Babylon reports revenue growth of 472 per cent

Babylon Health has published its financial and operating results for the six months ending 30 June 2021, reporting revenue growth of 472 per cent and reducing its loss for the period.

The company’s revenue totalled £93.1 million, up from £16.2 million for the period up to June 2020, an increase of 472 per cent year-over-year. Its loss for the first-half of its financial year came in at £54 million, down from £65 million in the first half of 2020.

In the published results, the company notes an increase of 55 per cent in users, to 8.2 million, and coverage increasing in the UK for its Babylon GP at Hand offering to over 102,000 on June 30, 2021, which the company says is “now the largest GP practice in the UK.”

Some of Babylon’s highlights in this period included a definitive merger agreement with Alkuri Global Acquisition Corp, a special purpose acquisition company. In January 2021, TELUS acquired Babylon’s Canadian venture and concurrently signed a long-term licensing deal to continue offering Babylon’s AI-driven digital health tools to TELUS’ customers. In June 2021, Babylon entered into an agreement to make its Babylon 360 solution available to ~15,000 members across New York state, commencing on July 1, 2021.

Ali Parsa, CEO and Founder of Babylon, said: “Babylon again passed many milestones in the first half of 2021, growing revenue by 472 per cent year-on-year. We continued to execute, putting us amongst the fastest growing companies worldwide, including in the US, where since our initial launch last year, we gained millions of covered members and, as of today, over 100,000 value-based lives.”

“But I believe we have not even really begun. We are on the verge of a fundamental overhaul in the global system of delivery of healthcare, with finally everything that is solid melting into air as it did years ago with other sectors like retail, finance and information. Out of this the healthcare sector will also emerge some of the world’s most valuable and impactful companies by creating a more scalable, accessible and affordable value proposition worldwide.”

“We have the determination and the confidence to focus on this long-term goal, and not be distracted by short-term glory. Babylon has one of the largest and most diverse collections of scientists, engineers and clinicians working together across the world, led by an accomplished management team with a proven track record, addressing affordability and accessibility of healthcare. We will continue to invest to create a powerful and unique combination of our digital-first, AI-enabled, comprehensive clinical services that will in time transform every touch point of the care continuum. I couldn’t be more proud of our Babylonian team and we look at these results that were delivered by every Babylonian as just a confirmation that we are on the right path.”

In other news, HTN reported last month on the news of Royal Wolverhampton NHS Trust and Babylon partnering to deliver digital-first services.