Fourth Quarter Concludes Successful
Transformational Year, With Company Sharpening Focus and Laying a
Foundation for Sustainable, Profitable Growth
Recently Completed Sales of SinfoníaRx and
DoseMe
Shares Full Year 2023 Revenue Guidance
and Adjusted EBITDA Guidance
MOORESTOWN, N.J., March 6,
2023 /PRNewswire/ -- Tabula Rasa HealthCare, Inc.®
(Nasdaq: TRHC) ("TRHC" or the "Company"), a leading healthcare
technology company advancing the safe use of medications, today
reported financial results for the fourth quarter and full year
ended December 31, 2022.
Highlights from fourth quarter and full year 2022 include:
Quarter ended December 31,
2022:
- Fourth quarter revenue from continuing operations of
$82.7 million, representing a 20%
increase versus the prior year fourth quarter
- Fourth quarter GAAP net loss and adjusted EBITDA from
continuing operations of $18.4
million and $4.1 million,
respectively
Full year ended December 31,
2022:
- Full year 2022 revenue from continuing operations of
$299.5 million, representing a 15%
increase versus the prior year
- Full year 2022 GAAP net loss and adjusted EBITDA from
continuing operations of $77.3
million and $9.3 million,
respectively
"Since the leadership changes announced last September, we have
taken a number of transformational steps to reposition TRHC for
long-term success and profitable growth. These include
strengthening our management team, refreshing our Board of
Directors, and divesting two non-core businesses, which is allowing
the Company to refocus its vision and better deliver consistent
execution of our financial and strategic objectives. We are in a
strong position as we enter 2023, and I am extremely proud of our
team members and what we have accomplished over the last year as we
continue to make positive impacts on patient care for our
customers," said Brian Adams,
President and Interim Chief Executive Officer.
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Key Financial
Results
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(in millions except
percentages)
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Q4
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Full
Year
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2022
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2021
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%
Change
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2022
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2021
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%
Change
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Revenue from continuing
operations
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$
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82.7
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$
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68.9
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20
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%
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$
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299.5
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$
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259.9
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15
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%
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Gross margin
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23.8 %
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26.6 %
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22.3 %
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25.6 %
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Adjusted gross
margin
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24.6 %
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28.7 %
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23.7 %
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27.6 %
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GAAP net loss from
continuing operations
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$
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(18.4)
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$
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(13.0)
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(41)
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%
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$
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(77.3)
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$
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(52.2)
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48
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%
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Adjusted net loss from
continuing operations
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$
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(1.2)
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$
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(0.8)
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(41)
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%
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$
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(10.1)
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$
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(5.7)
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77
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%
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Adjusted EBITDA from
continuing operations
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$
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4.1
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$
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4.1
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—
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%
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$
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9.3
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$
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12.1
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(23)
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%
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Fourth Quarter 2022 Financial Results
All comparisons, unless otherwise noted, are to the three months
ended December 31, 2021, and reflect
continuing operations. During the fourth quarter of 2022, the
Company retitled its revenue categories from product revenue and
service revenue to medication revenue and technology-enabled
solutions revenue, respectively, in its consolidated statements of
operations and notes to the consolidated financial statements. The
changes had no impact to amounts previously reported.
- Revenue – Revenue of $82.7
million increased 20% compared to $68.9 million in 2021 and increased 7% as
compared to the third quarter of 2022. Medication revenue
(previously, product revenue) of $64.4
million increased 27% due to continued strong PACE
participant growth at existing centers and the onboarding of a
large, new PACE program. Technology-enabled solutions revenue
(previously, service revenue) of $18.3
million was flat as compared to the year ago period.
Excluding $2.2 million of revenue
related to the concluded CMS Enhanced Medication Therapy Management
("EMTM") pilot program included in the fourth quarter of 2021,
technology-enabled solutions revenue increased 14%, driven by our
pharmacy benefits management ("PBM") and risk adjustment
services.
- Gross Margin – Gross margin (exclusive of depreciation
and amortization) of $19.7 million
(23.8% of revenue) increased 7% as compared to $18.3 million (26.6% of revenue) a year ago and
increased 17% as compared to the third quarter of 2022. Adjusted
gross margin of $20.4 million (24.6%
of revenue) increased 3% as compared to $19.8 million (28.7% of revenue) a year ago and
increased 13% as compared to the third quarter of 2022. The decline
in gross margin (exclusive of depreciation and amortization) vs.
the year-ago period as a percentage of revenue was largely driven
by revenue mix and increased shipping charges.
- GAAP Net Loss – GAAP net loss from continuing operations
of $18.4 million compared to a net
loss of $13.0 million for the fourth
quarter of 2021 and to a net loss of $25.9
million in the third quarter of 2022. The decline vs. the
prior year quarter was primarily driven by non-cash impairment
charges related to lease termination and other costs in connection
with a reduced real estate footprint and severance costs.
GAAP net loss from discontinued operations of $11.3 million compares to a net loss of
$8.3 million a year ago and to a net
loss of $14.2 million in the third
quarter of 2022. All periods include the SinfoníaRx and DoseMe
businesses. As previously announced on March
2, 2023, TRHC completed the sales of SinfoníaRx and DoseMe
during the first quarter of 2023.
- Adjusted EBITDA – Adjusted EBITDA from continuing
operations of $4.1 million (5.0% of
revenue) is flat to the prior year and increased 102% as compared
to the third quarter of 2022.
