NJ Tech Weekly wrote about the solid 2nd quarter results for Tabula Rasa HealthCare (TRHC) in a series covering certain New Jersey public technology companies earnings calls.
Founded in 2009, Tabula Rasa HealthCare (TRHC) is a healthcare technology company led by Calvin H. Knowlton, founder, chairman and CEO. It advances the safe use of medication, and makes medication management better for pharmacists, prescribers and consumers.
“Consistent with our pre-announcement on July 20, we delivered better than expected second-quarter revenue of $72.6 million, which was 13 percent higher versus a year ago,” Knowlton said during the August 5, 2022 Second Quarter 2022 TRHC Earnings Conference Call, heard on the Seeking Alpha website. “We continue to execute on our planned divestitures and strategy to refocus the company in a few large markets led by PACE [Program of All-Inclusive Care for the Elderly].”
In addition to the 13 percent revenue increase compared to 12 months ago, product (medication) revenue increased 19 percent to $55.9 million, while service revenue decreased 4 percent from a year ago to $16.7 million, TRHC said in a press release. Excluding the revenue of $2.3 million during the second quarter of 2021 related to the federal government’s Enhanced Medication Therapy Management pilot program, TRHC saw a 10 percent increase in service revenue buttressed by the growth of its pharmacy benefit management, third-party administration, and risk adjustment business lines.
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