The income tax impact of non-GAAP adjustments is calculated using the estimated tax rate for the respective non-GAAP adjustment.
(3) For the three and six months ended June 30, 2024, the income tax impact on adjustments is inclusive of a discrete tax benefit related to the Silver matter that was finalized in connection with the signing of the settlement agreement during the second fiscal quarter of 2024.
FAQ
What were BrightSpring's (BTSG) Q2 2025 earnings results?
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How did BrightSpring's Pharmacy Solutions segment perform in Q2 2025?
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