Business
UpHealth Announces 2020 Financial Results
Pro Forma Combined Revenue of $117 Million; 58% Gross Margin; Adjusted EBITDA of $8 Million Business Combination with GigCapital2 Expected to Close in Q2
About this update from Gigcapital7 Corp.
[{"type":"text","content":"\nPro Forma Combined Revenue of $117 Million; 58% Gross Margin; Adjusted EBITDA of $8 Million\n\nBusiness Combination with GigCapital2 Expected to Close in Q2\n\n DELRAY BEACH, Fla. & PALO ALTO, Calif. & ST. LOUIS, Mo.--(BUSINESS WIRE)--\nUpHealth Holdings Inc. (“UpHealth”), an integrated global platform serving four large digital health markets, today announced pro forma combined financial results for the year ended December 31, 2020 reflecting the intended combination of UpHealth, Cloudbreak Health, LLC (“Cloudbreak”), Innovations Group, Inc. (“Innovations Group”), and that portion of Glocal Healthcare Systems Private Limited (“Glocal”) that UpHealth does not already own.\n\nGigCapital2, inc. (NYSE:GIX) (“GigCapital2”) recently filed on March 23, 2021 with the U.S. Securities and Exchange Commission (“SEC”) an amended registration statement on Form S-4/A, which includes a prospectus and a preliminary proxy statement, to approve the business combinations of GigCapital2 with each of UpHealth and Cloudbreak. UpHealth is separately in the process of closing its acquisition of Innovations Group and that portion of Glocal that UpHealth does not already own. On a pro forma combined basis for the calendar year ended December 31, 2020 of the combination of UpHealth (including Innovations Group and Glocal) and Cloudbreak, the companies met the 2020 financial projections provided during the roadshow presentation of the various companies in connection with GigCapital2’s business combinations with UpHealth and Cloudbreak, with pro forma combined revenue of $117 million, gross margin of 58%, and adjusted EBITDA of $8 million. Upon completion of the business combinations with GigCapital2, Cloudbreak’s unified telemedicine platform will be fully integrated into UpHealth, and prior to that time, UpHealth is expected to have closed on the acquisition of Innovations Group and the majority of equity interests in Glocal.\n\n“We are very pleased with UpHealth’s pro forma combined performance for 2020 and believe that UpHealth is well-positioned to continue to lead the digital transformation of healthcare globally. Our existing and in-the-process-of-being-acquired unique suite of technology-enabled solutions are deployed worldwide and their synergies have continued to grow,” stated Dr. Ramesh Balakrishnan, Co-Chief Executive Officer, UpHealth. “We h...