Brightspring Health Services Inc., a U.S. healthcare provider, on January 26(hereinafter referred to as "BrightSpring") officially listed on the NASDAQ market.
With the ringing of the listing bell, this young and energetic team finally couldn't hold back the excitement in their hearts, and cheers and shouts resounded through the NASDAQ exchange.
This is a trillion-level blue ocean market. "The silver economy, known as the sunrise industry of the 21st century, has ushered in its first IPO in 2024.
It is understoodFounded in 1974, BrightSpring is a large home-based community health care service platform in the United States, providing home health care, hospice care and home care services to the elderly in the community. In addition, Brightspring provides medical and pharmaceutical services to specialist patients.
Headquartered in Louisville, Kentucky, Brightspring currently operates in all 50 states and provides comprehensive medical care to at least 400,000 customers annually.
In this IPO, Brightspring issued a total of 53.33 million shares and raised 6$9.3 billion, with a market capitalization of $18 on the first day of listing$8.3 billion (about $13.5 billion.)RMB 4.2 billion).
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According to the Brightspring prospectus, in the past three years, the company's revenue has increased from 55$80.4 billion, growing to 77$20.6 billion, operating profit from 1$6.5 billion grew to 1$8.8 billion.
During the reporting period, BrightSpring reported revenue of 64$51.6 billion, up from $57.7 in the same period in 2022$49.9 billion, an increase of about 11%.
Source: Brightspring Prospectus.
From the perspective of specific revenue structure, BrightSpring's revenue mainly comes from the two major sectors of medicine and nursing servicesAmong them, the pharmaceutical business line has grown year after year in the past three years, with 3635.9 billion U.S. dollars, 43$89.4 billion and $52.2$64.4 billion. And in 2023 (until September 30), Brightspring's pharmaceutical revenue will reach 4737 billion US dollars, accounting for 734%
From the perspective of customer groups and main business, Brightspring's business growth mainly comes from the management of chronic diseases in the elderly, and it has achieved diversified business expansion by continuously digging into user needs.
BrightSpring's user data shows that nearly all of the service's users suffer from chronic conditions, with an average of six chronic diseases per patient, and users with three or more complications need to take at least eight medications per dayand will need to receive services on a regular basis for a longer period of time to come.
Therefore, in response to the health service needs of the elderly with chronic diseases, Brightspring has established strategic partnerships with more than 360 medical institutions in the United States to provide exclusive **oncology** drugs, and has opened up more than 180 local pharmacy channels, infusion centers and specialty cancer centers in the United States to quickly respond to the needs of daily drug delivery, door-to-door infusion services and health care. In 2022, Brightspring delivered 34 million prescription drug orders and delivered approximately 1200 million hours of care
According to the Congressional Budget Office (CBO), the number of people over the age of 65 in the United States will grow at a rate of nearly 3% per year through 2030, and the number of households aged 85 and older will double by 2040. In terms of healthcare services, the elderly user market will grow by 5% per year, the demand for home infusion is expected to grow by 9%, the expenditure on specialty drugs is expected to increase by 10%, and the oncology drug market will grow at a rate of 10% to 15% per year.
Under the trend of an aging population, BrightSpring's business development has ushered in a period of steady growth, with 76% of users requiring continuous care services for six months or more, and 69% of users requiring services for up to one year.
In fact, in addition to geriatric chronic disease ** care,BrightSpring also provides personal life care services for the elderly, Alzheimer's care, assistance with activities of daily living, hospital-based care, short-term care, telecare, hospice care and more.
In terms of personal care, BrightSpring not only provides professional clinical care and services, but also provides customized care services for patients with different diseases.
In terms of remote care, BrightSpring has provided hundreds of thousands of users with electronic medical records, data analysis reports, home intelligent monitoring, daily activity monitoring, vital signs monitoring, disease early warning, emergency rescue, telemedicine consultation and other services through digital information systems.
In terms of hospice care, BrightSpring provides services such as dietary conditioning, symptom observation, psychological support and emotional companionship for elderly users. Provides physical, emotional, and spiritual comfort and support. Data shows that the average patient visits 22 per month in hospice care provided by BrightSpring7 times, 10 per month of care5 times.
According to BrightSpring, through smart home care for the elderly, the hospitalization rate of users has been reduced by 50%, the number of emergency visits has been reduced by 20%, and the average daily expenditure of users has been reduced by 90%. According to the latest data, users currently have more than 359 days of home care per year. In the future, BrightSpring will enter more living communities in the form of public welfare activities, and go to schools, activity centers, etc. to provide public welfare services for children and the elderly, so as to further expand BrightSpring's market penetration, and it is expected that at least 20 new service sites will be added every year in the future.