Full Year 2022 Financial Results
All comparisons, unless otherwise noted, are to the full year
2021 and reflect continuing operations.
- Revenue – Revenue of $299.5
million increased 15% compared to $259.9 million in 2021. Medication revenue of
$231.1 million increased 22% due to
strong PACE participant growth among existing centers and new
clients onboarded during the year. Technology-enabled solutions
revenue of $68.5 million decreased 3%
from the year ago period. Excluding $9.2
million of revenue related to the EMTM pilot program
included in 2021, technology-enabled solutions revenue increased
12%, driven by PBM and risk adjustment services.
- Gross Margin – Gross margin (exclusive of
depreciation and amortization) of $66.9
million (22.3% of revenue) increased 1% as compared to
$66.5 million (25.6% of revenue) a
year ago. Adjusted gross margin of $71.1
million (23.7% of revenue) decreased 1% as compared to
$71.6 million (27.6% of revenue) a
year ago. The decline in gross margin (exclusive of depreciation
and amortization) as a percentage of revenue was largely driven by
revenue mix and increased shipping charges.
- GAAP Net Loss – GAAP net loss from continuing
operations of $77.3 million compared
to a net loss of $52.2 million a year
ago, with the decline primarily driven by non-cash impairment
charges, divestiture activities, and severance costs.
GAAP net loss from discontinued operations of $70.2 million compares to a net loss of
$26.8 million a year ago and includes
PrescribeWellness for the first seven months of 2022, SinfoníaRx,
and DoseMe. All three businesses were identified by management as
non-strategic and have been divested.
- Adjusted EBITDA – Adjusted EBITDA from continuing
operations of $9.3 million (3.1%
of revenue) declined as compared to $12.1 million (4.7% of revenue) a year ago,
primarily due to increased expenses related to business process
outsourcing agreements, as well as reasons above impacting gross
margin.
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."
Operational Metrics
To provide transparency into our financial results, we are
providing the following operational metrics. The average revenue
per participant per month figures below are calculated in the same
manner as the previously reported per member per month metrics.
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As of
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December 31, 2021
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March 31, 2022
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June 30, 2022
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September 30, 2022
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December 31, 2022
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PACE
census1:
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Medication
census
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17,170
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17,621
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18,639
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19,806
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20,555
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Technology-enabled
solutions census
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49,769
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50,038
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50,763
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52,230
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53,430
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Total PACE
census
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49,769
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50,038
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50,763
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52,230
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53,430
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Three Months
Ended
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December 31, 2021
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March 31, 2022
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June 30, 2022
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September 30, 2022
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December 31, 2022
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PACE average revenue
per participant per month:
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Medication average
revenue per participant per month2
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$
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989
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$
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978
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$
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1,036
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$
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1,051
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$
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1,056
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Technology-enabled
solutions revenue per participant per month3
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90
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89
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|
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91
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|
|
91
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|
|
92
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Total PACE average
revenue per participant per month
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|
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427
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|
428
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|
|
459
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|
|
474
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|
|
494
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PACE backlog as of December 31,
2022, was valued at $78
million in annual revenue at maturity, which the Company
defines as enrollment of 250 participants for PACE clients. By
comparison, PACE backlog was valued at $54
million as of September 30,
2022.
Outlook
Based on current market conditions and our expectations as of
today, we are introducing first quarter and full year 2023
financial guidance as follows:
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Year over year
growth
|
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Low
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High
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Low
|
High
|
Three Months Ended
March 31, 2023
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|
(in millions except
percentages)
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Total revenue from
continuing operations
|
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$
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82.0
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$
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84.0
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22 %
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25 %
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Adjusted EBITDA from
continuing operations
|
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$
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3.0
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$
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4.0
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177 %
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270 %
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Year over year
growth
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Low
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High
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Low
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High
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Year Ended December
31, 2023
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(in millions except
percentages)
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Total revenue from
continuing operations
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$
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343.0
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$
|
354.0
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15 %
|
|
18 %
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Adjusted EBITDA from
continuing operations
|
|
$
|
17.0
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$
|
20.0
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|
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82 %
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|
114 %
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Upcoming Events
Members of TRHC's executive team are currently expected to
present at the following conferences:
- RBC Capital Markets 2023 Global Healthcare Conference in
New York, NY, May 16-17,
- SVB Securities Healthcare Crossroads Conference in Austin, TX, May 30-June
1,
- Stifel 2023 Cross Sector Insight Conference in Boston, MA, June
6-7, and
- 43rd Annual William Blair Growth Conference in
Chicago, IL, June 6-8
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1 Defined as the number of PACE participants utilizing
at least one of our solution lines.
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2 This
metric is calculated as quarterly medication revenue from PACE
clients divided by quarterly member months.
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3 This
metric is calculated as quarterly technology-enabled solutions
revenue from PACE clients across all solution lines divided by
quarterly member months.
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Quarterly Conference Call
The fourth quarter and full year 2022 earnings conference call
and webcast will be held tomorrow, Tuesday,
March 7, at 8:30 a.m. ET.
Those interested in participating via webcast in listen-only mode
can access the event here. For participants who would like to
participate via telephone, please register here to receive the
dial-in number along with a unique PIN number that is required to
access the call. A replay of the earnings call will be available
via webcast at the Investor Relations section of TRHC's website
(ir.tabularasahealthcare.com).
