BrightSpring Health Services, Inc. (NASDAQ: BTSG) is a leading provider of home and community-based healthcare services, delivering integrated pharmacy and provider services to high-need and high-cost patient populations. The company focuses on improving patient outcomes and reducing healthcare costs by offering care in lower-cost home and community settings. BrightSpring serves patients covered by Medicare, Medicaid, and commercial insurance, addressing chronic conditions and complex healthcare needs.
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Pharmacy Solutions - Provides daily medication therapy management for patients, including those requiring home infusion, oncology and specialty care, hospice services, and residents of senior living communities. Focuses on delivering high-touch services to address chronic conditions and complex medication needs.
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Provider Services - Offers clinical services such as home health, hospice, and rehabilitation therapy, as well as supportive care addressing activities of daily living and social determinants of health. Includes home-based primary care for patients in senior living communities, long-term care facilities, and individual homes to optimize outcomes and enable value-based care.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Jon Rousseau ExecutiveBoard | Chairman, President, and Chief Executive Officer | Jon Rousseau has led BrightSpring Health Services, Inc. as Chairman, President, and CEO since September 2016 and became Chairman in January 2024. He brings extensive experience from previous executive positions at Kindred Healthcare, Mylan, and Medtronic. | View Report → | |
Bob Barnes Executive | President of Community Living | Bob Barnes has served as President of Community Living at BrightSpring Health Services since July 2018. Previously, he held executive roles at Trilogy Health Services, Affinity Health Services, and Guardian Elder Care Holdings. | ||
Jennifer Phipps Executive | Chief Financial Officer (CFO) | Jennifer Phipps is the Chief Financial Officer at BrightSpring Health Services since March 4, 2025, and she has served in several key financial roles such as Chief Accounting Officer since January 2017 and CFO of the Home Health and Hospice Segment since January 2023. She brings over 20 years of financial expertise from her previous leadership roles at Cardinal Health and Ernst & Young. | ||
Jennifer Yowler Executive | President of PharMerica | Jennifer Yowler has been serving as President of PharMerica since March 2022 and previously served as Chief Financial Officer from June 2019 to March 2022 at the same division, bringing over 20 years of experience in healthcare finance and operations. | ||
Lisa Nalley Executive | Chief of Staff | Lisa Nalley is the Chief of Staff at BTSG since February 2017 and Senior Vice President of Human Resources since August 2020, where she leads the Executive Project Management Office. Previously, she served in various strategic roles at Kindred Healthcare from 2003 to 2016 and worked as a business consultant at Barrel Consulting, LLC. | ||
Mike McMaude Executive | President of Home Health and Hospice Services | CEO of Abode; Advisory Board for Grant Avenue Capital; Board of Overland International, LLC; Board of Community Health Accreditation Partner | Mike McMaude has led BTSG as President of Home Health and Hospice Services since April 2021. He is also recognized for founding Abode Healthcare in 2012 and served as CEO of Voyager HospiceCare from 2007 to 2010. | |
Steven Reed Executive | Senior Legal Counsel | Res-Care, Inc.; University of Kentucky Board of Trustees; Professional Ethics Executive Committee for the American Institute of CPAs; Baptist Healthcare of Kentucky; Delta Dental of Kentucky; Criminal Justice Act Planning Committee for the U.S. District Court in the Western District of Kentucky | Steven Reed is currently the Senior Legal Counsel at BTSG, having transitioned to this role on October 11, 2024. Previously, he served as Chief Legal Officer and Corporate Secretary from April 2013, and he brings extensive experience from roles as a U.S. Attorney, Deputy General Counsel, and a judicial clerk. | |
