BrightSpring Health Services Reports Robust 2023 Performance and Unveils Confident 2024 Guidance Amid Industry Challenges

Louisville, Kentucky, February 29, 2024— BrightSpring Health Services, Inc. (“BrightSpring” or the “Company”) (NASDAQ: BTSG) unveiled its financial performance for the fourth quarter and full year ending December 31, 2023.

Fourth Quarter 2023 Financial Highlights

• Net revenue soared to $2,375 million, marking a robust 20.5% increase from $1,971 million in the fourth quarter of 2022.
• Despite the positive revenue growth, it was slightly offset by 1.6% due to the Q4 2022 divestiture of Workforce Solutions.
• Gross profit reached $369 million, representing 15.5% of revenue, up by 9.2% from $338 million, or 17.1% of revenue, in the fourth quarter of 2022.
• The growth in gross profit was tempered by 1.4% due to the Q4 2022 Workforce Solutions divestiture and by 5.2% owing to a one-time payer rate adjustment in Q4 2022.
• The net loss narrowed to $7 million, or $(0.06) per diluted share, compared to a net loss of $56 million, or $(0.48) per diluted share, in the fourth quarter of 2022
• Adjusted EBITDAI stood at $143 million, showing a 2.5% uptick from $139 million in the fourth quarter of 2022.
• However, adjusted EBITDAI growth was negatively impacted by 1.3% due to the Q4 2022 Workforce Solutions divestiture and by 12.7% due to the Q4 2022 payer rate adjustment.

BrightSpring Health Services Reports

• Net revenue reached $8,826 million, climbing 14.3% compared to $7,721 million in full year 2022.
• However, net revenue growth was slightly dampened by 4.2% due to the Q4 2022 Workforce Solutions divestiture.
• Gross profit totaled $1,434 million, equivalent to 16.2% of revenue, up by 5.9% compared to $1,354 million, or 17.5% of revenue, in full year 2022.
• Nevertheless, gross profit growth was somewhat hindered by 2.8% due to Q4 2022 Workforce Solutions divestiture.
• The net loss widened to $155 million, or $(1.31) per diluted share, from a net loss of $54 million, or $(0.46) per diluted share, in full year 2022.
• Adjusted EBITDAI amounted to $538 million, reflecting a 2.9% increase from $523 million in full year 2022.
  However, adjusted EBITDA growth was adversely impacted by 4.1% due to the Q4 2022 Workforce Solutions divestiture.
• Jon Rousseau, Chief Executive Officer, expressed satisfaction with the company’s performance, stating, “I am proud to announce that we closed out a very successful 2023 with strong momentum in both the Pharmacy and Provider segments. We positively impact hundreds of thousands of individuals living with complex health conditions through our complementary and high-quality services.” He emphasized the commitment of the dedicated employees across the country and the company’s ability to continue delivering comprehensive services to complex patients.

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Looking ahead to Full Year 2024 Financial Guidance

For the full year 2024, BrightSpring provided guidance as follows:

• Net revenue is anticipated to range from $9,350 million to $9,500 million, reflecting a growth of 5.9% to 7.6% over 2023.
• Pharmacy Segment Revenue is projected to be between $6,950 million to $7,050 million, representing a growth of 6.6% to 8.1% over full year 2023.
• Provider Segment Revenue is expected to fall between $2,400 million to $2,450 million, indicating a growth of 4.2% to 6.3% over full year 2023.
• Adjusted EBITDAII is forecasted to range from $550 million to $564 million, reflecting a growth of 2.3% to 4.9% over full year 2023.
• BrightSpring will host a conference call today at 8:30 a.m. EST to discuss its financial results. The conference call can be accessed via a live audio webcast available on the Company’s investor relations website. Following the call, a replay of the webcast will be available on the same platform. Additionally, supplemental financial information on the fourth quarter results can be found on the Company’s investor relations page.

About BrightSpring Health Services

BrightSpring Health Services is the parent company of leading healthcare service lines that provide home- and community-based pharmacy and provider health solutions for complex populations. For more information, visit www.brightspringhealth.com.

Forward-Looking Statements

This press release contains forward-looking statements regarding BrightSpring’s operations and financial performance. These statements are subject to various risks and uncertaintie