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Tabula Rasa HealthCare, Inc. (TRHC) Stock Bouncing Back After a Precipitous Dip on Friday

Tabula Rasa HealthCare, Inc. (TRHC), a healthcare technology company operating in the United States, has surged 7.04% in aftermarket trading session and consequently was trading at $15.2 at the time of the writing. On Friday, TRHC closed the day at $14.2 after a monumental plunge of 52.28% during the mid-day session. The dip was attributable to the announcement of quarterly results.

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Q3 2021 Financial Results

On Friday, TRHC reported the financial results for the third quarter of the fiscal year 2021. The quarter ended on 30th September 2021. The company generated total revenue of $86.6 million during the quarter against $70.5 million for the same period of 2020. The total operating expenses for the period were $40.17 million against $39.95 million for the same period of 2020. The company suffered a net loss of $17.11 million against $21.58 million for the same period of 2020. The net loss per basic and diluted share for the period was $0.73 against $0.99 for the same period of 2020. The company had cash of $4.01 million on 30th September.

Executive Commentary

Calvin H. Knowlton, PhD, TRHC Chief Executive Officer, Chairman and Founder, while commenting on the results said that although he is pleased with the improvement in organic growth, the company is not content with the results and taking several important steps and measures to better its performance in quarters to come.

Partnership with TrackMy® Solutions

On 2nd November, TRHC announced a partnership with TrackMy® Solutions Inc. The partnership aims to provide opt-in and secure, verified vaccine status information for its TrackMy VeriVax vaccine verification management service. TrackMy VeriVax is a vaccine management service that is designed for academic institutions and employer groups. It requires a safe, efficient means of management of COVID status. That includes vaccination history, booster dose reminders and screening of individuals through HIPAA compliant technology.

What’s Ahead for TRHC?

During the previous quarter, TRHC has declined more than 60%. However, analyst estimates suggest that the company is expected to make a sharp recovery in near future, as its business expansions plans would serve as a growth catalyst for it. So, potential investors should keep a close eye on TRHC stock.

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