BrightSpring Health Services (BTSG) Company Report

BrightSpring reported a productive and constructive year in 2025, with broad-based growth across its pharmacy and provider businesses driven by volume, cost efficiencies, and automation initiatives.
The company's historical compound annual growth rate (CAGR) over nine years is around 15%, with a more elevated CAGR of approximately 20% in the last three years, which they aim to sustain.
BrightSpring anticipates closing the Amedisys acquisition in Q4 2025 and the Community Living divestiture in Q1 2026, which is expected to reduce leverage to around 2.5 times.
Operating cash flow for 2025 is projected to be north of $375 million, with free cash flow before debt paydown in the $250 million-$300 million range, and these figures are expected to increase in 2026.
The company is actively pursuing regulatory fixes for the IRA with Congress and CMS to secure enhanced dispensing fees for long-term care pharmacies and is implementing operational efficiencies to mitigate potential impacts.

Nov 11, 2025, 4:00 PM

Transcript

BrightSpring Reports Strong 2025 Performance and Positive 2026 Outlook

BTSG

M&A

New Projects/Investments

Revenue Acceleration/Inflection

BrightSpring (BTSG) reported a productive and constructive 2025 with broad-based growth across its pharmacy and provider businesses, expecting this consistency to continue into 2026.
The company maintains a robust growth algorithm, achieving a 9-year CAGR of approximately 15% and a more recent (last 3 years) CAGR of around 20%, driven by volume, efficiency, and 73 tuck-in acquisitions over the past five years.
BrightSpring anticipates its leverage to be 3x or below by the end of 2025, with operating cash flow projected to be north of $375 million for 2025, enhancing flexibility for future M&A.
Key transactions include the expected closing of the Amedisys acquisition in Q4 2025 and the community living divestiture in Q1 2026.
Strategic growth areas include the infusion business, targeting 10% national market share in 3-5 years, and the specialty pharmacy segment, which expects 16-18 new limited distribution drugs over the next 12-18 months.

Nov 11, 2025, 4:00 PM

Transcript

BrightSpring Discusses Strong Growth, Strategic Focus, and Financial Outlook at UBS Conference

BTSG

Revenue Acceleration/Inflection

M&A

Guidance Update

BrightSpring (BTSG) reported a productive and constructive year with broad-based growth across its pharmacy and provider businesses, achieving a 9-year compound annual growth rate (CAGR) of approximately 15% and a more recent 3-year CAGR around 20%.
The pharmacy segment, including specialty oncology, rare/orphan, and infusion, demonstrated strong momentum, with infusion specialty revenues growing 42% in the third quarter. The company anticipates a strong pipeline of 16-18 limited distribution drugs (LDDs) over the next 12-18 months.
BrightSpring is actively working to mitigate the impact of the IRA through regulatory fixes, discussions with payers for enhanced dispensing fees, and operational efficiencies.
The company expects operating cash flow to be north of $375 million this year and free cash flow before debt paydown in the $250 million-$300 million range, with both projected to increase next year. Future M&A will prioritize infusion, hospice, and rehab, with an annual spend of $75 million-$100 million for accretive tuck-in deals.

Nov 11, 2025, 4:00 PM

Transcript

BrightSpring Health Services Announces Strong Q3 2025 Results and Updated FY 2025 Guidance

BTSG

Earnings

Guidance Update

Revenue Acceleration/Inflection

BrightSpring Health Services reported Q3 2025 revenue of $3,334 million, an increase of 28.2%.
Adjusted EBITDA for Q3 2025 reached $160 million, up 37.2%.
The company updated its FY 2025 guidance, projecting Total Revenue between $12,500 million and $12,800 million and Total Company Adjusted EBITDA between $605 million and $615 million.
Pharmacy Solutions Revenue grew 31.0% year-over-year to $2,967 million, and Provider Services Revenue increased 9.4% to $367 million in Q3 2025.

Oct 28, 2025, 8:30 PM

Presentation

BrightSpring Health Services Reports Strong Q3 2025 Results and Raises Full-Year Guidance

BTSG

Earnings

Guidance Update

M&A

BrightSpring Health Services reported Q3 2025 total company revenue of $3.3 billion, a 28% increase year-over-year, and adjusted EBITDA of $160 million, up 37% from the prior year.
The company raised its full-year 2025 guidance, now expecting total revenue between $12.5 billion-$12.8 billion and adjusted EBITDA between $605 million-$615 million, reflecting strong performance and efficiency gains.
Pharmacy Solutions segment revenue grew 31% to $3.0 billion, with infusion and specialty revenue increasing 42% and specialty scripts growing approximately 40%.
The leverage ratio improved to 3.3x as of September 30th, with a target of below 3.0x by year-end pro forma for pending transactions.
The divestiture of the community living business is now expected to close in Q1 2026, while the Amedisys and LHC Home Health Branch acquisitions are anticipated to close in Q4 2025 and be accretive in 2026.

