UpHealth Announces Second Quarter 2023 Financial Results [Yahoo! Finance]
UpHealth, Inc. (UPH)
Company Research
Source: Yahoo! Finance
Year-to-Date Net Loss Attributable to UpHealth, Inc. Improved 9% to $27.2 million Year-to-Date Adjusted EBITDA Improved by $9.2 million to $11.8 million Closed Strategic Sale of Innovations Group, Inc. for $56.0 million Completed Repurchase of $10.3 Million of Convertible Debt Increasing Full Year 2023 Outlook UpHealth Chief Executive Officer Sam Meckey said, “During the second quarter we delivered results I am very proud of - revenues of $37.8 million, gross margins of 53% and an improvement in Adjusted EBITDA of $1.3 million to $5.3 million compared to the same period a year ago. We are executing against our stated recalibration plan of right-sizing our businesses. We completed the sale of Innovations Group, Inc. (“IGI”) delivering $56.0 million in gross proceeds, and in accordance with the indenture agreement for our 2025 Notes, we repaid $10.3 million of Company debt. With our balance sheet solidified, we concluded the quarter with $46.8 million in cash, offering suffic
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