About Tabula Rasa HealthCare
Tabula Rasa HealthCare provides medication safety solutions that
empower healthcare professionals and consumers to optimize
medication regimens, combating medication overload and reducing
adverse drug events. TRHC's proprietary technology solutions,
including 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 at-risk
provider groups 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 gross margin, adjusted
EBITDA, adjusted cost of revenue, adjusted gross margin, adjusted
operating expenses, adjusted operating income (loss), and adjusted
net income (loss), which are considered non-GAAP financial
measures. 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. TRHC presents adjusted EBITDA
and the other non-GAAP financial measures in this release because
it considers each of them to be an important supplemental measure
of performance. TRHC also intends to provide adjusted EBITDA and
the other non-GAAP financial measures in this release as part of
the Company's future earnings discussions and, therefore, their
inclusion should provide consistency in the Company's financial
reporting.
Adjusted EBITDA consists of net loss plus certain other
expenses, which include interest expense, provision for income tax,
depreciation and amortization, change in fair value of contingent
consideration receivable, impairment charges, business optimization
expenses, severance costs, executive transition costs, cooperation
agreement costs, divestiture-related expense, acquisition-related
expense, stock-based compensation expense, loss on disposal of
business, and settlement costs. TRHC considers business
optimization expenses to include contract termination payments,
lease termination costs, retention payments, and other employee and
non-recurring vendor costs incurred related to its business
optimization initiatives during 2022 and 2021. TRHC considers
severance costs to include severance costs related to the
realignment of its resources. TRHC considers executive transition
costs to include non-recurring costs related to the hiring and
onboarding of new named executive officers and separation costs
related to former named executive officers. TRHC considers
cooperation agreement costs to include legal, professional
services, and other non-recurring costs related to the Company's
cooperation agreement with Indaba Capital Management. TRHC
considers divestiture-related expense to include non-recurring
direct transaction costs. TRHC considers acquisition-related
expense to include non-recurring direct transaction and integration
costs. TRHC considers loss on disposal of business to include
non-recurring loss resulting from the sale of the PrescribeWellness
Business. TRHC considers settlement costs to include amounts
payable by TRHC or reductions to amounts owed to TRHC as a result
of a contractual settlement. TRHC uses adjusted EBITDA 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 adjusted EBITDA provides additional
insight for analysts and investors in evaluating the Company's
financial and operational performance.
TRHC defines adjusted cost of revenue as cost of revenue as
presented on the consolidated statements of operations less those
certain other expenses which are added to operating loss in
calculating adjusted operating loss, including stock-based
compensation expense and such other expenses, in each case to the
extent that they are included in cost of revenue. TRHC believes
adjusted cost of revenue provides the analyst and investor more
accurate information regarding the actual cost of products and
services provided by TRHC, excluding the impact of certain non-cash
charges like stock-based compensation expense, and cost of revenue
that are not recurring components of its core product and service
costs, for better comparability of its cost of revenue between
periods.
TRHC defines gross margin as total revenue less total cost
of revenue (exclusive of depreciation and amortization) as
presented on the consolidated statements of operations. TRHC
defines adjusted gross margin as total revenue less total cost
of revenue (exclusive of depreciation and amortization) as
presented on the consolidated statements of operations, excluding
the impact of those certain other expenses which are added to
operating loss in calculating adjusted operating loss, including
stock-based compensation expense and such other expenses, in each
case to the extent that they are included in cost of revenue. TRHC
believes adjusted gross margin provides the analyst and investor
more accurate information regarding its core profit margin on
sales, excluding the impact of certain non-cash charges like
stock-based compensation expense, and cost of revenue that are not
recurring components of its core product and service costs, for
better comparability of gross margin between periods.
TRHC defines adjusted operating expenses as operating expenses
as presented on the consolidated statements of operations plus or
minus (as applicable) the impact those expenses added or subtracted
from operating income (loss) in calculating adjusted operating
income (loss), in each case to the extent they are included in
operating expense. TRHC believes adjusted operating expenses
provides the analyst and investor more accurate information
regarding its core operating expenses, which include research and
development costs, sales and marketing costs, general and
administrative costs, depreciation of property and equipment, and
amortization of software development costs, excluding the impact of
certain non-cash charges like amortization of intangible assets
acquired in prior business acquisitions and stock-based
compensation expense, and charges that are not recurring components
of its core operating expenses, for better comparability between
periods.
TRHC defines adjusted operating income (loss) as operating
income (loss) plus or minus (as applicable) amortization of
acquired intangibles, change in fair value of contingent
consideration receivable, impairment charges, business optimization
expenses, severance costs, executive transition costs, cooperation
agreement costs, divestiture-related expense, acquisition-related
expense, and stock-based compensation expense. The items included
in the calculation of adjusted EBITDA are determined in calculating
adjusted operating income (loss) in the same manner. TRHC believes
adjusted operating income (loss) provides the analyst and investor
more accurate information regarding its core operating loss,
excluding the impact of certain non-cash charges like amortization
of intangible assets acquired in prior business acquisitions and
stock-based compensation expense, and charges that are not
recurring components of its core operating expenses, for better
comparability between periods.
TRHC defines adjusted net income (loss) as net income (loss)
plus or minus (as applicable) the impact of those expenses added or
subtracted from operating income (loss) in calculating adjusted
operating income (loss) along with the impact of amortization of
debt discount and issuance costs, and the tax impact of all those
items using an effective statutory tax rate on pre-tax loss
adjusted for those items. TRHC believes adjusted net income (loss)
provides the analyst and investor more accurate information
regarding its core income (loss), excluding the impact of certain
non-cash charges like amortization of intangible assets acquired in
prior business acquisitions and stock-based compensation expense,
and charges that are not recurring components of its core product
and service costs or core operating expenses, for better
comparability between periods.
