- Second Quarter Medicare Advantage Membership of 104,000, up 1%
year-over-year
- Second Quarter Total Revenue of $198.6 million, down 12%
year-over-year
CareMax, Inc. (NASDAQ: CMAX; CMAXW) (“CareMax” or the
“Company”), a leading technology-enabled value-based care delivery
system, today announced financial results for the second quarter
ended June 30, 2024.
“Although our medical expense ratio continued to run higher than
target levels, we were able to manage toward another quarter of
sequential improvement in MER in the second quarter, and we
continued to make progress against our clinical initiatives,” said
Carlos de Solo, Chief Executive Officer.
Mr. de Solo continued, “Additionally, in July, we entered an
agreement to access additional capital from our lenders and further
extend the limited waiver of certain financial covenants in our
credit facility. This funding will assist in bridging our liquidity
as we continue to evaluate strategic alternatives for our
business.”
Second Quarter 2024 Results
- Total membership of 236,500, down 13% year-over-year.
- Medicare Advantage membership of 104,000, up 1%
year-over-year.
- Total revenue was $198.6 million, down 12% year-over-year.
- Net loss was $170.6 million, which included a $2.4 million
non-cash gain on remeasurement of derivative liabilities and $133.0
million of non-cash impairment of long-lived assets, compared to
net loss of $32.4 million for the second quarter of 2023, which
included a non-cash loss on remeasurement of contingent earnout
liabilities of $16.2 million.
- Adjusted EBITDA was ($11.2) million, compared to adjusted
EBITDA of $7.0 million for the second quarter of 2023.1
- Platform Contribution was $3.7 million, compared to $28.6
million for the second quarter of 2023.1
- Medical Expense Ratio was 86.2%, compared to 84.6% for the
second quarter of 2023.
- De novo pre-opening costs and post-opening losses for the
second quarter of 2024 were $4.6 million.2
1 Adjusted EBITDA and Platform
Contribution are non-GAAP financial metrics. A reconciliation of
non-GAAP metrics to the most directly comparable GAAP financial
measures is included in the appendix to this earnings release.
2 De novo pre-opening costs represent (1)
incremental payroll costs from employees specifically associated
with the operational, contractual, physical, or regulatory
infrastructure for de novo centers, prior to their opening; (2)
legal costs directly associated with the de novo centers, incurred
prior to their opening, which includes services such as execution
of leases, health plan contracts and other agreements; (3) other
expenses related to diligence, design, permitting, and other “soft
costs” at new sites; and (4) rent and facility expenses prior to
center opening. De novo post-opening losses include center-level
operating losses recognized at a de novo center until the center
breaks even, which consist of revenue, external provider costs and
cost of care allocated to the de novo center.
About CareMax
Founded in 2011, CareMax is a value-based care delivery system
that utilizes a proprietary technology-enabled platform and
multi-specialty, whole person health model to deliver
comprehensive, preventative and coordinated care for its members.
With approximately 200,000 Medicare Value-Based Care Members across
10 states, and fully integrated, Five-Star Quality rated health and
wellness centers, CareMax is redefining healthcare across the
country by reducing costs, improving overall outcomes and promoting
health equity for seniors. Learn more at www.caremax.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, Section 21E of the Securities Exchange Act of 1934, as
amended, and the Private Securities Litigation Reform Act of 1995,
as amended. These forward-looking statements include statements
regarding our future strategy, future transactions and future
financial performance. Words such as "anticipate," "believe,"
"budget," "contemplate," "continue," "could," "envision,"
"estimate," "expect," "guidance," "indicate," "intend," "may,"
"might," "plan," "possibly," "potential," "predict," "probably,"
"pro forma," "project," "seek," "should," "target," or "will," or
the negative or other variations thereof, and similar words or
phrases or comparable terminology, are intended to identify
forward-looking statements. These forward-looking statements
reflect the Company’s expectations, plans or forecasts of future
events and views as of the date of this press release. These
forward-looking statements are not guarantees of future
performance, conditions or results, and involve a number of known
and unknown risks, uncertainties, assumptions and other important
factors, many of which are outside the Company’s control, that
could cause actual results or outcomes to differ materially from
those discussed in the forward-looking statements.
