Predict your next investment

SPAC
BUSINESS PRODUCTS & SERVICES
alkuri.com

See what CB Insights has to offer

Founded Year

2021

Stage

IPO | Merged

Valuation

$0000 

About Alkuri Global Acquisition

Alkuri Global Acquisition (NASDAQ: KURIU), fka Ark Global Acquisition, is a blank check company, also commonly referred to as a Special Purpose Acquisition Company, or SPAC, formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses or entities.

Alkuri Global Acquisition Headquarter Location

4235 Hillsboro Pike, Suite 300

Nashville, Tennessee, 37215,

United States

Latest Alkuri Global Acquisition News

Babylon Delivers Strong Third Quarter 2021 Operational and Financial Results

Nov 12, 2021

Third quarter 2021 revenue grew 371% year-over-year to $74.5 million Signed contracts in H2 2021 in the US and UK added approximately 135,000 value-based care members Total contracts exceed $60 million monthly run-rate revenue once fully launched Contracted to serve, by the beginning of 2022, over 24 million people, with the technology platform and fee-based clinical services, and manage over 350,000 lives globally, making Babylon one of the largest value-based care providers Completed merger with Alkuri Global Acquisition Corp. and started trading on New York Stock Exchange, under the ticker symbol BBLN, with approximately $460 million of new capital raised Signed new collaboration framework with Microsoft with the aim to accelerate and enhance current AI and Machine Learning, and promote Babylon technology on Microsoft Exchange November 12, 2021 06:00 AM Eastern Standard Time PALO ALTO, Calif, & LONDON--( BUSINESS WIRE )--Babylon Holdings Limited (NYSE: BBLN) (“Babylon”), one of the world’s fastest-growing digital healthcare companies, today announced its financial and operating results for the third quarter ended September 30, 2021. Ali Parsa, CEO and Founder of Babylon, said: “Again Babylonians delivered exceptional results, with Q3 revenue growing 371% year-over-year, and signing new contracts to manage over 350,000 lives globally by the start of 2022. Yet this is not even day one for us. We are only just getting started as we gain momentum and look to re-engineer every touch point in the healthcare continuum.” “Since our inception, we have delivered excellent returns for our investors. As we begin the next phase of our journey as a public company, we believe we can continue to do so as we focus on delivering excellent value propositions for our patients and partners.” Babylon received gross proceeds of approximately $460 million, including debt funding with AlbaCore, following the completion of the previously announced merger transaction with Alkuri Global Acquisition Corp., to fund its continued growth and ongoing operations supporting 24 million members worldwide. Babylon shares initiated trading on the NYSE under the new ticker symbol BBLN on October 22, 2021. Third Quarter Financial Results and Operating Metrics Summary Comparison of the following financial results and operating metrics for the three months ended September 30, 2021, compared to the three months ended September 30, 2020: Revenue totaled $74.5 million compared to $15.8 million, an increase of 371% year-over-year. This was primarily driven by the growth in value-based care revenue, which totaled $55.7 million in Q3 2021. Net loss totaled $66.0 million compared to a net loss of $38.0 million in the third quarter of 2020. Net loss, as a percentage of revenue, improved to (89)% of revenue in Q3 2021 compared to (240)% of revenue in Q3 2020. Technology costs1 accounted for 36% of revenue versus 135% of revenue for the same period last year, demonstrating the operational leverage of our technology platform. Adjusted EBITDA totaled $(47.5) million compared to $(32.6) million in the third quarter of 2020. US value-based care members totaled approximately 100,000 as of September 30, 2021 compared to zero on September 30, 2020. Financial Highlights for the Nine Months Ended September 30, 2021 For the nine-month period, revenue was $203.2 million, compared to $38.3 million in 2020, reflecting an increase of 430% Operating losses as a percentage of revenue have fallen from 314% to 69%, further demonstrating Babylon’s ability to deliver operational leverage Adjusted EBITDA2 totaled $(101.6) million, an improvement of $7.2 million, as compared to the $(108.9) million reported in 2020. The improvement was predominantly driven by the operational leverage of our platform resulting from our further investments to achieve 430% year-over-year revenue growth, and revenue from software licensing Net loss totaled $141.7 million or (70)% of revenues compared to a net loss of $128.8 million or (336)% of revenues in the prior period, with margin improvement derived from leveraging fixed expenses Net cash used in operating activities was $60.4 million, a decrease from $120.9 million used during the prior period. Recent Highlights Successful listing on the New York Stock Exchange (“NYSE”) on October 22, 2021 and combined with the previously-announced debt financing with AlbaCore, delivering gross proceeds of approximately $460 million