BrightSpring Health Services Inc. (NASDAQ: BTSG) is positioning itself for further growth, driven in part by acquisitions.

During the first quarter of the year, BrightSpring saw net revenue rise 27% year-over-year to $2.5 billion. The Louisville, Kentucky-based provider achieved a gross profit of $369 million, up 10.4% compared to $335 million in Q1 2023, but experienced a net loss of $46 million, up from a $22 million loss in the first quarter of 2023.

The company’s health care provider services segment, which includes its hospice business, as well as home health and other services, accounted for $600 million in Q1 revenue, up 7% from $561 million year-over-year.

“Secular growth drivers underpinning performance across the company include continued robust market growth driven by demographics, the continued shift of services delivered closer to the patient in home and community settings, and specific customer setting growth factors,” BrightSpring CEO Jon Rousseau said during a Q1 earnings call. 

The company went public in January with a successful initial public offering (IPO). BrightSpring is a home- and community-based health care services platform that serves more than 400,000 patients daily. The company indicated its intent to go public in a Jan. 3 filing with the U.S. Securities and Exchange Commission, with a $1 billion IPO.

Prior to going public, BrightSpring was owned by affiliates of the investment firm KKR Phoenix Aggregator L.P. and Walgreens Co., a portfolio company of Walgreens Boots Alliance Inc. (NASDAQ: WBA). These stakeholders will continue to hold the majority of Brightspring’s shares.

Going forward, the company expects to pursue acquisitions in addition to boosting same-store growth and de novos.

“Our ongoing strategic planning is aimed at meeting the needs of more patients, as we continue to dive deeper into our existing and adjacent markets, and focus on growing and above market rates,” Rousseau said. “We do this through the expansion of current operations, de novo projects, and acquisitions … We will look to acquire operations in the right geographies where we see increased value under the BrightSpring platform.”