Important risks and uncertainties that could cause the Company's
actual results and financial condition to differ materially from
those indicated in forward-looking statements include, among
others, the Company’s net losses, level of indebtedness and
significant cash used in operating activities have raised
substantial doubt regarding its ability to continue as a going
concern; the Company's future capital requirements and sources and
uses of cash, including funds to satisfy its liquidity needs and
the Company’s ability to comply with the covenants under the
agreements governing its indebtedness; the Company’s ability to
successfully execute its strategy, which may include divesting
certain assets or businesses; the Company’s ability to successfully
implement cost-saving measures or achieve expected benefits under
its plans to optimize performance of the MSO network and its
centers; the possibility of the Company filing for a restructuring
under Chapter 11 of the US Bankruptcy Code if the Company is unable
to successfully implement its plans; the possibility that the
Company’s rights under certain existing agreements could be
impaired as a result of bankruptcy proceedings brought by Steward
Health Care System; the impact of restrictions on the Company’s
current and future operations contained in certain of its
agreements; risks relating to lease termination, lease expense
escalators, lease extensions, special charges and the Company’s
inability to comply with provisions of its lease agreements; the
Company’s ability to integrate acquired businesses and realize
expected benefits of any such transactions; the Company’s ability
to attract new patients; changes in market or industry conditions,
regulatory environment, competitive conditions, and receptivity to
the Company's services; changes in laws and regulations applicable
to the Company's business, in particular with respect to Medicare
Advantage and Medicaid; the Company's ability to maintain its
relationships with health plans and other key payers; any delay,
modification or cancellation of government contracts; the impact of
COVID-19 or any variant thereof or any other pandemic or epidemic
on the Company's business and results of operation; insolvency,
credit problems or other financial difficulties that could confront
the Company’s counterparties in strategic acquisitions, investments
and other collaborations could expose the Company to significant
financial risk and significantly impact the Company’s ability to
expand its overall profitability; the Company’s ability to address
the material weakness in its internal control over financial
reporting; the Company's ability to recruit and retain qualified
team members and independent physicians; risks related to future
acquisitions; the Company’s ability to develop and maintain proper
and effective internal control over financial reporting and the
impact of any prior period developments. For a detailed discussion
of the risk factors that could affect the Company's actual results,
please refer to the risk factors identified in the Company's
reports filed with the SEC. All information provided in this press
release is as of the date hereof, and the Company undertakes no
duty to update or revise this information unless required by law,
and forward-looking statements should not be relied upon as
representing the Company’s assessments as of any date subsequent to
the date of this press release.
Use of Non-GAAP Financial Information
Certain financial information and data contained in this press
release is unaudited and does not conform to Regulation S-X.
Accordingly, such information and data may not be included in, may
be adjusted in, or may be presented differently in, any periodic
filing, information or proxy statement, or prospectus or
registration statement to be filed by the Company with the SEC.
Some of the financial information and data contained in this press
release, such as Adjusted EBITDA and Platform Contribution and
margin thereof have not been prepared in accordance with United
States generally accepted accounting principles (“GAAP”). These
non-GAAP measures of financial results are not GAAP measures of our
financial results or liquidity and should not be considered as an
alternative to net income (loss) as a measure of financial results,
cash flows from operating activities as a measure of liquidity, or
any other performance measure derived in accordance with GAAP. The
Company believes these non-GAAP measures of financial results
provide useful information to management and investors regarding
certain financial and business trends relating to the Company’s
financial condition and results of operations. The Company’s
management uses these non-GAAP measures for trend analyses and for
budgeting and planning purposes.
The Company believes that the use of these non-GAAP financial
measures provides an additional tool for investors to use in
evaluating projected operating results and trends in and in
comparing the Company’s financial measures with other similar
companies, many of which present similar non-GAAP financial
measures to investors. Management does not consider these non-GAAP
measures in isolation or as an alternative to financial measures
determined in accordance with GAAP. The principal limitation of
these non-GAAP financial measures is that they exclude significant
expenses and income that are required by GAAP to be recorded in the
Company’s financial statements. In addition, they are subject to
inherent limitations as they reflect the exercise of judgments by
management about which expenses and income are excluded or included
in determining these non-GAAP financial measures. For this reason,
these non-GAAP measures may not be comparable to other companies’
similarly labeled non-GAAP financial measures. In order to
compensate for these limitations, management presents non-GAAP
financial measures in connection with GAAP results.
A reconciliation for Adjusted EBITDA and Platform Contribution
to the most directly comparable GAAP financial measures is included
below.