In addition to the reasons given above for providing each of the
Non-GAAP financial measures, TRHC believes each of these provide
the analyst and investor more accurate information for better
comparability to other companies, although such other companies may
calculate Non-GAAP financial measures differently than TRHC.
Non-GAAP financial measures have limitations as an analytical
tool. Investors are encouraged to review the reconciliations of
adjusted EBITDA, adjusted cost of revenue, adjusted gross margin,
adjusted operating expenses, adjusted operating income (loss), and
adjusted net income (loss) to its most directly comparable GAAP
measures provided in this release, including in the accompanying
tables.
Safe Harbor Statement
This press release contains certain 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. Forward-looking statements may be
identified by words such as "believe," "will," "may," "estimate,"
"continue," "anticipate," "intend," "should," "plan," "expect,"
"predict," "could," "potentially" or the negative of these terms or
similar expressions. You should read these statements carefully
because they discuss future expectations, contain projections of
future results of operations or financial condition, or state other
"forward-looking" information. These statements relate to, without
limitation, our future plans, objectives, expectations, intentions,
and financial performance and the assumptions that underlie these
statements. These forward-looking statements are subject to certain
risks and uncertainties that could cause actual results to differ
materially from those anticipated in the forward-looking
statements. Factors that might cause such a difference include, but
are not limited to: (i) our expectations regarding industry and
market trends, including the expected growth and continued
structural change and consolidation in the market for healthcare in
the United States; (ii) our
expectations about the growth of Programs of All-Inclusive Care for
the Elderly ("PACE") organizations; (iii) our expectations about
private payers establishing their own at-risk programs; (iv) the
advantages of our solutions as compared to those of competitors;
(v) our estimates about our financial performance; (vi) the
visibility into future cash flows from our business model; (vii)
our ability to reduce expenses as a result of our disposition of
non-core businesses; (viii) our growth strategy, including our
ability to grow our client base; (ix) our plans to further
penetrate existing markets and enter new markets; (x) expectations
of earnings, revenue, and other financial items; (xi) plans,
strategies, and objectives of management for future operations;
(xii) our ability to establish and maintain intellectual property
rights; (xiii) our ability to retain and hire necessary associates
and appropriately staff our operations; (xiv) future capital
expenditures; (xv) future economic conditions or performance; (xvi)
our plans to pursue strategic acquisitions and partnerships; (xvii)
our plans to expand and enhance our solutions; and (xviii) our
estimates regarding capital requirements and needs for additional
financing; and (xix) the risks described in Part I, Item 1A of
our 2021 Form 10-K, to be included in Part I, Item IA of our 2022
Form 10-K to be filed shortly, and our other filings and reports
filed with or furnished to the Securities and Exchange Commission.
Forward-looking statements are based on our management's beliefs
and assumptions and on information currently available to our
management. These statements, like all statements in this report,
speak only as of their date, and we undertake no obligation to
update or revise these statements in light of future developments,
except as required by applicable law. We caution investors that our
business and financial performance are subject to substantial risks
and uncertainties.
UNAUDITED
CONSOLIDATED BALANCE SHEETS
(In
thousands)
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
|
2022
|
|
2021
|
Assets
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
70,017
|
|
$
|
9,395
|
Restricted
cash
|
|
|
12,372
|
|
|
6,038
|
Accounts receivable,
net
|
|
|
19,252
|
|
|
21,405
|
Inventories
|
|
|
6,566
|
|
|
5,444
|
Prepaid
expenses
|
|
|
4,664
|
|
|
3,812
|
Client claims
receivable
|
|
|
16,377
|
|
|
11,257
|
Other current
assets
|
|
|
18,187
|
|
|
18,033
|
Current assets of
discontinued operations
|
|
|
22,825
|
|
|
14,511
|
Total current
assets
|
|
|
170,260
|
|
|
89,895
|
Property and equipment,
net
|
|
|
9,158
|
|
|
11,778
|
Operating lease
right-of-use assets
|
|
|
10,483
|
|
|
16,323
|
Software development
costs, net
|
|
|
32,592
|
|
|
29,254
|
Goodwill
|
|
|
115,323
|
|
|
115,323
|
Intangible assets,
net
|
|
|
38,326
|
|
|
45,358
|
Contingent
consideration receivable
|
|
|
3,350
|
|
|
—
|
Other assets
|
|
|
4,657
|
|
|
3,929
|
Noncurrent assets of
discontinued operations
|
|
|
—
|
|
|
187,558
|
Total assets
|
|
$
|
384,149
|
|
$
|
499,418
|
|
|
|
|
|
|
|
Liabilities and
stockholders' equity (deficit)
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Current operating
lease liabilities
|
|
$
|
2,708
|
|
$
|
3,275
|
Accounts
payable
|
|
|
19,459
|
|
|
8,870
|
Client claims
payable
|
|
|
10,781
|
|
|
8,398
|
Accrued expenses and
other liabilities
|
|
|
55,745
|
|
|
40,997
|
Current liabilities of
discontinued operations
|
|
|
13,389
|
|
|
12,380
|
Total current
liabilities
|
|
|
102,082
|
|
|
73,920
|
Line of
credit
|
|
|
—
|
|
|
29,500
|
Long-term debt, net of
discount
|
|
|
232,112
|
|
|
319,299
|
Long-term debt –
related party, net of discount
|
|
|
88,522
|
|
|
—
|
Noncurrent operating
lease liabilities
|
|
|
12,786
|
|
|
15,792
|
Deferred income tax
liability, net
|
|
|
1,380
|
|
|
1,402
|
Other long-term
liabilities
|
|
|
4,298
|
|
|
176
|
Noncurrent liabilities
of discontinued operations
|
|
|
—
|
|
|
3,573
|
Total
liabilities
|
|
|
441,180
|
|
|
443,662
|
|
|
|
|
|
|
|
Stockholders' equity
(deficit):
|
|
|
|
|
|
|
Common
stock
|
|
|
3
|
|
|
3
|
Treasury
stock
|
|
|
(3,391)
|
|
|
(4,292)
|
Additional paid-in
capital
|
|
|
354,214
|
|
|
320,392
|
Accumulated
deficit
|
|
|
(407,857)
|
|
|
(260,347)
|
Total stockholders'
equity (deficit)
|
|
|
(57,031)
|
|
|
55,756
|
Total liabilities and
stockholders' equity (deficit)
|
|
$
|
384,149
|
|
$
|
499,418
|
TABULA RASA
HEALTHCARE, INC.