Oct 28, 2025, 8:30 PM

Transcript

BrightSpring Health Services Reports Strong Q3 2025 Results and Raises Full-Year Guidance

BTSG

Earnings

Guidance Update

Revenue Acceleration/Inflection

BrightSpring Health Services reported strong third-quarter 2025 financial results, with total company revenue growing 28% year-over-year to $3.3 billion and adjusted EBITDA increasing 37% to $160 million. Adjusted EPS for the quarter was $0.30.
The company's Pharmacy Solutions segment revenue grew 31% to $3.0 billion, with adjusted EBITDA up 42%, while the Provider Services segment revenue increased 9% to $367 million, with adjusted EBITDA up 16%. Both segments contributed to an overall EBITDA margin of 4.8%, up approximately 30 basis points year-over-year.
BrightSpring Health Services improved its leverage ratio to 3.3 times at the end of Q3 2025, ahead of previous expectations, and updated its 2025 operating cash flow guidance to approximately $375 million. The company aims for a year-end leverage of 3.0 times, expecting to be well below that pro forma for the community living divestiture and pending acquisitions.
The company raised its full-year 2025 guidance, now expecting total revenue in the range of $12.5 billion to $12.8 billion and adjusted EBITDA between $605 million and $615 million, reflecting significant growth over 2024.

Oct 28, 2025, 8:30 PM

Transcript

BrightSpring Health Services Reports Strong Q3 2025 Results and Raises Full-Year Guidance

BTSG

Earnings

Guidance Update

M&A

BrightSpring Health Services reported strong Q3 2025 financial results from continuing operations, with total revenue reaching $3.3 billion, a 28% year-over-year increase, and adjusted EBITDA growing 37% to $160 million.
The company raised its full-year 2025 guidance for total revenue to a range of $12.5 billion to $12.8 billion and adjusted EBITDA to $605 million to $615 million, reflecting continued strength and operational efficiencies.
Cash flow from operations was $108 million in Q3 2025, contributing to a reduced leverage ratio of 3.3 times at quarter-end, with a year-end goal of 3.0 times.
The divestiture of the community living business is now expected to close in Q1 2026, and the acquisition of Amedisys and LHC Home Health Branch assets is anticipated to close in Q4 2025 and be accretive in 2026.

Oct 28, 2025, 8:30 PM

Transcript

BrightSpring Health Services, Inc. Reports Strong Q3 2025 Results and Raises Full Year Revenue Guidance

BTSG

Earnings

Guidance Update

Share Buyback

BrightSpring Health Services, Inc. reported Q3 2025 revenues of $3,334 million, an increase of 28.2% compared to Q3 2024, and a net income of $37.5 million, compared to a net loss of $25.7 million in the prior year period.
Adjusted EBITDA for Q3 2025 was $160 million, up 37.2% from Q3 2024.
The company increased its full year 2025 revenue guidance to a range of $12,500 million to $12,800 million, representing 24.1% to 27.1% growth, and reiterated its Adjusted EBITDA guidance of $605 million to $615 million, or 31.5% to 33.7% growth.
BrightSpring repurchased 1,500,000 shares of common stock as part of a secondary offering that closed on October 22, 2025.
The planned divestiture of the Community Living business is expected to close in Q1 2026.

Oct 28, 2025, 8:10 PM

8-K

BrightSpring Health Services Announces Secondary Offering and Share Repurchase

BTSG

Share Buyback

BrightSpring Health Services, Inc. (BTSG) announced an underwritten offering of 15,000,000 shares of common stock by selling stockholders.
The Company did not receive any proceeds from the sale of these shares, other than proceeds from the cash exercise of stock options by Management Selling Stockholders.
Concurrently, the Company repurchased 1,500,000 shares of its common stock from the Underwriter at a price of $28.7820 per share.
The closing of both the offering and the share repurchase occurred on October 22, 2025.

Oct 22, 2025, 8:05 PM

8-K

BrightSpring Health Services Reports Preliminary Q3 2025 Results and Raises Full Year 2025 Guidance

BTSG

Earnings

Guidance Update

Revenue Acceleration/Inflection

BrightSpring Health Services reported preliminary Q3 2025 revenues of approximately $3,334 million, an increase of 28.2% compared to the third quarter of 2024.
Preliminary Adjusted EBITDA for Q3 2025 was approximately $160 million, up 37.2% from Q3 2024.
The company achieved a preliminary net income of approximately $37.5 million in Q3 2025, a significant improvement from a net loss of approximately $25.7 million in Q3 2024.
BrightSpring Health Services increased its full-year 2025 revenue guidance to between $12,400 million and $12,700 million, representing 23.1% to 26.1% growth.
Full-year 2025 Adjusted EBITDA guidance was also raised to $605 million to $615 million, indicating 31.5% to 33.7% growth.

Oct 20, 2025, 8:20 PM

8-K

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