MOORESTOWN, N.J., Aug. 5, 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 second quarter ended
June 30, 2021.
"The continued strong recovery in PACE and our CareVention
HealthCare segment led our second quarter revenue and profitability
to be at the high end of our guidance range. As we look ahead to
the second half of 2021, we expect our organic revenue growth rates
to increase significantly as compared with the first half of 2021.
Similarly, we believe our MedWise HealthCare segment is strongly
positioned to capitalize on recent new contract wins, favorable
industry trends, and its market-leading position in delivering
superior clinical programs and outcomes," said Calvin H. Knowlton, PhD, TRHC's Chief Executive
Officer, Chairman and Founder.
Second Quarter and YTD 2021 Highlights
- Our net PACE enrollment for the second quarter represented an
all-time record and the strong monthly sequential growth we
experienced beginning in March 2021
continued through July 2021, placing
us slightly ahead of our internal projections as we enter the
remaining five months of the year.
- As of June 30, 2021, our PACE
implementation backlog stands at 46 with 20 projected to go live
during the second half of 2021 and the remainder scheduled for 2022
(24) and 2023 (two). During the first half of 2021, we completed 15
implementations, including 12 during the second quarter. The recent
implementations, current backlog, long-term renewals and healthy
growth in our average PACE per member per month (PMPM) through the
first half of 2021 highlight the success of our cross-selling
efforts.
- We secured a multi-year renewal with one of our largest MedWise
HealthCare clients, providing a strong foundation for future growth
in this segment. In addition, revenue from key national accounts
signed during early 2020 continues to represent a growing and
significant percentage of our medication safety services revenue
with revenue from this cohort during the second quarter of 2021
increasing 76% as compared to the first quarter of 2021.
- Although our second quarter bookings were lower than Q1 2021
due to the execution of certain material contracts slipping into
early July, our third quarter bookings are in excess of
$10 million as of August 1, 2021, and already represent the highest
quarterly sales in company history, driven by our MedWise
HealthCare segment. We continue to see momentum and contract wins
accelerating as a result of our integration of our MedWise platform
into all of our services, with important payer and provider wins in
both the Medicare and Commercial markets this past quarter.
Second Quarter 2021 Financial Results
All comparisons, unless otherwise noted, are to the three months
ended June 30, 2020.
- Total revenue - Total revenue of $82.3 million, at the high end of our guidance
range of $80.5 million to
$82.5 million, increased 7% compared
to $76.8 million in 2020. Total
revenue included product revenue of $46.9
million, an increase of 19%, and solutions (i.e., software
and services) revenue of $35.4
million, a decrease of 5%. The October 2020 acquisition of Personica contributed
5% of inorganic growth during the second quarter.
- Total revenue by segment
-
- CareVention HealthCare revenue increased 21% to $61.2 million, comprised of $46.9 million of PACE product revenue (up 20%)
and $14.3 million of PACE solutions
revenue (up 25%). Personica contributed 8% of inorganic growth to
overall segment growth and continues to perform in line with our
original projections.
- Consistent with previously communicated guidance, MedWise
HealthCare revenue decreased 20% to $21.1
million, in line with expectations, primarily comprised
medication safety services revenue of $11.1
million (down 30%) and software subscriptions revenue of
$10.0 million (down 2%).
- GAAP net loss - Net loss was $21.1 million compared to a net loss of
$14.3 million, driven by our core
expenses (i.e. cost of revenue, research and development, sales and
marketing, and general and administrative expenses), including
stock-based compensation of $12.3
million as compared to $7.2
million a year ago.
- Non-GAAP Adjusted EBITDA - Non-GAAP Adjusted EBITDA of
$6.0 million (7.2% margin), at the
midpoint of our guidance range of $5.5
million to $6.5 million,
declined as compared to $7.1 million
(9.3% margin). The decline was driven by lower revenue and
profitability in our MedWise HealthCare segment and increased
investments in corporate shared services, specifically sales and
marketing, to support our growth strategy.
- Non-GAAP Adjusted EBITDA by segment - Excluding
$11.2 million of shared
services:
-
- CareVention HealthCare non-GAAP Adjusted EBITDA of $14.1 million (23.0% margin) increased 16% as
compared to $12.1 million (23.9%
margin) a year ago.