CAREMAX, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(in thousands, except share
and per share data)
(Unaudited)
June 30, 2024
December 31, 2023
ASSETS
Current Assets
Cash and cash equivalents
$
16,430
$
65,528
Accounts receivable, net
97,488
114,754
Other current assets
9,547
3,066
Total Current Assets
123,466
183,348
Property and equipment, net
21,419
47,918
Operating lease right-of-use assets
48,424
109,215
Goodwill, net
156,841
156,841
Intangible assets, net
42,163
101,243
Other assets
61,730
24,737
Total Assets
$
454,043
$
623,301
LIABILITIES AND STOCKHOLDERS’ (DEFICIT)
EQUITY
Current Liabilities
Accounts payable
$
8,453
$
6,275
Accrued expenses
13,257
16,224
Risk settlement liabilities
59,204
42,602
Related party liabilities
1,772
190
Current portion of third-party debt,
net
403,321
364,380
Current portion of operating lease
liabilities
43,646
8,975
Other current liabilities
17
165
Total Current Liabilities
529,671
438,812
Derivative liabilities
48
22
Long-term debt, net
1,785
21,443
Long-term operating lease liabilities
64,455
97,136
Other liabilities
5,844
4,443
Total Liabilities
601,803
561,856
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ (DEFICIT) EQUITY
Preferred stock (1,000,000 shares
authorized; one share issued and outstanding as of June 30, 2024
and December 31, 2023)
—
—
Class A common stock ($0.0001 par value;
8,333,333 shares authorized; 3,814,871 and 3,744,732 shares issued
and outstanding as of June 30, 2024 and December 31, 2023,
respectively)
11
11
Additional paid-in-capital
787,132
782,371
Accumulated deficit
(934,902
)
(720,938
)
Total Stockholders’ (Deficit)
Equity
(147,759
)
61,444
Total Liabilities and Stockholders’
(Deficit) Equity
$
454,043
$
623,301
CAREMAX, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(in thousands, except share
and per share data)
(Unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Revenue
Medicare risk-based revenue
$
154,857
$
155,486
$
323,359
$
277,079
Medicaid risk-based revenue
22,865
30,054
60,518
55,680
Government value-based care revenue
14,690
22,206
33,505
32,216
Other revenue
6,215
16,694
13,491
32,449
Total revenue
198,627
224,440
430,872
397,424
Operating expenses
External provider costs
153,115
156,995
334,056
267,668
Cost of care
42,593
40,192
85,726
78,819
Sales and marketing
1,378
3,327
4,441
7,092
Corporate, general and administrative
14,780
20,849
34,888
44,813
Depreciation and amortization
6,512
6,828
13,218
13,404
Impairment of long-lived assets
132,990
—
132,990
—
Goodwill impairment
—
—
—
98,000
Total operating expenses
351,368
228,191
605,318
509,797
Operating loss
(152,741
)
(3,750
)
(174,446
)
(112,373
)
Nonoperating (expenses) income
Interest expense
(20,376
)
(13,197
)
(40,131
)
(23,908
)
Change in fair value of derivative
liabilities
2,355
434
(26
)
1,540
(Loss) gain on remeasurement of contingent
earnout liabilities
—
(16,220
)
—
19,916
Other income, net
382
534
992
721
Total nonoperating expenses
(17,639
)
(28,449
)
(39,165
)
(1,730
)
Loss before income tax
(170,381
)
(32,199
)
(213,612
)
(114,103
)
Income tax expense
(177
)
(177
)
(354
)
(355
)
Net loss
$
(170,558
)
$
(32,376
)
$
(213,966
)
$
(114,458
)
Weighted-average basic shares
outstanding1
3,807,551
3,722,377
3,793,076
3,717,040
Weighted-average diluted shares
outstanding1
3,807,551
3,722,377
3,793,076
3,717,040
Net loss per share
Basic
$
(44.79
)
$
(8.70
)
$
(56.41
)
$
(30.79
)
Diluted
$
(44.79
)
$
(8.70
)
$
(56.41
)
$
(30.79
)
1 Share amounts have been restated to
reflect the 1-for-30 reverse stock split that the Company completed
on January 31, 2024.
