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11/5/2021
Good morning, ladies and gentlemen, and welcome to the Q3 2021 Tabula Rasa Healthcare Incorporated Earnings Conference Call. At this time, all participants are on their listen-only mode. Later, we will conduct a question and answer session, and instructions will follow at that time. If anyone should require any assistance during the call, please press star, then zero on your touch-tone phone. As a reminder, this conference call is being recorded. I will now like to turn the conference over to your host, Mr. Kevin Dill, General Counsel. Sir, please proceed.
Thank you and good morning. I'm Kevin Dill, Corporate Counsel for 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 healthcare products and services, and potential changes to laws and regulations that may impact our clients. For additional information on the risks facing tabular asset healthcare, please refer to our filings with the SEC, including the risk factors section of our 10-K filed on February 26, 2021. The 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. I'll turn the call over to Dr. Calvin Knowlton CEO, chairman, and founder of Taglerasa Healthcare.
Thank you, Kevin. I want to open the call with a summary of our third quarter results, including the key theme, which is our organic revenue growth is improving. Three points. Third quarter revenue grew 23% year over year to 86.6 million. This compares to 4% revenue growth last year and 6% revenue growth in the first half of 2021. This trajectory bodes well for us as we get close to 2022. Second, third quarter organic revenue growth of 17% compares with 1% during the first half of 2021. MedWise Healthcare software subscription revenue of $11.8 million increased 16% year-over-year and 17% on a sequential basis as compared to the second quarter of 2021. The focus in our board meeting earlier this week on Monday and Tuesday was maximizing long-term value for our shareholders. In the near term, We are doing three things. First, organizational leadership changes to better align strategy, product, and sales. And this will go into effect next week. Second, evaluating options to unlock value in non-core assets. And third, exploring new strategic and transformational relationships. We will provide greater detail in the coming weeks and months as our strategy execution progresses. At this time, I will turn it over to Ursula to discuss our Carevention Division, which houses five offerings in PACE, after which Kevin will discuss our MedWise Division, and then Brian will discuss the financials. Ursula?
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