{"id":758220,"date":"2023-05-11T19:08:49","date_gmt":"2023-05-11T23:08:49","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/uphealth-announces-first-quarter-2023-financial-results\/"},"modified":"2023-05-11T19:08:49","modified_gmt":"2023-05-11T23:08:49","slug":"uphealth-announces-first-quarter-2023-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/uphealth-announces-first-quarter-2023-financial-results\/","title":{"rendered":"UpHealth Announces First Quarter 2023 Financial Results"},"content":{"rendered":"
\n

\n
\n First Quarter Revenues Increased <\/em>
\n <\/strong>
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\n 17%<\/em>
\n <\/strong>
\n
\n to <\/em>
\n <\/strong>
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\n $42.1 million<\/em>
\n <\/strong>
\n
\n
\n First Quarter Gross Margin Expanded to <\/em>
\n <\/strong>
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\n 54%<\/em>
\n <\/strong>
\n
\n
\n First Quarter Net Loss Attributable to UpHealth, Inc. Decreased 54% to $8.1 million<\/em>
\n <\/strong>
\n
\n
\n First Quarter <\/em>
\n <\/strong>
\n
\n Adjusted<\/em>
\n <\/strong>
\n
\n EBITDA Improved by <\/em>
\n <\/strong>
\n
\n $7.9 million<\/em>
\n <\/strong>
\n
\n to <\/em>
\n <\/strong>
\n
\n $6.6 million<\/em>
\n <\/strong>
\n
\n
\n Announced Strategic Sale of Innovations Group, Inc. for $56.0\u00a0million <\/em>
\n <\/strong>\n <\/p>\n

DELRAY BEACH, Fla., May 11, 2023 (GLOBE NEWSWIRE) — UpHealth, Inc. (\u201cUpHealth\u201d or the \u201cCompany\u201d) (NYSE: UPH), a global digital health company delivering technology platforms, infrastructure, and services to modernize care delivery and health management, today announced financial results for the first quarter ended March 31, 2023.<\/p>\n

UpHealth Chief Executive Officer Sam Meckey said, \u201cI am very proud of our team\u2019s efforts which contributed to our top line growth of 17% to $42.1 million in the first quarter of 2023 over the first quarter of 2022, gross margin expansion to 54% and our notable $7.9 million improvement in Adjusted EBITDA. We continue to focus on preserving capital and executing against our strategic plan, while improving free cash flow generation. We took action to solidify our balance sheet by completing the sale of Innovations Group, Inc. (\u201cIGI\u201d), delivering an additional $56.0 million in gross proceeds in the second quarter. We also secured PIPE financing, with gross proceeds of $4.5\u00a0million. These actions provide us with significant liquidity to run the business going forward. Operationally, we continue to right-size our businesses. We have reduced our headcount by 12% since we began our turnaround efforts in August. Additionally, we have reduced our external vendor spend and discontinued a number of internal initiatives that were not producing results. These cost savings are a direct result of our previously stated goal of aligning expenses and costs with the current revenues of our business. These necessary initiatives have led to a leaner, more focused company, which has allowed us to build the needed foundation to support our go forward growth initiatives. I am very pleased with the progress made to date, and with our first quarter results, which represent a significant step forward in the recalibration of our business in 2023.\u201d<\/p>\n

\n First Quarter 2023 Highlights: <\/strong>\n <\/p>\n