UNAUDITED
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands,
except share and per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
|
December 31,
|
|
December 31,
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
Medication
revenue
|
|
$
|
64,407
|
|
$
|
50,570
|
|
$
|
231,052
|
|
$
|
189,591
|
Technology-enabled
solutions revenue
|
|
|
18,301
|
|
|
18,327
|
|
|
68,464
|
|
|
70,291
|
Total
revenue
|
|
|
82,708
|
|
|
68,897
|
|
|
299,516
|
|
|
259,882
|
Cost of revenue,
exclusive of depreciation and amortization shown below:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of medication
revenue
|
|
|
49,370
|
|
|
38,761
|
|
|
178,527
|
|
|
143,700
|
Cost of
technology-enabled solutions revenue
|
|
|
13,646
|
|
|
11,803
|
|
|
54,076
|
|
|
49,678
|
Total cost of revenue,
exclusive of depreciation and amortization
|
|
|
63,016
|
|
|
50,564
|
|
|
232,603
|
|
|
193,378
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
|
3,257
|
|
|
3,560
|
|
|
14,483
|
|
|
14,629
|
Sales and
marketing
|
|
|
2,813
|
|
|
2,814
|
|
|
10,491
|
|
|
11,039
|
General and
administrative
|
|
|
16,029
|
|
|
17,370
|
|
|
74,974
|
|
|
63,095
|
Change in fair value
of contingent consideration receivable
|
|
|
3,650
|
|
|
—
|
|
|
3,650
|
|
|
—
|
Long-lived asset
impairment charge
|
|
|
4,881
|
|
|
—
|
|
|
8,943
|
|
|
—
|
Depreciation and
amortization
|
|
|
6,393
|
|
|
5,373
|
|
|
23,347
|
|
|
20,482
|
Total operating
expenses
|
|
|
37,023
|
|
|
29,117
|
|
|
135,888
|
|
|
109,245
|
Loss from
operations
|
|
|
(17,331)
|
|
|
(10,784)
|
|
|
(68,975)
|
|
|
(42,741)
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
|
|
(1,604)
|
|
|
(2,148)
|
|
|
(9,034)
|
|
|
(9,107)
|
Other
income
|
|
|
585
|
|
|
—
|
|
|
1,064
|
|
|
—
|
Total other expense,
net
|
|
|
(1,019)
|
|
|
(2,148)
|
|
|
(7,970)
|
|
|
(9,107)
|
Loss from continuing
operations before income taxes
|
|
|
(18,350)
|
|
|
(12,932)
|
|
|
(76,945)
|
|
|
(51,848)
|
Income tax
expense
|
|
|
21
|
|
|
106
|
|
|
389
|
|
|
390
|
Net loss from
continuing operations
|
|
|
(18,371)
|
|
|
(13,038)
|
|
|
(77,334)
|
|
|
(52,238)
|
Net loss from
discontinued operations, net of tax
|
|
|
(11,271)
|
|
|
(8,333)
|
|
|
(70,176)
|
|
|
(26,817)
|
Net loss
|
|
$
|
(29,642)
|
|
$
|
(21,371)
|
|
$
|
(147,510)
|
|
$
|
(79,055)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share from
continuing operations, basic and diluted
|
|
$
|
(0.74)
|
|
$
|
(0.55)
|
|
$
|
(3.18)
|
|
$
|
(2.24)
|
Net loss per share from
discontinued operations, basic and diluted
|
|
|
(0.45)
|
|
|
(0.36)
|
|
|
(2.89)
|
|
|
(1.15)
|
Total net loss per
share, basic and diluted
|
|
$
|
(1.19)
|
|
$
|
(0.91)
|
|
$
|
(6.07)
|
|
$
|
(3.39)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common
shares outstanding, basic and diluted
|
|
|
24,939,826
|
|
|
23,470,252
|
|
|
24,293,483
|
|
|
23,290,660
|
TABULA RASA
HEALTHCARE, INC.
