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WKN: A3ENQ7 | ISIN: US5713542083 | Ticker-Symbol:
NASDAQ
28.05.24
21:48 Uhr
0,900 US-Dollar
+0,000
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MARPAI INC Chart 1 Jahr
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PR Newswire
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Marpai Reports Second Quarter 2024 Financial Results

Company continues to drive towards profitability

TAMPA, Fla., Aug. 7, 2024 /PRNewswire/ -- Marpai, Inc. ("Marpai" or the "Company") (OTCQX: MRAI), a technology platform company, which operates as a national Third-Party Administrator (TPA) through its subsidiaries and is transforming the $22 billion TPA market by offering affordable, intelligent, healthcare solutions to self-funded employer health plans, announced financial results for the second quarter of 2024. The Company expects to hold a webcast to discuss the results on August 8, 2024.

Q2 2024 Financial Highlights:

  • Net revenues were approximately $7.2 million for the three months ended June 30, 2024, down $2.9 million, or 28% lower year over year, compared to the three months ended June 30, 2023.
  • Operating expenses were $14.3 million for the three months ended June 30, 2024 (including a charge for the impairment of goodwill and intangibles of $7.6 million), higher by $3.4 million, or 32% higher year over year compared to the three months ended June 30, 2023.
  • Operating loss was $12.3 million for the three months ended June 30, 2024, higher by $5.0 million, or 69% higher year over year compared to the three months ended June 30, 2023.
  • Net loss was $13.0 million for the three months ended June 30, 2024, higher by $5.5 million, or 72% higher year over year compared to the three months ended June 30, 2023.
  • Basic and diluted earnings per share were ($1.23) for the three months ended June 30, 2024, down ($0.13) per share year over year compared to the three months ended June 30, 2023.

"The Company continues to show progress towards our goal of profitability," said Damien Lamendola, Chief Executive Officer of Marpai. "Additionally, our new sales team has been hitting the pavement and have set up a strong sales pipeline for Q1 2025 which we expect we will highlight after the third quarter."

John Powers, Marpai President commented, "The Marpai operations team has executed on our performance actions. Our customer service metrics and claim processing key process indicators (KPIs) have seen tremendous improvement year over year. Moreover, our clients and potential clients have recognized the impact of our Marpai Saves initiatives which drive down the overall cost of healthcare benefits."

Webcast and Conference Call Information

Marpai expects to host a conference call and webcast on Thursday, August 8, 2024, at 8:30 a.m. ET to review the Company's operational and financial highlights for its second quarter ended June 30, 2024.

Investors interested in listening to the conference call may do so by dialing (800)-836-8184 for domestic callers or +1-646-357-8785 for international callers, or via webcast: https://app.webinar.net/lrwPxYJnvpY

About Marpai, Inc.

Marpai, Inc. (OTCQX: MRAI) is a technology platform company which operates subsidiaries that provide TPA and value-oriented health plan services to employers that directly pay for employee health benefits. Primarily competing in the $22 billion TPA sector serving self-funded employer health plans representing over $1 trillion in annual claims. Through its Marpai Saves initiative, the Company works to deliver the healthiest member population for the health plan budget. Operating nationwide, Marpai offers access to leading provider networks including Aetna and Cigna and all TPA services. For more information, visit www.marpaihealth.com, the content of which is not incorporated by reference into this press release. Investors are invited to visit https://www.ir.marpaihealth.com.

Forward-Looking Statement Disclaimer

This press release contains forward-looking statements, as that term is defined in the Private Litigation Reform Act of 1995, that involve significant risks and uncertainties. Forward-looking statements can be identified through the use of words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," "guidance," "may," "can," "could", "will", "potential", "should," "goal" and variations of these words or similar expressions. For example, the Company is using forward looking statements when it discusses the Q1 2025 sales pipeline and the expected timing of its highlighting of its pipeline. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect Marpai's current expectations and speak only as of the date of this release. Actual results may differ materially from Marpai's current expectations depending upon a number of factors. These factors include, among others, adverse changes in general economic and market conditions, competitive factors including but not limited to pricing pressures and new product introductions, uncertainty of customer acceptance of new product offerings and market changes, risks associated with managing the growth of the business. Except as required by law, Marpai does not undertake any responsibility to revise or update any forward-looking statements whether as a result of new information, future events or otherwise.

More detailed information about Marpai and the risk factors that may affect the realization of forward-looking statements is set forth in Marpai's filings with the Securities and Exchange Commission. Investors and security holders are urged to read these documents free of charge on the SEC's web site at http://www.sec.gov.

MARPAI, INC. AND SUBSIDIARES

CONDENSED CONSOLIDATED BALANCE SHEET

(in thousands, except share and per share data)

(Unaudited)



June 30, 2024


December 31, 2023






ASSETS:





Current assets:





Cash and cash equivalents


$ 1,293


$ 1,147

Restricted cash


12,762


12,345

Accounts receivable, net of allowance for credit losses of $0 and $25


805


1,124

Unbilled receivable


568


768

Due from buyer for sale of business unit


800


800

Prepaid expenses and other current assets


967


901

Total current assets


17,195


17,085






Property and equipment, net


546


611

Capitalized software, net


933


2,127

Operating lease right-of-use assets


2,253


2,373

Goodwill


-


3,018

Intangible assets, net


-


5,177

Security deposits


1,267


1,267

Other long-term asset


22


22

Total assets


$ 22,216


$ 31,680

LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY





Current liabilities:





