Home- and community-based health and pharmacy firm BrightSpring lost $46.3 million in the first quarter of 2024. That compares to a $22.2 million loss in the prior-year quarter, according to an earnings report. The company filed for an initial public offering at the beginning of the year.
Still, the company generated higher total revenues, $2.6 billion, in the first quarter, an increase of 27%, compared to the year-earlier quarter.
“We are pleased to start the year with strong first-quarter performance across the portfolio of home and community health service lines at BrightSpring,” Jon Rousseau, chief executive officer, said during an earnings-related conference call Thursday morning. “Some highlights include the following: Extremely strong volume growth in Q1, revenue and adjusted EBITDA in the first quarter that exceeded planned and significantly raised guidance for the full year while continuing to invest in our infrastructure and future growth.”
BrightSpring’s provider service segment, which offers primary care, home health, rehabilitation and behavioral healthcare, generated 7% revenue growth with sales reaching $600 million during the first quarter. Home healthcare and rehabilitation services drove the segment’s performance, Rousseau noted during the call.
“Daily patients served remains healthy across our care platforms, with home healthcare average daily census of approximately 43,000 growing 11% year-over-year, with double digit census growth in our home health and hospice business,” he said.
During the first quarter period, Change Healthcare was the victim of a cyberattack that left its claims and billing systems offline for over a month. Disruptions at Change Healthcare affected BrightSpring’s pharmacy segment — which is far larger than its provider services arm — but Rousseau did not say to what extent.
Still, BrightSpring’s pharmacy business generated $1.98 billion in sales during the period, or 35% revenue growth year-over-year.