UNAUDITED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In
thousands)
|
|
|
|
|
|
|
|
|
|
Year
Ended
|
|
|
December 31,
|
|
|
2022
|
|
2021
|
Cash flows from
operating activities:
|
|
|
|
|
|
Net loss
|
|
$
|
(147,510)
|
|
$
|
(79,055)
|
Adjustments to
reconcile net loss to net cash provided by operating
activities:
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
30,678
|
|
|
47,706
|
Amortization of
deferred financing costs and debt discount
|
|
|
2,309
|
|
|
2,185
|
Deferred
taxes
|
|
|
(22)
|
|
|
513
|
Stock-based
compensation
|
|
|
36,831
|
|
|
38,454
|
Change in fair value
of contingent consideration receivable
|
|
|
3,650
|
|
|
—
|
Acquisition-related
contingent consideration paid
|
|
|
—
|
|
|
(67)
|
Impairment
charges
|
|
|
56,828
|
|
|
—
|
Loss on divestiture of
business
|
|
|
2,879
|
|
|
—
|
Other noncash
items
|
|
|
70
|
|
|
39
|
Changes in operating
assets and liabilities, net of effect of divestiture:
|
|
|
|
|
|
|
Accounts receivable,
net
|
|
|
5,542
|
|
|
(1,526)
|
Inventories
|
|
|
(1,122)
|
|
|
(1,183)
|
Prepaid expenses and
other current assets
|
|
|
(3,410)
|
|
|
(8,834)
|
Client claims
receivables
|
|
|
(5,120)
|
|
|
2,697
|
Other
assets
|
|
|
(1,315)
|
|
|
(2,057)
|
Accounts
payable
|
|
|
8,697
|
|
|
1,982
|
Accrued expenses and
other liabilities
|
|
|
12,211
|
|
|
14,294
|
Client claims
payables
|
|
|
2,383
|
|
|
664
|
Other long-term
liabilities
|
|
|
3,778
|
|
|
(360)
|
Net cash provided by
operating activities
|
|
|
7,357
|
|
|
15,452
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
Purchases of property
and equipment
|
|
|
(2,285)
|
|
|
(3,350)
|
Software development
costs
|
|
|
(26,451)
|
|
|
(31,844)
|
Proceeds from
divestiture of business
|
|
|
120,038
|
|
|
—
|
Net cash provided by
(used in) investing activities
|
|
|
91,302
|
|
|
(35,194)
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
Proceeds from exercise
of stock options
|
|
|
73
|
|
|
4,072
|
Payments for employee
taxes for shares withheld
|
|
|
(2,181)
|
|
|
(3)
|
Payments for debt
financing costs
|
|
|
(350)
|
|
|
(8)
|
Borrowings on line of
credit
|
|
|
27,700
|
|
|
29,500
|
Repayments of line of
credit
|
|
|
(57,200)
|
|
|
(10,000)
|
Payment of
acquisition-related notes payable
|
|
|
—
|
|
|
(16,542)
|
Payments of
acquisition-related contingent consideration
|
|
|
—
|
|
|
(99)
|
Repayments of long-term
debt and finance leases
|
|
|
—
|
|
|
(4)
|
Net cash (used in)
provided by financing activities
|
|
|
(31,958)
|
|
|
6,916
|
|
|
|
|
|
|
|
Net increase (decrease)
in cash, cash equivalents and restricted cash
|
|
|
66,701
|
|
|
(12,826)
|
Cash, cash equivalents
and restricted cash, beginning of year
|
|
|
15,706
|
|
|
28,532
|
Cash, cash equivalents
and restricted cash, end of year
|
|
$
|
82,407
|
|
$
|
15,706
|
TABULA RASA
HEALTHCARE, INC.
UNAUDITED
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
December 31,
|
|
Year Ended
December 31,
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Reconciliation of
Net Loss to Adjusted EBITDA from Continuing
Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(29,642)
|
|
$
|
(21,371)
|
|
$
|
(147,510)
|
|
$
|
(79,055)
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
|
|
1,604
|
|
|
2,148
|
|
|
9,034
|
|
|
9,107
|
Income tax
expense
|
|
|
21
|
|
|
106
|
|
|
389
|
|
|
390
|
Depreciation and
amortization
|
|
|
6,393
|
|
|
5,373
|
|
|
23,347
|
|
|
20,482
|
Change in fair value
of contingent consideration receivable
|
|
|
3,650
|
|
|
—
|
|
|
3,650
|
|
|
—
|
Impairment
charges
|
|
|
4,881
|
|
|
—
|
|
|
8,943
|
|
|
—
|
Business optimization
expenses
|
|
|
85
|
|
|
1,061
|
|
|
872
|
|
|
1,061
|
Severance
costs
|
|
|
1,421
|
|
|
371
|
|
|
2,118
|
|
|
887
|
Executive
transition
|
|
|
—
|
|
|
—
|
|
|
1,971
|
|
|
—
|
Cooperation agreement
costs
|
|
|
(142)
|
|
|
—
|
|
|
980
|
|
|
—
|
Divestiture-related
expense
|
|
|
390
|
|
|
—
|
|
|
2,981
|
|
|
—
|
Acquisition-related
expense
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
217
|
Stock-based
compensation expense
|
|
|
4,205
|
|
|
8,091
|
|
|
32,378
|
|
|
32,191
|
Loss from discontinued
