Tabula Rasa HealthCare Reports Fourth Quarter and Full Year 2022 Financial Results.

MOORESTOWN, N.J: Tabula Rasa HealthCare, Inc.(r) (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.

Key Financial Results

(in millions except percentages)

Q4

Full Year

2022

2021

% Change

2022

2021

% Change

Revenue from continuing operations

$

82.7

$

68.9

20

%

$

299.5

$

259.9

15

%

Gross margin

23.8 %

26.6 %

22.3 %

25.6 %

Adjusted gross margin

24.6 %

28.7 %

23.7 %

27.6 %

GAAP net loss from continuing operations

$

(18.4)

$

(13.0)

(41)

%

$

(77.3)

$

(52.2)

48

%

Adjusted net loss from continuing operations

$

(1.2)

$

(0.8)

(41)

%

$

(10.1)

$

(5.7)

77

%

Adjusted EBITDA from continuing operations

$

4.1

$

4.1

--

%

$

9.3

$

12.1

(23)

%

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)...

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