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MARPAI HIRES DALLAS SCRIP AS CHIEF OPERATING OFFICER
Prnewswire· 2025-05-13 13:01
Prior to joining Marpai, Mr. Scrip demonstrated significant success in startup, early-stage, and growth situations, scaling private equity and venture capital-owned companies. His expertise spans servicing healthcare consumers, employers, providers, and payor markets, with a strong foundation in sales and business development. Scrip is known for his process-oriented approach, identifying market needs, and strategically transforming companies through organic growth initiatives. "We believe that the addition ...
MARPAI TO HOST WEBCAST ON MAY 15, 2025 TO DISCUSS FIRST QUARTER 2025 FINANCIAL RESULTS
Prnewswire· 2025-05-07 20:03
Group 1 - Marpai, Inc. is a leader in innovative healthcare technology and Third-Party Administration (TPA) services, planning to host a conference call on May 15, 2025, to present Q1 2025 operational and financial highlights [1][2] - The company operates in the $150 billion TPA sector, serving self-funded employer health plans that represent over $1.5 trillion in annual claims [3] - Marpai's initiative, Marpai Saves, aims to deliver the healthiest member population for health plan budgets, providing access to leading provider networks including Aetna and Cigna [3] Group 2 - The conference call will take place at 8:30 a.m. ET, with options for participants to join via phone or webcast [2] - A replay of the conference call will be available within 2 hours after the call ends, accessible until May 22, 2025 [2] - Investors can find more information about the company and its services on its investor relations website [3]
Marpai, Inc. to Present at the Planet MicroCap Showcase Las Vegas
Prnewswire· 2025-04-15 14:49
Company Overview - Marpai, Inc. operates as a technology platform company providing Third-Party Administrator (TPA) services to self-funded employer health plans, focusing on affordable and intelligent healthcare solutions [3] - The company competes in the $22 billion TPA sector, which serves self-funded employer health plans that represent over $1 trillion in annual claims [3] - Marpai offers access to leading provider networks, including Aetna and Cigna, and aims to deliver the healthiest member population for health plan budgets through its Marpai Saves initiative [3] Event Participation - Marpai will present at the Planet MicroCap Showcase: VEGAS 2025 in partnership with MicroCapClub on April 23, 2025, at 5:30 PM PST [1][2] - The presentation will be hosted by Marpai's CEO, Damien Lamendola, and CFO, Steve Johnson, who will also answer questions afterward [1] - Investors can access the live presentation via a webcast link provided in the announcement [2] Investor Engagement - The company is offering 1x1 investor meetings during the Planet MicroCap Showcase, which will be held at the Paris Hotel & Casino in Las Vegas, NV [2] - Interested investors are encouraged to register for the event to secure their meetings with Marpai [2]
Marpai(MRAI) - 2024 Q4 - Earnings Call Transcript
2025-03-27 15:19
Financial Data and Key Metrics Changes - Revenue declined by approximately 6% from Q3 2024, while operating expenses were cut by 5%, resulting in savings of approximately $300,000 [19] - Operating loss reduced from approximately $3.1 million to approximately $2.7 million for Q4 2024, and net loss decreased from $2.4 million in Q3 to $1.2 million in Q4 2024 [19] - Adjusted EBITDA loss for the year ended December 31, 2024, was $9.1 million, a significant improvement from a loss of $20.2 million for the year ended December 31, 2023 [21] Business Line Data and Key Metrics Changes - The company is focusing on profitable clients and has seen success in targeting industries with high labor costs and tight margins [7] - The Marpai Saves program is being expanded to provide value-added services to drive healthcare costs down for clients [12] Market Data and Key Metrics Changes - Healthcare costs continue to rise in the low-double-digits, which is driving demand for the company's services [7] - The company is leveraging strategic partnerships to enhance revenue generation and client acquisition [10][35] Company Strategy and Development Direction - The strategic focus remains on revenue growth, customer experience, and profitability, with plans to introduce high-impact benefit management services in the second half of 2025 [5] - The company is streamlining its service offerings to create a core package while allowing for customization at the right price [15] - The MarpaiRx program is anticipated to provide significant savings and a competitive advantage in the pharmacy benefit management space [42] Management's Comments on Operating Environment and Future Outlook - Management is committed to achieving profitability in 2025 and maximizing profitability thereafter, balancing purpose with profit [14] - The