The newest home-based care face on the public market, BrightSpring Health Services (Nasdaq: BTSG), is making strides.

The company announced a successful third quarter during its earnings call Friday. Leaders reported an overall increase in business and raised 2024 revenue and adjusted EBITDA guidance.

Provider service segment revenue grew across service lines for the Louisville, Kentucky-based company. This was primarily attributed to billable hours growth and its Rehab in Motion program supporting Medicare Part B outpatient rehab patients.

“We anticipate Rehab in Motion to continue to evolve next year and grow to meaningful size over the next five years,” BrightSpring President and CEO Jon Rousseau said on the call. “Another way we are laying the foundation for long-term growth and better and more integrated prescriber and patient solutions.”

M&A and de novo expansion continue to be a focus, according to Rousseau. Toward the end of the third quarter, the company announced the closing of the Haven Hospice acquisition, expanding care to patients in Florida.

“From an acquisition strategy perspective, I think it’s going to be consistent with what we’ve done over the past couple of years,” he said. “On the provider side, it’s been rehab, home health and hospice, and then home-based primary care as well. We currently have three or four very small tuck-ins for home health and hospice, which are high returns on investment. On the de novo side, it’s really on home health, hospice and rehab.”

Rousseau also announced the addition of a third independent director to BrightSpring’s board of directors, Dr. Steve Miller.

“Dr. Miller brings decades of impressive clinical leadership experience,” Rousseau said. “I look forward to working with him to grow our company and deliver leading quality care to patients.”

Financial results

BrightSpring announced a total third-quarter revenue of $2.9 billion, representing 29% growth year over year. Adjusted EBITDA was $151 million, representing 16% growth year over year.

Within the provider services segment, the company reported a revenue of $641 million, representing a 10% growth compared to the prior year.

Specifically, home health care revenue was $265 million for the third quarter, a 13% increase compared to 2023. Community and rehab care revenue was reportedly $376 million, representing an 8% increase year over year.

“As a company, we continue to focus daily on bringing valuable, high-quality services to people across homes and communities all around us who can benefit from these services,” Rousseau said. “Quality, volume, growth and efficiency will remain our focus areas. We’re optimistic about closing out 2024 and getting into 2025 in a good position to make the biggest impact for people in our communities.”