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Marpai Inc. (Nasdaq: MRAI) is a leading, national Third-Party Administration (TPA) company focused on transforming the $22 billion TPA market. Operating at the intersection of healthcare and deep learning, Marpai's mission is to predict and prevent costly events in healthcare for patients, providers, and payors. The company provides value-oriented health plan services to employers that directly pay for employee health benefits, leveraging advanced artificial intelligence to improve healthcare outcomes and reduce costs.
Marpai operates nationwide, offering access to leading provider networks including Aetna and Cigna. The company’s services include plan administration, claims processing, and wellness initiatives, all designed to deliver the healthiest member population for the health plan budget. Through its Marpai Saves initiative, Marpai aims to enhance the quality of care while maintaining cost-efficiency.
Recent achievements include the successful acquisition and integration of Maestro Health, which has begun to yield synergies and operational improvements. Additionally, Marpai secured an $11.83 million convertible note to repay existing debt and fuel growth initiatives, further solidifying its financial standing.
Despite some challenges with Nasdaq listing requirements, Marpai has strategically decided to transition its stock listing to OTCQX Market. This move is expected to reduce compliance costs and allow the company to focus on growth and shareholder value. The company remains committed to its mission and continues to innovate and expand its service offerings in the TPA sector.
Marpai's financial outlook remains strong, with recent cost reduction initiatives expected to generate $3 million in annual savings, positioning the company for profitability and sustainable growth. The company continually adapts to market demands, enhancing its operational efficiency and client satisfaction.
Marpai, Inc. (Nasdaq: MRAI) announced its definitive agreement to acquire Maestro Health, a leading Third-Party Administrator (TPA) based in Chicago, for $22.1 million. This acquisition, expected to close within 60 days, will combine resources, doubling Marpai's revenues and expanding its customer base to over 40,000 employee lives with projected combined revenues of $40 million in 2022. The merger includes over $20 million in cash expected at closing to finance integration and aims for positive EBITDA within 18 months.
Marpai, Inc. (Nasdaq: MRAI) will host a conference call on August 11, 2022, at 8:30 a.m. ET to discuss its Q2 2022 financial results. The results will be reported after market close on August 10, 2022. Marpai focuses on transforming the third-party administration (TPA) sector in the self-funded health insurance market, utilizing AI-driven solutions to enhance health plan effectiveness. Serving a market valued at $22 billion, the company aims to improve health outcomes through a member-centric approach, leveraging data to ensure cost-effective healthcare delivery.
Marpai (Nasdaq: MRAI) hosted its second annual Broker Retreat in Ft. Lauderdale, showcasing Dr. Marty Makary as the keynote speaker. The event focused on utilizing big data and AI to enhance healthcare outcomes in self-insured plans. Dr. Makary emphasized the importance of quality metrics in transforming healthcare systems and reducing unnecessary medicalization. Marpai's member-centric approach aims to connect members with effective health solutions and promote value-based care. Key insights from the event highlight Marpai's commitment to improving health while managing costs in the $22B Third-Party Administrator market.
Marpai (Nasdaq: MRAI) reported its Q1 2022 financial results, showing a net revenue of approximately $6.2 million, up 5.5% from Q4 2021. The employee count under its health plans was 21,139 as of March 31, 2022. Operating expenses rose to approximately $11.8 million, reflecting the acquisition of Continental Benefits. The net loss narrowed to about $5.5 million compared to Q4 2021's loss of $5.7 million. Adjusted negative EBITDA improved to $4.0 million. The company anticipates Q2 2022 revenue between $5.2 million and $5.5 million.
Marpai, Inc. (Nasdaq: MRAI), a leader in AI-driven health plan services, will announce its first quarter 2022 financial results on May 11, 2022, after market close. A conference call and webcast will follow on May 12, 2022, at 8:30 a.m. ET to discuss operational highlights. The company operates in the $22 billion Third Party Administrator sector, aiming to reduce claims costs and improve care quality through advanced deep learning algorithms. Marpai collaborates with well-known provider networks like Aetna and Cigna.
Marpai, Inc. (Nasdaq: MRAI) reported a 23% increase in revenue for Q4 2021, totaling approximately $5.9 million compared to $4.8 million in Q3 2021. For the full year ended December 31, 2021, revenue reached about $14.2 million, fueled by the acquisition of Continental Benefits. However, operating expenses surged to around $11.6 million in Q4, leading to a net loss of approximately $5.7 million. Marpai anticipates Q1 2022 revenue between $6 million and $6.2 million.
Marpai, Inc. (Nasdaq: MRAI), an AI-focused health plan services provider, will present at the 2022 Virtual Growth Conference hosted by Maxim Group LLC from March 28-30. CEO Edmundo Gonzalez is scheduled for a fireside chat on March 29 from 9:00-9:30 AM ET. The conference showcases over 200 companies across various sectors, including Healthcare and Technology. Marpai's services target the $22B Third-Party Administrator market, focusing on reducing claims costs and improving healthcare outcomes using AI algorithms. For more details, visit www.marpaihealth.com.
Marpai (Nasdaq: MRAI), a deep learning technology company, will host a conference call on March 31, 2022, at 8:30 a.m. ET to discuss its fourth quarter and full year financial results for 2021. The results will be reported after trading on March 30, 2022. Marpai aims to transform third-party administration in the self-funded health insurance market, leveraging AI to optimize health plan services, which potentially impacts over $1T in annual healthcare claims. The call provides an opportunity to gain insights into Marpai's operational and financial performance.
Marpai, Inc. (Nasdaq: MRAI) has appointed Lutz Finger, former Google Group Product Manager in healthcare analytics, as its President of Product and Development. Finger, with over 20 years of experience, will spearhead product management and development strategies aimed at enhancing the efficiency of Marpai's services in the $22B Third-Party Administrator market. His leadership is expected to drive innovative, AI-powered solutions that lower healthcare costs and improve health outcomes for members, starting February 28, 2022.
Marpai, Inc. (NASDAQ: MRAI) announced preliminary fourth-quarter 2021 revenues expected between $5.7 million and $5.9 million, surpassing prior guidance of $5.6 million to $5.8 million, indicating approximately 19% to 23% growth from Q3 2021. As of December 31, 2021, the company reported $19.2 million in cash and cash equivalents. Full audited financial results are anticipated by March 31, 2022. Marpai offers AI-driven TPA services in the $22 billion market, improving healthcare management for employers and impacting over $1 trillion in healthcare claims annually.
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