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Tabula Rasa Healthcare, Inc. (TRHC) SEC Filing 10-Q Quarterly Report for the period ending Friday, September 30, 2022

Tabula Rasa Healthcare, Inc.

HISTORY TOOLS
CIK: 1651561 Ticker: TRHC

Exhibit 99.1

Tabula Rasa HealthCare Reports Third Quarter 2022 Results

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●Revenue from continuing operations of $77.1 million increased 14% vs. a year ago
●GAAP net loss from continuing operations of $25.9 million vs. $11.8 million a year ago
●Adjusted EBITDA from continuing operations of $2.1 million vs. $3.1 million a year ago
●Cash of $80.8 million as of September 30, 2022, vs. $26.5 million as of
June 30, 2022

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MOORESTOWN, N.J., November 3, 2022 /PR Newswire/ -- Tabula Rasa HealthCare, Inc.® (Nasdaq:TRHC), a leading healthcare technology company advancing the safe use of medications, today reported financial results for the third quarter ended September 30, 2022.

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“We delivered another quarter of solid revenue growth and continue on a pace to perform strongly against our 2022 guidance. With our strong position in PACE today, serving more than eight out of every ten participants, we have a robust foundation to build upon as we enter adjacent value-based care markets that are exponentially larger and focus on high-cost, high-risk patients. We are committed to driving shareholder value by narrowing our focus to core assets and markets with a competitive advantage to improve top-line growth and enhance margins” said Brian Adams, President and Interim CEO.

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Key Financial Results

(in millions except percentages)

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Three Months Ended September 30, 

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Year over Year

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Q3 2022

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2022

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2021

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Change

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Guidance

Revenue from continuing operations

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$

77.1

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$

67.9

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14

%

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$

72.5 – 75.0

Net loss from continuing operations

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$

(25.9)

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$

(11.8)

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(120)

%

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Adjusted EBITDA from continuing operations

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$

2.1

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$

3.1

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(35)

%

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Third Quarter 2022 Financial Results

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All comparisons, unless otherwise noted, are to the three months ended September 30, 2021, and reflect continuing operations.

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●Revenue – Revenue of $77.1 million increased 14% compared to $67.9 million in 2021. Product (medication) revenue of $59.8 million increased 19% due to strong PACE participant growth. Service revenue of $17.3 million decreased 2% from the year ago period. Excluding $2.3 million of revenue related to the concluded CMS Enhanced Medication Therapy Management (“EMTM”) pilot program included in the third quarter of 2021, service revenue increased 13%, led by growth in our pharmacy benefit management (“PBM”) and risk adjustment services, each of which grew by more than 20%.

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●GAAP net loss – GAAP net loss from continuing operations of $25.9 million compared to a loss of $11.8 million a year ago with the decline largely driven by costs, including stock-based compensation of $8.1 million and other expenses, related to the leadership transition and cooperation agreement with Indaba Capital Management announced on September 14, 2022. Gross margin, excluding depreciation and amortization, of $16.9 million (21.9% of revenue) increased as compared to $16.7 million (24.6% of revenue) a year ago. The decline in gross margin as a percentage of revenue was largely driven by product and service revenue mix, as well as increased shipping charges.

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GAAP net loss from discontinued operations of $14.2 million compares to a loss of $5.4 million a year ago and includes the SinfoníaRx and DoseMe businesses, as well as one month of the PrescribeWellness business. As previously announced, TRHC’s sale of PrescribeWellness closed on August 1, 2022.

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●Adjusted EBITDA – Adjusted EBITDA from continuing operations of $2.1 million (2.7% margin) declined as compared to $3.1 million (4.6% margin) a year ago, primarily due to the timing of cash compensation expense, as well as the reasons noted above negatively impacting gross margin.

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The following information was filed by Tabula Rasa Healthcare, Inc. (TRHC) on Thursday, November 3, 2022 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 (Deficit)
Accrued Expenses And Other Liabilities
Accrued Expenses And Other Liabilities (Details)
Accrued Expenses And Other Liabilities (Tables)
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 - Cloud Computing Arrangements (Details)
Basis Of Presentation, Summary Of Significant Accounting Policies, And Recent Accounting Pronouncements - Concentrations (Details)
Basis Of Presentation, Summary Of Significant Accounting Policies, And Recent Accounting Pronouncements - Vendor Financing Arrangements (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 - 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)
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)
Other Current Assets
Other Current Assets (Details)
Other Current Assets (Tables)
Property And Equipment
Property And Equipment (Details)
Related Party Transactions
Related Party Transactions (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)
Segment Reporting
Segment Reporting (Tables)
Segment Reporting - Ebitda (Details)
Segment Reporting - Reconciliation Of Net Loss To Adjusted Ebitda (Details)
Segment Reporting - Reconciliation Of Net Loss To Adjusted Ebitda (Loss), Discontinued 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)
Ticker: TRHC
CIK: 1651561
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-22-016383
Submitted to the SEC: Fri Nov 04 2022 1:18:50 PM EST
Accepted by the SEC: Fri Nov 04 2022
Period: Friday, September 30, 2022
Industry: Business Services

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