Tabula Rasa HealthCare, Inc.

and welcome to the second quarter 2022 Tabula Rasa Healthcare, Inc. Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. As a reminder, this call is being recorded. I would like to turn the call over to Kevin Dill, General Counsel. You may begin.

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 Tabula Rasa Healthcare, please refer to our filings with the SEC, including the risk factors section of our 10-K filed on February 25, 2022. A recording of this call is accessible through a link on the Investor Relations page of our website. 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. Consistent with our pre-announcement on July 20th, we delivered better than expected second quarter revenue of $72.6 million, which was 13% higher versus a year ago. We continue to execute on our planned divestitures and strategy to refocus the company in a few large markets led by PACE. Ursula and Brian will expand further on this topic in a minute. A key part of our growth is dependent on our existing base, and as such, I wanted to highlight last week's announcement of a five-year contract renewal with Trinity Health PACE for our care kinesis pharmacy services. is the largest non-for-profit PACE provider with approximately 3,500 participants across nine states and was our largest client as measured by revenue in 2021. PACE is one of only a few models that provides an integrated care offering for more than 12 million individuals who qualify for both Medicare and Medicaid known as dual eligible beneficiaries. This segment of the population is a major focus for CMS and states, given that duals account for a disproportionate share of Medicare and Medicaid spending. For example, based on 2020 data, dual eligible individuals represented 15% of Medicaid enrollment but accounted for 33% of Medicaid expenditures. Despite federal and state policy actions to date, only 12% where about one million of full benefit, fully eligible individuals in 2020 were enrolled in an integrated program such as PACE. As a reminder, in its recently released fiscal year 2022 annual report, the National PACE Association cited a community of 146 PACE organizations serving more than 60,000 individuals and their families in 31 states. I now would like to turn the call over to Ursula, who will expand on our PACE business.