leadership team is focused on creating shareholder value and driving a culture of high performance [23] Other Important Information - The company ended the year with approximately $800,000 in cash, with plans in place to cover requirements until cash flow becomes positive in 2025 [33] - The company is actively recruiting high-caliber sales executives to enhance revenue growth [6] Q&A Session Summary Question: Is a lot of the churn now behind the company, or will there be more? - Management indicated that overall attrition is within industry averages and expects some attrition to flow through early in 2025, but remains optimistic due to a strong pipeline [31] Question: How does the company view its cash position and planned growth? - The company ended the year with approximately $800,000 in cash and has reduced cash burn significantly, aided by a $5 million drawdown from a strategic partner [33] Question: Can you provide more details on strategic partnerships? - Recent collaborations with Health fintech and Empara are expected to drive revenue and enhance sales cycles, with additional partnerships in the pipeline [35][36] Question: How should people think about Marpai's value proposition compared to competitors? - The company focuses on driving significant savings and providing a best-in-class member experience, differentiating itself from competitors who may offer less tangible benefits [38][39] Question: Why is the MarpaiRx program crucial for growth? - The program is expected to deliver significant savings and a competitive advantage, especially in light of upcoming legislation for transparency in the pharmacy benefit management space [42][44]
Marpai(MRAI) - 2024 Q4 - Annual Report
2025-03-26 23:30
Financial Performance - Total revenue for the year ended December 31, 2024, was $28.2 million, a decrease of 24% from $37.2 million in 2023[151] - Net loss for 2024 was $22.1 million, a 23% improvement from a net loss of $28.8 million in 2023[168] - Adjusted EBITDA loss improved to $9.1 million in 2024 from a loss of $20.2 million in 2023, due to better resource utilization and expense reduction[171] Expenses - Cost of revenue for 2024 was $19.1 million, down 21% from $24.2 million in 2023, aligning with the decrease in revenue[153] - General and administrative expenses decreased by 33% to $12.8 million in 2024 from $19.2 million in 2023, resulting in savings of approximately $6.4 million[155] - Sales and marketing expenses dropped 73% to $1.8 million in 2024 from $6.6 million in 2023, reflecting a savings of about $4.8 million[156] - Research and development expenses fell by 98% to $29 thousand in 2024 from $1.3 million in 2023, due to a focus on eliminating certain development projects[158] Cash Flow and Financing - The company recognized a net cash used in operating activities of $15.2 million for the year ended December 31, 2024, compared to $15.7 million for 2023, reflecting a decrease of $591 thousand[191] - Net cash provided by financing activities increased to $10.7 million in 2024 from $5.1 million in 2023, primarily due to proceeds from private placements and the issuance of debentures[193] - The company financed its operations primarily through the sale of convertible notes, warrants, and common stock, as well as borrowing from various lenders[177] Impairments and Charges - The company recorded a goodwill and intangible asset impairment charge of $7.6 million in June 2024, reflecting a full impairment due to operational changes[160] - The company reported a net loss of $22.1 million for the year ended December 31, 2024, which was offset by non-cash items totaling $13.6 million and a decrease in net working capital items amounting to $6.7 million[191] Capital Transactions - The company entered into a securities purchase agreement on January 16, 2024, selling 1,322,100 shares at a price of $0.9201 per share, raising capital from insiders[183] - The company executed a debt reduction agreement on January 31, 2025, reducing the Base Purchase and Full Base Amount by $3 million, contingent on meeting specific criteria by December 31, 2024[179] - The company repaid $1.8 million to Libertas Funding, LLC in April 2024 to satisfy the Libertas Agreement, which involved selling future receipts totaling $2.2 million for a purchase price of $1.7 million[184] - The company issued Senior Secured Convertible Debentures for a principal sum of $11.83 million on April 15, 2024, with an option to redeem $5 million at its election[186] - The company recognized a gain of $3.0 million in its consolidated statements of operations as of December 31, 2024, following the fulfillment of reduction criteria under the AXA Amendment[179] Going Concern and Liquidity - The company has substantial doubt about its ability to continue as a going concern for the next twelve months due to liquidity concerns[182] Share-Based Compensation - The company accounts for share-based compensation