Hunter Craig Board | Board of Directors | Board of Directors at 123Dentist; Board of Directors at Heartland Dental; Health Care team member at KKR & Co. | Hunter Craig has been a member of BTSG’s Board of Directors since May 2020 and actively serves on several committees, including as Chair of the Quality & Compliance and Governance Committee. He has extensive experience in healthcare investments, having previously served as Vice President at GTCR from 2013 to 2020 and started his career as an investment banking analyst at Credit Suisse, while also holding active roles at KKR & Co., 123Dentist, and Heartland Dental. | |
Johnny Kim Board | Member of the Board of Directors | Director at KKR & Co.'s Health Care industry team since 2015; Board Member of Argenta; Board Member of Brightline; Board Member of Clarify Health Solutions; Board Member of Global Medical Response; Board Member of SkinSpirit; Board Member of Therapy Brands | Johnny Kim has served as a member of the Board of Directors at BTSG since 2019 and is also a member of its Audit Committee, leveraging extensive experience from roles at KKR & Co. and Goldman Sachs. | |
Max Lin Board | Member of the Board of Directors | Partner at KKR & Co.; Member of Investment Committee and Portfolio Management Committee for Americas Private Equity; Member of Health Care Strategic Growth Investment Committee; Member of Global Conflicts and Compliance Committee | Max Lin has served as a member of BTSG’s board of directors since 2017. He is a Partner at KKR & Co., where he leads the Health Care industry team and contributes significantly to various strategic healthcare initiatives. | |
Olivia Kirtley Board | Director | Vista Credit Strategic Lending Corp. | Olivia Kirtley has served as a Director and Audit Committee Chair at BTSG since January 25, 2024. She brings extensive experience in financial reporting, audit, and corporate governance from her roles on various boards and prior leadership positions. | |
Steve Miller Board | Class II Director | Chief Medical Officer at MediBeacon | Dr. Steve Miller serves as a Class II Director on the Board of Directors at BTSG, holding additional responsibilities as a member of the Audit Committee and as Chair of the Quality & Compliance and Governance Committee since September 27, 2024. He brings extensive healthcare leadership experience from previous roles including Chief Clinical Officer at Cigna, Chief Medical Officer at Express Scripts and Barnes-Jewish Hospital, and he is currently the Chief Medical Officer at MediBeacon. | |
Timothy A. Wicks Board | Class I Director | Timothy A. Wicks serves as a Class I Director and Audit Committee member at BTSG since April 24, 2024. Previously, he was the former Executive Vice President of Optum Inc., part of UnitedHealth Group. |
- With the planned divestiture of the Community Living business to Sevita [15], are there other areas you're considering refining in terms of the business mix [6], and how might this impact your efforts to better integrate your Provider Services and Pharmacy Solutions offerings?
- Given your expectation to spend approximately $100 million on M&A this year [3], can you elaborate on how you plan to balance debt paydown versus acquisition opportunities, especially considering the potential proceeds from the Community Living divestiture [3]?
- In the context of ongoing staffing challenges and wage inflation [4], what specific measures are you taking to manage labor costs while ensuring adequate staffing levels to support your projected double-digit growth across your service lines [4]?
- Considering that Specialty Pharmacy has been a key driver of growth [9, 11], are there any potential risks, such as changes in specialty drug pricing or increased competition, that could slow down this growth, and how are you mitigating them [11]?
- After significant investments in your Infusion business over the past 18 to 24 months [13], can you provide more details on the expected growth trajectory and margin improvement for this segment, and what level of upside do you anticipate on margins at this point [13]?
Research analysts who have asked questions during BrightSpring Health Services earnings calls.
Brian Tanquilut
Jefferies
4 questions for BTSG
David Larsen
BTIG
4 questions for BTSG
Joanna Gajuk
Bank of America
4 questions for BTSG
Matthew Gillmor
KeyCorp
4 questions for BTSG
Albert Rice
UBS
3 questions for BTSG
Benjamin Mayo
Leerink Partners
3 questions for BTSG
Ann Hynes
Mizuho Financial Group
2 questions for BTSG
Erin Wright
Morgan Stanley
2 questions for BTSG
Jamie Perse
The Goldman Sachs Group, Inc.
2 questions for BTSG
Lawrence Solow
CJS Securities, Inc.