Value-based care contracts being launched will add an estimated 135,000 members comprising 80,000 members in Georgia, California and Mississippi and 55,000 members in the UK by the beginning of 2022 With the new contract launches, adding 135,000 members, Babylon is on track to manage over 350,000 lives globally by the start of 2022 Total contracts exceed $60 million monthly run-rate revenue once fully launched Announced collaboration with Microsoft (NASDAQ:MSFT) to explore opportunities to accelerate and enhance current AI and Machine Learning, to shift the focus from sick care to preventative health care Obtained $200 million of debt financing through a sustainability-linked investment from AlbaCore Capital Group which is focused on Environmental, Social and Governance (ESG) investing. Financial Outlook “Our revenue growth in the third quarter, in conjunction with the new contract launches, demonstrates the continued momentum in our business as we deliver on our 2021 and 2022 revenue targets,” said Charlie Steel, Chief Financial Officer of Babylon. “Following our listing and debt financing with AlbaCore, we now have the capital to accelerate our growth which, in conjunction with the operational performance we have seen year to date, gives us confidence in our ability to deliver into 2022.” FY 2021 Financial Guidance Babylon reiterates its previously provided public guidance and continues to expect revenue of $321 million for 2021. For 2022, we have signed new contracts which result in an excess of $60 million of monthly run-rate revenue once fully launched. Our guidance on full-year 2021 Adjusted EBITDA is now a range of $(165) million to $(175) million to reflect the impact of the incremental costs relating to investments in resources to support new contracts, public company operations, wage inflation, and cost of care delivery expenses. Increased investment in resources for supporting signing and operationalization of new contracts is expected to position the company for dynamic growth in 2022. We are not able to reconcile projected Adjusted EBITDA to its most directly comparable IFRS measure as we are not able to forecast IFRS loss on a forward-looking basis without unreasonable efforts due to the high variability and difficulty in predicting certain items that affect IFRS loss for the period, including, but not limited to, impairment expense, share-based compensation, foreign exchange gains or losses and gains and losses on sale of subsidiaries. Adjusted EBITDA should not be used to predict IFRS loss as the difference between the two measures is variable and may be significant. This financial guidance and other statements above are forward-looking statements and actual results may differ materially. Please refer to the Forward-Looking Statements safe harbor below for information on the factors that could cause our actual results to differ materially from these forward-looking statements. Third Quarter 2021 Earnings Conference Call Babylon will host a conference call to discuss third quarter 2021 results on November 12, 2021 at 8:00 am Eastern Time. The conference call can be accessed by dialing (877) 407-7994 for U.S. participants or +1 215-268-9868 for international participants; or via a live audio webcast that will be available at https://ir.babylonhealth.com/ . A replay of the call will be available via webcast for on-demand listening shortly after the completion of the call, at the same web link, and will remain available for approximately 90 days. Additional Notes Accompanying supplemental information will be posted to the Investor Relations section of Babylon’s website at https://www.babylonhealth.com . About Babylon Babylon is one of the world’s fastest growing digital healthcare companies whose mission is to make high-quality healthcare accessible and affordable for every person on Earth. Babylon is re-engineering how people engage with their care at every step of the healthcare continuum. By flipping the model from reactive sick care to proactive healthcare through the devices people already own, it offers 24 million people globally ongoing, always-on care. Babylon has already shown that in environments as diverse as the developed UK or developing Rwanda, urban New York or rural Missouri, for children on Medicaid, or the elderly on Medicare, it is possible to achieve its mission by leveraging its highly scalable, digital-first platform combined with high quality, virtual clinical operations to provide integrated, personalized healthcare. Founded in 2013, Babylon’s technology and clinical services is supporting a global patient network across 15 countries, with 15 languages available. And through a combination of its value-based care model, Babylon 360, and its work in primary care through NHS GP at Hand, Babylon will manage over 350k lives globally by the beginning of 2022. In the first half of 2021 alone, Babylon helped a patient every 5 seconds, with approximately 1.7 million AI interactions and 1.3 million consultations. Importantly, this was achieved with more than a 95% user retention rate and 5 star rating from circa 90% of our users. Babylon is already working with governments, health providers and insurers across the globe in order to provide them with a new infrastructure that any partner can use to deliver high-quality healthcare with lower costs and better outcomes. For more information, please visit www.babylonhealth.com . Forward-Looking Statements This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or our future financial or operating performance. