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Marpai(MRAI) - 2024 Q4 - Annual Results
MRAIMarpai(MRAI)2025-03-26 22:31

Financial Performance - Q4 2024 net revenues were 6.6million,adecreaseof6.6 million, a decrease of 0.4 million, or 6.0% lower than Q3 2024[5] - Full year 2024 net revenues were 28.2million,down28.2 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 9.1million,animprovementfromalossof9.1 million, an improvement from a loss of 20.2 million in 2023[4] - Net loss for the fiscal year was 22.1million,animprovementof22.1 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),animprovementof0.08), 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,animprovementfromanetlossof22,088,000, 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),comparedto(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 31.2million,animprovementof31.2 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 15,158,000for2024,slightlybetterthan15,158,000 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 9,232,000from9,232,000 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,comparedtonointerestpaidin2023[23]AssetsandLiabilities−Marpai′stotalcurrentassetsdecreasedto1,742,000, 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 17.1millionin2023[18]−Totalliabilitiesdecreasedto17.1 million in 2023[18] - Total liabilities decreased to 40.6 million as of December 31, 2024, down from 45.1millionin2023[18]ImpairmentandDepreciation−Impairmentofgoodwillandintangibleassetsincreasedto45.1 million in 2023[18] Impairment and Depreciation - Impairment of goodwill and intangible assets increased to 7,588,000 in 2024 from 3,018,000in2023,indicatingariseof151.53,018,000 in 2023, indicating a rise of 151.5%[25] - Depreciation and amortization expenses decreased to 2,256,000 in 2024 from 3,897,000in2023,areductionof42.03,897,000 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]−Thecompanyreportedalossondebtextinguishmentof10,671,000[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 227,000fromthesaleofabusinessunitin2024,downfrom227,000 from the sale of a business unit in 2024, down from 1,000,000 in 2023[22]