Babylon reports over £60m loss amid expansions
Digital GP provider Babylon has reported a £65m loss in its annual accounts – almost three times more than the previous year.
According to its accounts from last year, Babylon Partners Limited experienced a £23.3m loss in 2017, but losses increased by £41.8m in 2018.
Babylon Partners Limited, which runs Babylon’s technology operations, made a loss of £65.1m with net liabilities of just over £105m.
The private provider also experienced an increase in revenue from 2017 from £1.45m to £4.6m, which a spokesperson explained stemmed from Babylon’s contract with Prudential.
The clinical side of Babylon - Babylon Healthcare Services, which provides private and the NHS GP at Hand health services - reported a profit of over £288,000 in 2018 – up from £108,000 last year.
They also reported almost £5m in turnover, due to the increase in GP at Hand patients and new contracts.
Babylon has said it will continue to heavily invest in technology and AI in the future.
In August, the digital GP provider announced it had secured £450m in investment from multiple organisations, including Saudi Arabia’s sovereign wealth fund.
A Babylon spokesperson said: ‘In 2018, Babylon focused on investing in technology to put an accessible and affordable health service in the hands of every person on earth.
’During the year, Babylon Partners Limited spent £65 million more than it earned as it invested heavily in its artificial intelligence and telemedicine platform which is used by our patients and partners, including those in the NHS.
‘Babylon will continue to invest heavily in its technology, supported by the recently-announced investment round of $550m [£426m]. The vast majority of Babylon’s expenditure is on employment which drives research and development and is predominantly in the UK.’
Elsewhere, Dominic Cummings, the PM’s most senior aide, recently came under fire for his advisory role with Babylon.