BrightSpring Health Services Files Amendment to S-1 Registration Statement

TL;DR

<b>BrightSpring Health Services, Inc. has filed an amendment to its S-1 registration statement, indicating progress towards a public offering.</b>

AI Summary

BrightSpring Health Services, Inc. (BTSGU) filed a Amended IPO Registration (S-1/A) with the SEC on January 17, 2024. BrightSpring Health Services, Inc. filed an amendment (S-1/A) to its registration statement on January 17, 2024. The company is incorporated in Delaware and its principal executive offices are located in Louisville, Kentucky. The filing is related to the Securities Act of 1933, with registration number 333-276348. BrightSpring Health Services operates in the Home Health Care Services sector (SIC code 8082). The filing indicates the company is a non-accelerated filer.

Why It Matters

For investors and stakeholders tracking BrightSpring Health Services, Inc., this filing contains several important signals. This amendment suggests BrightSpring is moving forward with its plans to become a publicly traded company, which could provide access to capital for expansion and operations. As a non-accelerated filer, the company may have fewer reporting obligations compared to larger filers, potentially simplifying its compliance.

Risk Assessment

Risk Level: low — BrightSpring Health Services, Inc. shows low risk based on this filing. The filing is an amendment to a registration statement, which is a standard procedural step for an IPO and does not contain new financial performance data or significant business updates that would alter the risk profile.

Analyst Insight

Monitor future filings for updated financial information and details regarding the proposed public offering to assess the company's valuation and market reception.

Key Numbers

• 333-276348 — SEC Registration Number (Registration No. 333-276348)
• 8082 — SIC Code (Primary Standard Industrial Classification Code Number: 8082)
• 822956404 — IRS Number (I.R.S. Employer Identification No.: 822956404)
• 2024-01-17 — Filing Date (Filed as of date: 20240117)
• DE — State of Incorporation (Delaware)
• 1231 — Fiscal Year End (Fiscal year end: 1231)

Key Players & Entities

• BrightSpring Health Services, Inc. (company) — Registrant
• Steven S. Reed (person) — Chief Legal Officer and Corporate Secretary
• Joseph H. Kaufman (person) — Copy to counsel
• Sunny Cheong (person) — Copy to counsel
• Lia Toback (person) — Copy to counsel
• Simpson Thacher & Bartlett LLP (company) — Counsel
• Marc D. Jaffe (person) — Copy to counsel
• Ian D. Schuman (person) — Copy to counsel

Forward-Looking Statements

• BrightSpring Health Services, Inc. will complete its IPO within the next 3-6 months. (BrightSpring Health Services, Inc.) — medium confidence, target: 2024-07-17

FAQ

Industry Context

BrightSpring Health Services operates within the home health care services industry, a sector focused on providing medical and non-medical care to individuals in their homes.

Regulatory Implications

The filing is made under the Securities Act of 1933, which governs the registration of securities offered to the public in the United States.

What Investors Should Do

1. Review the full S-1/A filing for any substantive updates or changes to the offering details.
2. Track subsequent SEC filings from BrightSpring Health Services for further developments regarding their IPO.
3. Research the home health care services industry to understand market trends and competitive landscape for BrightSpring.

Key Dates

• 2024-01-17: Filing of Amendment No. 2 to Form S-1 — Indicates continued progress in the registration process for a public offering.

Year-Over-Year Comparison

This is an amendment (S-1/A) to a previous registration statement, indicating procedural updates rather than a new initial filing.