in accordance with ASC Topic 718, recognizing expenses over the requisite service period, generally the vesting period of the grant[205] - The expected term of stock options granted to employees is estimated using the simplified method, averaging the vesting term and the original contractual term[207] - The fair value of share-based payment awards is calculated using the Black-Scholes option-pricing model, influenced by stock price, expected volatility, expected life, risk-free interest rate, and expected dividends[207] - The company evaluates convertible notes and debentures to determine if any embedded features require separate accounting as derivative financial instruments[209] - Changes in assumptions for share-based compensation may significantly impact future results of operations, with incremental costs recognized when incurred[208] - The company includes variable consideration in transaction prices only if it is probable that amounts will not be subject to significant reversals[204] - Share-based awards that vest based on performance conditions recognize expense when it is probable that the conditions will be met[208] - The company accounts for forfeitures of awards as they occur, impacting the share-based compensation expense[208] Accounting and Market Risk - Recent accounting pronouncements are discussed in Note 3 of the consolidated financial statements in the Annual Report[210] - There are no applicable quantitative and qualitative disclosures about market risk[211]
Marpai(MRAI) - 2024 Q4 - Annual Results
2025-03-26 22:31
Financial Performance - Q4 2024 net revenues were $6.6 million, a decrease of $0.4 million, or 6.0% lower than Q3 2024[5] - Full year 2024 net revenues were $28.2 million, down $9.0 million, or 24.2% lower year over year[5] - Adjusted EBITDA for the year ended December 31, 2024 amounted to a loss of $9.1 million, an improvement from a loss of $20.2 million in 2023[4] - Net loss for the fiscal year was $22.1 million, an improvement of $6.7 million, or 23.2% lower year over year[5] - Basic and diluted earnings per share in Q4 2024 were ($0.08), an improvement of $0.22 per share compared to Q3 2024[5] - Net loss for the year ended December 31, 2024, was $22,088,000, an improvement from a net loss of $28,752,000 in 2023, representing a 23.3% reduction[22] - Adjusted EBITDA for the year ended December 31, 2024, was $(9,057,000), compared to $(20,181,000) in 2023, indicating a significant improvement of 55.1%[25] Operating Expenses and Cash Flow - Operating expenses for the fiscal year ended December 31, 2024 were $31.2 million, an improvement of $9.7 million, or 23.7% lower year over year[5] - Cash flows from operating activities resulted in a net cash used of $15,158,000 for 2024, slightly better than $15,749,000 in 2023[22] - Total cash, cash equivalents, and restricted cash at the end of the period decreased to $9,232,000 from $13,492,000 at the beginning of the period, reflecting a decrease of 31.7%[22] - Cash paid for interest in 2024 was $1,742,000, compared to no interest paid in 2023[23] Assets and Liabilities - Marpai's total current assets decreased to $11.9 million as of December 31, 2024, down from $17.1 million in 2023[18] - Total liabilities decreased to $40.6 million as of December 31, 2024, down from $45.1 million in 2023[18] Impairment and Depreciation - Impairment of goodwill and intangible assets increased to $7,588,000 in 2024 from $3,018,000 in 2023, indicating a rise of 151.5%[25] - Depreciation and amortization expenses decreased to $2,256,000 in 2024 from $3,897,000 in 2023, a reduction of 42.0%[25] Financing Activities - Proceeds from the issuance of convertible debentures amounted to $8,000,000 in 2024, with additional net cash provided by financing activities totaling $10,671,000[22] - The company reported a loss on debt extinguishment of $1,877,000 in 2024, with no such loss reported in 2023[25] Business Strategy - The company plans to introduce high-impact PBM-based products in the second half of 2025 to drive revenue growth[7] - The company is focused on streamlining costs while deploying innovative services, including the Empara Member Engagement Portal[7] Business Unit Sale - The company generated $227,000 from the sale of a business unit in 2024, down from $1,000,000 in 2023[22]
MARPAI ACCELERATES HEALTHCARE TRANSFORMATION WITH EMPARA COLLABORATION, LAUNCHING UNIFIED HEALTH ENGAGEMENT PLATFORM
Prnewswire· 2025-03-18 20:05