- MedWise HealthCare non-GAAP Adjusted EBITDA of $3.1 million (14.5% margin) decreased as compared
to $4.7 million (17.8% margin) a year
ago, primarily due to lower medication safety services
revenue.
A reconciliation of generally accepted accounting principles
("GAAP") in the United States to
non-GAAP results has been provided in this press release in the
accompanying tables. An explanation of these measures is also
included below under the heading "Non-GAAP Financial Measures."
2021 Financial Outlook
Based on current market conditions and our expectations as of
today, we are introducing third quarter 2021 guidance as summarized
below. Our third quarter 2021 revenue guidance reflects sequential
growth of 4% to 9% as compared to the second quarter 2021 and
growth of 22% to 28% as compared to a year ago with organic growth
estimated to be in the range of 16% to 22%. The key factors driving
the dramatic improvement in organic growth versus the first half of
2021 are: 1) the strong recovery in our CareVention HealthCare
segment due to positive PACE census trends and strong levels of
contracted backlog and 2) a return to positive year-over-year
growth within our MedWise HealthCare segment, both in medication
safety services resulting from volume/program expansion among our
existing client base and as client attrition headwinds subside, as
well as software subscriptions, benefiting from newly implemented
contracts.
Our guidance for the full year 2021 remains unchanged with our
revenue range representing growth of 13% to 20% with organic growth
estimated to be in the range of 9% to 16%. The wider than normal
revenue and non-GAAP adjusted EBITDA ranges for both the third
quarter and full year are the reflection of a high level of ongoing
sales activity, concentrated in our MedWise segment including a
number of large contracts, that have a range of possible
outcomes.
|
|
Three Months Ended
September 30, 2021
|
|
|
Year Ended
December 31, 2021
|
|
|
|
LOW
|
|
|
HIGH
|
|
|
LOW
|
|
|
HIGH
|
|
|
|
(in millions
except percentages)
|
|
Total
revenue
|
|
$
|
86.0
|
|
|
$
|
90.0
|
|
|
$
|
336.0
|
|
|
$
|
356.0
|
|
Year over year
growth
|
|
|
22.0
|
%
|
|
|
27.7
|
%
|
|
|
13
|
%
|
|
|
20
|
%
|
GAAP net
loss
|
|
$
|
(16.1)
|
|
|
$
|
(14.1)
|
|
|
$
|
(68.4)
|
|
|
$
|
(62.4)
|
|
Adjusted
EBITDA
|
|
$
|
6.0
|
|
|
$
|
8.0
|
|
|
$
|
26.0
|
|
|
$
|
32.0
|
|
Adjusted EBITDA
margin
|
|
|
7
|
%
|
|
|
9
|
%
|
|
|
8
|
%
|
|
|
9
|
%
|
Quarterly Conference Call
The second quarter 2021 earnings conference call and webcast
will be held tomorrow, Friday, August 6,
2021, at 8:30 a.m. ET. The
conference call can be accessed by dialing 844-413-0947 for U.S.
participants or 216-562-0423 for international participants, and
referencing passcode 4738256 or via a live audio webcast available
online at TRHC's investor website (ir.trhc.com). An audio webcast
replay will be available approximately two hours after completion
of the call for a period of 90 days thereafter at ir.trhc.com and a
replay will be available for seven days by dialing 855-859-2056 for
U.S. participants or 404-537-3406 for international participants
and referencing passcode 4738256.
About Tabula Rasa HealthCare
Tabula Rasa HealthCare (TRHC) provides medication safety
solutions that empower healthcare professionals and consumers to
optimize medication regimens, combatting medication overload and
reducing adverse drug events – the fourth leading cause of death in
the U.S. TRHC's proprietary technology solutions, including
DoseMeRx™ and MedWise®, improve patient outcomes, reduce
hospitalizations, and lower healthcare costs. TRHC's extensive
clinical tele-pharmacy network improves care for patients
nationwide. Its solutions are trusted by health plans and
pharmacies to help drive value-based care. For more information,
visit TRHC.com.
