Babylon Holdings Limited (NYSE:BBLN) (“Babylon” or the
“Company”), one of the world’s fastest growing digital healthcare
companies, announces that David Humphreys will be appointed as the
Company’s new Chief Financial Officer.
Mr. Humphreys has been at Babylon for nearly two years in the
role of Finance Director, with overall responsibility for building
and scaling Babylon’s finance function. Formerly, he was US-based
as a Silicon Valley and New York Partner with PwC for over 20
years, working with Boards and leaders of fast-moving, rapid-growth
companies including Tesla and Facebook to which he provided
accounting consulting, transaction, IPO, M&A and auditing
services to ensure compliance with PCAOB and SEC reporting
requirements. During his time with PwC, Mr. Humphreys also served
as a Practice Fellow at the International Accounting Standards
Board, and is both a U.S. Certified Public Accountant (CPA) and an
ICAEW Fellow Chartered Accountant.
Mr. Humphreys said: “I am excited to be taking on the position
of CFO and to lead Babylon through its next stage of growth as a
listed company, having already led its Finance function for the
last two years. I look forward to bringing my extensive experience
of U.S. capital markets and providing financial strategic insights
to boards of innovative growth companies to my role as CFO of
Babylon.”
Current Chief Financial Officer, Charlie Steel, will leave his
position to pursue another opportunity. Mr. Steel will remain at
Babylon for a period to ensure the effective transition of his
responsibilities to Mr. Humphreys.
Mr. Steel said: “I am leaving Babylon in a strong position after
five years and having overseen its massive growth, including over
$1bn of fundraising and listing on the New York Stock
Exchange.”
“I am proud of the team that we have built, including being able
to hand the CFO role over to David, who has a wealth of experience,
led the Finance function through Babylon’s listing and drove our
recently announced cost reduction actions. I look forward to
remaining a shareholder and wish Ali, and the rest of the business
the very best in continuing this growth and delivering on Babylon’s
mission.”
Georgi Ganev, CEO of Kinnevik and Per Brilioth, CEO of VNV
Global, both Board members and Babylon's two largest and
longest-standing investor shareholders, said on behalf of the
Board: “We thank Charlie for the time he has put into Babylon and
wish him good luck at his future endeavors. We also heartily
welcome David Humphreys as the new Babylon CFO. We have known David
for the past years and have been impressed by his great
contribution in leading the company’s finance team and his role in
the current cost reduction initiatives which will help take the
company to cash flow positive. Also his long U.S. experience with
the likes of Tesla and Facebook is especially relevant given the
large U.S. presence of Babylon. We have been among the company’s
financial supporters for the past five years, are impressed with
the revenue growth and enthusiastic to support Babylon in its next
phase of growth.”
Ali Parsa, CEO and Founder of Babylon said: “I am delighted that
David has agreed to take on an expanded role with us. His deep
experience of U.S. public markets and track record of advising
global leading companies will provide us with tremendous financial
stewardship as we continue to grow. I would like to take the
opportunity to thank Charlie for his contributions in growing
Babylon over the last five years and wish him all the best for the
future in his new role. He will always be a Babylonian and a
supportive shareholder.”
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 millions of 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 people of all ages, 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 and is
capable of operating in 16 languages. In 2021 alone, Babylon helped
a patient every 6 seconds, with approximately 5.2 million
consultations and AI interactions. Importantly, this was achieved
with a 93% user retention rate in our NHS GP at Hand service and 4
or 5 star ratings from more than 90% of our users across all of our
geographies.
Babylon is also working with governments, health providers,
employers and insurers across the globe 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 and that we may require additional financing; uncertainties
related to our ability to continue as a going concern; our ability
to successfully execute our planned cost reduction actions and
realize the expected cost savings; the growth of our business and
organization; risks associated with impairment of goodwill and
other intangible assets; our failure to compete successfully; our
ability to renew contracts with existing customers, and risks of
contract renewals at lower fee levels, or significant reductions in
members, pricing or premiums under our contracts due to factors
outside our control; our dependence on our relationships with
physician-owned entities; our ability to maintain and expand a
network of qualified providers; our ability to increase engagement
of individual members or realize the member healthcare cost savings
that we expect; a significant portion of our revenue comes from a
limited number of customers; the uncertainty and potential
inadequacy of our claims liability estimates for medical costs and
expenses; risks associated with estimating the amount and timing of
revenue recognized under our licensing agreements and value-based
care agreements with health plans; risks associated with our
physician partners’ failure to accurately, timely and sufficiently
document their services; risks associated with inaccurate or
unsupportable information regarding risk adjustment scores of
members in records and submissions to health plans; risks
associated with reduction of reimbursement rates paid by
third-party payers or federal or state healthcare programs; risks
associated with regulatory proposals directed at containing or
lowering the cost of healthcare, including the ACO REACH model;
immaturity and volatility of the market for telemedicine and our
unproven digital-first approach; our ability to develop and release
new solutions and services; risks associated with our international
operations, economic uncertainty, or downturns; 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; risks associated with foreign currency exchange rate
fluctuations and restrictions; and the other risks and
uncertainties identified in Babylon’s Annual Report on Form 20-F
filed with the SEC on March 30, 2022, 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 press
release.
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