Tabula Rasa Healthcare, Inc.(TRHC), a leading healthcare technology comp any, has announced its unaudited consolidated financial results for the first quarter of 2023. The company reported a net loss of $15.9 million for the quarter, while generating $88.3 million in revenue. The financial statements reflect the company's commitment to providing innovative healthcare solutions and its strategic focus on improving patient outcomes.
Net Income/Loss
Tabula Rasa Healthcare, Inc. faced a net loss of $15.9 million in the first quarter of 2023. This figure highlights the company's financial performance during the period, showcasing both the challenges and opportunities it encountered.
Revenue
The company's revenue for the first quarter of 2023 reached $88.3 million. This significant revenue figure underscores Tabula Rasa Healthcare, Inc.'s role as a key player in the healthcare technology industry and its ability to generate substantial income from its various products and services.
Unaudited Consolidated Balance Sheets
The unaudited consolidated balance sheets demonstrate Tabula Rasa Healthcare, Inc.'s financial position as of March 31, 2023. The company's current assets totaled $142.95 million, including cash and cash equivalents amounting to $67.19 million and restricted cash of $6.24 million. Notably, the company's intangible assets were valued at $36.73 million, reflecting its investments in intellectual property and proprietary technology.
Unaudited Consolidated Statements of Operations
The unaudited consolidated statements of operations detail the company's financial performance for the first quarter of 2023. Tabula Rasa Healthcare, Inc. reported total revenue of $88.3 million, driven by $68.75 million in medication revenue and $19.53 million in technology-enabled solutions revenue. The cost of revenue for the same period amounted to $67.52 million, leaving a gross margin that reflects the efficiency of the company's operations.
These statements outline changes in the company's stockholders' equity during the first quarter of 2023. Tabula Rasa Healthcare, Inc. issued restricted stock, exercised stock options, and implemented stock-based compensation plans, all of which contributed to the dynamics of its equity structure. The company's accumulated deficit increased to $423.75 million, reflecting the net losses incurred.
Unaudited Consolidated Statements of Cash Flows
The unaudited consolidated statements of cash flows offer insights into Tabula Rasa Healthcare, Inc.'s cash management during the first quarter of 2023. The company reported a net decrease in cash and cash equivalents of $8.98 million, which can be attributed to operating and investing activities. Despite challenges, the company maintained a strong cash position to support its operations.
Tabula Rasa Healthcare, Inc.'s financial results for the first quarter of 2023 showcase the company's dedication to advancing healthcare technology and its commitment to innovation. Despite reporting a net loss, the company's revenue generation and strategic initiatives position it for continued growth and positive impact in the healthcare industry.