Non-GAAP Financial Measures
In addition to reporting all financial information required in
accordance with GAAP, TRHC is also reporting Adjusted EBITDA,
Adjusted EBITDA margin, and Adjusted Diluted EPS, each of which is
considered a non-GAAP financial measure. Generally, a non-GAAP
financial measure is a numerical measure of a company's performance
or financial position that either excludes or includes amounts that
are not normally excluded or included in the most directly
comparable measure calculated and presented in accordance with
GAAP.
Adjusted EBITDA consists of net income or loss excluding certain
other expenses, which includes interest expense, provision
(benefit) for income tax, depreciation and amortization, change in
fair value of acquisition-related contingent consideration (income)
expense, settlement costs, severance expense incurred in 2021
related to a realignment of resources, acquisition-related expense,
and stock-based compensation expense. TRHC defines Adjusted EBITDA
margin as Adjusted EBITDA as a percentage of revenue. TRHC defines
Adjusted Diluted EPS as net income or loss before fair value
adjustments for acquisition-related contingent consideration,
amortization of acquired intangibles, amortization of debt discount
and issuance costs, settlement costs, severance expense incurred in
2021 related to a realignment of resources, stock-based
compensation expense, and the tax impact of those items using a
normalized tax rate on pre-tax income (loss) adjusted for those
items expressed on a per share basis using weighted average diluted
shares outstanding. TRHC considers acquisition-related expense to
include non-recurring direct transaction and integration costs,
severance, and the impact of purchase accounting adjustments
related to the fair value of acquired deferred revenue. TRHC
believes the exclusion of these items assists in providing a more
complete understanding of the company's underlying operations
results and trends and allows for comparability with TRHC's peer
company index and industry and to be more consistent with TRHC's
expected capital structure on a going forward basis. Please note
that other companies may define their non-GAAP financial measures
differently than TRHC.
TRHC presents these non-GAAP financial measures in this release
because it considers them to be important supplemental measures of
performance. TRHC uses these non-GAAP financial measures for
planning purposes, including analysis of the company's performance
against prior periods, the preparation of operating budgets and
determination of appropriate levels of operating and capital
investments. TRHC believes that these non-GAAP financial measures
provide additional insight for analysts and investors in evaluating
the company's financial and operational performance. TRHC also
intends to provide these non-GAAP financial measures as part of the
company's future earnings discussions and, therefore, their
inclusion should provide consistency in the company's financial
reporting.
Non-GAAP financial measures have limitations as an analytical
tool. Investors are encouraged to review the reconciliation of
Adjusted EBITDA and Adjusted Diluted EPS to their most directly
comparable GAAP measures provided in this release, including in the
accompanying tables.
Safe Harbor Statement
This press release includes forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of
1934, as amended, that we believe to be reasonable as of today's
date. Forward-looking statements give current expectations or
forecasts of future events or our future financial or operating
performance, and include TRHC's expectations regarding healthcare
regulations, industry trends, available opportunities to TRHC, the
financial and operating performance of TRHC, the impacts of the
COVID-19 pandemic and TRHC's expectations for 2021. Such statements
are identified by use of the words "anticipates," "believes,"
"estimates," "expects," "intends," "plans," "predicts," "projects,"
"should," and similar expressions. These forward-looking statements
are based on management's good-faith expectations, judgements and
assumptions as of the date of this press release. Actual results
might differ materially from those explicit or implicit in the
forward-looking statements. Important factors that could cause
actual results to differ materially include: the impacts of the
ongoing COVID-19 pandemic and other health epidemics; our
continuing losses and need to achieve profitability; fluctuations
in our financial results; the acceptance and use of our products
and services by PACE organizations; the need to innovate and
provide useful products and services; risks related to changing
healthcare and other applicable governmental regulations; our
ability to maintain relationships with a specified drug wholesaler;
increasing consolidation in the healthcare industry; managing our
growth effectively; our ability to adequately protect our
intellectual property; the requirements of being a public company;
our ability to recognize the expected benefits from acquisitions on
a timely basis or at all; and the other risk factors set forth from
time to time in our filings with the Securities and Exchange
Commission ("SEC"), including those factors discussed under the
caption "Risk Factors" in our most recent annual report on Form
10-K, filed with the SEC on February 26,
2021, and in subsequent reports filed with or furnished to
the SEC, copies of which are available free of charge within the
Investor Relations section of the Tabula Rasa HealthCare website
http://ir.trhc.com or upon request from our Investor Relations
Department. Tabula Rasa HealthCare assumes no obligation and does
not intend to update these forward-looking statements, except as
required by law, to reflect events or circumstances occurring after
today's date.
