Welcome to our dedicated page for Tabula Rasa Heal news (Ticker: TRHC), a resource for investors and traders seeking the latest updates and insights on Tabula Rasa Heal stock.
Tabula Rasa HealthCare reports developments tied to medication safety, personalized pharmacy services and technology-enabled care management for value-based healthcare organizations. The company offers precision medication management and delivery, clinical and business management tools, and services used by health plans, at-risk provider groups and Programs of All-Inclusive Care for the Elderly.
Recurring TRHC updates include operating and financial results, PACE customer agreements, pharmacy benefit management services, MedWise medication-risk technology, PACElogic integrated technology solutions and PeakTPA administration services. Corporate news also covers governance changes, material agreements, shareholder voting matters and capital-structure disclosures.
On September 14, 2022, Tabula Rasa Healthcare (TRHC) announced a cooperation agreement with its largest shareholder, Indaba Capital Management, which holds a 25% stake. Key changes include the retirement of Calvin and Orsula Knowlton from the Board and the appointment of Derek Schrier and Jonathan Schwartz. Michael Purcell has been appointed as Independent Chair. The Board intends to seek stockholder approval to declassify its structure by 2025 and has formed a strategic review committee to enhance shareholder value. Leadership transitions include Brian Adams serving as interim CEO.
Tabula Rasa HealthCare (TRHC) announces a significant leadership transition as co-founders Dr. Calvin H. Knowlton and Dr. Orsula V. Knowlton retire, effective immediately. Brian Adams, co-president, has been appointed interim CEO while Michael Purcell takes on the role of Independent Board Chairman. The transition aims to ensure continuity and capitalize on growth opportunities. The Knowltons will continue consulting until year-end to support the company. This change fosters potential new strategies for TRHC in the value-based care market, as highlighted by statements from both interim leaders.
Tabula Rasa HealthCare (TRHC) announced a peer-reviewed study revealing that its MedWise® Science medication decision support tool helps pharmacists reduce inappropriate medication use among older adults. Conducted with 35 PACE organizations, the study found that pharmacist recommendations led to a 65% decrease in overall daily dosages of urinary antimuscarinic medications linked to cognitive decline and falls. This research underscores TRHC's commitment to improving health outcomes for vulnerable patients through advanced medication management solutions.
Indaba Capital Management, the largest shareholder of Tabula Rasa HealthCare (NASDAQ: TRHC) with about 25% ownership, has sent an open letter to the independent board members, questioning their decisions regarding shareholder dilution and governance standards. The letter criticizes the issuance of more equity to the Knowltons, despite significant shareholder opposition reflected in the 2022 Annual Meeting votes. Indaba expresses concerns over potential nepotism, governance issues, and risks to shareholder value, especially given a 65% decline in share price year-to-date.
Tabula Rasa HealthCare (Nasdaq: TRHC) reported a 13% increase in revenue from continuing operations for Q2 2022, totaling $72.6 million, driven by a 17% growth in CareVention HealthCare. The GAAP net loss decreased to $12.7 million from $14.1 million year-over-year. Adjusted EBITDA fell to $2.1 million, down 37% compared to the previous year.
Cash increased to $26.5 million as of June 30, 2022. The company completed the sale of its PrescribeWellness business for up to $140 million, aiming to enhance its core operations.
Tabula Rasa HealthCare (TRHC) has announced the successful acquisition of PrescribeWellness, enhancing its pharmacy software solutions. This strategic move aims to improve patient engagement and clinical services for over 15,000 pharmacies across the U.S., Canada, and Puerto Rico. The acquisition is expected to create additional revenue streams for client pharmacies and bolster TDS's capabilities in patient communication and adherence solutions. TDS believes this merger will significantly strengthen the offerings for community pharmacies.
Tabula Rasa HealthCare (TRHC) has finalized the sale of its PrescribeWellness business to Transaction Data Systems (TDS) for an all-cash consideration of up to $140 million. The initial payment at closing was $125 million, with up to an additional $15 million contingent on performance metrics in fiscal years 2023 and 2024. CEO Calvin H. Knowlton emphasized that this sale is part of a strategic transformation aimed at focusing the company on lucrative opportunities in the PACE and value-based care markets, ultimately creating long-term value for shareholders.
Indaba Capital Management, the largest shareholder of Tabula Rasa HealthCare (NASDAQ: TRHC), owning approximately 25.2% of shares, has requested access to the company's books and records. This inquiry aims to investigate potential misconduct and assess the independence and fiduciary duties of the board's directors. Indaba raised concerns regarding share pledging by CEO Calvin Knowlton and his wife, as well as lead independent director A. Gordon Tunstall's share sales. Indaba emphasizes the need for transparency and collaboration to address shareholder concerns.
Tabula Rasa HealthCare (TRHC) has renewed a five-year contract with Trinity Health PACE, the largest non-profit PACE provider in the U.S. This partnership, which enhances TRHC's CareKinesis services, focuses on personalized medication management to mitigate medication-related risks for approximately 3,500 seniors. Trinity Health PACE has nearly doubled its census over the last five years, illustrating the growth and reliance on TRHC's solutions. TRHC’s technology aims to improve health outcomes and provide economic benefits for PACE programs.
Tabula Rasa HealthCare (TRHC) announced the adoption of a limited-duration stockholder rights plan to address substantial stock accumulation by Indaba Capital Management, which has acquired approximately 25% of TRHC's shares. This Rights Plan aims to protect long-term stockholder value and will allow stockholders to purchase preferred stock under specific circumstances. The plan is effective immediately and will expire on July 25, 2023, safeguarding against unwanted acquisitions. Further details will be provided in a forthcoming Form 8-K filing.