2 questions for BTSG
Linda Bolduc
Morgan Stanley
2 questions for BTSG
Pito Chickering
Deutsche Bank
2 questions for BTSG
A.J. Rice
UBS Group AG
1 question for BTSG
Charles Rhyee
TD Cowen
1 question for BTSG
Larry Solow
CJS Securities
1 question for BTSG
Stephen Baxter
Wells Fargo & Company
1 question for BTSG
Whit Mayo
Leerink Partners
1 question for BTSG
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Competes in the large and fragmented home infusion and specialty pharmacy markets. | |
Coram CVS/specialty infusion services | A division of CVS Health that competes in the home infusion and specialty pharmacy markets. |
Accredo Health Group, Inc. | A unit of Cigna that competes in the home infusion and specialty pharmacy markets. |
Optum Specialty Pharmacy | A subsidiary of OptumRx, which is a unit of the UnitedHealth Group, competing in the home infusion and specialty pharmacy markets. |
Omnicare, Inc. | A division of CVS Health that competes on a nationwide basis in providing pharmacy services to senior living and skilled nursing and rehabilitation facilities. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Haven Hospice | 2024 | BrightSpring completed the acquisition of Haven Hospice on September 1, 2024 for an aggregate price of approximately $65.9 million paid through cash, a seller note, and common stock. The deal added key hospice and palliative care operations across 18 counties in north central Florida, supporting BrightSpring’s strategic geographic expansion and positioning for future EBITDA growth. |
Pharmacy Solutions and Provider Services (4 companies) | 2024 | Over the six months ending June 30, 2024, BrightSpring acquired four companies in these segments for a net purchase price of $43.9 million. The deal added diverse assets—such as inventories, accounts receivable, goodwill, and significant intangible assets (including customer relationships and licenses)—to expand service offerings and geographic presence, with detailed asset allocations and transaction costs disclosed. |
Pharmacy Solutions (Standalone Q1 Acquisition) | 2024 | Completed on March 19, 2024 with an aggregate consideration of about $7.1 million, this acquisition delivered inventories, goodwill, and intangible assets (notably customer relationships, trade names, and non-compete covenants) that contributed modestly to Q1 revenue and operating income, supporting BrightSpring’s expansion in its Pharmacy Solutions segment. |
Pharmacy Solutions and Provider Services (3 companies) | 2023 | In 2023, BrightSpring executed three acquisitions in these segments with an aggregate price of approximately $70.0 million. The acquisitions brought in both tangible assets and significant intangible assets—including licenses and customer relationships—and generated about $25.3 million in revenue and $1.7 million in operating income, with tax-deductible goodwill underpinning the strategic rationale for geographic and service expansion. |
Pharmacy Solutions (2 companies) | 2023 | These two 2023 acquisitions, valued at roughly $30.3 million, added key assets including inventories, goodwill, and intangibles (customer relationships, trade names, and non-compete agreements) with a weighted average useful life of 11.6 years. The acquired goodwill is expected to be tax-deductible, and the deal modestly contributed to revenue and operating income while expanding the Pharmacy Solutions segment’s footprint. |
Recent press releases and 8-K filings for BTSG.
- 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.
- BrightSpring Health Services, a leading home and community healthcare services provider, is on track for approximately 30% growth this year, driven by its specialty pharmacy and oncology businesses, which benefit from winning new limited distribution drugs and generic launches.
- The company anticipates exiting 2025 with leverage at 3x or slightly less and aims for around 2x by the end of 2026, excluding M&A, with a long-term target leverage ratio of approximately 2.5x.
- BrightSpring is acquiring certain assets from the Amedisys transaction, expected to close in the fourth quarter, and plans to continue measured M&A activity, focusing on small tuck-ins at an average of around 4x pro forma EBITDA.
- The company views potential impacts from the IRA on its pharmacy business as manageable due to ongoing legislative efforts and payer discussions, and expects home health reimbursement to return to steady annual increases in the coming years.