TABULA RASA
HEALTHCARE, INC.
|
UNAUDITED
CONSOLIDATED BALANCE SHEETS
|
(In
thousands)
|
|
|
|
June 30,
|
|
December 31,
|
|
|
2021
|
|
2020
|
Assets
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash
|
|
$
|
12,265
|
|
$
|
23,362
|
Restricted
cash
|
|
|
4,657
|
|
|
5,170
|
Accounts receivable,
net
|
|
|
35,262
|
|
|
32,516
|
Inventories
|
|
|
4,866
|
|
|
4,261
|
Prepaid
expenses
|
|
|
4,462
|
|
|
3,739
|
Client claims
receivable
|
|
|
14,205
|
|
|
14,412
|
Other current
assets
|
|
|
14,038
|
|
|
9,752
|
Total current
assets
|
|
|
89,755
|
|
|
93,212
|
Property and
equipment, net
|
|
|
13,477
|
|
|
15,070
|
Operating lease
right-of-use assets
|
|
|
20,686
|
|
|
21,711
|
Software development
costs, net
|
|
|
35,562
|
|
|
27,882
|
Goodwill
|
|
|
170,835
|
|
|
170,862
|
Intangible assets,
net
|
|
|
168,686
|
|
|
183,094
|
Other
assets
|
|
|
4,893
|
|
|
2,609
|
Total
assets
|
|
$
|
503,894
|
|
$
|
514,440
|
Liabilities and
stockholders' equity
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Current portion of
finance leases
|
|
$
|
—
|
|
$
|
4
|
Current operating
lease liabilities
|
|
|
4,194
|
|
|
4,402
|
Acquisition-related
contingent consideration
|
|
|
—
|
|
|
166
|
Acquisition-related
notes payable
|
|
|
3,916
|
|
|
16,662
|
Accounts
payable
|
|
|
10,267
|
|
|
11,245
|
Client claims
payable
|
|
|
6,402
|
|
|
7,773
|
Accrued expenses and
other liabilities
|
|
|
40,893
|
|
|
31,968
|
Total current
liabilities
|
|
|
65,672
|
|
|
72,220
|
Line of
credit
|
|
|
22,500
|
|
|
10,000
|
Long-term debt,
net
|
|
|
318,642
|
|
|
239,285
|
Noncurrent operating
lease liabilities
|
|
|
19,473
|
|
|
20,381
|
Deferred income tax
liability, net
|
|
|
1,152
|
|
|
3,354
|
Other long-term
liabilities
|
|
|
678
|
|
|
671
|
Total
liabilities
|
|
|
428,117
|
|
|
345,911
|
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
Common
stock
|
|
|
2
|
|
|
2
|
Treasury
stock
|
|
|
(4,292)
|
|
|
(4,018)
|
Additional paid-in
capital
|
|
|
301,932
|
|
|
352,445
|
Accumulated
deficit
|
|
|
(221,865)
|
|
|
(179,900)
|
Total stockholders'
equity
|
|
|
75,777
|
|
|
168,529
|
Total liabilities and
stockholders' equity
|
|
$
|
503,894
|
|
$
|
514,440
|
TABULA RASA
HEALTHCARE, INC.
