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Benzinga
Benzinga
Business
Akanksha Bakshi

Babylon Shares Gain On Plans To Accelerate Path To Profitability

  • Babylon Holdings Ltd (NYSE:BBLN) is soaring in the post-market session after it announced plans to accelerate its path to profitability through revenue and cost efficiencies in response to changing market conditions.
  • These efficiencies will be implemented in 3Q22, with the projected financial benefit beginning in 4Q22, and are expected to generate savings of up to $100 million per year.
  • Babylon raised its FY 2022 Adjusted EBITDA outlook from $(295) million to $(270) million or less, with a monthly December 2022 Adjusted EBITDA of $(18) million or less.
  • Babylon reiterated its revenue expectation of $1.0 billion or more for FY22.
  • Price Action: BBLN shares are trading higher by 2.97% at $1.04 during the post-market session on Wednesday.
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