Brightspring Health Services Inc. (NYSE: BTSG) reported strong second quarter results during a revenue call on Friday, highlighting the rapid growth of all business units. The company's leaders were praised for its home health segment as the leading driver behind the strong performance of its provider services sector, generating revenue of $358 million, up 10.5% year-on-year.
“Our approach to home hygiene is stable, but we measured growth,” John Rousseau, chairman, president and CEO, said over the phone. “So we are not today's large-scale home health providers. We have grown over time. That strategy, by returning to the home health industry's security interest rate support, feels that it will work well. I think it's an interesting time to become a provider that is growing into space.
Brightspring's second quarter home health revenue rose 17.1% year-on-year to $185 million. Rehabilitation and personal care services increased by 4.6% and 3.8%, respectively.
Turning to the proposed 2026 Home Health Payment Rules, Rousseau said the company does not anticipate “material impacts” from the rules, but as a “stakeholder,” they hope it better reflects the value of home health services.
Rousseau said the return on investment from home care is “unquestionable and profound” in terms of benefits such as lower mortality, lower hospitalizations, improved outcomes and reduced costs.
The CEO also said the final rules include some encouraging signs.
“If the recovery is in place, it will burn out and go away at some point based on the final rule,” Rousseau said. “If you do that, you have a big uplift. We are optimistic that at-home health rates will start to rise again at some point in the near future in the medium term, based on some of the languages we saw in the proposed rules.”
Leaders remained positive for operational indicators, with average home health care daily census increasing by 6.4% to over 30,000 patients, and the number of people serving in rehabilitation and personal care increased by 5.8% and 1.3% respectively.
Based in Louisville, Kentucky, Brightspring Health Services offers integrated home and community-based pharmacy and healthcare solutions for complex populations requiring professional or continuous care. The company operates in all 50 states and serves more than 460,000 customers, clients and patients every day.
Brightspring is driven primarily by its pharmacy division, with revenues increasing significantly.
The company announced total revenue of $3.15 billion for the second quarter of 2025, up more than 29% from the same period last year. Adjusted EBITDA rose 28% to $143 million, maintaining a steady margin of 4.5%.
The second quarter results show acceleration compared to the first quarter for the company, which experienced 26% revenue growth compared to the previous year.
“The results for the second quarter exceed expectations and we are expected to continue to provide this year's balance goal,” Rousseau said. “We are committed to training the growth of the entire company by running in each market, leveraging scale and best practices to make smart growth investments.”
For the full year of 2025, the company is raising guidance, excluding the impact of the community's lifestyle business and future closure acquisitions. Net revenue guidance rose to $12.6 million, while provider settlement revenue rose to $1.5 million. The adjusted EBITDA is now at $605 million.
The company expects the Respair community to close Sevita in the fourth quarter, as regulatory approvals and typical closure conditions are pending. The agreement will allow Brightspring to streamline its operations and focus on core provider services segments, including at-home hygiene, hospice, personal care, rehabilitation services and primary care.
Turning to the future, Roussau said Brightspring is ingrained in its culture and will continue to prioritize continuous improvement that embraces technology and automation.
“We are experiencing this growth and continuous growth, but we want to continue investing in the future and plant more and more seeds for growth in three or four years,” he said.
