Tabula Rasa HealthCare, Inc.
tabularasahealthcare.comNo Longer Reporting
The company has not filed an annual or quarterly report since its Q2 FY2023 10-Q, filed Aug 8, 2023. Its latest SEC filing is a EFFECT from Nov 16, 2023.
10-Q for Q2 FY2023, filed Aug 8, 2023
The sections below describe the company as of the FY2022 annual report.
What Did They Do?
Provides medication fulfillment, medication-safety software and clinical services to PACE organizations, health plans and provider groups.
10-K for FY2022, filed Mar 10, 2023Our CareVention HealthCare segment provides our clients, primarily organizations with PACE, with medication fulfillment services…View ↗
Our largest CareVention HealthCare revenue offering is our medication fulfillment services, which are built around our advanced proprietary…View ↗
Our MedWise HealthCare segment provides technology-enabled solutions to promote medication safety and adherence to improve patient outcomes…View ↗
Our clients are typically at-risk healthcare organizations, primarily PACE organizations, managed-care organizations, government and…View ↗
How Did They Make Money?
For medication fulfillment, it bills PACE organizations monthly or weekly, with charges tied to medications delivered. It also charges monthly per-member and software fees, per-claim fees, and fees for completed medication reviews and assessments; these services are generally billed monthly or when the work is completed.
10-K for FY2022, filed Mar 10, 2023The Company provides medication fulfillment pharmacy services to PACE organizations under the Company’s CareVention HealthCare segment.…View ↗
The Company provides medication safety services and health plan management services to PACE organizations under the Company’s CareVention…View ↗
View ↗
The Company provides software as a service (“SaaS”) solutions which allow for the identification of individuals with high…View ↗
$299.5M
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10-K for FY2022, filed Mar 10, 2023
$299.5M ↗
Who Were Their Customers?
Customers are healthcare organizations, mainly PACE organizations, along with managed-care organizations, health plans and other provider groups. Many client relationships are under multi-year contracts.
10-K for FY2022, filed Mar 10, 2023Our clients are typically at-risk healthcare organizations, primarily PACE organizations, managed-care organizations, government and…View ↗
10-K for FY2022, filed Mar 10, 2023
For the years ended December 31, 2022, 2021, and 2020, one client accounted for 15%, 16%, and 16% of total revenue, respectively.View ↗
Did Revenues Turn Into Profits?
Not on paper. It lost $147.5M in FY2022, but brought in more cash than it spent: $5.1M of free cash flow.
10-K for FY2022, filed Mar 10, 2023
−$69MView ↗
10-K for FY2022, filed Mar 10, 2023
−$147.5MView ↗
10-K for FY2022, filed Mar 10, 2023
$5.1MView ↗
How Were They Changing?
- Net income
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Sources
10-Q for Q2 FY2023, filed Aug 8, 2023
−$9.9MView ↗
- ▼ −80% (Loss)
- vs −$49.6M in Q2 FY2022
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Nov 6, 2023
ExactCare completed its acquisition of Tabula Rasa
Tabula Rasa became a wholly owned subsidiary, and the two businesses are combining pharmacy care with Tabula Rasa’s technology-enabled solutions.
Sources
8-K, filed Nov 6, 2023
As described above, at the Effective Time, on the terms and subject to the conditions set forth in the Merger Agreement, (i) Parent…View ↗
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Aug 7, 2023
Company stopped issuing further 2023 financial guidance
It said the pending acquisition was the reason for ending further guidance for 2023.
Sources
8-K, filed Aug 7, 2023
In a separate press release, Tabula Rasa today announced that it entered into a definitive merger agreement to be acquired by Nautic…View ↗
Grew. Revenue grew 47% in 4 years, from $204.3M in FY2018 to $299.5M in FY2022, about 10% a year.
Portfolio refocused
The older report described PrescribeWellness pharmacy engagement tools, SinfoníaRx services for Medicare plans, and DoseMeRx dosing software within a broader portfolio. The latest report says those businesses were sold and focuses the remaining business on PACE and medication-safety services.
10-K for FY2019, filed Mar 2, 2020 10-K for FY2022, filed Mar 10, 2023For example, in September 2017, we acquired the SRx business, a provider of MTM technology and services for Medicare, Medicaid, and…View ↗
We recognized that success in the EMTM program would position us well to service more of the Medicare Part D market. We began looking for…View ↗
Most recently, in order to expand our MRM Matrix solution, we acquired DoseMe, the developer of DoseMeRx, an advanced precision dosing tool…View ↗
As described further below under “Divestiture of Non-Core Businesses,” we completed the sale of our PrescribeWellness business in 2022 and…View ↗
When the Company commenced plans to sell the PrescribeWellness, DoseMe, and SinfoníaRx businesses, these businesses collectively comprised…View ↗
As described above, we completed the sales of the PrescribeWellness, DoseMe, and SinfoníaRx businesses in 2022 and early 2023. The…View ↗
Who Did They Compete With?
Competes with Wolters Kluwer, Elsevier, Hearst Health, Cardinal Health, Adhere Health, RxAnte, Cureatr, Aspen RxHealth, Clarest Health, Pack4U, and MedWatchers
10-K for FY2022, filed Mar 10, 2023While we believe that no competitor provides a similar breadth and depth of solutions, we nevertheless compete with other companies’…View ↗
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