Tabula Rasa HealthCare, Inc.

Thank you for standing by, and welcome to the Tabula Rasa Healthcare First Quarter 2022 Earnings Conference Call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you'll need to press star 1 on your telephone. As a reminder, today's program may be recorded. I would now like to introduce your host for today's program, Mr. Kevin Dill, Program Counsel. Please go ahead.

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 risk. 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 Tabula Rasa Healthcare, Please refer to our filings with the SEC, including the risk factor section of our 10-K filed on February 25th, 2022. 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. I'll turn the call over to Dr. Calvin Knowlton, CEO, chairman, and founder of Tabula Rasa Healthcare.

Thank you, Kevin. Good morning, and thank you for joining us. Since the start of the year, we have been working diligently on our ongoing transformation. We're executing three major initiatives we highlighted in the latter part of 2021. We delivered 14% revenue growth from continuing operations during the first quarter of 2022, including 19% from our carevention healthcare business unit. One of the major initiatives is unlocking value from non-core assets. As noted in our earnings release, we intend to divest prescribed wellness, Symfony Rx, and Dosme. Given the active nature of these discussions, we will not comment any further than what has been publicly stated in the press release dated May the 5th. A second major initiative is forming strategic partnerships to advance our growth and MedWise market penetration. And we are making progress toward that goal. Taking a step back to reflect on the vision of TRHC, we remain focused on optimizing drug regimens using MedWise, which is our advanced medication decision support tool. Our primary market continues to be seniors and at-risk healthcare provider organizations, led by PACE, to deliver a lower cost of care improve the lives of this vulnerable population, and extend longevity, as we published in the Journal of Patient Safety last April. During the first quarter of this year, we published a milestone peer-reviewed research paper in the Journal of Healthcare, which demonstrated that PACE organizations using our medication risk mitigation and comprehensive pharmacy services experienced $5,024 less in medical expenditures per participant per year versus PACE organizations that were not using these services. The problem we are addressing, medication-related harm unintended, is large and is growing more acute as the number of patients with chronic conditions rises. In 2019, the population of ages 65 and over was 54 million people. And by 2034, this figure is expected to reach 77 million for one in every five Americans. Patient treatment plans involve medications more than 80% of the time. And as a result, prescription drug use reached a record level of 194 billion daily doses in 2021. That's a growth of 3% versus 2020. Brian is going to address our strategy to capitalize on these favorable trends and the unique portfolio of solutions we offer. Before that, I want to turn the call over to Ursula to talk about our largest market today, PACE. Ursula?