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Tabula Rasa Healthcare, Inc. (TRHC) SEC Filing 10-Q Quarterly Report for the period ending Thursday, September 30, 2021

Tabula Rasa Healthcare, Inc.

HISTORY TOOLS
CIK: 1651561 Ticker: TRHC

Exhibit 99.1

Tabula Rasa HealthCare Reports Third Quarter 2021 Results

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●Third quarter revenue grew 23% year-over-year to $86.6 million.
●Third quarter organic revenue growth of 17% compares with 1% during the first half of 2021.
●MedWise HealthCare software subscriptions revenue of $11.8 million increased 16% year-over-year and 17% on a sequential basis as compared to the second quarter of 2021.

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MOORESTOWN, N.J., November 4, 2021 /PRNewswire/ -- Tabula Rasa HealthCare, Inc. (“TRHC”) (Nasdaq: TRHC), a leading healthcare technology company advancing the safe use of medications, today reported financial results for the third quarter ended September 30, 2021.

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“Our improved third quarter revenue growth was driven by continued strength in PACE and our CareVention HealthCare segment. While I am pleased with our markedly improved organic growth, we are not satisfied with these results and are taking a number of important steps to better position the company to deliver higher growth in 2022 and ultimately increase shareholder value,” said Calvin H. Knowlton, PhD, TRHC’s Chief Executive Officer, Chairman and Founder.

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Third Quarter 2021 Financial Results

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All comparisons, unless otherwise noted, are to the three months ended September 30, 2020.

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●Total revenue - Total revenue of $86.6 million increased 23% compared to $70.5 million in 2020. Total revenue included product revenue of $50.6 million, an increase of 29%, and solutions (i.e., software and services) revenue of $36.0 million, an increase of 15%. The October 2020 acquisition of Personica contributed 6% of inorganic growth during the third quarter.

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●Total revenue by segment

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oCareVention HealthCare revenue increased 29% to $65.0 million, comprised of $50.3 million of PACE product revenue (up 29%) and $14.7 million of PACE solutions revenue (up 31%). Personica contributed 8% of inorganic growth to overall segment growth and continues to perform in line with our original projections. Our net PACE enrollment for the third quarter represented a continuation of the strong recovery that began in March 2021 with third quarter net enrollment increasing more than three-fold as compared with the third quarter of 2020.

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oMedWise HealthCare revenue increased 7% to $21.6 million, primarily comprised of software subscriptions revenue of $11.8 million (up 16%), in-line with our expectations, and medication safety services revenue of $9.5 million (down 4%). Medication safety services revenue fell short of our internal projections with the primary factor being hiring challenges within our tele-pharmacy call centers. As of today, we are adequately staffed to deliver on our fourth quarter medication safety services revenue projections.

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●GAAP net loss - Net loss was $17.1 million compared to a net loss of $21.6 million with the improvement driven by a $16.1 million increase in total revenue, offset by a $14.2 million, or 19%, increase in combined cost of revenue, research and development, sales and marketing, and general and administrative expenses.

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●Non-GAAP Adjusted EBITDA - Non-GAAP Adjusted EBITDA of $5.7 million (6.6% margin) increased 12% as compared with $5.1 million (7.2% margin) in 2020. Our investments across the business, led by sales and marketing expenses, have moderated in recent quarters but remain elevated when compared to 2020.

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●Non-GAAP Adjusted EBITDA by segment - Excluding $10.9 million of shared services:

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oCareVention HealthCare non-GAAP Adjusted EBITDA of $14.0 million (21.6% margin) increased 10% as compared to $12.7 million (25.3% margin) a year ago.
The following information was filed by Tabula Rasa Healthcare, Inc. (TRHC) on Thursday, November 4, 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-Q Quarterly 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-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly 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 - Personica (Details)
Acquisitions - Pro Forma (Unaudited) (Details)
Basis Of Presentation, Summary Of Significant Accounting Policies, And Recent Accounting Pronouncements
Basis Of Presentation, Summary Of Significant Accounting Policies, And Recent Accounting Pronouncements (Policies)
Basis Of Presentation, Summary Of Significant Accounting Policies, And Recent Accounting Pronouncements - Basis Of Presentation (Details)
Basis Of Presentation, Summary Of Significant Accounting Policies, And Recent Accounting Pronouncements - Recent Accounting Pronouncements (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 - Financial Instruments (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 (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)
Revenue
Revenue (Tables)
Revenue - Change In Contract Balances (Details)
Revenue - Contract Balances (Details)
Revenue - Disaggregation (Details)
Revenue - General (Details)
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 - 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 (Details)

Material Contracts, Statements, Certifications & more

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

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-Q Quarterly Report
Accession Number: 0001558370-21-014862
Submitted to the SEC: Fri Nov 05 2021 5:05:54 PM EST
Accepted by the SEC: Fri Nov 05 2021
Period: Thursday, September 30, 2021
Industry: Business Services

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