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Tabula Rasa Healthcare, Inc. (TRHC) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

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 2020 Results

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MOORESTOWN, N.J., February 23, 2021 (PR NEWSWIRE) -- Tabula Rasa HealthCare, Inc. (“TRHC”) (Nasdaq:TRHC), a healthcare technology company advancing the safe use of medications, today reported financial results for the fourth quarter and full year ended December 31, 2020.

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“We finished a challenging 2020 with fourth quarter revenue exceeding the high end of the guidance range we provided on November 3, 2020 and adjusted EBITDA at the high end of our guidance range. While the ongoing pandemic has created short-term headwinds, it has also elevated the critical role pharmacists play in the broader healthcare ecosystem. We are uniquely positioned to capitalize on the growing market opportunity for our medication risk mitigation science and solutions over the next decade,” said Calvin H. Knowlton, PhD, TRHC’s Chief Executive Officer, Chairman and Founder.

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CareVention Highlights

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oThrough a combination of organic growth and strategic acquisitions, we ended 2020 serving 44,947 PACE participants, which represents less than 3% of the estimated 2.2 million PACE-eligible individuals based on recent industry data. After taking into account the October 2020 acquisition of Personica, our average PACE per-member per-month (PMPM) revenue during the fourth quarter was $394, which is one-third of the potential revenue we would expect to capture for clients utilizing all of our services. Driving our PMPM higher through cross-selling new services to existing clients is a strategic priority for TRHC in 2021. During 2020, we recognized more than $2 million of cross-sell revenue.

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oOur fourth quarter PACE census additions for our pharmacy fulfillment services represented the best quarterly performance during 2020 and increased as compared with the fourth quarter of 2019 on both a gross and net enrollment basis.

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oAs of February 16, 2021 the current backlog of new expansion centers and new PACE organizations under contract to open over the remainder of 2021 stands at 21 locations. The majority of these new implementations are scheduled for the second half of 2021.

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MedWise Highlights

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oFourth quarter bookings across all divisions (i.e. MedWise and CareVention) increased 58% as compared to the same period in 2019. This growth was driven by exponential growth in our MedWise payer division and strong growth in our CareVention segment. For the full year 2020, bookings increased 52% as compared to 2019, once again driven by our MedWise payer division, which represented 44% of total bookings as compared to 7% in 2019.

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oTRHC enters 2021 in a strong position with respect to our overall sales pipeline (i.e. MedWise and CareVention). As of January 1, 2021, our sales pipeline was 92% higher as compared to January 1, 2020. We plan to continue to aggressively grow our sales headcount, with an emphasis on our MedWise payer division, as well as invest in sales enablement tools to further increase productivity in a virtual sales environment.

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oNotable fourth quarter 2020 deals included: 1) expansion agreements with several of our largest health plan clients, 2) a new Medicare Advantage plan in California, further validating our efforts to expand beyond PACE to the broader Medicare market, and 3) Kinney Drugs, a large pharmacy chain in New York State. During the full year 2020, we added a number of new MedWise payer clients, including several contracts well in excess of $1 million, and have continued to expand our retail pharmacy footprint with the addition of nearly 1,200 new rooftops including several large chains.

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The following information was filed by Tabula Rasa Healthcare, Inc. (TRHC) on Wednesday, February 24, 2021 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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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
Accrued Expenses And Other Liabilities
Accrued Expenses And Other Liabilities (Details)
Accrued Expenses And Other Liabilities (Tables)
Acquisitions
Acquisitions (Tables)
Acquisitions - Cognify (Details)
Acquisitions - Doseme (Details)
Acquisitions - Mediture (Details)
Acquisitions - Peak Pace Solutions (Details)
Acquisitions - Personica (Details)
Acquisitions - Prescribe Wellness (Details)
Acquisitions - Pro Forma (Unaudited) (Details)
Commitments And Contingencies
Commitments And Contingencies - Vendor Purchase Agreements (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Contingent Consideration (Details)
Fair Value Measurements - Contingent Consideration Rollforward (Details)
Fair Value Measurements - Financial Instruments (Details)
Fair Value Measurements - Liabilities (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 - (Benefit) Expense (Details)
Income Taxes - Components (Details)
Income Taxes - Deferred Taxes (Details)
Income Taxes - Effective Tax Rate (Details)
Income Taxes - Nols (Details)
Income Taxes - Rate Reconciliation (Details)
Income Taxes - Valuation Allowance (Details)
Leases
Leases (Tables)
Leases - Additional Operating Lease Commitments (Details)
Leases - Components Of Lease Expense (Details)
Leases - Components Of Lease Expense - Pys (Details)
Leases - Maturities Of Lease Liabilities (Details)
Leases - Supplemental Balance Sheet Information (Details)
Leases - Supplemental Cash Flow Information (Details)
Lines Of Credit And Long-Term Debt
Lines Of Credit And Long-Term Debt (Tables)
Lines Of Credit And Long-Term Debt - Convertible Note Hedge And Warrant Transactions (Details)
Lines Of Credit And Long-Term Debt - Convertible Senior Subordinated Notes (Details)
Lines Of Credit And Long-Term Debt - Lines Of Credit (Details)
Lines Of Credit And Long-Term Debt - Long-Term Debt (Details)
Nature Of Business
Nature Of Business (Details)
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)
Retirement Plan
Retirement Plan (Details)
Revenue
Revenue (Tables)
Revenue - Change In Contract Balances (Details)
Revenue - Contract Balances (Details)
Revenue - Disaggregation (Details)
Revenue - General (Details)
Schedule Ii - Valuation And Qualifying Accounts (Details)
Schedule Ii-Valuation And Qualifying Accounts
Segment Reporting
Segment Reporting (Tables)
Segment Reporting - Ebitda (Details)
Segment Reporting - Reconciliation Of Net Loss To Adjusted Ebitda (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 - 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 (Details)
Stockholders' Equity
Stockholders' Equity - Common Stock Repurchase (Details)
Stockholders' Equity - Warrants (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 - Basis Of Presentation (Details)
Summary Of Significant Accounting Policies - Concentrations (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)
Ticker: TRHC
CIK: 1651561
Form Type: 10-K Annual Report
Accession Number: 0001558370-21-001929
Submitted to the SEC: Fri Feb 26 2021 9:14:04 AM EST
Accepted by the SEC: Fri Feb 26 2021
Period: Thursday, December 31, 2020
Industry: Business Services

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