Babylon Again Delivers Significant Growth to Over 440,000 Managed Lives Worldwide, After Signing New Value-Based Care Agreements in the US | Business and finance
PALO ALTO, Calif.–(BUSINESS WIRE)–January 14, 2022–
Babylon (NYSE:BBLN) today announced that it expects revenue in January 2022 to exceed $80 million per month, thanks to securing value-based care agreements in the States. States which will provide approximately 88,000 new organic members, which will increase to over 440,000.
Babylon surpassed $80 million in recurring revenue in January 2022, raising the company’s full-year revenue forecast to $1 billion, as presented at the JP Morgan conference . (Photo: BusinessWire)
As a result, the company is increasing its revenue forecast for the year 2022 to $900 million to $1 billion. This is an increase of up to 40% over the previous revenue forecast of $710 million and represents approximately three times the expected revenue for fiscal year 2021.
“Once again, Babylon continues to build strong momentum as support for our approach to reengineering every touchpoint across the healthcare continuum grows among partners and members,” said Ali Parsa, Founder and CEO of Babylon. “While our continued growth may seem extraordinary in the healthcare space, it is not unlike the levels of many well-known disruptive digital innovators such as Amazon, Netflix, Tesla or Airbnb, which have also experienced growth. similar in their “take-off”.’ years.
“As has happened in these sectors, it is clear that we are witnessing the dawn of a structural digital overhaul in healthcare. We believe that with each new member we serve, we are demonstrating that we have no not only the ambition, drive and determination, but also the track record to benefit from this transformation and, in turn, deliver an excellent value proposition to our patients and partners.
The Company also confirmed that revenue for the year ended December 31, 2021 is expected to meet its previously announced target of $321 million. This financial result is preliminary, unaudited and subject to change in connection with the completion of the Company’s financial close process and the preparation of its audited financial statements for 2021.
*Slide taken from the presentation at the JP Morgan 2022 conference*
Babylon is one of the world’s fastest growing digital healthcare companies, whose mission is to make high quality healthcare accessible and affordable for every person on earth.
Babylon is reshaping the way people interact with their care at every step of the healthcare continuum. By shifting the model from reactive healthcare to proactive healthcare through the devices people already own, it provides 24 million people around the world with continuous, lifelong care. Babylon has already shown that in environments as diverse as the developed UK or developing Rwanda, New York City or rural Missouri, for people of all ages, it is possible to accomplish its mission by leveraging of its highly scalable digital platform combined with high quality virtual clinical operations to deliver integrated and personalized healthcare.
Founded in 2013, Babylon’s technology and clinical services support a global network of patients in 15 countries, with 15 languages available. And through a combination of its value-based model of care, Babylon 360, and its work in primary care through NHS GP at Hand, Babylon will manage over 350,000 lives globally by 2022. in the first half of 2021, Babylon helped a patient every 5 seconds, with approximately 1.7 million AI interactions and 1.3 million consultations. Importantly, this has been achieved with a user retention rate of over 95% and a 5 star rating from around 90% of our users.
Babylon is already working with governments, healthcare providers, employers and insurers around the world to provide them with a new infrastructure that any partner can use to deliver high quality healthcare at lower cost and with better results. For more information, please visit www.babylonhealth.com.
This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or our future financial or operating performance. When used in this press release, the words “estimates”, “plans”, “expects”, “anticipates”, “anticipates”, “plans”, “intends”, “believes ”, “seeks”, “may”, “will”, “should”, “future”, “propose” and variations of these similar words or expressions (or negative versions of these words or expressions) are intended to identify the forward-looking statements. These forward-looking statements include, but are not limited to, information regarding Babylon’s possible or expected future operating results, business strategies, debt levels, competitive position, industry environment and opportunities. of potential growth.
These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of management of Babylon, which could cause actual results to differ materially from the results discussed in the forward-looking statements. These risks, uncertainties, assumptions and other important factors include, but are not limited to, our ability to recognize the anticipated benefits of DayToDay and other acquisitions, which may be affected by, among other things, our ability to integrate operations, resources and systems, maintaining customer and supplier relationships and retaining management and key employees; our future financial and operating results; the growth of our business and organization; our inability to compete successfully; our reliance on our relationships with physician-owned entities to hold contracts and provide healthcare services; our ability to maintain and expand a network of qualified suppliers; our ability to attract new customers and expand member enrollment with existing clinical services and Babylon 360 customers; our ability to retain existing customers and the willingness of existing customers to license us additional applications and services; a significant portion of our revenue comes from a limited number of customers; a portion of our revenue is subject to the achievement of performance measures and healthcare cost savings and may not be indicative of revenue for future periods; significant risks associated with estimating the amount of revenue we recognize under our value-based care agreements with health plans; the impact of COVID-19 or any other infectious disease pandemic, epidemic or outbreak in the United States or globally on our business; and other risks and uncertainties identified in Babylon’s registration statement on Form F-1 filed with the Securities and Exchange Commission (the “SEC”) on November 9, 2021, as amended by any filing on Form F-1 / A, and in other documents filed or to be filed by Babylon with the SEC and available on the SEC’s website at www.sec.gov.
Babylon cautions that the above list of factors is not exclusive and cautions readers not to place undue reliance on forward-looking statements, which speak only as of the date they were made. Except as required by law, Babylon undertakes no obligation to update or revise its forward-looking statements to reflect events or circumstances after the date of this release.
Publicly reported earnings and our calculation of compound annual growth rates of selected companies for specified time periods have been presented in the attached presentation slide for illustrative purposes only. The comparability of these selected companies with Babylon generally and with respect to revenue and compound annual growth rates may be limited due to many factors, including, but not limited to, different industries, company, competition, business transactional activities and general economic conditions applicable during the specified period. periods.
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: OTHER HEALTH SOFTWARE CARE MANAGEMENT MOBILE/WIRELESS GENERAL HEALTH INTERNET PROFESSIONAL SERVICES TECHNOLOGY FITNESS & NUTRITION INSURANCE ALTERNATIVE MEDICINE HEALTH
Copyright BusinessWire 2022.
PUBLISHED: 01/14/2022 03:00 / DISK: 01/14/2022 03:02
Copyright BusinessWire 2022.