- Reports preliminary revenue from continuing operations of $72 at $73 million for the second quarter of 2022, exceeding the range of previous guidance and maintaining a strong performance for 2022 as the company focuses on its core business
- Company Comments on Indaba Capital Management Public Statements
MOORESTOWN, NJ, July 20, 2022 /PRNewswire/ — Tabula Rasa HealthCare, Inc. (“TRHC” or the “Company”) (NASDAQ: TRHC), a leading health technology company advancing the safe use of medicines, announced today its preliminary unaudited financial results for the second quarter ended June 30, 2022 and commented on public statements made today by Indaba Capital Management, LP (“Indaba”).
Preliminary unaudited revenue from continuing operations for the second quarter of 2022 is expected to be between $72 – $73 millionexceeding the anterior guidance range of $66 – $69 million. The Company intends to release its full unaudited financial results for the second quarter of 2022 in early August.
Commenting on the preliminary results, Calvin H. KnowltonPhD, Chief Executive Officer, President and Founder of TRHC, said, “Our preliminary second quarter revenue performance underscores the continued momentum of the business as we continue to see increased demand for our core offering. We are also pleased with our team’s efforts to unlock value by seeking opportunities to divest non-core assets as we refine our strategic focus and strengthen our balance sheet. We continue to make significant progress on both fronts as we recalibrate the business for the significant opportunities ahead in the PACE market.
Gordon Tunstallindependent lead director of TRHC, commented on public statements made by Indaba: “TRHC’s Board of Directors and management team always strive to maintain an active dialogue with shareholders and welcome comments and ideas on ways to create value and continue to improve our corporate governance.With this in mind, the Board of Directors and management team have spoken with Indaba on several occasions since their initial investment in the company in April 2022 to understand their perspective, and we plan to continue our dialogue with them and other shareholders as part of our normal investor relations process. »
Tunstall continued, “We have an accomplished, diverse and highly engaged Board of Directors with deep and relevant industry experience and business acumen, including nine directors who bring proven expertise in healthcare areas. , finance, public service and academia. We are confident that we have the right Board and management team in place to guide TRHC forward and create lasting value for our shareholders as the company continues to execute on its strategy.”
The foregoing forward-looking statements reflect our expectations as of today’s date. Due to the number of risk factors, uncertainties and assumptions discussed below, actual results may differ materially.
About Tabula Rasa HealthCare
Tabula Rasa Healthcare (TRHC) (NASDAQ: TRHC) provides medication safety solutions that enable healthcare professionals and consumers to optimize medication regimens, combat medication overload and reducing adverse drug events – the fourth leading cause of death in the United States. TRHC proprietary technology solutions, including MedWise®, improve patient outcomes, reduce hospitalizations and lower healthcare costs. TRHC in-depth clinic tele-pharmacy network improves patient care nationwide. Its solutions are trusted by health plans and pharmacies to help promote value-based care. For more information, visit TRHC.com.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements give current expectations or forecasts of future events or the future financial or operating performance of the Company, and include the Company’s expectations regarding healthcare regulation, industry trends, opportunities available for Company, the Company’s financial and operational performance, the impacts of the COVID-19 pandemic and the Company’s expectations for 2022 and beyond. Such statements are identified by the use of the words “believe”, “will”, “may”, “estimate”, “expect”, “intend”, “plan”, “predict”, “could”, or the negative form of these words. similar terms or expressions. You should read these statements carefully because they address future expectations, contain projections of future results of operations or financial condition, or state other “forward-looking” information. These statements relate to, but are not limited to, the Company’s financial performance and the assumptions underlying such statements and the Company’s future engagement with shareholders. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated by the forward-looking statements. Factors that could cause such a difference include, but are not limited to, (I) the impacts of the ongoing COVID-19 pandemic and other health epidemics; (ii) the Company’s ability to adapt to changes or trends in the US healthcare market; (iii) a significant increase in competition from various companies in the health sector; (iv) developments and changes in laws and regulations, including increased regulation of the healthcare sector through legislation and revised rules and standards; (v) the extent to which we are successful in establishing new, long-term relationships with our customers or retaining existing customers; (vi) the growth and success of the Company’s customers, which are difficult to predict and subject to factors beyond its control; (vii) the Company’s ability to maintain a relationship with a specified drug wholesaler; (viii) growing consolidation in the health sector; (ix) effectively manage the growth of the Company; (X) fluctuations in operating results; (xi) the Company’s ability to manage its cash flows; (xi) failure or disruption of the Company’s information technology and security systems; (xiii) dependence on senior management and key employees of the Company; (xiv) the future indebtedness of the Company and its ability to obtain additional financing, to reduce its expenses or to generate funds if necessary; (xvi) macroeconomic conditions, including the impact of inflation, on the business and operations of the Company; (XVI) the Company’s ability to complete the sale of PrescribeWellness and/or execute its scheduled assignments from SinfoniaRxand dose me businesses, the costs associated therewith and the risks of diverting management’s attention from the Company’s ongoing business activities; (17) risks related to the volatility of the Company’s share price; (xviii) the Company’s commitment with Indaba; and (xix) the risks set forth from time to time in TRHC documents filed with the Securities and Exchange Commission (“SEC”), including the factors described under “Risk Factors” in TRHC most recent annual report on Annual Report on Form 10-K, filed with the SEC on February 25, 2022and in subsequent reports filed with or furnished to the SEC. TRHC assumes no obligation and does not intend to update these forward-looking statements, except as required by law, to reflect events or circumstances after today’s date.
SOURCE Tabula Rasa HealthCare, Inc.