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What is the revenue and EPS growth rate for BrightSpring Health year over year?

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What were the key takeaways from BrightSpring Health's earnings call?

What factors drove the changes in BrightSpring Health's revenue and profit?

- **Revenue Growth**: 28% YoY to $3.3 billion, with adjusted EBITDA up 37% to $160 million.
- **Segment Strength**: Pharmacy Solutions +31%, Specialty/Infusion +42%; Provider Services +9%, Home Health +12%.
- **Acquisition Impact**: Amedisys deal to be accretive in 2026, with 16-18 new drug launches in pipeline.
- **Financial Health**: Leverage at 3.3x, targeting below 3.0x; EBITDA margin expansion in both segments.


**【CEO Summary Section】**
- Total revenue reached $3.3 billion, a 28% year-over-year increase, with adjusted EBITDA of $160 million, up 37%.
- Pharmacy Solutions grew 31% to $3.0 billion, driven by 42% growth in Specialty and Infusion scripts. Provider Services revenue rose 9% to $367 million.
- Amedisys and LHC branch acquisitions are expected to close soon and be accretive in 2026. An Investor Day is scheduled for March 2026.

**【CFO Financial Commentary】**
- GAAP net income was $420 million, with Non-GAAP EPS at $0.30. Cash flow from operations was $108 million, and leverage improved to 3.3x, targeting below 3.0x by year-end.
- Pharmacy Solutions EBITDA margin was 4.8%, up 40 basis points, while Provider Services margin reached 16.5%, up 90 basis points.

**【Q&A Highlights】**
- **Drug Pipeline**: 16-18 new LDD launches expected over 12-18 months, with 145 therapies in the portfolio.
- **Amedisys Acquisition**: Expected to be accretive in 2026, with no material impact on 2025 results.
- **Generic Impact**: EBITDA per script growth of 32% due to specialty mix and generics, with sustained growth in specialty and infusion.
- **M&A Strategy**: Focused on tuck-in deals in target geographies, with no immediate large transactions.


BrightSpring Health Services, Inc. (BTSG) Q3 2025 Earnings Call Transcript

- **Record Growth**: Q2 revenue $3.1B (+29% YoY), EBITDA $143M (+29% YoY). Full-year guidance raised to $590-605M EBITDA (+28%-31% YoY).
- **Specialty Pharmacy Dominance**: 38% script growth, 131 LDDs, and 16-18 new launches expected. CareMed NPS 100.
- **Provider Segment Resilience**: Home health census +6%, EBITDA margin 15.8%. Rehab care +9%, personal care +4%.
- **Leverage Reduction**: Target 3.0x by year-end, 2.0-2.5x by 2026. Infusion profitability improving with new leadership.
- **Policy Navigation**: Opposed to pharmacy-focused policies, highlighting 90% cost savings vs. hospital care. Home health rate impact minimal (1.5% revenue).

**【CEO Summary Section】**
- **Revenue and EBITDA Growth**: Total revenue of $3.1 billion (+29% YoY), adjusted EBITDA of $143 million (+29% YoY). Pharmacy Solutions revenue grew 32% YoY, driven by Specialty & Infusion (+39% YoY) and Home & Community Pharmacy (+11% YoY). Provider Services revenue grew 11% YoY.
- **Specialty Pharmacy Momentum**: 38% YoY growth in Specialty scripts, 131 LDDs (5 new Q2), and 16-18 additional LDD launches expected over 12-18 months. CareMed NPS reached 100.
- **Provider Segment Strength**: Home health care revenue (+17% YoY), average daily census (+6% YoY), and EBITDA margin of 15.8%. Rehab care grew 9% YoY, personal care 4% YoY.
- **Guidance Update**: Full-year 2025 revenue guidance raised to $12.2-12.6 billion (+21.1%-25.1% YoY), adjusted EBITDA to $590-605 million (+28.2%-31.5% YoY).
- **Policy & Industry Insights**: CMS hospice rate adequate, home health rate insufficient but minimal impact (1.5% of revenue). Opposed to pharmacy-focused policies, emphasizing last-mile care value.

**【CFO Financial Commentary】**
- **Q2 Financials**: GAAP net income $143 million, adjusted EPS $0.22. Gross profit $375 million (+20% YoY). Pharmacy Solutions EBITDA $125 million (+32% YoY), Provider Services EBITDA $56 million (+11% YoY).
- **Cash Flow & Leverage**: Q2 cash flow $49 million, annual OCF target >$300 million. Net debt $2.5 billion, leverage 3.6x. Community Living sale expected to reduce leverage to 3.0x by year-end.
- **Efficiency Initiatives**: Procurement and operational improvements driving margin expansion, with Infusion profitability improving.

**【Q&A Key Highlights】**
- **Infusion Growth**: New leadership team driving operational excellence, acute market focus, and 10%+ EBITDA growth Q2. Acute therapies reduce hospital costs by 90%.
- **M&A Pipeline**: 5-10 tuck-in acquisitions/year at low multiples, targeting CON licenses. Long-term leverage target 2.0-2.5x by end-2026.
- **Home Health Policy**: Preliminary rate insufficient but minimal impact (1.5% revenue). PDGM recoupment to end in 2027, enabling 500bp rate uplift.
- **Specialty Pharmacy Outlook**: 30%+ growth sustained by LDD pipeline, generic utilization, and fee-for-service growth. Rare disease focus (30%-40% LDDs in orphan therapies).
- **Regulatory Risks**: Opposed to most-favored-nation pricing, emphasizing pharmacy's role in cost reduction (e.g., 23% readmission reduction via transitions program).


