" " Digital health firm Babylon plans to go private – Wellness for Life " "
Wellness for Life
Advertisement
  • Home
  • News
  • Family Wellness
  • Health and Wellbeing
  • Mental Wellness
  • Contact us
No Result
View All Result
  • Home
  • News
  • Family Wellness
  • Health and Wellbeing
  • Mental Wellness
  • Contact us
No Result
View All Result
Wellness for Life
No Result
View All Result
Home News

Digital health firm Babylon plans to go private

admin by admin
May 10, 2023
in News



Babylon‘s stock price fell sharply after it announced plans to take the multinational digital health firm private, less than two years after the company debuted on the New York Stock Exchange. 

Babylon also entered into an agreement with AlbaCore Capital LLP for a secured term loan facility for up to $34.5 million to support the company’s plans to delist. 

In the first quarter, Babylon reported total revenue of $311.1 million compared with $266.4 million in Q1 2022, primarily due to an increase in value-based care revenue. It said 60% of its VBC revenue came from its commercial exchange product, Ambetter, which provides virtual access to a primary care provider for patients of select health plans. 

Babylon reported a loss of $63.2 million for the period, compared with a loss of $29.1 million in Q1 2022, noting Q1 2022’s total included a $78.8 million gain related to Babylon going public. 

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) totaled $45.8 million, compared with $82.6 million during the same period last year.

THE LARGER TREND

In 2021, Babylon went public through a $4.2 billion special purpose acquisition company (SPAC) merger with Alkuri Global Acquisition. In September, the company said it received notice from the New York Stock Exchange (NYSE) that it was not in compliance with a rule that required companies to maintain an average closing share price of at least $1 over 30 consecutive days. 

Two months later, Babylon announced it would proceed with a reverse share split of its Class A ordinary shares, which would trade on a split-adjusted basis when the NYSE opened Dec. 16, with par value of the shares changed to $0.0001 per share. The split aimed to boost its stock price to prevent it from being delisted. 

Earlier this year, Ali Parsa, CEO and founder of Babylon, sat down with MobiHealthNews and acknowledged that taking the company public through a SPAC was a mistake.

“We took our stock public in October ’21 through a SPAC, and we had to choose a SPAC for exactly the reason you said – we had 400% growth,” Parsa said. “It cost us a lot to go that way, and, more importantly, it left us with almost no U.S. shareholders. So, you’re in the U.S. New York Stock Exchange with no U.S. shareholder base supporting your stock.” 



Source link

Previous Post

How the War on Climate Change Destroyed the Environmental Movement

Next Post

Amazing Rib Rub Recipe – Fit Foodie Finds

Next Post

Amazing Rib Rub Recipe - Fit Foodie Finds

Recommended

Why Do Vaccines Keep Failing to Live Up to Their Promises?

July 9, 2023

English Pea and Potato Salad

April 1, 2023

Don't miss it

Family Wellness

Mom Time | Jim Daly

September 29, 2023
Family Wellness

Epic Fall Family Road Trips that the Kids will Love

September 28, 2023
Family Wellness

Mental Well-being for Cancer and Beyond

September 28, 2023
Health and Wellbeing

Running in the Rain: 8 Tips From a Running Coach

September 28, 2023
Health and Wellbeing

Chili Mac (Kid-Friendly!) – Fit Foodie Finds

September 28, 2023
News

How is Schizophrenia Genetically Linked to Cardiovascular Risk Factors?

September 28, 2023

© Wellness For Life News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy and Terms & Conditions.

Navigate Site

  • Home
  • News
  • Family Wellness
  • Health and Wellbeing
  • Mental Wellness
  • Contact us

Newsletter Sign Up

Loading
No Result
View All Result
  • Home
  • News
  • Family Wellness
  • Health and Wellbeing
  • Mental Wellness
  • Contact us

© 2022 Wellness For Life News Hubb All rights reserved.