Babylon released its earnings for Q1 2023, reporting a net loss per share of USD 2.53 compared to USD 1.71 the previous year. This performance beat analyst expectations of a net loss of USD 2.75. Overall, net losses increased to USD 62.2 million during the period compared to USD 29.1 million in the corresponding period of the previous year. 

Annual revenue grew 17% YoY to USD 311.1 billion. The company attributed the growth in revenue to organic growth in US value-based contract membership revenues, which grew 17% YoY to USD 287.5 million during Q1 2023. 

During Q1 2023, the company posted an adjusted EBITDA loss of USD 45.8 million (a 44.5% YoY reduction in losses) and adjusted EBITDA margins of -14.7% compared to -31.0% in the previous year. 

The company also announced that it has entered an amendment and restatement of its loan facility with AlbaCore Capital LLP and certain affiliates, securing up to an additional USD 34.5 million with similar terms to the original agreement. The facility was secured to support Babylon’s operations and help it take the company private in order to strengthen its operations. The company’s board has approved both the facility and the plan to take the company private, and as a result, withdraws its expectations for its FY2023 performance. The funding will be made available to Babylon in May and early June 2023, subject to the company meeting certain criteria.