Babylon Announces Cost Reduction Actions to Accelerate Path to Profitability
Babylon Holdings Limited (BBLN)
Company Research
Source: Business Wire
Actions are expected to generate savings of up to $100m per yearRevenue guidance is reiterated at $1bn or greater for 2022 AUSTIN, Texas & LONDON--(BUSINESS WIRE)--Babylon Holdings Limited (NYSE: BBLN) (“Babylon” or the “Company”), one of the world’s fastest growing digital healthcare companies, today announced that it plans to accelerate its path to profitability through revenue and cost efficiencies, in response to changing market conditions.These efficiencies are being implemented during Q3 2022, with the expected financial impact being predominantly from Q4 2022 onwards.As a result, Babylon is improving its Adjusted EBITDA guidance for FY 2022 from $(295) million or less to $(270) million or less, with forecasted monthly December 2022 Adjusted EBITDA of $(18) million or less. There is no change to Babylon's revenue guidance being $1.0 billion or greater for FY 2022.Important Financial DisclosureThe statements above are forward-looking and actual results may differ materially. P
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