Tabula Rasa HealthCare, Inc. (NASDAQ:TRHC) Q2 2020 Earnings Conference Call - Final Transcript

Aug 05, 2020 • 08:00 am ET

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Tabula Rasa HealthCare, Inc. (NASDAQ:TRHC) Q2 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Q2 2020 Tabula Rasa HealthCare, Inc. Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference to your speaker today, Kevin Dill, General Counsel. Please go ahead, sir.

Executive
Kevin Dill

Thank you, and good morning. I'm Kevin Dill, Corporate Counsel of Tabula Rasa HealthCare. The company intends to avail itself of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Certain statements made during this call will be forward-looking statements within the meaning of that law. These forward-looking statements are subject to risks, uncertainties and other factors that could cause Tabula Rasa HealthCare's actual results to differ materially from those expressed or implied by the forward-looking statements. These risks and uncertainties include the developing nature of the market for technology-enabled health care products and services and potential changes to laws and regulations that may impact our clients.

For additional information on the risks facing Tabula Rasa HealthCare, please refer to our filings with the SEC, including the Risk Factors section of our 10-K filed on March 2, 2020. A recording of this call is accessible through a link on the Investor Relations page of our website, and it will be available for 90 days.

Now I'll turn the call over to Dr. Calvin Knowlton, CEO, Chairman and Founder of Tabula Rasa HealthCare. Cal?

Executive
Calvin Knowlton

Thank you, Kevin. Greetings and thank you for joining us for our second quarter 2020 earnings call. With me today are Dr. Orsula Knowlton, Co-Founder, Chief Marketing and New Business Development Officer; Mr. Brian Adams, our Chief Financial Officer; and Dr. Kevin Boesen, our Chief Sales Officer. Orsula and Kevin will be with us to respond to questions after we conclude our prepared remarks.

As a reminder, this conference call and webcast is accompanied by a PowerPoint presentation available at the IR section of our website, and I would encourage you to download the slides to follow along with our prepared remarks.

Given the ongoing challenges posed by the COVID-19 pandemic, which became more pronounced since we last reported in early May, I'm pleased to report second quarter 2020 total revenue of $76.8 million and non-GAAP adjusted EBITDA of $7.1 million, both are within our guidance range.

I want to focus my comments on four areas: first, bookings; then, PACE; then, MedWise and PrescribeWellness; and then, MedWise and managed Medicaid. These four key areas are reflected on Slide 3.

First, we had another strong quarter of bookings within our MedWise HealthCare segment, and specifically, our sales to health plans, which increased exponentially as compared to a year ago and increased 40% on a sequential basis as compared to a strong first quarter.

Unfortunately, we experienced softness in our CareVention HealthCare segment due to COVID-19, resulting in a year-over-year decline in Q2. In response to the pandemic, PACE organizations have been forced to alter their business operations along with their delivery of care