BrightSpring Health Services Files To Go Public For The Second Time

BrightSpring Health Services officially filed plans for an initial public offering Tuesday.

The home- and community-based services provider first planned to go public in 2021, but ultimately decided against it. Now, those plans are full speed ahead yet again.

“With over 40 years of experience caring for ‘must-serve’ client and patient populations, we deliver care in preferred and lower-cost settings with strong quality results,” the company wrote in an S-1 filing. “Our services reduce cost by providing care for many of these individuals in non-institutional home and community settings and reducing hospitalizations.”


Based in Louisville, Kentucky, and backed by the investment firm KKR, BrightSpring provides home- and community-based provider services to complex populations. It provides care across all 50 states to 350,000 patients daily, and provides home-based care specifically to 250,000 patients daily across 40 states.

KKR and an affiliate of Walgreens Boots Alliance (Nasdaq: WBA) acquired BrightSpring for $1.32 billion in 2019.

The company plans to be listed on the Nasdaq, with the stock ticker BTSG.


Another BrightSpring attempt at an IPO was first reported in September. Bloomberg specifically reported that the company was attempting to raise $1 billion this time around. Those details were not included in Tuesday’s filing.

Goldman Sachs (NYSE: GS), Jefferies Financial Group Inc. (NYSE: JEF), Morgan Stanley (NYSE: MS) and Bank of America (NYSE: BAC), among others, acted as underwriters for the listing.

When BrightSpring first filed the paperwork for an IPO in October 2021, it reportedly had a fundraising goal of $800 million. In November of 2022, it officially nixed those plans.

In its recent S-1 filing, the company again touted the massive and addressable market for home- and community-based care.

“We estimate our total addressable market opportunity to be over $1.0 trillion, and the complex populations we serve both comprise the majority of this spend and drive the highest growth within health care services,” the filing read. “Our ability to provide complementary and integrated daily pharmacy and provider services to more patients at scale enhances our growth and new contract opportunities comparatively and provides us with greater long-term potential size and impact.”

In the nine months ending on Sept. 30, 2023, BrightSpring posted revenues of $6.45 billion, a 12.2% year-over-year increase.

In CY 2022, revenue grew by $1 billion to $7.7 billion overall. Net income decreased by $105.5 million, however, to $54.2 million.

Home-based care highlighted

BrightSpring is led by multiple home-based care veterans.

President and CEO Jon Rousseau has been with the company since 2016. Prior to that, he was with Kindred Healthcare. He specifically led Kindred’s home health, hospice, home care and home-based primary care businesses.

Mike McMaude, meanwhile, leads BrightSpring’s home health and hospice services segment. He joined the company in 2021 when BrightSpring acquired the home health and hospice provider Abode for $775 million. McMaude originally founded Abode in 2012 and served as CEO of the company.

Throughout the S-1 filing, BrightSpring honed in on the need for home-based care services – and its ability to deliver those services.

“Over the past five years we built upon supportive care services to patients, as we have meaningfully expanded our footprint of highly clinical and expert services to home health, rehabilitation, and hospice patients to address a large national healthcare need and more completely and better serve senior and specialty patients in the home,” the filing read.

BrightSpring noted that its home health census grew by approximately 9% from September 2022 to September 2023.

As of Dec. 31, its payer diversification breakdown was: 48% Medicare, and 35% Medicare Part D; 23% Medicaid; 19% Commercial; 4% government programs; and 6% private (or “other”).

BrightSpring’s leaders believe that its layer of services, plus its payer diversification, set the company up well for “quality and value-based contracts” that allow it to “realize greater incentives and savings than today.”

“We believe that proximal, attentive and quality home and community-based services combined with our integrated care capabilities reduces costs in the health care system for medically complex populations, while also delivering improved member outcomes,” the filing read. “In addition to our demonstrated strong quality results and serving patients in home or community settings they prefer, we have also demonstrated significant cost and performance benefits for our payers.”

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