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements include, without limitation, information concerning Babylon’s possible or assumed future results of operations, business strategies, debt levels, competitive position, industry environment and potential growth opportunities. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside of Babylon’s management’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. These risks, uncertainties, assumptions and other important factors include, but are not limited to our future financial and operating results; the growth of our business and organization; our failure to compete successfully; our dependence on our relationships with physician-owned entities to hold contracts and provide healthcare services; our ability to maintain and expand a network of qualified providers; our ability to attract new customers and expand member enrollment with existing clinical services and Babylon 360 customers; our ability to retain existing customers and existing customers’ willingness to license additional applications and services from us; a significant portion of our revenue comes from a limited number of customers; a portion of our revenue is subject to the achievement of performance metrics and healthcare cost savings and may not be representative of revenue for future periods; the significant risks associated with estimating the amount of revenue that we recognize under our value-based care agreements with health plans; the impact of COVID-19 or any other pandemic, epidemic or outbreak of an infectious disease in the United States or worldwide on our business; and the other risks and uncertainties identified in Babylon’s Registration Statement on Form F-1 filed with the Securities and Exchange Commission (the “SEC”) on November 9, 2021, as amended by any filings on F-1/A, and in other documents filed or to be filed by Babylon with the SEC and available at the SEC’s website at www.sec.gov . Babylon cautions that the foregoing list of factors is not exclusive and cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Except as required by law, Babylon does not undertake any obligation to update or revise its forward-looking statements to reflect events or circumstances after the date of this release. ____________________________ 1 Comprises Platform and Application Expenses and Research and Development Expenses 2 An explanation of non-IFRS measures and the reconciliation to the most comparable IFRS measures have been provided in the accompanying Table 4 at the end of this press release   (In USD thousands, unaudited) EBITDA is defined as profit (loss), adjusted for depreciation, amortization, net finance income (costs), and income taxes. Adjusted EBITDA is defined as profit (loss), adjusted for depreciation, amortization, net finance income (costs), income taxes, share-based compensation, impairment expenses, foreign exchange gains or losses and gains or losses on sale of subsidiaries. We believe that EBITDA and Adjusted EBITDA are useful metrics for investors to understand and evaluate our operating results and ongoing profitability because it permits investors to evaluate our recurring profitability from our ongoing operating activities. EBITDA and Adjusted EBITDA have certain limitations, and you should not consider them in isolation or as a substitute for analysis of our results of operations as reported under IFRS. We caution investors that amounts presented in accordance with our definition of EBITDA and Adjusted EBITDA may not be comparable to similar measures disclosed by other issuers, because some issuers calculate EBITDA and Adjusted EBITDA differently or not at all, limiting their usefulness as direct comparative measures. The following table presents a reconciliation of EBITDA and Adjusted EBITDA from the most directly comparable IFRS measure, loss, for the three-month and nine-month periods ended September 30, 2021 and 2020: For the Three Months Ended September 30,

Predict your next investment

The CB Insights tech market intelligence platform analyzes millions of data points on venture capital, startups, patents , partnerships and news mentions to help you see tomorrow's opportunities, today.

Alkuri Global Acquisition Web Traffic

Rank
Page Views per User (PVPU)
Page Views per Million (PVPM)
Reach per Million (RPM)
CBI Logo

Alkuri Global Acquisition Rank

CB Insights uses Cookies

CBI websites generally use certain cookies to enable better interactions with our sites and services. Use of these cookies, which may be stored on your device, permits us to improve and customize your experience. You can read more about your cookie choices at our privacy policy here. By continuing to use this site you are consenting to these choices.