Tabula Rasa Healthcare, Inc. (TRHC) 10-K Annual Report March 2018

MOORESTOWN, N.J., March 12, 2018 (GLOBE NEWSWIRE) -- Tabula Rasa HealthCare, Inc. (“TRHC”) (NASDAQ: TRHC), a healthcare technology company optimizing medication safety by deploying new medication risk mitigation digital software solutions and novel, proprietary medication decision support tools, today announced its financial results for the fourth quarter and full year ended December 31, 2017 and provided its 2018 financial outlook.

“This was an exciting year for Tabula Rasa and we completed the year with another strong quarter in which both our revenue and Adjusted EBITDA results exceeded our guidance,” said Calvin H. Knowlton, PhD, TRHC’s Chairman and Chief Executive Officer. “Throughout 2017, we expanded our leadership position in the PACE market, we made meaningful progress in the health plan and at-risk provider markets, and our integration of SinfoníaRx has progressed nicely as we continue to capitalize on abundant cross-selling opportunities and synergies.”

Dr. Knowlton continued, “Taking a look at the bigger picture, we’ve seen very promising trends from the healthcare industry and Washington as awareness of the risks associated with adverse drug events and benefits that can be achieved through targeted, personalized, effective treatment regimens increases. More specifically, our Medication Risk Mitigation™ platform directly addresses the rising epidemic of accidental opioid overdoses. Ultimately, we believe these trends will lead to numerous exciting opportunities and continued momentum for Tabula Rasa in the 2018 fiscal year and beyond.”

Financial Performance for the Three Months Ended December 31, 2017

All comparisons, unless otherwise noted, are to the three months ended December 31, 2016.

Total revenue was $43.9 million, an increase of 60.9%. Total revenue included product revenue of $27.1 million, an increase of 31.0%, and service revenue of $16.8 million, an increase of 154.6%. Product revenue increased as a result of a combination of expansion from existing clients and new clients onboarded during the year. The increase in service revenue was driven by the SinfoníaRx acquisition in September of 2017, which contributed $9.5 million and TRHC’s participation in the Enhanced Medication Therapy Management program, sponsored by the Center for Medicare and Medication Innovation, which started on January 1, 2017. Offsetting these increases was approximately $2.5 million of service revenue related to a non-recurring project completed in the fourth quarter of 2016.

Gross margin, excluding depreciation and amortization expense, was 32.7% compared to 34.3% in 2016. This quarter showed sequential quarter over quarter growth from the 29.5% gross margin, excluding depreciation and amortization expense, realized in the third quarter of 2017. The year-over-year decrease is primarily related to the fact that the fourth quarter of 2016 was impacted favorably by a non-recurring project. SinfoníaRx, which realized a gross margin, excluding depreciation and amortization expense, of approximately 36.3% represented 21.6% of revenue in the fourth quarter of 2017. TRHC maintains a longer-term gross margin, excluding depreciation and amortization expense, target of 35% to 40%.

Non-GAAP Adjusted EBITDA was $7.1 million compared to $4.8 million, an increase of 47.3%. The increase in Non-GAAP Adjusted EBITDA was primarily driven by growth in both the PACE market and health plan market as well as a $1.7 million contribution from the SinfoníaRx acquisition, even after accounting for approximately $300 thousand of start-up costs incurred during the fourth quarter to prepare for the new contracts secured by SinfoníaRx that began January 1, 2018.

The following information was filed by Tabula Rasa Healthcare, Inc. (TRHC) on Monday, March 12, 2018 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.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Tabula Rasa Healthcare, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 12.1: Statement Regarding Calculation Of Ratios

Exhibit 21.1: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Ticker: TRHC
CIK: 1651561
Form Type: 10-K Annual Report
Accession Number: 0001558370-18-002063
Submitted to the SEC: Wed Mar 14 2018 4:46:16 PM EST
Accepted by the SEC: Wed Mar 14 2018
Period: Sunday, December 31, 2017
Industry: Business Services

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Tabula Rasa Healthcare, Inc. (TRHC) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2017

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