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Tabula Rasa Healthcare, Inc. (TRHC) SEC Filing 10-K Annual Report for the fiscal year ending Saturday, December 31, 2022

Tabula Rasa Healthcare, Inc.

HISTORY TOOLS
CIK: 1651561 Ticker: TRHC

Exhibit 99.1

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Tabula Rasa HealthCare Reports Fourth Quarter and Full Year 2022 Financial Results

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Fourth Quarter Concludes Successful Transformational Year, With Company Sharpening Focus and Laying a Foundation for Sustainable, Profitable Growth

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Recently Completed Sales of SinfoníaRx and DoseMe

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Shares Full Year 2023 Revenue Guidance and Adjusted EBITDA Guidance

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MOORESTOWN, N.J., March 6, 2023 /PRNewswire/ – Tabula Rasa HealthCare, Inc.® (Nasdaq:TRHC) (“TRHC” or the “Company”), a leading healthcare technology company advancing the safe use of medications, today reported financial results for the fourth quarter and full year ended December 31, 2022.

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Highlights from fourth quarter and full year 2022 include:

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Quarter ended December 31, 2022:

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●Fourth quarter revenue from continuing operations of $82.7 million, representing a 20% increase versus the prior year fourth quarter
●Fourth quarter GAAP net loss and adjusted EBITDA from continuing operations of $18.4 million and $4.1 million, respectively

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Full year ended December 31, 2022:

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●Full year 2022 revenue from continuing operations of $299.5 million, representing a 15% increase versus the prior year
●Full year 2022 GAAP net loss and adjusted EBITDA from continuing operations of $77.3 million and $9.3 million, respectively

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“Since the leadership changes announced last September, we have taken a number of transformational steps to reposition TRHC for long-term success and profitable growth. These include strengthening our management team, refreshing our Board of Directors, and divesting two non-core businesses, which is allowing the Company to refocus its vision and better deliver consistent execution of our financial and strategic objectives. We are in a strong position as we enter 2023, and I am extremely proud of our team members and what we have accomplished over the last year as we continue to make positive impacts on patient care for our customers,” said Brian Adams, President and Interim Chief Executive Officer.

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Key Financial Results

(in millions except percentages)

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Q4

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Full Year

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2022

    

2021

    

% Change

    

2022

    

2021

    

% Change

Revenue from continuing operations

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$

82.7

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$

68.9

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20

%

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$

299.5

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$

259.9

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15

%

Gross margin

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23.8%

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26.6%

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22.3%

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25.6%

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Adjusted gross margin

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24.6%

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28.7%

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23.7%

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27.6%

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GAAP net loss from continuing operations

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$

(18.4)

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$

(13.0)

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(41)

%

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$

(77.3)

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$

(52.2)

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48

%

Adjusted net loss from continuing operations

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$

(1.2)

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$

(0.8)

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(41)

%

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$

(10.1)

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$

(5.7)

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77

%

Adjusted EBITDA from continuing operations

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$

4.1

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$

4.1

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—

%

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$

9.3

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$

12.1

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(23)

%

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Fourth Quarter 2022 Financial Results

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All comparisons, unless otherwise noted, are to the three months ended December 31, 2021, and reflect continuing operations. During the fourth quarter of 2022, the Company retitled its revenue categories from product revenue and service revenue to medication revenue and technology-enabled solutions revenue, respectively, in its consolidated statements of operations and notes to the consolidated financial statements. The changes had no impact to amounts

1

The following information was filed by Tabula Rasa Healthcare, Inc. (TRHC) on Monday, March 6, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one year to another to evaluate Tabula Rasa Healthcare, Inc.'s financial trajectory

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Assess how Tabula Rasa Healthcare, Inc.'s management team is paid from their Annual Proxy

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Tabula Rasa Healthcare, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2023 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

