UpHealth reports Q2 EPS (40c), consensus (52c)

Reports Q2 revenue $37.8M, consensus $32.9M. The company’s CEO 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. 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 sufficient liquidity to run our business and invest where appropriate. Given the second quarter results and execution, we are in a position to increase our full year 2023 outlook. Halfway through 2023 I am very pleased with our improvement in fundamental execution. While there remains work to be done, I am confident in our team’s ability to deliver on our newly stated outlook.”