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LOUISVILLE - BrightSpring Health Services, Inc. (NASDAQ: BTSG), a healthcare provider with a market capitalization of $4.16 billion and impressive year-to-date returns of 40%, announced Tuesday that certain stockholders plan to offer 14 million shares of common stock in an underwritten secondary offering. According to InvestingPro data, the company maintains a "GREAT" financial health score, suggesting strong operational fundamentals.
The selling stockholders include affiliates of Kohlberg Kravis Roberts & Co. L.P. (KKR) and members of BrightSpring’s management team. According to the press release statement, the KKR selling stockholder intends to grant underwriters a 30-day option to purchase up to an additional 2.1 million shares.
BrightSpring, a provider of home and community-based health services, will not sell any shares in the offering nor receive any proceeds from the transaction. All proceeds will go to the selling stockholders.
Goldman Sachs & Co. LLC and BofA Securities are serving as lead book-running managers for the offering, while KKR Capital Markets LLC is acting as lead managing agent.
The offering is being made through a shelf registration statement on Form S-3 filed with the Securities and Exchange Commission on June 10, which became automatically effective upon filing.
BrightSpring provides services for complex populations and has been publicly traded on the Nasdaq exchange since its initial public offering. The secondary offering represents existing shareholders reducing their positions in the company.
The company noted in its announcement that the offering will be made only through a prospectus supplement and accompanying prospectus available from the lead managers.
In other recent news, BrightSpring Health Services reported a 26% year-over-year increase in total revenue for Q1 2025, reaching $2.9 billion. Despite the robust revenue growth, the company’s earnings per share (EPS) of $0.19 fell slightly short of the forecasted $0.20. Pharmacy Solutions led the growth with a 28% increase in revenue, contributing significantly to the company’s performance. Mizuho Securities raised its price target for BrightSpring Health to $26, maintaining an Outperform rating, citing the company’s strong start to the year and updated guidance that exceeded expectations. Additionally, BrightSpring held its annual meeting of stockholders, confirming the election of two Class I directors and ratifying KPMG LLP as the independent accounting firm for the fiscal year. The company also announced plans to divest its Community Living business in the second half of 2025. Analysts from Mizuho expressed confidence in BrightSpring’s trajectory, attributing positive momentum to effective management and strategic positioning.
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