Key Financial Figures

• $835.8 million — ncurrent Offering will be approximately $835.8 million (or approximately $961.9 million if the
• $961.9 million — mately $835.8 million (or approximately $961.9 million if the underwriters exercise in full th
• $16.50 — ing an initial public offering price of $16.50 per share (which is the midpoint of the
• $15.00 — ice of our common stock will be between $15.00 and $18.00 per share. We have applied t
• $18.00 — common stock will be between $15.00 and $18.00 per share. We have applied to list our
• $2,400 — dication adherence and an approximately $2,400 per member per year reduction in total
• $1.0 — its combined market opportunity of over $1.0 trillion by starting with the projected
• $944 billion — d Medicare and Medicaid expenditures of $944 billion and $805 billion, respectively, and sub
• $805 b — dicaid expenditures of $944 billion and $805 billion, respectively, and subtracting pr
• $623 billion — e and Medicaid hospital expenditures of $623 billion and adding projected total pharmacy exp
• $225 billion — and Medicaid pharmacy expenditures, of $225 billion. The Companys platform is purpose-built

Filing Documents

• d251968ds1a.htm (S-1/A) — 3991KB
• d251968dex31.htm (EX-3.1) — 72KB
• d251968dex32.htm (EX-3.2) — 114KB
• d251968dex51.htm (EX-5.1) — 8KB
• d251968dex52.htm (EX-5.2) — 17KB
• d251968dex1021.htm (EX-10.21) — 116KB
• d251968dex1022.htm (EX-10.22) — 23KB
• d251968dex1023.htm (EX-10.23) — 25KB
• d251968dex1024.htm (EX-10.24) — 23KB
• d251968dex1025.htm (EX-10.25) — 25KB
• d251968dex1026.htm (EX-10.26) — 23KB
• d251968dex231.htm (EX-23.1) — 2KB
• d251968dexfilingfees.htm (EX-FILING FEES) — 53KB
• g251968g01g00.jpg (GRAPHIC) — 461KB
• g251968g02t98.jpg (GRAPHIC) — 134KB
• g251968g03g03.jpg (GRAPHIC) — 113KB
• g251968g14g14.jpg (GRAPHIC) — 99KB
• g251968g70c01.jpg (GRAPHIC) — 64KB
• g251968g70c02.jpg (GRAPHIC) — 71KB
• g251968g70c03.jpg (GRAPHIC) — 58KB
• g251968g70c04.jpg (GRAPHIC) — 80KB
• 0001193125-24-008939.txt (&nbsp;) — 5969KB

Forward-Looking Statements

Forward-Looking Statements 83

Use of Proceeds

Use of Proceeds 86 Dividend Policy 87 Capitalization 88

Managements Discussion and Analysis of Financial Condition and Results

Managements Discussion and Analysis of Financial Condition and Results of Operations 92

Business

Business 136 Management 176

Executive Compensation

Executive Compensation 182 Certain Relationships and Related Party Transactions 205 Principal Stockholders 209 Tangible Equity Units Offering 211

Description of Capital Stock

Description of Capital Stock 213 Description of Certain Indebtedness 221 Shares Eligible for Future Sale 225 Material U.S. Federal Income Tax Consequences to Non-U.S. Holders 227 Underwriting (Conflicts Of Interest) 230 Legal Matters 238 Experts 238 Where You Can Find More Information 238 Index to Financial Statements F-1 Through and including the 25th day after the date of this prospectus, all dealers that effect transactions in these shares of our common stock, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to the dealers obligations to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions. You should rely only on the information contained in this prospectus or in any free writing prospectus we may authorize to be delivered or made available to you. Neither we nor the underwriters have authorized anyone to provide you with different information. The information in this prospectus is accurate only as of the date of this prospectus, regardless of the time of delivery of this prospectus, or any free writing prospectus, as the case may be, or any sale of shares of our common stock. For investors outside the United States: we are offering to sell, and seeking offers to buy, shares of our common stock only in jurisdictions where offers and sales are permitted. Neither we nor the underwriters have done anything that would permit this offering or possession or distribution of this prospectus in any jurisdiction where action for that purpose is required, other than in the United States. Persons outside the United States who come into possession of this prospectus must inform themselves about, and observe any restrictions relating to, the offering of the shares of common stock and the distribution of this prospectus outside the United States. i Table of Contents INDUSTRY AND MARKET DATA Within this prospectus, w

View Full Filing

View this S-1/A filing on SEC EDGAR