The following is a summary of the BrightSpring Health Services, Inc. (BTSG) Q1 2024 Earnings Call Transcript:
Financial Performance:
BrightSpring Health Services reported Q1 2024 revenue of $2.6 billion, up 27% YoY. Revenue from Pharmacy Solutions was $2 billion (35% YoY growth) and from Provider Services was $600 million (7% YoY growth).
Gross profit of $369 million marked a 10% YoY growth, and adjusted EBITDA of $130.5 million was recorded, marking a 13.2% YoY growth. The guidance for both revenue and adjusted EBITDA was increased due to strong Q1 performance.
Business Progress:
The company experienced robust growth in the first quarter, with the infusion and specialty business in Pharmacy Solutions growing 44% YoY and Home and Community Pharmacy revenue growing 15% YoY. Provider Services revenue grew 7%, driven by strong home healthcare and rehab business performance.
BrightSpring continues to invest in operational enhancements and strategic planning, focusing on meeting the needs of more patients and outperforming market rates.
The company won three more limited distribution drug contracts, expects an 18-drug pipeline launch within the next 16 months, and is planning to execute low multiple tuck-in transactions in targeted geographies.
BrightSpring is also focusing on improving operational efficiency through procurement, OPEX savings projects, centralizations, and automations.
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