BrightSpring Health Services, Inc. (BTSG) Q2 2025 Earnings Call Transcript

- **Revenue Beat & Guidance Uptick**: Q1 $2.9B (+26%), 2025 EBITDA raised to $570M-$585M (+$25M low/high).
- **Pharmacy Dominance**: Specialty/Infusion $2.0B (+33%), Home Pharmacy $581M (+14%).
- **M&A Momentum**: Potential tuck-in deals at 4-5x EBITDA; Amedisys deal under review.
- **IRA Resilience**: No material impact; focus on quality to offset policy risks.
- **Debt Reduction Path**: $715M Community Living proceeds to target 3.0x leverage by year-end.


**【CEO Opening Remarks】**
- Q1 2025 total revenue: $2.9 billion (+26% YoY), driven by Pharmacy Solutions ($2.5B, +28%) and Provider Services ($346M, +12%).
- Adjusted EBITDA: $131M (+28% YoY), with margin improvement despite 3.7M EBITDA impact from leap year calendar effects.
- Updated 2025 guidance: Revenue $12B-$12.5B, EBITDA $570M-$585M (vs. prior $545M-$560M).
- Divestiture of Community Living expected H2 2025, with $715M net proceeds to reduce leverage.

**【CFO Financial Highlights】**
- Pharmacy Solutions: Infusion/Specialty revenue $2.0B (+33%), Home/Community Pharmacy $581M (+14%).
- Provider Services: Home Health/Hospice $178M (+21%), Rehab $70M (+5%), Personal Care $98M (+3%).
- Gross profit: $338M (+16%), with specialty pharmacy margin compression offset by operational efficiencies.
- Cash flow from operations: $102M Q1, targeting >$300M annualized.
- Net debt: $2.5B (3.87x leverage), targeting 3.0x post-divestiture and long-term 2.0-2.5x.

**【Q&A Key Takeaways】**
1. **IRA Policy Impact**: No material near-term impact; pharmacies not bearing financial burden. Long-term focus on high-quality care to mitigate risks.
2. **M&A Activity**: Potential tuck-in acquisitions at 4-5x EBITDA multiples; recent Amedisys deal under confidentiality but aligned with strategic goals.
3. **Infusion Growth**: 33% YoY script volume growth; expect continued expansion with 16-18 new LDD drug launches over 12-18 months.
4. **Leverage Management**: Using $715M Community Living proceeds to reduce debt; no plans to alter dividend policy.
5. **Regulatory Risks**: 50% drug supply from U.S./NA; tariff exposure minimal due to cost pass-through and diversified sourcing.


BrightSpring Health Services, Inc. Common Stock (BTSG)-2 May 25-2025 Q1 Earnings call transcript

- **Record Revenue Growth**: 2024 total revenue of $11.3B (+28% YoY), with Pharmacy Solutions leading at +34%.
- **EBITDA Upside**: 2025 guidance raised to $545-560M (+18-22%), reflecting operational efficiency gains.
- **Infusion Breakthrough**: 20%+ growth target for 2025, supported by 10-day referral turnaround times.
- **LDD Pipeline Strength**: 16-18 new LDDs expected, solidifying specialty pharmacy leadership.
- **Debt Reduction Focus**: Targeting 2.0-2.5x leverage by 2025 via $300M+ annual cash flow generation.

**【CEO Opening Remarks】**
- Total revenue for 2024 reached $11.3 billion, up 28% YoY, driven by Pharmacy Solutions (+34%) and Provider Services (+9%).
- Adjusted EBITDA of $588 million (+16% YoY) reflected strong operational execution across all segments.
- Community Living business divestiture to Sevita expected to close in 2H2025, positioning the company for higher-margin growth.
- Quality metrics highlight leadership: Onco360 Net Promoter Score (NPS) at 98, 85% Home Health branches with CMS 4/5-star ratings, and 9.3 Hospice Care Index score.

**【CFO Financial Review】**
- Q4 2024 revenue: $3.1 billion (+29% YoY), with Pharmacy Solutions at $2.4B (+34%) and Provider Services at $656M (+11%).
- Adjusted EBITDA: $167M (+17% YoY), with Pharmacy Solutions margin at 4.7% and Provider Services margin expanding 70bps to 15.2%.
- 2025 Guidance: Revenue $11.6-12.1B (+15-20%), Adjusted EBITDA $545-560M (+18-22%), excluding Community Living.
- Cash flow target of $300M+ annually to reduce leverage to 2.0-2.5x by 2025.

**【Q&A Key Takeaways】**
- **LDD Pipeline**: 16-18 new limited distribution drugs expected over 18 months, with 125+ LDDs in portfolio.
- **Infusion Growth**: 20%+ YoY target for 2025, driven by 10-11 day referral turnaround times (best-in-class).
- **Operational Efficiency**: 100+ cost-saving initiatives completed in 2024, contributing to 5%+ EBITDA margin expansion.
- **IRA Impact**: Potential 2-3% EBITDA headwind from MFP/WAC true-ups, but confident in offsetting via growth.
- **M&A Strategy**: $100M+ annual tuck-in acquisitions, prioritizing accretive provider and pharmacy deals.
- **2025 Margin Outlook**: 20-25% EBITDA growth, with specialty script mix driving margin leverage.


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