operations
|
|
|
11,271
|
|
|
8,333
|
|
|
70,176
|
|
|
26,817
|
Adjusted EBITDA from
continuing operations
|
|
$
|
4,137
|
|
$
|
4,112
|
|
$
|
9,329
|
|
$
|
12,097
|
Adjusted EBITDA (loss)
from discontinued operations
|
|
|
(5,207)
|
|
|
220
|
|
|
(6,243)
|
|
|
7,514
|
Total Adjusted EBITDA
(loss)
|
|
$
|
(1,070)
|
|
$
|
4,332
|
|
$
|
3,086
|
|
$
|
19,611
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
December 31,
|
|
Year Ended
December 31,
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Reconciliation of
Net Loss from Discontinued Operations, net of tax to
Adjusted EBITDA (Loss) from Discontinued Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss from
discontinued operations, net of tax
|
|
$
|
(11,271)
|
|
$
|
(8,333)
|
|
$
|
(70,176)
|
|
$
|
(26,817)
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
(benefit)
|
|
|
344
|
|
|
55
|
|
|
(318)
|
|
|
237
|
Depreciation and
amortization
|
|
|
—
|
|
|
6,990
|
|
|
7,331
|
|
|
27,224
|
Impairment
charges
|
|
|
5,592
|
|
|
—
|
|
|
47,885
|
|
|
—
|
Loss on disposal of
business
|
|
|
—
|
|
|
—
|
|
|
2,879
|
|
|
—
|
Business optimization
expenses
|
|
|
—
|
|
|
107
|
|
|
—
|
|
|
107
|
Severance
costs
|
|
|
39
|
|
|
—
|
|
|
39
|
|
|
—
|
Settlement
|
|
|
—
|
|
|
—
|
|
|
1,448
|
|
|
500
|
Divestiture-related
expense
|
|
|
—
|
|
|
—
|
|
|
216
|
|
|
—
|
Stock-based
compensation expense
|
|
|
89
|
|
|
1,401
|
|
|
4,453
|
|
|
6,263
|
Adjusted EBITDA (loss)
from discontinued operations
|
|
$
|
(5,207)
|
|
$
|
220
|
|
$
|
(6,243)
|
|
$
|
7,514
|
TABULA RASA
HEALTHCARE, INC.
UNAUDITED
RECONCILIATION OF STATEMENT OF OPERATIONS TO NON-GAAP
MEASURES
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2022
|
|
|
Cost of
Revenue
|
|
Gross
Margin
|
|
Operating
Expenses
|
|
Operating
Loss
|
|
Net
Loss
|
Reconciliation of
statement of operations to adjusted
amounts from continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Statement of operations
amounts
|
|
$
|
63,016
|
|
$
|
19,692
|
|
$
|
37,023
|
|
$
|
(17,331)
|
|
$
|
(18,371)
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
acquired intangibles
|
|
|
—
|
|
|
—
|
|
|
(1,949)
|
|
|
1,949
|
|
|
1,949
|
Change in fair value of
contingent consideration receivable
|
|
|
—
|
|
|
—
|
|
|
(3,650)
|
|
|
3,650
|
|
|
3,650
|
Impairment
charges
|
|
|
—
|
|
|
—
|
|
|
(4,881)
|
|
|
4,881
|
|
|
4,881
|
Amortization of debt
discount and issuance costs
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
337
|
Business optimization
expenses
|
|
|
—
|
|
|
—
|
|
|
(85)
|
|
|
85
|
|
|
85
|
Severance
costs
|
|
|
—
|
|
|
—
|
|
|
(1,421)
|
|
|
1,421
|
|
|
1,421
|
Cooperation agreement
costs
|
|
|
—
|
|
|
—
|
|
|
142
|
|
|
(142)
|
|
|
(142)
|
Divestiture-related
expense
|
|
|
—
|
|
|
—
|
|
|
(390)
|
|
|
390
|
|
|
390
|
Stock-based
compensation expense
|
|
|
(681)
|
|
|
681
|
|
|
(3,524)
|
|
|
4,205
|
|
|
4,205
|
Impact to income
taxes
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
431
|
Adjusted
amounts
|
|
$
|
62,335
|
|
$
|
20,373
|
|
$
|
21,265
|
|
$
|
(892)
|
|
$
|
(1,164)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2022
|
|
|
Cost of
Revenue
|
|
Gross
Margin
|
|
Operating
Expenses
|
|
Operating
Loss
|
|
Net
Loss
|
Reconciliation of
statement of operations to adjusted
amounts from continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Statement of operations
amounts
|
|
$
|
60,235
|
|
$
|
16,866
|
|
$
|
40,515
|
|
$
|
(23,649)
|
|
$
|
(25,880)
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
acquired intangibles
|
|
|
—
|
|
|
—
|
|
|
(1,694)
|
|
|
1,694
|
|
|
1,694
|
Amortization of debt
discount and issuance costs
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,033
|
Severance
costs
|
|
|
—
|
|
|
—
|
|
|
(122)
|
|
|
122
|
|
|
122
|
Executive
transition
|
|
|
—
|
|
|
—
|
|
|
(1,821)
|
|
|
1,821
|
|
|
1,821
|
Cooperation agreement
costs
|
|
|
—
|
|
|
—
|
|
|
(1,122)
|
|
|
1,122
|
|
|
1,122
|
Divestiture-related
expense
|
|
|
—
|
|
|
—
|
|
|
(1,057)
|
|
|
1,057
|
|
|
1,057
|
Stock-based
compensation expense
|
|
|
(1,124)
|
|
|
1,124
|
|
|
(14,254)
|
|
|
15,378
|
|
|
15,378
|