|
UNAUDITED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(In thousands,
except share and per share amounts)
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
June 30,
|
|
June 30,
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Revenue:
|
|
|
|
|
|
|
|
|
|
Product
revenue
|
|
$
|
46,882
|
|
$
|
39,373
|
|
$
|
88,860
|
|
$
|
76,460
|
Service
revenue
|
|
|
35,427
|
|
|
37,461
|
|
|
70,129
|
|
|
73,201
|
Total
revenue
|
|
|
82,309
|
|
|
76,834
|
|
|
158,989
|
|
|
149,661
|
Cost of revenue,
exclusive of depreciation and amortization shown below:
|
|
|
|
|
|
|
|
|
|
|
|
|
Product
cost
|
|
|
35,085
|
|
|
29,042
|
|
|
66,556
|
|
|
56,241
|
Service
cost
|
|
|
22,178
|
|
|
22,656
|
|
|
44,734
|
|
|
43,530
|
Total cost of revenue,
exclusive of depreciation and amortization
|
|
|
57,263
|
|
|
51,698
|
|
|
111,290
|
|
|
99,771
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
|
5,922
|
|
|
3,821
|
|
|
9,909
|
|
|
8,649
|
Sales and
marketing
|
|
|
6,323
|
|
|
5,027
|
|
|
12,568
|
|
|
10,567
|
General and
administrative
|
|
|
19,948
|
|
|
16,327
|
|
|
37,490
|
|
|
33,294
|
Change in fair value
of acquisition-related contingent consideration (income)
expense
|
|
|
—
|
|
|
(100)
|
|
|
—
|
|
|
600
|
Depreciation and
amortization
|
|
|
11,619
|
|
|
10,211
|
|
|
23,244
|
|
|
20,124
|
Total operating
expenses
|
|
|
43,812
|
|
|
35,286
|
|
|
83,211
|
|
|
73,234
|
Loss from
operations
|
|
|
(18,766)
|
|
|
(10,150)
|
|
|
(35,512)
|
|
|
(23,344)
|
Interest expense,
net
|
|
|
2,182
|
|
|
4,668
|
|
|
4,729
|
|
|
9,278
|
Loss before income
taxes
|
|
|
(20,948)
|
|
|
(14,818)
|
|
|
(40,241)
|
|
|
(32,622)
|
Income tax expense
(benefit)
|
|
|
133
|
|
|
(508)
|
|
|
332
|
|
|
(3,875)
|
Net loss
|
|
$
|
(21,081)
|
|
$
|
(14,310)
|
|
$
|
(40,573)
|
|
$
|
(28,747)
|
Net loss per share,
basic and diluted
|
|
$
|
(0.91)
|
|
$
|
(0.66)
|
|
$
|
(1.75)
|
|
$
|
(1.34)
|
Weighted average
common shares outstanding, basic and diluted
|
|
|
23,268,131
|
|
|
21,556,646
|
|
|
23,140,043
|
|
|
21,465,772
|
TABULA RASA
HEALTHCARE, INC.
|
UNAUDITED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(In
thousands)
|
|
|
|
Six Months
Ended
|
|
|
June 30,
|
|
|
2021
|
|
2020
|
Cash flows from
operating activities:
|
|
|
|
|
|
Net loss
|
|
$
|
(40,573)
|
|
$
|
(28,747)
|
Adjustments to
reconcile net loss to net cash provided by operating
activities:
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
23,244
|
|
|
20,124
|
Amortization of
deferred financing costs and debt discount
|
|
|
1,172
|
|
|
6,566
|
Deferred
taxes
|
|
|
263
|
|
|
(3,875)
|
Stock-based
compensation
|
|
|
20,951
|
|
|
14,310
|
Change in fair value
of acquisition-related contingent consideration
|
|
|
—
|
|
|
600
|
Acquisition-related
contingent consideration paid
|
|
|
(67)
|
|
|
—
|
Other noncash
items
|
|
|
7
|
|
|
—
|
Changes in operating
assets and liabilities, net of effect from acquisitions:
|
|
|
|
|
|
|
Accounts receivable,
net
|
|
|
(2,737)
|
|
|
(7,773)
|
Inventories
|
|
|
(605)
|
|
|
(403)
|
Prepaid expenses and
other current assets
|
|
|
(3,811)
|
|
|
3,815
|
Client claims
