Reports Q3 revenue $288.9M, consensus $271.64M. "I am truly thankful to our teams for delivering such strong third quarter results, ahead of consensus estimates across key metrics including both revenue and Adjusted EBITDA," said Ali Parsa, CEO. "We have achieved almost 4x revenue growth to $289M, and an Adjusted EBITDA Margin of (19)%, which is a strong year-on-year improvement of 45 ppts. In Q3, we expanded key partnerships across the UK, Rwanda and APAC and added approximately 10,000 new Medicare members in the U.S. Open enrollment has also begun for our important new Ambetter contracts for commercial members across 6 U.S. states. This shows the scalability of our digital-first integrated primary care platform for population health management." CFO David Humphreys added, "Babylon has delivered another strong financial performance in Q3, delivering revenue and Adjusted EBITDA results that are both ahead of consensus estimates and place us comfortably on track to meet our Adjusted EBITDA target for the year and exceed our previously announced revenue target. We also closed a fully subscribed $80M private placement, which when added to our cash balance at September 30 provides aggregate cash availability of $190M, and announced plans to sell our IPA business in California, which we expect to provide sufficient capital for Babylon’s funding requirements through profitability."
Published first on TheFly
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