BrightSpring Health Services, Inc. reported significant financial improvements in its third quarter and year-to-date results for the period ending September 30, 2024, compared to the same period in 2023. Total revenues for the third quarter reached $2,906.8 million, marking a 28.8% increase from $2,256.5 million in Q3 2023. For the nine months ended September 30, 2024, revenues totaled $8,213.7 million, up 27.3% from $6,451.6 million in the prior year.
The company's gross profit for Q3 2024 was $408.1 million, a 13.9% increase from $358.3 million in Q3 2023. Year-to-date gross profit also rose to $1,166.5 million, compared to $1,065.1 million in the same period last year. Operating income turned positive at $56.8 million for Q3 2024, a significant recovery from an operating loss of $(52.3) million in Q3 2023. Year-to-date operating income was $127.3 million, up from $78.9 million in the previous year.
Despite these gains, the company reported a net loss of $(8.98) million for Q3 2024, a substantial reduction from a net loss of $(130.1) million in Q3 2023. For the nine-month period, the net loss improved to $(35.9) million from $(149.6) million in 2023. The loss per share for Q3 2024 was $(0.04), compared to $(1.11) in Q3 2023.
BrightSpring's financial position strengthened, with total assets increasing to $5,785.97 million as of September 30, 2024, up from $5,532.72 million at the end of 2023. Total liabilities decreased to $4,166.87 million, down from $4,920.17 million, while total shareholders' equity surged to $1,614.77 million from $584.74 million.
The company completed its initial public offering (IPO) in January 2024, raising $656.5 million from the sale of 53,333,334 shares. The proceeds were utilized to repay debt and for general corporate purposes. BrightSpring also executed seven acquisitions in 2024, primarily in the Pharmacy Solutions and Provider Services segments, totaling approximately $112 million.
Operationally, the Pharmacy Solutions segment saw revenue growth of 35.4% in Q3 2024, contributing $2,265.7 million, while the Provider Services segment increased by 9.9% to $641.1 million. The company emphasized its focus on expanding service offerings and enhancing operational efficiency, despite challenges such as rising healthcare costs and labor shortages.
About BrightSpring Health Services, Inc.
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