- BrightSpring Health Services reported strong second quarter 2025 results, with total company revenue reaching $3.1 billion, representing 29% growth year-over-year, and adjusted EBITDA of $143 million, also growing 29% compared to the prior year. Adjusted EPS for the quarter was $0.22.
- The company raised its full-year 2025 guidance, now expecting total revenue between $12.2 billion and $12.6 billion and adjusted EBITDA between $590 million and $605 million, reflecting 28.2% to 31.5% growth over full-year 2024, excluding the Community Living business.
- The divestiture of the Community Living business is expected to close in the fourth quarter of 2025, subject to regulatory approvals, with anticipated net cash proceeds of approximately $715 million.
- As of June 30, 2025, net debt outstanding was approximately $2.5 billion, resulting in a leverage ratio of 3.6 times, with a goal to reach 3.0 times by the end of 2025 pro forma for the divestiture.
- The Pharmacy Solutions segment saw significant growth, with revenue increasing 32% year-over-year to $2.8 billion, driven by a 39% increase in Specialty and Infusion revenue and 38% growth in Specialty scripts. The company expects 16 to 18 additional Limited Distribution Drug (LDD) launches over the next 12 to 18 months.
- Management reiterated outperformance versus the 8% revenue and EBITDA growth target, driven by accelerated specialty pharmacy LDD ramps and accretive tuck-in M&A.
- Provider segment grew 12% in Q1 with FY2025 EPS guidance of $5.70–$5.85 remaining on track, bolstered by strong management confidence.
- BrightSpring’s specialty pharmacy now covers 127 LDD oncology therapies, supported by high net promoter scores and faster patient delivery that secures preferential network access.
- Cross-selling initiatives—such as the Continue Care Rx program—cut hospitalizations by 72% for home health patients, as highlighted in a JAMA-published study.
- BrightSpring launched a secondary offering of 14,000,000 shares at $21.75 per share, with a 30-day option to sell up to 2,100,000 additional shares; the offering closed on June 12, 2025 with no proceeds aside from cash exercises of stock options by management.
- KKR Phoenix Aggregator L.P. is involved in the offering, with KKR set to retain just over 44% ownership post–green shoe execution.
- BrightSpring Health Services is highlighted as a leading home and community-based healthcare services platform, delivering both pharmacy and provider services to complex, high-need patients across all 50 states.
- The discussion emphasizes the company’s integrated approach through its Pharmacy Solutions and Provider Services segments, focusing on comprehensive care for senior and specialty populations.
- The MD&A includes forward-looking statements addressing risks and uncertainties inherent in its business model, aiming to inform stakeholders about the financial condition and operational strategies.
- Q1 performance was strong, with raised guidance driven by volume growth, operational efficiencies, and accretive tuck-in M&A that sustained broad-based top-line and EBITDA growth.
- The specialty pharmacy segment demonstrated consistent outperformance with approximately 30% growth over the past three years, particularly in oncology and rare disease treatments.
- Integrated service lines create operational synergies through shared procurement, coordinated patient care across home health, rehab, and pharmacy services, enhancing overall cost effectiveness.
- The company targets a reduction in leverage to 3x by year-end via organic growth, robust free cash flow, and the planned divestiture of its Community Living business.
- Strong Q1 2025 Performance: Achieved net revenue of approximately $2.9B (up ~26% YOY) with Adjusted EBITDA of $131M and net income turning positive at $9.2M from continuing operations .
- Raised Full-Year Guidance: Updated FY 2025 guidance now projects Total Revenue of $12B–$12.5B and Adjusted EBITDA of $570M–$585M, excluding the Community Living segment .
- Community Living Divestiture: Proceeding as planned with the business recorded in discontinued operations and contributing an additional $32M in adjusted EBITDA .
- Robust Segment Contributions: Performance driven by strong results in Pharmacy Solutions and Provider Services .
- Forward-Looking & Non-GAAP Disclosures: Release includes comprehensive forward-looking statements addressing key operational risks and provides detailed definitions for non-GAAP financial measures .
- Stable Outlook: Company remains focused on quality metrics and operational efficiency amid regulatory and market challenges .