Accounts payable


$ 3,172


$ 4,649

Accrued expenses


2,643


2,816

Accrued fiduciary obligations


9,948


11,573

Deferred revenue


1,295


661

Current portion of operating lease liabilities


541


512

Current portion of convertible debenture, net


1,089


-

Other short-term liabilities


-


632

Total current liabilities


18,688


20,843






Other long-term liabilities


20,144


19,401

Convertible debenture, net of current portion


4,451


-

Operating lease liabilities, net of current portion


3,405


3,684

Deferred tax liabilities


1,190


1,190

Total liabilities


47,878


45,118

COMMITMENTS AND CONTINGENCIES





STOCKHOLDERS' (DEFICIT) EQUITY





Common stock, $0.0001 par value, 227,791,050 shares authorized; 11,037,038
and 7,960,938 issued and outstanding at June 30, 2024 and
December 31, 2023, respectively (1)


1


1

Additional paid-in capital


68,455


63,307

Accumulated deficit


(94,118)


(76,746)

Total stockholders' (deficit) equity


(25,662)


(13,438)

Total liabilities and stockholders' (deficit) equity


$ 22,216


$ 31,680

MARPAI, INC. AND SUBSIDIARES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share data)

(Unaudited)



Three Months Ended



June 30, 2024


June 30, 2023

Revenue


$ 7,189


$ 10,047

Costs and expenses





Cost of revenue (exclusive of depreciation and amortization
shown separately below)


5,174


6,430

General and administrative


3,721


5,725

Sales and marketing


436


1,473

Information technology


1,210


1,319

Research and development


8


523

Depreciation and amortization


914


1,003

Impairment of goodwill and intangible assets


7,588


-

Loss on disposal of assets


-


344

Facilities


411


500

Total costs and expenses


19,462


17,317

Operating loss


(12,273)


(7,270)

Other income (expenses)





Other income


120


50

Interest expense, net


(872)


(333)

Foreign exchange (loss) gain


(1)


(3)

Loss before provision for income taxes


(13,026)


(7,556)

Income tax expense


-


-

Net loss


$ (13,026)


$ (7,556)

Net loss per share, basic & fully diluted


$ (1.23)


$ (1.10)

Weighted average common shares outstanding, basic and
diluted


10,626,516


6,844,778











MARPAI, INC. AND SUBSIDIARES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share data)

(Unaudited)



Six Months Ended



June 30, 2024


June 30, 2023

Revenue


$ 14,574


$ 19,719

Costs and expenses





Cost of revenue (exclusive of depreciation and amortization
shown separately below)


10,045


12,838

General and administrative


7,142


10,951

Sales and marketing


1,038


3,652

Information technology


2,334


3,506

Research and development


15


1,024

Depreciation and amortization


1,865


2,047

Impairment of goodwill and intangible assets


7,588


-

Loss on disposal of assets


-


344

Facilities


885


1,150

Total costs and expenses


30,912


35,512

Operating loss


(16,338)


(15,793)

Other income (expenses)





Other income


240


101

Interest expense, net


(1,270)


(718)

Foreign exchange (loss) gain


(4)


(19)

Loss before provision for income taxes


(17,372)


(16,429)

Income tax expense


-


-

Net loss


$ (17,372)


$ (16,429)

Net loss per share, basic & fully diluted


$ (1.73)


$ (2.70)

Weighted average common shares outstanding, basic and
diluted


10,016,146


6,080,200

MARPAI, INC. AND SUBSIDIARES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands, except share and per share data)

(Unaudited)



Three Months Ended



June 30, 2024


June 30, 2023

Cash flows from operating activities:





Net loss


$ (17,372)


$ (16,429)

Adjustments to reconcile net loss to net cash used in operating activities:





Depreciation and amortization


1,865


2,046

Loss on disposal of assets


-


344

Loss on sale of receivables


306


-

Share-based compensation


2,421


990

Shares issued to vendors in exchange for services


-


79

Amortization of right-of-use asset


120


1,049

Gain on termination of lease


-


33

Impairment of goodwill and intangible assets


7,588


-

Non-cash interest


646


776

Amortization of debt discount


62


-

Changes in operating assets and liabilities:





Accounts receivable and unbilled receivable


519


74

Prepaid expense and other assets


(66)


425

Security deposit


-


(14)

Accounts payable


(1,477)


729

Accrued expenses


(173)


(235)

Accrued fiduciary obligations


(1,625)


1,713

Operating lease liabilities


(250)


(1,343)

Due To related party


-


(4)

Other liabilities


731


1,028

Net cash used in operating activities


(6,705)


(8,739)

Cash flows from investing activities:





Disposal of property and equipment


-


18

Net cash provided by (used in) investing activities


-


18

Cash flows from financing activities:





Proceeds from issuance of common stock in a public offering, net


-


6,432

Proceeds from stock options exercises


1,509


-

Proceeds from issuance of convertible debentures


5,978


-

Payments of convertible debenture issuance costs


(499)


-

Payments to buyer of receivables


(1,816)


-

Proceeds from issuance of common stock in a public offering, net


(631)


-

Proceeds from issuance of common stock in a private offering, net


2,727


-

Net cash provided by financing activities


7,268


6,432






Net decrease in cash, cash equivalents and restricted cash


563


(2,289)






Cash, cash equivalents and restricted cash at beginning of period


13,492


23,117

Cash, cash equivalents and restricted cash at end of period


$ 14,055


$ 20,828






Reconciliation of cash, cash equivalents, and restricted cash reported in
the condensed consolidated balance sheet





Cash and cash equivalents


$ 1,293


$ 8,726

Restricted cash


12,762


12,102

Total cash, cash equivalents and restricted cash shown in the condensed
consolidated statement of cash flows


$ 14,055


$ 20,828

Supplemental disclosure of cash flow information





Cash paid for interest


$ 1,259


$ -

Supplemental disclosure of non-cash activity





Measurement period adjustment to Goodwill


$ -


$ 198

SOURCE Marpai

© 2024 PR Newswire
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