Core Insights - Marpai, Inc. is taking significant steps to transform self-funded employer health plans through a strategic collaboration with Empara, a healthcare technology innovator, and the rollout of Empara's Health Engagement Platform [1][2] Group 1: Company Overview - Marpai operates in the $22 billion Third-Party Administrator (TPA) market, focusing on self-funded employer health plans that account for over $1 trillion in annual claims [3] - The company aims to enhance the healthcare experience by consolidating multiple fragmented tools into a unified platform that provides intuitive access to benefits for plan members and administrators [2][3] Group 2: Strategic Initiatives - The integration of Empara's platform is expected to drive operational improvements and enhance benefit utilization, ultimately empowering users to manage their health interactions and costs more effectively [2][3] - Marpai anticipates having the full platform operational by the end of the second quarter of 2025, indicating a commitment to rapid implementation of these changes [3]
Health In Tech Announces Innovative Collaboration with MARPAI and Vitable DPC to Offer Competitive Quotes in Enhanced Self-Funded Solutions
Prnewswire· 2025-01-22 22:00
Core Viewpoint - Health In Tech has announced a strategic collaboration with Vitable and MARPAI to introduce a competitively priced self-funded health plan, aiming to enhance affordability and efficiency in healthcare access [1][3]. Company Overview - Health In Tech is an Insurtech platform company utilizing third-party AI technology to streamline processes in the healthcare industry, focusing on vertical integration, process simplification, and automation [5]. - Vitable offers a hybrid Direct Primary Care health plan that provides easy access to primary care and mental health services, targeting the under- and uninsured workforce [6]. - Marpai, Inc. operates in the TPA sector, providing value-oriented health plan services to employers, competing in a market worth $22 billion [7]. Collaboration Details - The collaboration aims to leverage Vitable's Direct Primary Care model and MARPAI's self-funded health plans to deliver competitive quotes through Health In Tech's eDIYBS platform [2][4]. - Vitable's enhanced primary care plan includes in-person and virtual access, mental health programs, free prescription drugs, and lab work, all under a low monthly fee with $0 out-of-pocket costs for members [2][6]. - The partnership is expected to improve member satisfaction and healthcare cost containment, with a focus on delivering comprehensive care [3][4].
MARPAI ANNOUNCES SECOND TRANCHE OF NON-DILUTIVE GROWTH FUNDING WITH UP TO $5 MILLION FROM JGB
Prnewswire· 2025-01-06 21:02
Company Overview - Marpai, Inc. operates as a national Third-Party Administrator (TPA) in the $22 billion TPA market, focusing on affordable healthcare solutions for self-funded employer health plans [1][6] - The company aims to transform the TPA market by providing intelligent healthcare solutions and has a significant presence in managing over $1 trillion in annual claims [6] Recent Funding - Marpai announced an additional funding of $5,000,000 from JGB Collateral LLC, intended for growth initiatives and general working capital [1][5] - The company previously entered into a Securities Purchase Agreement to sell Senior Secured Convertible Debentures totaling $11,830,000 for a purchase price of $11,000,000 [2] - Amendments to the Purchase Agreement allowed for an additional $5,376,000 in Debentures, with $2,000,000 already delivered and $3,000,000 held in escrow pending certain conditions [3][4] Management Commentary - The CEO of Marpai expressed satisfaction with the ongoing relationship with JGB and emphasized that the proceeds will support growth initiatives and enhance working capital [5]
MARPAI ANNOUNCES GENERAL UPDATES FOR Q4
Prnewswire· 2024-11-26 22:41
Core Insights - Marpai, Inc. is transforming the $22 billion Third-Party Administrator (TPA) market by providing affordable and intelligent healthcare solutions for self-funded employer health plans [1][4] - The company has secured several significant new accounts for 2025, including clients from the restaurant, hospital, and housing industries, which collectively represent thousands of employee lives [2][3] - Marpai is on track for expected break-even performance in early 2025 due to new sales and ongoing cost efficiencies [3] Company Overview - Marpai operates as a national TPA through its subsidiaries, focusing on value-oriented health plan services for employers that directly pay for employee health benefits [4] - The company competes in a sector that serves self-funded employer health plans, which account for over $1 trillion in annual claims [4] - Marpai's initiatives, such as Marpai Saves, aim to deliver healthier member populations while managing health plan budgets [4] Sales and Growth Strategy - The addition of a new sales team in early 2024 has enabled Marpai to target new business and renewals effectively, traditionally focused on January 1st [2] - The company has reported successful client acquisitions, including a 4,000-employee restaurant group and a 6,000-employee hospital group, set to transition in 2025 [2][3] - Marpai's CEO highlighted the sales team's success in leveraging the Marpai Saves initiative to provide immediate value to targeted industries [3]