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Babylon Holdings Limited, marked with the stock symbol BBLN, is the United Kingdom's leading digital healthcare service provider. Founded in January 2013 and publicly launched in April 2014, the company aims to democratise healthcare by making it accessible and affordable for everyone globally. Babylon has assembled one of the largest teams of scientists, clinicians, mathematicians, and engineers to integrate advanced computational power with top-tier medical expertise. This synergy aims to deliver a comprehensive, immediate, and personalised health service universally.
Babylon is regulated by the Care Quality Commission (CQC) and offers users immediate access to General Medical Council (GMC) registered doctors and British Association for Counselling and Psychotherapy (BACP) registered therapists. The company’s services are now available to over 800,000 people globally, with localized operations in the U.K., Ireland, and a recent expansion to new markets.
Babylon's core business revolves around its digital healthcare platform, which combines artificial intelligence and human medical expertise. This platform provides a range of services, including virtual consultations, health assessments, and real-time monitoring of medical conditions. The company's mission is to make quality healthcare services immediately accessible to all, thereby reducing the burden on traditional healthcare systems.
In terms of recent achievements, Babylon has been continuously innovating its service offerings, expanding its geographical footprint, and forging significant partnerships. These strategic moves aim to enhance user experience and widen the availability of its digital healthcare services. With a solid financial footing and ambitious projects in the pipeline, Babylon is well-positioned to sustain its leadership in the digital healthcare domain.
Stay tuned for the latest updates and news, as Babylon continues to transform the way healthcare is delivered worldwide.
Babyl, a subsidiary of Babylon (NYSE: BBLN), has announced a partnership with Novo Nordisk to enhance diabetes awareness and care in Rwanda. This initiative will utilize Babyl's digital healthcare infrastructure and Novo Nordisk’s expertise to improve diabetes management through community engagement and digital consultations. The initiative includes training clinicians to better support patients and a public health campaign aimed at increasing awareness about diabetes risks. This collaboration intends to address significant challenges in diabetes care accessibility in Rwanda.
Babylon (NYSE: BBLN) has announced it will provide Fitbit devices to eligible members who currently lack access to wearables to enhance care coordination. This initiative aims to leverage Fitbit's health features, allowing members to monitor activity and sleep, and sync data with the Babylon app for improved health insights. The goal is to foster proactive health management and accessibility, especially for underserved populations. Babylon's approach emphasizes integrating digital tools into primary care, promoting affordable and accessible healthcare.
Babylon Holdings Limited (NYSE: BBLN) reported significant growth in Q3 2022, with revenue increasing 3.9 times year-over-year to $288.9 million, driven by a 380% rise in value-based care revenue. The company achieved a 171% increase in value-based care members, including a 285% spike in Medicare membership. Despite a net loss of $89.9 million, the Adjusted EBITDA margin improved by 45 percentage points year-over-year, reaching (18.8)%. Babylon has raised $80 million through a private placement and is updating its full-year revenue guidance to $1.05-$1.1 billion, while reiterating its Adjusted EBITDA guidance of $(270) million or less.
Babylon (NYSE: BBLN) announced a 1-for-25 reverse share split effective December 15, 2022. This action will reduce Class A ordinary shares from approximately 620 million to about 24.8 million. The split aims to enhance the trading price and align with NYSE compliance requirements. Shareholders approved this move at the September 14, 2022, AGM with the board confirming the ratio on November 7, 2022. The company believes this will attract institutional investors imposing price minimums. No fractional shares will be issued; they will be rounded down.
Population Services International (PSI) and Babylon (NYSE: BBLN) have launched a new digital health service called AI OI in Vietnam, aimed at improving healthcare access for low-income communities. The platform will provide free 24/7 access to an AI Symptom Checker and a Health Provider Locator, catering to a combined population of 9.4 million in Bac Ninh and Hanoi. The initiative is designed to empower users to make informed health decisions privately, reducing financial barriers to care. The service's roll-out began on September 23, with plans for future expansion across Vietnam.
Babylon (NYSE: BBLN) announced $80 million in subscriptions from institutional investors for a private investment in public equity (PIPE) at $0.42122 per share, totaling 189,924,505 Class A ordinary shares. This includes $61.45 million from earlier subscriptions reported on October 17, 2022. The PIPE is set to close around November 3, 2022, contingent on securing at least $75 million in gross proceeds. Proceeds will be utilized for the development of its digital-first health management platform and other corporate purposes.
Babylon (NYSE: BBLN) announced a private investment in public equity (PIPE), selling 145,885,760 Class A shares to accredited investors at $0.42122 per share, totaling $61.45 million in gross proceeds. The transaction expects to close around November 3, 2022, contingent on securing at least $75 million in total proceeds. Babylon plans to use the funds for developing its digital healthcare platform and general corporate purposes. Up to $80 million may be raised through additional subscriptions, with no public offering involved.
Babylon (NYSE: BBLN) will host a conference call on November 10, 2022, at 8:00 AM ET to discuss its third quarter 2022 financial results. A press release detailing these results will be issued prior to the call. Interested parties can join by dialing specific numbers for U.S. and international participants or via the company's website. Babylon aims to provide accessible healthcare through its digital-first model, achieving a user retention rate of 93% and about 5.2 million consultations in 2021, demonstrating significant engagement in its services.
Babylon (NYSE: BBLN) plans to divest its Independent Physician Association (IPA) business in California, including Meritage Medical Network, which saw revenue surge from $111 million in 2021 to over $400 million in 2022. Proceeds from the sale are expected to support Babylon's path to profitability. The company is also transitioning to U.S. domestic reporting standards, ceasing its foreign private issuer status, and intends to simplify its capital structure. A reverse share split is anticipated in Q4 2022, consolidating shares at a ratio of 15:1 to 25:1.
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