Babylon Responds to Speculations
16 August 2022 - 8:00PM
Business Wire
Babylon Holdings Limited (NYSE: BBLN) (“Babylon” or the
“Company”), one of the world’s fastest-growing digital
healthcare companies, released a statement yesterday addressing the
M&A speculation and a more than 20% increase in the Company’s
stock price at one point during the trading day that led to the New
York Stock Exchange’s trading halt of the Company’s ordinary
shares.
In the second quarter of 2022, Babylon delivered very strong
financial results and operational performance that demonstrate its
continued momentum. Babylon is taking active steps to maximize
shareholder value and to improve its shareholder base and capital
structure, as discussed by Ali Parsa, CEO and Founder of Babylon,
in the Company’s second quarter earnings call. Babylon will
continue to take further steps and consider opportunities to
maximize value for shareholders. The Company’s focus will remain on
delivering on its promise, maintaining its quality and moving
closer to profitability. Babylon believes the stock price will
reflect these efforts over time.
About Babylon
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 re-engineering how people engage with their care at
every step of the healthcare continuum. By flipping the model from
reactive sick care to proactive healthcare through the devices
people already own, it offers millions of people globally ongoing,
always-on care. Babylon has already shown that in environments as
diverse as the developed UK or developing Rwanda, urban New York or
rural Missouri, for people of all ages, it is possible to achieve
its mission by leveraging its highly scalable, digital-first
platform combined with high quality, virtual clinical operations to
provide integrated, personalized healthcare.
Founded in 2013, Babylon’s technology and clinical services is
supporting a global patient network across 15 countries, and is
capable of operating in 16 languages. And through a combination of
its value-based care model, Babylon 360, and its work in primary
care through NHS GP at Hand, Babylon managed over 440k lives
globally from the start of 2022. In 2021 alone, Babylon helped a
patient every 6 seconds, with approximately 5.2 million
consultations and AI interactions. Importantly, this was achieved
with a 93% user retention rate in our NHS GP at Hand service and 4
or 5 star ratings from more than 90% of our users across all of our
geographies.
Babylon is also working with governments, health providers,
employers and insurers across the globe to provide them with a new
infrastructure that any partner can use to deliver high-quality
healthcare with lower costs and better outcomes. For more
information, please visit www.babylonhealth.com.
Forward-Looking
Statements
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,” “projected,” “expects,”
“anticipates,” “forecasts,” “plans,” “intends,” “believes,”
“seeks,” “may,” “will,” “should,” “future,” “propose” and
variations of these words or similar expressions (or the negative
versions of such words or expressions) are intended to identify
forward-looking statements. These forward-looking statements
include, without limitation, information concerning Babylon’s
possible or assumed future results of operations, business
strategies, debt levels, competitive position, industry environment
and potential growth opportunities.
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 outside of Babylon’s management’s
control, that 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 future financial and operating
results and that we may require additional financing; uncertainties
related to our ability to continue as a going concern; the growth
of our business and organization; risks associated with impairment
of goodwill and other intangible assets; our failure to compete
successfully; our ability to renew contracts with existing
customers, and risks of contract renewals at lower fee levels, or
significant reductions in members, pricing or premiums under our
contracts due to factors outside our control; our dependence on our
relationships with physician-owned entities; our ability to
maintain and expand a network of qualified providers; our ability
to increase engagement of individual members or realize the member
healthcare cost savings that we expect; a significant portion of
our revenue comes from a limited number of customers; the
uncertainty and potential inadequacy of our claims liability
estimates for medical costs and expenses; risks associated with
estimating the amount and timing of revenue recognized under our
licensing agreements and value-based care agreements with health
plans; risks associated with our physician partners’ failure to
accurately, timely and sufficiently document their services; risks
associated with inaccurate or unsupportable information regarding
risk adjustment scores of members in records and submissions to
health plans; risks associated with reduction of reimbursement
rates paid by third-party payers or federal or state healthcare
programs; risks associated with regulatory proposals directed at
containing or lowering the cost of healthcare, including the ACO
REACH model; immaturity and volatility of the market for
telemedicine and our unproven digital-first approach; our ability
to develop and release new solutions and services; the impact of
COVID-19 or any other pandemic, epidemic or outbreak of an
infectious disease in the United States or worldwide on our
business; and the other risks and uncertainties identified in
Babylon’s Annual Report on Form 20-F filed with the SEC on March
30, 2022, and in other documents filed or to be filed by Babylon
with the SEC and available at the SEC’s website at www.sec.gov.
Babylon cautions that the foregoing list of factors is not
exclusive and cautions readers not to place undue reliance upon any
forward-looking statements, which speak only as of the date made.
Except as required by law, Babylon does not undertake any
obligation to update or revise its forward-looking statements to
reflect events or circumstances after the date of this press
release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220816005375/en/
Media press@babylonhealth.com Investors
investors@babylonhealth.com
Babylon (NYSE:BBLN)
Historical Stock Chart
From Jun 2024 to Jul 2024
Babylon (NYSE:BBLN)
Historical Stock Chart
From Jul 2023 to Jul 2024