Fri, Aug 2, 12:52 PM (88 days ago)
BrightSpring Health Services, Inc. reported a 26.0% increase in Q2 2024 revenues to $2.73 billion, driven by growth in both Pharmacy Solutions and Provider Services segments. Pharmacy Solutions saw a 32.4% increase in revenues to $2.11 billion, while Provider Services grew by 8.0% to $615.7 million. However, gross profit margins declined due to higher costs and mix shifts towards specialty drugs with lower margins. Net income rose to $19.4 million from $2.8 million in Q2 2023, aided by a decrease in interest expense and a higher income tax benefit. Adjusted EBITDA decreased by 6.9% to $139.1 million, primarily due to the absence of a $30 million quality incentive payment received in Q2 2023. Excluding this payment, Adjusted EBITDA increased by 16.7%. Cash flow from operations turned negative at -$94.1 million, impacted by a $90 million settlement payment. The company completed three acquisitions and granted substantial equity awards following its IPO in January 2024. Total liquidity stood at $437.2 million.