receivables
|
|
|
207
|
|
|
—
|
Other
assets
|
|
|
(2,546)
|
|
|
(4)
|
Accounts
payable
|
|
|
(926)
|
|
|
(1,588)
|
Accrued expenses and
other liabilities
|
|
|
7,646
|
|
|
(49)
|
Client claims
payables
|
|
|
(1,332)
|
|
|
—
|
Other long-term
liabilities
|
|
|
7
|
|
|
412
|
Net cash provided by
operating activities
|
|
|
900
|
|
|
3,388
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
Purchases of property
and equipment
|
|
|
(970)
|
|
|
(1,447)
|
Software development
costs
|
|
|
(14,011)
|
|
|
(8,898)
|
Net cash used in
investing activities
|
|
|
(14,981)
|
|
|
(10,345)
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
Proceeds from
exercise of stock options
|
|
|
3,082
|
|
|
2,312
|
Payments for debt
financing costs
|
|
|
(8)
|
|
|
—
|
Borrowings on line of
credit
|
|
|
12,500
|
|
|
—
|
Payment of
acquisition-related notes payable
|
|
|
(13,000)
|
|
|
—
|
Payments of
acquisition-related contingent consideration
|
|
|
(99)
|
|
|
—
|
Repayments of
long-term debt and finance leases
|
|
|
(4)
|
|
|
(52)
|
Net cash provided by
financing activities
|
|
|
2,471
|
|
|
2,260
|
|
|
|
|
|
|
|
Net decrease in cash
and restricted cash
|
|
|
(11,610)
|
|
|
(4,697)
|
Cash and restricted
cash, beginning of period
|
|
|
28,532
|
|
|
46,581
|
Cash and restricted
cash, end of period
|
|
$
|
16,922
|
|
$
|
41,884
|
TABULA RASA
HEALTHCARE, INC.
|
UNAUDITED SEGMENT
RESULTS
|
(In
thousands)
|
|
|
|
|
Three Months
Ended
|
|
|
Six Months
Ended
|
|
|
June 30, 2021
|
|
June 30, 2020
|
|
June 30, 2021
|
|
June 30, 2020
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
CareVention
HealthCare:
|
|
|
|
|
|
|
|
|
|
|
|
|
PACE product
revenue
|
|
$
|
46,858
|
|
$
|
38,930
|
|
$
|
88,700
|
|
$
|
76,017
|
PACE
solutions
|
|
|
14,347
|
|
|
11,522
|
|
|
28,266
|
|
|
23,093
|
Total CareVention
HealthCare
|
|
|
61,205
|
|
|
50,452
|
|
|
116,966
|
|
|
99,110
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MedWise
HealthCare:
|
|
|
|
|
|
|
|
|
|
|
|
|
Product
revenue
|
|
|
24
|
|
|
443
|
|
|
160
|
|
|
443
|
Medication safety
services
|
|
|
11,055
|
|
|
15,707
|
|
|
21,780
|
|
|
30,027
|
Software subscription
and services
|
|
|
10,025
|
|
|
10,232
|
|
|
20,083
|
|
|
20,081
|
Total MedWise
HealthCare
|
|
|
21,104
|
|
|
26,382
|
|
|
42,023
|
|
|
50,551
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Revenue
|
|
$
|
82,309
|
|
$
|
76,834
|
|
$
|
158,989
|
|
$
|
149,661
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
CareVention
HealthCare
|
|
$
|
14,059
|
|
$
|
12,077
|
|
$
|
26,969
|
|
$
|
23,825
|
MedWise
HealthCare
|
|
|
3,050
|
|
|
4,697
|
|
|
4,914
|
|
|
7,528
|
Shared
Services
|
|
|
(11,146)
|
|
|
(9,640)
|
|
|
(22,321)
|
|
|
(19,412)
|
Total Adjusted
EBITDA
|
|
$
|
5,963
|
|
$
|
7,134
|
|
$
|
9,562
|
|
$
|
11,941
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
margin
|
|
|
|
|
|
|
|
|
|
|
|
|
CareVention
HealthCare
|
|
|
23.0%
|
|
|
23.9%
|
|
|
23.1%
|
|
|
24.0%
|
MedWise
HealthCare
|
|
|
14.5%
|
|
|
17.8%
|
|
|
11.7%
|
|
|
14.9%
|
Total Adjusted
EBITDA margin
|
|
|
7.2%
|
|
|
9.3%
|
|
|
6.0%
|
|
|
8.0%
|
TABULA RASA
HEALTHCARE, INC.
