Moorestown firm seeks stability after a year of upheaval
MOORESTOWN – A larger loss, the abrupt exit of its founders, and a boardroom shake-up in 2022 amounted to a “successful transformational year,” according to a local healthcare technology firm.
Tabula Rasa HealthCare Inc. detailed the drama in its annual earnings report, which noted a net loss from continuing operations of $77.3 million. That was up by 48 percent from a year-earlier deficit of $52.2 million.
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The firm also noted a net loss from discontinued operations of $70.2 million. That compared unfavorably to red ink of $26.8 million in 2021.
Annual revenue from continuing operations rose by 15 percent, to $299.5 million. The comparable increase was 20 percent for the fourth quarter ended.
Tabula Rasa losing money, selling businesses
in a statement, Tabula Rasa said its increased loss last year was primarily driven by one-time charges, as well as "divestiture activities and severance costs.”
It contended changes at the firm had created "a foundation for sustainable, profitable growth."
The recent sale of two business units for $11 million will allow Tabula Rasa “to refocus its vision and better deliver consistent execution,” predicted Brian Adams, the company’s co-president and interim CEO.
The “non-strategic” businesses — DoseMeRx and SinfoniaRx — weren’t the only departures from Tabula Rasa.
Management changes
The company, which sold its PrescribeWellness business for $140 million in August, one month later announced the “immediate” retirement of its founders, Calvin and Orsula Knowlton.
Calvin Knowlton was chairman and CEO. Orsula Knowlton was co-president and chief marketing and new business development officer.
An effort continues to find a permanent CEO, according to Tabula Rasa.
Tabula Rasa also said the Knowltons’ departure was “pursuant to (a) cooperation agreement” with its largest stockholder, California-based investment firm Indaba Capital Management L.P.
Among other changes, the agreement called for the appointment of two new directors and an independent chair of the board.
'Refreshed' board of directors
Tabula Rasa at that time said a “refreshed” board of nine independent directors would reflect “a mix of institutional knowledge and fresh perspectives, as well as robust financial, healthcare, strategic and corporate governance experience.”
Tabula Rasa, founded in 2009, says it markets “medication safety solutions” that help consumers and healthcare providers in “combating medication overload and reducing adverse drug events.”
Jim Walsh is a senior reporter with the Courier-Post, Burlington County Times and The Daily Journal.
This article originally appeared on Cherry Hill Courier-Post: Tabula Rasa HealthCare of Moorestown hopes to put drama in the past
