MOORESTOWN, N.J., March 2,
2023 /PRNewswire/ -- Tabula Rasa HealthCare, Inc.®
(NASDAQ: TRHC), a leading healthcare technology company
advancing the safe use of medications, today announced that it
completed the sale of its SinfoníaRx business to Cureatr, following
the sale of its DoseMeRx business to an affiliate of Fairlong
Capital LLC earlier this year. The combined proceeds are
$11 million.
"The successful sale of these two businesses, along with the
sale of PrescribeWellness in August
2022, completes the strategic divestitures that we announced
last year, advancing our commitment to focus on our core
value-based markets," said Brian
Adams, President and Interim CEO of TRHC.
TRHC completed the sale of DoseMeRx, an advanced precision
dosing tool, on January 20, 2023. The
sale of TRHC's Medication Therapy Management (MTM) business,
SinfoníaRx, closed on March 2,
2023.
Conference Call
As previously announced, TRHC will
hold a conference call and webcast to discuss its fourth quarter
and full year 2022 financial results on Tuesday, March 7, 2023, at 8:30 a.m. EDT. The Company's financial results
for the fourth quarter and full year ended December 31, 2022, will be released after the
close of the market on Monday, March 6,
2023.
About Tabula Rasa HealthCare
Tabula Rasa HealthCare (TRHC) (NASDAQ: TRHC) provides
medication safety solutions that empower healthcare professionals
and consumers to optimize medication regimens, combatting
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.
Forward-Looking Statements
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,
the completed sales of the SinfoníaRx and DoseMe businesses of TRHC
and the timing and benefits thereof, 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) the overall macroeconomic environment, including the effects of
inflation, supply chain constraints, and the impact of changes in
interest rates, on our business and results of operations; (ii) our
ability to adapt to changes or trends within the market for
healthcare in the U.S.; (iii) a significant increase in competition
from a variety of companies in the healthcare industry; (iv)
developments and changes in laws and regulations, including
increased regulation of the healthcare industry through legislative
action and revised rules and standards; (v) the extent to which we
are successful in gaining new long-term relationships with clients
or retaining existing clients; (vi) clients demands for our
services and our ability to fulfill client demands; (vii) the
growth and success of our clients, which is difficult to predict
and is subject to factors outside of our control; (viii) our
ability to maintain relationships with a specified drug wholesaler;
(ix) increasing consolidation in the healthcare industry; (x)
managing our growth effectively; (xi) fluctuations in operating
results; (xii) our ability to manage our cash flows; (xiii) failure
or disruption of our information technology and security systems;
(xiv) dependence on or changes to our senior management and key
employees; (xv) changes in our strategy as a result of our entry
into the Cooperation Agreement with Indaba; (xvi) our future
indebtedness and our ability to obtain additional financing, reduce
expenses, or generate funds when necessary; (xvii) the costs
associated with the divestitures of our SinfoníaRx and DoseMe
businesses and risks related to diverting management's attention
from our ongoing business operations; (xviii) risks related to the
volatility in our stock price; (xix) the impacts of the ongoing
COVID-19 pandemic and other health epidemics; and (xx) the risks
described in Part I, Item 1A of our 2021 Form 10-K 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.
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SOURCE Tabula Rasa HealthCare, Inc.