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Tabula Rasa HealthCare Reports Second Quarter 2020 Results
MOORESTOWN, N.J., August 4, 2020 (GLOBE NEWSWIRE) -- Tabula Rasa HealthCare, Inc. (“TRHC”) (NASDAQ:TRHC), a healthcare technology company advancing the field of medication safety, today reported financial results for the second quarter ended June 30, 2020.
Second Quarter 2020 Highlights
● | Total revenue of $76.8 million, which is within our guidance range of $76.0 million to $81.0 million for the second quarter of 2020, was up 1% as compared to the second quarter of 2019. |
● | Non-GAAP Adjusted EBITDA of $7.1 million, which is within our guidance range of $7.0 million to $9.0 million for the second quarter of 2020, declined as compared to $13.7 million for the same period in 2019, which marked a record high for any quarter in company history. |
● | Non-GAAP Adjusted Diluted EPS declined to $0.07 as compared to $0.35 during the same period in 2019. |
● | CareVention HealthCare revenue increased 13% to $50.5 million, driven by organic PACE product revenue growth. |
● | MedWise HealthCare revenue decreased 16% to $26.4 million, driven by the expected decline in medication safety services, partially offset by software subscriptions growth on a reported basis of 14%. Medication safety services increased 10% on a sequential basis as compared to the first quarter of 2020, driven by strong growth in the number of total clinical interventions performed. |
● | Due to COVID-19, bookings were relatively flat as compared to the second quarter of 2019, driven by a decline within our CareVention HealthCare segment which offset continued growth within our MedWise HealthCare segment, led by another strong quarter of sales to health plans. Notable new contractual relationships include a national retail chain, a large supermarket chain and a senior-focused network of primary care centers. In addition to these new bookings, we entered into a multi-year contract renewal with one of our top five PACE clients in terms of membership and revenue. |
● | Our overall sales pipeline has continued to grow, driven by our two largest end-markets (PACE and health plans), which combined are 73% higher as of July 1, 2020 as compared to January 1, 2020. |
“I am pleased with our second quarter performance as our revenue and Adjusted EBITDA results were within our guidance range despite COVID-19 related challenges that became significantly more pronounced in May and June across our primary target markets. Our PACE census trends have shown continued improvement during June, July and August but our overall enrollment growth remains below historical levels, largely due to slower-than-expected growth within our clients’ existing PACE centers as they continue to deal with the pandemic. In addition, following our record sales in the first quarter of 2020, our MedWise HealthCare segment experienced delays in the timing of implementations and closing new business during the second quarter. We remain encouraged by positive signs within our CareVention HealthCare segment, continued healthy growth in our sales pipeline, and our efforts to broaden the adoption of our medication science as evidenced by the major launch of MedWise for our PrescribeWellness community pharmacists,” said Calvin H. Knowlton, PhD, TRHC’s Chief Executive Officer, Chairman and Founder.
Second Quarter 2020 Results
All comparisons, unless otherwise noted, are to the three months ended June 30, 2019.
● | Total revenue - Total revenue of $76.8 million was up 1% as compared to $76.3 million. Total revenue included product revenue of $39.4 million, an increase of 18%, and solutions (i.e. software and services) revenue of $37.5 million, a decrease of 13%. On a sequential basis compared to the first quarter of 2020, total revenue increased 6%. Product revenue of $39.4 million includes $0.4 million related to the initial sales of COVID-19 test kits through our PrescribeWellness pharmacy network. |
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Tabula Rasa Healthcare, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:
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Tabula Rasa Healthcare, Inc. provided additional information to their SEC Filing as exhibits
Ticker: TRHC
CIK: 1651561
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-20-009704
Submitted to the SEC: Thu Aug 06 2020 4:57:01 PM EST
Accepted by the SEC: Thu Aug 06 2020
Period: Tuesday, June 30, 2020
Industry: Business Services