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Inside Tabula Rasa Healthcare, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (Parenthetical)
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders' Equity (Deficit)
Accrued Expenses And Other Liabilities
Accrued Expenses And Other Liabilities (Details)
Accrued Expenses And Other Liabilities (Tables)
Acquisitions
Acquisitions (Tables)
Acquisitions - Personica (Details)
Acquisitions - Pro Forma (Unaudited) (Details)
Commitments And Contingencies
Commitments And Contingencies - Vendor Purchase Agreements (Details)
Discontinued Operations
Discontinued Operations (Tables)
Discontinued Operations - Divestiture Of Business (Details)
Discontinued Operations - Divestiture Of Business, Assets And Liabilities (Details)
Discontinued Operations - Divestiture Of Business, Operating Non-Cash Items And Investing Activities (Details)
Discontinued Operations - Divestiture Of Business, Results Of Operations (Details)
Discontinued Operations - Held For Sale (Details)
Discontinued Operations - Held For Sale, Assets And Liabilities (Details)
Discontinued Operations - Held For Sale, Operating Non-Cash Items And Investing Activities (Details)
Discontinued Operations - Held For Sale, Results Of Operations (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Contingent Consideration (Details)
Fair Value Measurements - Financial Instruments (Details)
Fair Value Measurements - Fv On Recurring Basis (Details)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables)
Goodwill And Intangible Assets - Amortization (Details)
Goodwill And Intangible Assets - Goodwill (Details)
Goodwill And Intangible Assets - Intangible Assets (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Components (Details)
Income Taxes - Deferred Taxes (Details)
Income Taxes - Effective Tax Rate (Details)
Income Taxes - Expense (Benefit) (Details)
Income Taxes - Nols (Details)
Income Taxes - Rate Reconciliation (Details)
Income Taxes - Valuation Allowance (Details)
Leases
Leases (Tables)
Leases - Components Of Lease Expense (Details)
Leases - Maturities Of Lease Liabilities (Details)
Leases - Supplemental Balance Sheet Information (Details)
Leases - Supplemental Cash Flow Information (Details)
Line Of Credit And Long-Term Debt
Line Of Credit And Long-Term Debt (Tables)
Line Of Credit And Long-Term Debt - Convertible Note Hedge And Warrant Transactions (Details)
Line Of Credit And Long-Term Debt - Convertible Senior Subordinated Notes (Details)
Line Of Credit And Long-Term Debt - Line Of Credit (Details)
Line Of Credit And Long-Term Debt - Long-Term Debt (Details)
Nature Of Business
Net Loss Per Share
Net Loss Per Share (Tables)
Net Loss Per Share - Anti-Dilutive Securities (Details)
Net Loss Per Share - Eps (Details)
Notes Payable Related To Acquisition
Notes Payable Related To Acquisition (Details)
Other Current Assets
Other Current Assets (Details)
Other Current Assets (Tables)
Property And Equipment
Property And Equipment (Details)
Property And Equipment (Tables)
Related Party Transactions
Related Party Transactions (Details)
Retirement Plan
Retirement Plan (Details)
Revenue
Revenue (Tables)
Revenue - Change In Contract Balances (Details)
Revenue - Contract Balances (Details)
Revenue - Disaggregation (Details)
Revenue - General (Details)
Rights Plan
Rights Plan (Details)
Schedule Ii - Valuation And Qualifying Accounts (Details)
Schedule Ii-Valuation And Qualifying Accounts
Segment Reporting
Segment Reporting (Tables)
Segment Reporting - Adjusted Ebitda (Loss) From Continuing Operations (Details)
Segment Reporting - Reconciliation Of Net Loss To Adjusted Ebitda (Loss), Discontinued Operations (Details)
Segment Reporting - Reconciliation Of Net Loss To Adjusted Ebitda, Continuing Operations (Details)
Segment Reporting - Revenue (Details)
Software Development Costs
Software Development Costs (Details)
Software Development Costs (Tables)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Employee Stock Purchase Plan (Details)
Stock-Based Compensation - Expense (Details)
Stock-Based Compensation - Options Activity (Details)
Stock-Based Compensation - Options Valuation (Details)
Stock-Based Compensation - Other Stock Awards (Details)
Stock-Based Compensation - Performance Based Equity Awards (Details)
Stock-Based Compensation - Plans (Details)
Stock-Based Compensation - Restricted Common Stock And Restricted Stock Units (Details)
Stockholders' Equity
Stockholders' Equity - Warrants (Details)
Subsequent Events
Subsequent Events (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies - Accounts Receivable, Net (Details)
Summary Of Significant Accounting Policies - Advertising Costs And Segment Data (Details)
Summary Of Significant Accounting Policies - Cloud Computing Arrangements (Details)
Summary Of Significant Accounting Policies - Concentration Of Risk (Details)
Summary Of Significant Accounting Policies - Goodwill And Impairment Of Long-Lived Assets (Details)
Summary Of Significant Accounting Policies - Property And Equipment And Software Development Costs, Net (Details)
Summary Of Significant Accounting Policies - Shipping And Handling (Details)
Summary Of Significant Accounting Policies - Stock-Based Compensation (Details)
Summary Of Significant Accounting Policies - Vendor Financing Arrangements (Details)
Ticker: TRHC
CIK: 1651561
Form Type: 10-K Annual Report
Accession Number: 0001558370-23-003430
Submitted to the SEC: Fri Mar 10 2023 1:31:19 PM EST
Accepted by the SEC: Fri Mar 10 2023
Period: Saturday, December 31, 2022
Industry: Business Services

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