Babylon reports quarterly loss but on track for 1bn annual revenue
London-based digital doctor service Babylon Holdings has announced a first-quarter 2022 loss of $91.4 million, compared to a net loss of $10.8 reported for Q1 2021.
Revenue for the quarter was $266.4 million, up from $71.3 million reported for the first quarter last year.
Babylon’s founder and chief executive Ali Parsa said: “Babylon has started 2022 with as much momentum as we finished 2021. We have continued our extraordinary growth trajectory while simultaneously delivering the margin improvements that come with scale. The investments we have made in our technology platform are enabling us to deliver exceptional growth and margin improvements quarter after quarter, while maintaining 90%-plus four and five-star member ratings and high clinical quality outcomes. Companies don’t deliver, people do. I am truly thankful to our team of Babylonians.”
Charlie Steel, Babylon’s chief financial officer added: “Babylon continued to deliver strong revenue growth during the first quarter of 2022, primarily because of our efforts establishing presence at scale in the United States during the latter part of 2021. We are excited to raise our revenue guidance to $1 billion or more of revenue in 2022 and have been making great strides towards achieving our margin goals for the year.”