Impact to income
taxes
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
947
|
Adjusted
amounts
|
|
$
|
59,111
|
|
$
|
17,990
|
|
$
|
20,445
|
|
$
|
(2,455)
|
|
$
|
(2,706)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2021
|
|
|
Cost of
Revenue
|
|
Gross
Margin
|
|
Operating
Expenses
|
|
Operating
Loss
|
|
Net
Loss
|
Reconciliation of
statement of operations to adjusted
amounts from continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Statement of operations
amounts
|
|
$
|
50,564
|
|
$
|
18,333
|
|
$
|
29,117
|
|
$
|
(10,784)
|
|
$
|
(13,038)
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
acquired intangibles
|
|
|
—
|
|
|
—
|
|
|
(1,822)
|
|
|
1,822
|
|
|
1,822
|
Amortization of debt
discount and issuance costs
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
471
|
Business optimization
expenses
|
|
|
—
|
|
|
—
|
|
|
(1,061)
|
|
|
1,061
|
|
|
1,061
|
Severance
costs
|
|
|
—
|
|
|
—
|
|
|
(371)
|
|
|
371
|
|
|
371
|
Stock-based
compensation expense
|
|
|
(1,431)
|
|
|
1,431
|
|
|
(6,660)
|
|
|
8,091
|
|
|
8,091
|
Impact to income
taxes
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
397
|
Adjusted
amounts
|
|
$
|
49,133
|
|
$
|
19,764
|
|
$
|
19,203
|
|
$
|
561
|
|
$
|
(825)
|
TABULA RASA
HEALTHCARE, INC.
UNAUDITED
RECONCILIATION OF STATEMENT OF OPERATIONS TO NON-GAAP
MEASURES
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31, 2022
|
|
|
Cost of
Revenue
|
|
Gross
Margin
|
|
Operating
Expenses
|
|
Operating
Loss
|
|
Net
Loss
|
Reconciliation of
statement of operations to adjusted
amounts from continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Statement of operations
amounts
|
|
$
|
232,603
|
|
$
|
66,913
|
|
$
|
135,888
|
|
$
|
(68,975)
|
|
$
|
(77,334)
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
acquired intangibles
|
|
|
—
|
|
|
—
|
|
|
(7,032)
|
|
|
7,032
|
|
|
7,032
|
Change in fair value of
contingent consideration receivable
|
|
|
—
|
|
|
—
|
|
|
(3,650)
|
|
|
3,650
|
|
|
3,650
|
Impairment
charges
|
|
|
—
|
|
|
—
|
|
|
(8,943)
|
|
|
8,943
|
|
|
8,943
|
Amortization of debt
discount and issuance costs
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,309
|
Business optimization
expenses
|
|
|
(433)
|
|
|
433
|
|
|
(439)
|
|
|
872
|
|
|
872
|
Severance
costs
|
|
|
—
|
|
|
—
|
|
|
(2,118)
|
|
|
2,118
|
|
|
2,118
|
Executive
transition
|
|
|
—
|
|
|
—
|
|
|
(1,971)
|
|
|
1,971
|
|
|
1,971
|
Cooperation agreement
costs
|
|
|
—
|
|
|
—
|
|
|
(980)
|
|
|
980
|
|
|
980
|
Divestiture-related
expense
|
|
|
—
|
|
|
—
|
|
|
(2,981)
|
|
|
2,981
|
|
|
2,981
|
Stock-based
compensation expense
|
|
|
(3,723)
|
|
|
3,723
|
|
|
(28,655)
|
|
|
32,378
|
|
|
32,378
|
Impact to income
taxes
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,963
|
Adjusted
amounts
|
|
$
|
228,447
|
|
$
|
71,069
|
|
$
|
79,119
|
|
$
|
(8,050)
|
|
$
|
(10,137)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31, 2021
|
|
|
Cost of
Revenue
|
|
Gross
Margin
|
|
Operating
Expenses
|
|
Operating
Loss
|
|
Net
Loss
|
Reconciliation of
statement of operations to adjusted
amounts from continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Statement of operations
amounts
|
|
$
|
193,378
|
|
$
|
66,504
|
|
$
|
109,245
|
|
$
|
(42,741)
|
|
$
|
(52,238)
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
acquired intangibles
|
|
|
—
|
|
|
—
|
|
|
(7,560)
|
|
|
7,560
|
|
|
7,560
|
Amortization of debt
discount and issuance costs
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,185
|
Business optimization
expenses
|
|
|
—
|
|
|
—
|
|
|
(1,061)
|
|
|
1,061
|
|
|
1,061
|
Severance
costs
|
|
|
(197)
|
|
|
197
|
|
|
(690)
|
|
|
887
|
|
|
887
|
Acquisition-related
expense
|
|
|
—
|
|
|
—
|
|
|
(217)
|
|
|
217
|
|
|
217
|
Stock-based
compensation expense
|
|
|
(4,914)
|
|
|
4,914
|
|
|
(27,277)
|
|
|
32,191
|
|
|
32,191
|
Impact to income
taxes
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,410
|
Adjusted
amounts
|
|
$
|
188,267
|
|
$
|
71,615
|
|
$
|
72,440
|
|
$
|
(825)
|
|
$
|
(5,727)
|
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SOURCE Tabula Rasa HealthCare, Inc.