The following is a summary of the Sharecare, Inc. (SHCR) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Sharecare reported Q1 2024 revenues of approximately $91 million and adjusted EBITDA of negative $2.7 million, reflecting the impact of a dispute.

• Revenue was down $25.4 million over the prior year, due to the aforementioned legal dispute.

Business Progress:

• Despite softer macro pharma spending, Sharecare closed deals with 35 new pharma brands in Q1.

• The provider channel, a profitable $120 million business, closed 75 Q1 deals, with the average deal size doubling from the prior year.

• Sharecare is set to launch a new Medicaid navigation platform with its first client, Peach State Health Plan, in July 2024.

• The company is discussing potential strategic transactions or a sale to enhance shareholder value, with the process anticipated to conclude within the next 30 to 45 days.

• Q1 showed a $3 million gap due to cost management, however, EBITDA is expected to improve, particularly in Q3 for the provider channel and Q4 for life sciences.

• Significant pipeline growth has been seen since the start of the year, with a new Head of Sales and Operations on board to improve close and success rates.

• Based on numerous requests for proposals (RFPs), the enterprise business is expected to gain momentum starting in Q3.

• As part of new KPI strategies, they will focus on delivering related insights about sales in coming quarters.

More details: Sharecare IR

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