|
UNAUDITED
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
|
(In thousands
except share and per share amounts)
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Reconciliation of
Net Loss to Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(21,081)
|
|
$
|
(14,310)
|
|
$
|
(40,573)
|
|
$
|
(28,747)
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
|
|
2,182
|
|
|
4,668
|
|
|
4,729
|
|
|
9,278
|
Income tax expense
(benefit)
|
|
|
133
|
|
|
(508)
|
|
|
332
|
|
|
(3,875)
|
Depreciation and
amortization
|
|
|
11,619
|
|
|
10,211
|
|
|
23,244
|
|
|
20,124
|
Change in fair value
of acquisition-related contingent consideration (income)
expense
|
|
|
—
|
|
|
(100)
|
|
|
—
|
|
|
600
|
Settlement
|
|
|
500
|
|
|
—
|
|
|
500
|
|
|
—
|
Severance
expense
|
|
|
162
|
|
|
—
|
|
|
162
|
|
|
—
|
Acquisition-related
expense
|
|
|
99
|
|
|
—
|
|
|
217
|
|
|
251
|
Stock-based
compensation expense
|
|
|
12,349
|
|
|
7,173
|
|
|
20,951
|
|
|
14,310
|
Adjusted
EBITDA
|
|
$
|
5,963
|
|
$
|
7,134
|
|
$
|
9,562
|
|
$
|
11,941
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenue
|
|
|
82,309
|
|
|
76,834
|
|
$
|
158,989
|
|
$
|
149,661
|
Adjusted EBITDA
margin
|
|
|
7.2%
|
|
|
9.3%
|
|
|
6.0%
|
|
|
8.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
|
(In thousands
except per share amounts)
|
|
(In thousands
except per share amounts)
|
Reconciliation of
diluted net loss per share to Adjusted Diluted EPS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net loss, basic
and diluted, and net loss per share, basic and diluted
|
|
$
|
(21,081)
|
|
$
|
(0.91)
|
|
$
|
(14,310)
|
|
$
|
(0.66)
|
|
$
|
(40,573)
|
|
$
|
(1.75)
|
|
$
|
(28,747)
|
|
$
|
(1.34)
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in fair value of
acquisition-related contingent consideration (income)
expense
|
|
|
—
|
|
|
|
|
|
(100)
|
|
|
|
|
|
—
|
|
|
|
|
|
600
|
|
|
|
Amortization of
acquired intangibles
|
|
|
7,069
|
|
|
|
|
|
6,823
|
|
|
|
|
|
14,408
|
|
|
|
|
|
13,645
|
|
|
|
Amortization of debt
discount and issuance costs
|
|
|
402
|
|
|
|
|
|
3,215
|
|
|
|
|
|
904
|
|
|
|
|
|
6,367
|
|
|
|
Settlement
|
|
|
500
|
|
|
|
|
|
—
|
|
|
|
|
|
500
|
|
|
|
|
|
—
|
|
|
|
Severance
expense
|
|
|
162
|
|
|
|
|
|
—
|
|
|
|
|
|
162
|
|
|
|
|
|
—
|
|
|
|
Acquisition-related
expense
|
|
|
99
|
|
|
|
|
|
—
|
|
|
|
|
|
217
|
|
|
|
|
|
251
|
|
|
|
Stock-based
compensation expense
|
|
|
12,349
|
|
|
|
|
|
7,173
|
|
|
|
|
|
20,951
|
|
|
|
|
|
14,310
|
|
|
|
Impact to income taxes
(1)
|
|
|
229
|
|
|
|
|
|
(1,109)
|
|
|
|
|
|
1,149
|
|
|
|
|
|
(4,544)
|
|
|
|
Adjusted net (loss)
income and Adjusted Diluted EPS
|
|
$
|
(271)
|
|
$
|
(0.01)
|
|
$
|
1,692
|
|
$
|
0.07
|
|
$
|
(2,282)
|
|
$
|
(0.10)
|
|
$
|
1,882
|
|
$
|
0.08
|
|
|
(1)
|
The impact to taxes
was calculated using a normalized statutory tax rate applied to
pre-tax income or loss adjusted for the respective items above and
then subtracting or adding the tax benefit or provision,
respectively, as determined for GAAP purposes.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
June 30,
|
|
June 30,
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Reconciliation of
