BrightSpring Health Services, Inc. (BTSG) Presents at Morgan Stanley 24th Annual Global Healthcare Conference Transcript

SA Transcripts 162.21K Followers Follow BrightSpring Health Services, Inc. ( BTSG ) Morgan Stanley 24th Annual Global Healthcare Conference September 15, 2026 3:20 PM EDT Company Participants Jennifer Phipps - CFO, Executive VP & Corporate Secretary Conference Call Participants Erin Wilson Wright - Morgan Stanley, Research Division Presentation Erin Wilson Wright Morgan Stanley, Research Division Hi, good afternoon, everyone. I'm Erin Wright, health care services analyst at Morgan Stanley, and welcome to the Morgan Stanley Global Healthcare Conference. For more important disclosures, please see the Morgan Stanley research disclosure website at morganstanley.com/researchdisclosures. And with us today this afternoon, we have BrightSpring Health Services. With them, we have CFO, Jennifer Phipps. Thank you so much for coming. We look forward kind of to a great conversation here in terms of the fireside chat. So thank you. Jennifer Phipps CFO, Executive VP & Corporate Secretary Yes. Thanks for having us. Question-and-Answer Session Erin Wilson Wright Morgan Stanley, Research Division So we'll get right into it. You recently raised your 2026 guidance again in July with adjusted EBITDA now expected to be in that sort of $820 million to $845 million range. Can you bridge us to the latest increase and discuss what is now embedded in terms of your second half expectations? Where do you have the most visibility and which assumptions might, I guess, contain the greatest variability? Jennifer Phipps CFO, Executive VP & Corporate Secretary Yes. No, thanks for the question. We obviously had really strong performance first half, 44% EBITDA growth year-over-year. We expect continued strong growth embedded in our guidance throughout the rest of the year. Some of that outperformance has been in volume and was broad-based across all of our different business lines. So as we think about both the Pharmacy and Provider businesses, both have performed really well from a volume perspective. We had new LDD wins, many in the first half. We've had some