Healthcare app company Babylon promotes CFO from within

Diving brief:

  • Babylon’s David Humphreys rose through the financial ranks to take on the position of chief financial officer, the company announced August 23. Humphreys has been in the digital health business for two years as chief financial officer.
  • Humphreys will succeed Charlie Steel, who oversaw the company’s scaling, including more than $1 billion in fundraising and its listing on the New York Stock Exchange. Steel has decided to leave his five-year position in order to pursue other opportunities, the company said.
  • Shares of Babylon, which connects patients and doctors through an app, was recently halted due to speculation that it was in talks related to a private transaction, according to Seeking Alpha. The company denied these rumors, indicating that they have not “engaged or had contact with a potential buyer”.

Overview of the dive:

Humphreys has experience in the initial public offering (IPO) space as well as global accounting and financial digital transformation, according to his LinkedIn account. Prior to joining UK-based Babylon in 2020, Humphreys was a senior partner at PwC, where he worked with private and public clients, including Tesla and Facebook, and provided corporate advisory and audit services. IPO and GAAP in the United States.

I look forward to bringing my extensive experience in U.S. capital markets and providing strategic financial insight to the boards of innovative growth companies to my role as Babylon’s Chief Financial Officer,” Humphreys said in a statement.

The company reported second-quarter revenue of $265.4 million, compared to $57.5 million for the same period last year, and cited growth in its care-based revenue. the company’s value (VBC) on Aug. 9. earnings call.

After its initial public offering in June 2021 via a merger with Alkuri Global Acquisition Corp., a special purpose acquisition company (SPAC), Babylon was valued at $4.2 billion. Since then, its shares have fallen about 90%, resulting in a market valuation of just $287 million, according to Bloomberg.

Bloomberg reported on Aug. 15 that the owners plan to take the company private less than a year after its IPO, look for people close to the file. However, Babylon responded by saying no such deal was in the works.

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