CAREMAX, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(in thousands)
(Unaudited)
Six Months Ended June
30,
2024
2023
CASH FLOWS FROM OPERATING
ACTIVITIES
Net loss
$
(213,966
)
$
(114,458
)
Adjustments to reconcile net loss to cash
and cash equivalents:
Depreciation and amortization expense
13,218
13,404
Amortization of debt issuance costs and
discounts
1,821
4,086
Impairment of long-lived assets
132,990
—
Stock-based compensation expense
4,761
4,762
Deferred income taxes
354
355
Change in fair value of derivative
liabilities
26
(1,540
)
Gain on remeasurement of contingent
earnout liabilities
—
(19,916
)
Payment-in-kind interest expense
21,955
5,500
Non-cash finance lease expense
293
—
Provision for credit losses
(307
)
57
Goodwill impairment
—
98,000
Amortization of right-of-use assets
5,325
5,842
Other non-cash, net
33
1,213
Changes in operating assets and
liabilities:
Accounts receivable
17,573
(1,255
)
Other current assets
(6,481
)
452
Risk settlement liabilities
16,602
1,968
Other assets
(41,749
)
(41,807
)
Operating lease liabilities
(1,577
)
(4,959
)
Accounts payable
1,502
(128
)
Accrued expenses
(2,967
)
(4,219
)
Related party liabilities
1,582
(1,134
)
Other liabilities
898
10,515
Net cash used in operating activities
(48,114
)
(43,263
)
CASH FLOWS FROM INVESTING
ACTIVITIES
Purchases of property and equipment
(794
)
(5,234
)
Net cash used in investing activities
(794
)
(5,234
)
CASH FLOWS FROM FINANCING
ACTIVITIES
Proceeds from borrowings, net
—
62,000
Principal payments of debt
(189
)
(125
)
Payments of debt issuance costs
—
(398
)
Net cash (used in) provided by financing
activities
(189
)
61,477
NET (DECREASE) INCREASE IN CASH AND
CASH EQUIVALENTS
(49,097
)
12,980
Cash and cash equivalents - beginning of
period
65,528
41,626
CASH AND CASH EQUIVALENTS - END OF
PERIOD
$
16,430
$
54,605
The following table represents Non-GAAP
Financial Summary:
Non-GAAP Financial Summary
(Unaudited)
Three Months Ended
(in thousands)
Jun 30, 2022
Sep 30, 2022
Dec 31, 2022
Mar 31, 2023
Jun 30, 2023
Sep 30, 2023
Dec 31, 2023
Mar 31, 2024
Jun 30, 2024
Medicare risk-based revenue
$
143,664
$
122,267
$
113,041
$
121,593
$
155,486
$
134,105
$
108,650
$
168,502
$
154,857
Medicaid risk-based revenue
19,896
19,852
36,620
25,626
30,054
23,950
26,263
37,653
22,865
Government value-based care revenue
—
—
6,389
10,010
22,206
28,067
7,425
18,815
14,690
Other revenue
8,719
15,551
8,213
15,754
16,694
15,721
9,497
7,276
6,215
Total revenue
172,279
157,670
164,263
172,983
224,440
201,843
151,835
232,246
198,627
External provider costs
120,348
106,900
104,078
110,673
156,995
139,139
165,522
180,941
153,115
Cost of care
30,293
30,150
34,581
37,627
38,865
41,599
41,915
42,229
41,808
Platform contribution
21,638
20,620
25,604
24,683
28,580
21,106
(55,602
)
9,075
3,704
Platform contribution margin (%)
12.6
%
13.1
%
15.6
%
14.3
%
12.7
%
10.5
%
(36.6
%)
3.9
%
1.9
%
Sales and marketing
2,299
2,355
3,806
3,765
3,381
3,501
3,627
3,064
1,378
Corporate, general and administrative
12,165
13,877
17,263
21,329
18,158
15,527
12,531
16,495
13,480
Adjusted operating expenses
14,464
16,232
21,069
25,094
21,539
19,028
16,158
19,559
14,858
Adjusted EBITDA
$
7,175
$
4,388
$
4,535
$
(411
)
$
7,042
$
2,077
$
(71,759
)
$
(10,482
)
$
(11,152
)
The following table provides a
reconciliation of GAAP net (loss) income to Adjusted EBITDA:
Reconciliation to Adjusted
EBITDA
(Unaudited)
Three Months Ended
(in thousands)
Jun 30, 2022
Sep 30, 2022
Dec 31, 2022
Mar 31, 2023
Jun 30, 2023
Sep 30, 2023
Dec 31, 2023
Mar 31, 2024
Jun 30, 2024
Net (loss) income
$
(9,381
)
$
(22,053
)
$
10,434
$
(82,082
)
$
(32,376
)
$
(103,123
