CareMax, Inc. Warrant - CMAXW STOCK NEWS

CareMax (NASDAQ: CMAX) has announced agreements to sell its business through a prearranged Chapter 11 bankruptcy process. Revere Medical will acquire the Medicare Shared Savings Program portion of CareMax's management services organization, which serves approximately 80,000 Medicare beneficiaries. The company has also reached a preliminary 'stalking horse' agreement for its Core Centers' Assets with an undisclosed buyer. The restructuring process is supported by 100% of CareMax's secured lenders, who have provided $30.5 million in debtor-in-possession financing. The company expects to maintain normal operations and continue providing healthcare services throughout the process, with transactions anticipated to close in early 2025.

CareMax (NASDAQ: CMAX) reported its Q2 2024 results, showing mixed performance. The company's Medicare Advantage membership grew 1% year-over-year to 104,000, while total membership decreased 13% to 236,500. Total revenue fell 12% to $198.6 million. The company reported a net loss of $170.6 million, which included a $133.0 million non-cash impairment of long-lived assets. Adjusted EBITDA was ($11.2) million, down from $7.0 million in Q2 2023. The Medical Expense Ratio increased to 86.2% from 84.6% year-over-year. CareMax secured additional capital from lenders and extended the waiver of certain financial covenants as it continues to evaluate strategic alternatives.

CareMax, Inc. (NASDAQ: CMAX; CMAXW) reported first quarter 2024 results with positive growth in Medicare Advantage membership and total revenue. The company continues to explore strategic options to maximize asset value and liquidity. Despite a decrease in total membership, the financials show improvements in revenue and adjusted EBITDA compared to the prior year. CareMax remains focused on enhancing margins and right-sizing its capital structure.

CareMax, Inc. (CMAX) met its 2023 guidance for Medicare Advantage membership and total revenue, with year-end 2023 Medicare Advantage membership of 111,500, up 19% year-over-year, and full-year 2023 total revenue of $751.1 million, also up 19% year-over-year. The company is exploring strategic options to maximize the value of certain assets and generate further liquidity.

CareMax, Inc. announces a 1-for-30 reverse stock split of its Class A common stock, expected to be effective on January 31, 2024. The split is intended to regain compliance with the Nasdaq's minimum bid price requirement and will reduce the number of issued and outstanding shares from approximately 112.4 million to 3.7 million. The Class A Common Stock will continue to trade on the Nasdaq under the symbol 'CMAX' and is expected to begin trading on a split-adjusted basis on February 1, 2024.

CareMax, Inc. (NASDAQ: CMAX; CMAXW) announced a 171% year-over-year increase in third-quarter Medicare Advantage Membership to 107,000 and a 28% year-over-year increase in total revenue to $201.8 million. The company is reaffirming its full-year 2023 revenue guidance, updating its Medicare Advantage Membership and Adjusted EBITDA guidance.

CareMax, Inc. will release its financial results for the third quarter 2023 on November 9, 2023. A conference call will be held to discuss the results.

CareMax CEO and CFO to participate in fireside chat at Morgan Stanley conference.

CareMax, Inc. announces Q2 results with Medicare Advantage membership up 177% YoY and total revenue up 30% YoY. The company is raising its full year 2023 revenue guidance and reaffirming its adjusted EBITDA guidance.