weighted average shares of common stock outstanding, diluted, to
weighted average shares of common stock outstanding, diluted for
Adjusted Diluted EPS
|
|
|
|
|
|
|
|
|
Weighted average
shares of common stock outstanding, basic and diluted for
GAAP
|
|
23,268,131
|
|
21,556,646
|
|
23,140,043
|
|
21,465,772
|
Adjustments:
|
|
|
|
|
|
|
|
|
Weighted average
dilutive effect of stock options
|
|
—
|
|
1,332,551
|
|
—
|
|
1,358,715
|
Weighted average
dilutive effect of restricted stock
|
|
—
|
|
510,783
|
|
—
|
|
497,881
|
Weighted average
dilutive effect of contingent shares
|
|
—
|
|
58,409
|
|
—
|
|
66,989
|
Weighted average
shares of common stock outstanding, diluted for Adjusted Diluted
EPS (1)
|
|
23,268,131
|
|
23,458,389
|
|
23,140,043
|
|
23,389,357
|
|
|
(1)
|
For the three and six
months ended June 30, 2021, we accounted for the convertible senior
subordinated notes utilizing the if-converted method. Under this
method, we are required to presume that the convertible senior
subordinated notes are converted at the beginning of the current
period and settled entirely in our common stock. However, no
potential shares are assumed outstanding and are excluded from the
diluted EPS calculation if including them would have an
anti-dilutive effect. For the three and six months ended June 30,
2021, there was no impact on diluted EPS from the convertible
senior subordinated notes as the conversion would have had an
anti-dilutive effect.
|
|
|
|
For the three and six
months ended June 30, 2020, we accounted for the convertible senior
subordinated notes utilizing the treasury stock method. Under this
method, we presumed that we would settle the notes entirely or
partly in cash. The underlying shares issuable upon conversion of
the notes were excluded from the calculation of diluted EPS, except
to the extent that the average stock price for the reporting period
exceeded their conversion price of $69.95 per share. For the three
and six months ended June 30, 2020, there was no impact on diluted
EPS from the convertible senior subordinated notes as the
conversion price exceeded our average stock price.
|
TABULA RASA
HEALTHCARE, INC.
|
UNAUDITED
RECONCILIATION OF GAAP TO NON-GAAP GUIDANCE RANGES
|
(In
millions)
|
|
|
|
Three Months Ended
September 30, 2021
|
|
Year Ended
December 31, 2021
|
|
|
LOW
|
|
HIGH
|
|
LOW
|
|
HIGH
|
Reconciliation
from Net Loss Guidance to Adjusted EBITDA Guidance
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss:
|
|
$
|
(16.1)
|
|
$
|
(14.1)
|
|
$
|
(68.4)
|
|
$
|
(62.4)
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
2.2
|
|
|
2.2
|
|
|
9.1
|
|
|
9.1
|
Income tax
expense
|
|
|
—
|
|
|
—
|
|
|
0.6
|
|
|
0.6
|
Depreciation and
amortization
|
|
|
11.5
|
|
|
11.5
|
|
|
46.1
|
|
|
46.1
|
Settlement
|
|
|
—
|
|
|
—
|
|
|
0.5
|
|
|
0.5
|
Severance
expense
|
|
|
—
|
|
|
—
|
|
|
0.3
|
|
|
0.3
|
Stock-based
compensation expense
|
|
|
8.4
|
|
|
8.4
|
|
|
37.7
|
|
|
37.7
|
Acquisition-related
expense
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
|
0.1
|
Adjusted
EBITDA
|
|
$
|
6.0
|
|
$
|
8.0
|
|
$
|
26.0
|
|
$
|
32.0
|
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SOURCE Tabula Rasa HealthCare, Inc.