Final Results

Investors | May 10, 2022

LONDON, U.K. AND NEW YORK, U.S. (10 May 2022): Trellus Health Plc (AIM: TRLS), which is commercialising a scientifically validated, resilience-based, connected health solution for chronic condition management, announces its inaugural audited final results for the year ended 31 December 2021, following its admission to trading on AIM on 28 May 2021. Comparative data is provided for the period ended 31 December 2020, unless otherwise indicated.

About Trellus Health

Trellus Health is the first digital health company focused on the intersection of chronic physical conditions and mental health. Trellus Health integrates its proprietary resilience-based methodology with the technology, tools and team to deliver a whole-person technology-enhanced experience that results in relieving disease burden and promoting individual health behaviors that enable thriving in the face of a chronic condition.

Through its TrellusElevate™ connected care platform and companion App, the Company addresses both clinical and behavioural health together, in context, to improve outcomes and reduce healthcare costs for patients, employers, and the healthcare system. The Company is initially focused on Inflammatory Bowel Disease (“IBD”), which includes the chronic incurable conditions of Crohn’s Disease and ulcerative colitis, but considers its approach to have potential utility and demand across many chronic conditions, including Irritable Bowel Syndrome (“IBS”).

Financial Highlights

  • Successful admission to AIM with fundraising of gross proceeds of c. $40.4m (£28.5m)
  • Approximately $4.3m capital investment in technology platform development to date
  • Net cash of $32.0m (31 December 2020: $3.7m) – above market expectations, reflecting effective cash management
  • Adjusted EBITDA* loss of $5.7m, in line with expectations (FY 2020: $0.8m loss)

* Earnings before interest, tax, depreciation and amortisation adjusted for exceptional items

Key Accomplishments

  • TrellusElevateTM platform launched, along with companion App
  • Established organization, operations and licensed clinical team – licensed in NY, NJ and CT and credentialed in Mount Sinai Clinical Integrated Network
  • First Business-to-Business (“B2B”) demonstration contract with Mount Sinai Health System
  • Managed Services Organization agreement with Connected Health Medicine PC, a Professional Corporation that provides multidisciplinary patient care services via telehealth
  • Evaluated condition expansion opportunities beyond IBD with targeted expansion to address IBS – 30m US patients / $61bn annual healthcare spend

Post-period end

  • Launch of Direct-to-Consumer (“DTC“) offering
  • Evolution to a new service delivery model utilizing an integrated resilience team, to address certain regulatory challenges, costs and delays associated with establishing licensed clinical care management operations. This new delivery model will support the broader, more efficient and profitable scaling of both DTC and BTB value propositions across all 50 US states and will enable Trellus Health to move more rapidly into other chronic conditions

Commenting on recent developments and outlook, Julian Baines, Non-executive Chairman of Trellus, said:

“I am very proud that the team have delivered against our key milestones set out at the time of our Admission to AIM, particularly during very challenging market conditions, and to do so whilst maintaining tight control over cash. The evolution of strategy, to offer a new service delivery model, gives us much greater scope to scale the business more profitably over the longer term. With improved digitization and automation, we not only expand our customer base beyond B2B customers to individual patients directly via our DTC offering, reaching more US states more quickly, but also accelerate our expansion into other chronic diseases such as IBS, which impacts a much larger healthcare population in the US. 

“We expect our expanded B2B and DTC strategy to deliver a significant number of patients added in Q4 2022, with further regional and national multi-year contracts with payers, such as regional and national health plans, employers, health systems, GI provider networks, and pharmaceutical companies, from 2023 onwards.”

A copy of the investor presentation is available here: https://trellushealth.com/investors/annual-interim-reports/

The Company will also host a live online presentation at 5.30pm BST on 12 May 2022 through the digital platform Investor Meet Company. Investors can sign up for free via:

https://www.investormeetcompany.com/trellus-health-plc/register-investor

A recording of the presentation and responses to the Q&A sessions will also be available afterwards.

For further information please contact:

 

Trellus Health plc
Monique Fayad, CEO
Julian Baines, Chairman
www.trellushealth.com
Via Walbrook PR
  
Singer Capital Markets (Nominated Adviser & Broker)
Aubrey Powell / Jen Boorer 
Tel: 020 7496 3000
  
Walbrook PR Limited
Paul McManus / Sam Allen
Tel: 020 7933 8780 or trellus@walbrookpr.com
Mob: 07980 541 893 / 07502 558 258
  

About Trellus Health plc (www.trellushealth.com)

Trellus Health (LSE: TRLS) is the first digital health company focused on the intersection of chronic physical conditions and mental health. Trellus Health integrates its proprietary resilience-based methodology with the technology, tools and team to deliver a whole-person technology-enhanced experience that results in relieving disease burden and promoting individual health behaviors that enable thriving in the face of a chronic condition. Through its TrellusElevate™ connected care platform and companion App, the company addresses both clinical and behavioral health together, in context, to improve outcomes and reduce healthcare costs for patients, employers, and the healthcare system.

The Company is initially focused on Inflammatory bowel disease (“IBD”), which includes the chronic incurable conditions of Crohn’s Disease and ulcerative colitis, but considers its approach to have potential utility and demand across many chronic conditions, including Irritable Bowel Syndrome (“IBS”).

The TrellusElevate™ platform is the Company’s proprietary connected health platform that incorporates the GRITT™ methodology and learnings on resilience from clinical research and practice conducted at the Mount Sinai IBD Center for more than five years. This proprietary, resilience-driven methodology has been scientifically validated to demonstrate meaningful improvements in patient outcomes, 71% reduction in Emergency Department (A&E) visits, and 94% reduction in unplanned hospitalisations, which the directors of the Company believe indicates the potential for significant cost savings for healthcare payers. IBD patients treated using the methodology also experienced a 49% reduction in required opioid use and a 73% reduction in corticosteroid use 12 months following program completion (source:  https://www.sciencedirect.com/science/article/pii/S1542356521012258 ).

The Company was founded by Mount Sinai faculty members Dr. Marla C. Dubinsky, MD and Dr. Laurie Keefer, PhD, both with decades of combined experience in IBD and psychogastroenterology, respectively. Trellus Health’s patent-pending GRITT™ resilience assessment and personalized treatment methodology was developed and validated at the Mount Sinai Health System to build resilience and wellness for improved outcomes at lower cost.

Shares in Trellus Health were admitted to trading on AIM in May 2021, under the ticker TRLS.

Media Inquiries

For Media Inquiries contact media@trellushealth.com for Trellus Health