)
$
(465,766
)
$
(43,408
)
$
(170,558
)
Interest expense
3,896
6,088
8,743
10,711
13,197
14,000
16,526
19,756
20,376
Depreciation and amortization
4,903
4,573
7,180
6,576
6,828
6,833
7,550
6,705
6,512
Impairment of long-lived assets
—
—
—
—
—
—
—
—
132,990
Remeasurement of derivative and contingent
earnout liabilities
(7,391
)
7,331
(84,171
)
(37,242
)
15,786
(1,450
)
(961
)
2,381
(2,355
)
Goodwill impairment
—
—
70,000
98,000
—
80,000
369,200
—
—
Stock-based compensation
2,788
3,611
2,786
2,298
2,464
3,243
2,595
2,365
2,396
Loss on extinguishment of debt
6,172
—
—
—
—
—
—
—
—
Business Combination integration
costs(1)
1,887
2,586
163
716
686
483
833
381
399
Acquisition and disposition related
costs(2)
4,074
2,118
10,632
622
815
652
1,069
1,052
(669
)
Other(3)
56
(47
)
(1,158
)
(187
)
(535
)
1,263
(1,409
)
109
(421
)
Income tax expense (benefit)
171
181
(20,074
)
177
177
177
(1,395
)
177
177
Adjusted EBITDA
$
7,175
$
4,388
$
4,535
$
(411
)
$
7,042
$
2,077
$
(71,759
)
$
(10,482
)
$
(11,152
)
Memo:
De novo pre-opening costs
$
506
$
2,426
$
3,205
$
1,975
$
1,560
$
1,880
$
1,323
$
1,366
$
1,775
De novo post-opening losses
993
1,533
2,274
3,885
4,228
3,906
4,558
3,451
2,789
(1)
Represents initial costs to set up public
company processes, incremental vendor expenses identified as
temporary or duplicative and expected to be rationalized in the
short term, and legal and professional expenses outside of the
ordinary course of business, which are being incurred as part of
the Company’s efforts as it integrates the two privately held
companies that were combined in the Business Combination.
Significant components of Business Combination integration costs
were as follows:
(Unaudited)
Three Months Ended
(in thousands)
Jun 30, 2022
Sep 30, 2022
Dec 31, 2022
Mar 31, 2023
Jun 30, 2023
Sep 30, 2023
Dec 31, 2023
Mar 31, 2024
Jun 30, 2024
Consulting and legal fees (a)
$
887
$
725
$
257
$
282
$
237
$
69
$
451
$
371
$
389
Severance costs
252
1,080
167
11
13
—
—
—
—
Other (b)
748
782
(261
)
423
436
414
382
10
10
$
1,887
$
2,586
$
163
$
716
$
686
$
483
$
833
$
381
$
399
(a) Represents consulting and legal costs
directly associated with efforts related to integration of the two
privately held companies that were combined in the Business
Combination.
(b) Represents primarily vendor expenses
identified as temporary or duplicative and/or expenses outside the
ordinary course of business and not necessary to run the Company's
business.
(2)
Represents legal and incremental
compensation payroll costs directly associated with efforts to
achieve synergies related to closed transactions and legal and
advisory costs related to exploration of potential dispositions.
Significant components of the acquisition and disposition related
costs were as follows:
(Unaudited)
Three Months Ended
(in thousands)
Jun 30, 2022
Sep 30, 2022
Dec 31, 2022
Mar 31, 2023
Jun 30, 2023
Sep 30, 2023
Dec 31, 2023
Mar 31, 2024
Jun 30, 2024
Advisor and other professional fees
(a)
$
2,359
$
1,219
$
9,877
$
(258
)
$
(34
)
$
94
$
352
$
524
$
(967
)
Compensation costs (b)
1,715
899
755
880
849
558
717
528
444
$
4,074
$
2,118
$
10,632
$
622
$
815
$
652
$
1,069
$
1,052
$
(524
)
(a) Includes payments to our third-party
transaction advisory firm associated with transaction contracts,
including the Steward transaction that closed in November 2022.
Also, costs include legal and accounting fees directly associated
with contemplated or closed transactions or potential
dispositions.
(b) Includes incremental payroll
compensation expense for employees directly associated with
services to achieve synergies related to closed transactions.
(3)
Components of other were as follows:
(Unaudited)
Three Months Ended
(in thousands)
Jun 30, 2022
Sep 30, 2022
Dec 31, 2022
Mar 31, 2023
Jun 30, 2023
Sep 30, 2023
Dec 31, 2023
Mar 31, 2024
Jun 30, 2024
Other income
$
—
$
—
$
(1,000
)
$
—
$
—
$
—
$
(874
)
$
—
$
—
Tax-related costs
69
(178
)
46
—
—
—
—
—
—
Interest income
—
(12
)
(201
)
(253
)
(602
)
(433
)
(560
)
(668
)
(277
)
Severance costs
—
—
—
—
—
1,639
—
694
—
Other
(14
)
144
(3
)
66
67
58
25
83
(144
)
$
56
$
(47
)
$
(1,158
)
$
(187
)
$
(535
)
$
1,263
$
(1,409
)
$
109
$
(421
)
The following metrics are as of the end of
the indicated date, except for Platform Contribution, which is for
the three month period ended as of the indicated date:
(Unaudited)
Three Months Ended
Non-GAAP Operating Metrics
Jun 30, 2022
Sep 30, 2022
Dec 31, 2022
Mar 31, 2023
Jun 30, 2023
Sep 30, 2023
Dec 31, 2023
Mar 31, 2024
Jun 30, 2024
Centers
48
51
62
62
62
62
56
55
50
Markets
6
7
7
7
7
7
7
6
6
Patients (MCREM)*
54,000
57,400
221,500
225,100
226,500
228,700
229,300
218,000
210,900
Patients in value-based care arrangements
(MCREM)
81.0
%
78.2
%
97.6
%
99.0
%
99.4
%
98.8
%
98.8
%
99.1
%
99.4
%
Platform Contribution ($, millions)
$
21.6
$
20.6
$
25.6
$
24.7
$
28.6
$
21.1
$
(55.6
)
$
9.1
$
3.7
* MCREM defined as Medicare Equivalent
Members, which assumes the level of support received by a Medicare
patient is equivalent to that received by three Medicaid or
Commercial patients.
The following table provides a
reconciliation of gross profit, the most closely comparable GAAP
financial measure, to Platform Contribution:
Reconciliation to Platform
Contribution
(Unaudited)
Three Months Ended
(in millions)
Jun 30, 2022
Sep 30, 2022
Dec 31, 2022
Mar 31, 2023
Jun 30, 2023
Sep 30, 2023
Dec 31, 2023
Mar 31, 2024
Jun 30, 2024
Gross profit (a)
$
15.4
$
14.8
$
17.2
$
17.1
$
20.4
$
12.0
$
(63.5
)
$
1.5
$
(3.6
)
Depreciation and amortization
4.9
4.6
7.2
6.6
6.8
6.8
7.6
6.7
6.5
Stock-based compensation
1.3
1.2
1.2
1.0
1.3
1.2
0.1
0.7
0.7
Other adjustments (b)
0.1
0.1
—
—
—
1.0
0.2
0.2
0.1
Platform Contribution
$
21.6
$
20.6
$
25.6
$
24.7
$
28.6
$
21.1
$
(55.6
)
$
9.1
$
3.7
(a) Gross profit reflects the
reclassification of stock-based compensation expense previously
included in corporate, general and administrative expenses, which
decreased gross profit by $1.3 million during the three months
ended June 30, 2022, $1.2 million during the three months ended
September 30, 2022, and $1.2 million during the three months ended
December 31, 2022.
(b) Other adjustments include incremental
costs related to post-Business Combination integration initiatives
and other one-time center-level costs. During the three months
ended September 30, 2023, December 31, 2023, and March 31, 2024,
other adjustments include $1.0 million, $0.2 million and $0.2
million, respectively, of severance costs related to center
staff.
The following table calculates the medical
expense ratio:
(Unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
(in thousands, except ratio)
2024
2023
2024
2023
External provider costs
$
153,115
$
156,995
$
334,056
$
267,668
Medicare and Medicaid risk-based
revenue
177,722
185,540
383,877
332,759
Medical Expense Ratio
86.2
%
84.6
%
87.0
%
80.4
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240809634842/en/
Investor Relations Roger Ou SVP of Finance and Investor
Relations CareMaxInvestorRelations@caremax.com
CareMax (NASDAQ:CMAX)
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De Oct 2024 a Nov 2024
CareMax (NASDAQ:CMAX)
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De Nov 2023 a Nov 2024
