- First Quarter Medicare Advantage Membership of 107,000, up 12%
year-over-year
- First Quarter Total Revenue of $232.2 million, up 34%
year-over-year
- Continuing to Explore Strategic Options to Maximize Value of
Certain Assets and Generate Further Liquidity
CareMax, Inc. (NASDAQ: CMAX; CMAXW) (“CareMax” or the
“Company”), a leading technology-enabled value-based care delivery
system, today announced financial results for the first quarter
ended March 31, 2024.
“During the first quarter of 2024, we believe we began to see
benefits from our fourth quarter clinical efforts which became
fully implemented toward the end of last year,” said Carlos de
Solo, Chief Executive Officer. “While absolute levels of
utilization remained elevated, Medicare risk medical expense ratio
in the first quarter of 2024 was favorable to our internal
projections and improved compared to the prior two quarters, offset
by acuity shifts in our Medicaid risk membership. We remain
optimistic that these initiatives have the potential to improve our
margins over time.”
Mr. de Solo continued, “In addition, we continue to take steps
described last quarter to maximize the value of certain assets and
right-size the capital structure of our organization. As of the end
of the first quarter, we had cash and equivalents of approximately
$41 million and remain covered under the limited waiver of certain
financial covenants in our credit facility. We have since taken
further actions to preserve near-term liquidity and remain engaged
with our lenders and financial advisors to evaluate strategic
options for the company.”
First Quarter 2024 Results
- Total membership of 250,000, down 8% year-over-year.
- Medicare Advantage membership of 107,000, up 12%
year-over-year.
- Total revenue was $232.2 million, up 34% year-over-year.
- Net loss was $43.4 million, which included a $2.4 million
non-cash loss on remeasurement of derivative liabilities, compared
to net loss of $82.1 million for the first quarter of 2023.
- Adjusted EBITDA was ($10.5) million, compared to ($0.4) million
for the first quarter of 2023.1
- Platform Contribution was $9.1 million, compared to $24.7
million for the first quarter of 2023.1
- Medical Expense Ratio was 87.8%, compared to 75.2% for the
first quarter of 2023.
- De novo pre-opening costs and post-opening losses for the first
quarter of 2024 were $4.8 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.
Beginning with the three months ended June 30, 2023, the Company
has updated its calculation of Adjusted EBITDA on a retrospective
basis to no longer add back certain compensation costs for stay-on
bonuses and duplicative salaries previously included within the
Business Combination integration costs adjustment.
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 over 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 growth, strategy and 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 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)
March 31, 2024
December 31, 2023
ASSETS
Current Assets
Cash and cash equivalents
$
41,479
$
65,528
Accounts receivable, net
107,985
114,754
Other current assets
6,650
3,066
Total Current Assets
156,113
183,348
Property and equipment, net
47,243
47,918
Operating lease right-of-use assets
109,947
109,215
Goodwill, net
156,841
156,841
Intangible assets, net
96,092
101,243
Other assets
47,965
24,737
Total Assets
$
614,202
$
623,301
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current Liabilities
Accounts payable
$
6,704
$
6,275
Accrued expenses
20,172
16,224
Risk settlement liabilities
53,599
42,602
Related party liabilities
1,229
190
Current portion of third-party debt,
net
390,995
364,380
Current portion of operating lease
liabilities
32,062
8,975
Other current liabilities
2,354
165
Total Current Liabilities
507,114
438,812
Derivative liabilities
49
22
Long-term debt, net
1,879
21,443
Long-term operating lease liabilities
78,417
97,136
Other liabilities
6,340
4,443
Total Liabilities
593,800
561,856
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Preferred stock (1,000,000 shares
authorized; one share issued and outstanding as of March 31, 2024
and December 31, 2023)
—
—
Class A common stock ($0.0001 par value;
8,333,333 shares authorized; 3,802,883 and 3,744,732 shares issued
and outstanding as of March 31, 2024 and December 31, 2023,
respectively)
11
11
Additional paid-in-capital
784,736
782,371
Accumulated deficit
(764,345
)
(720,938
)
Total Stockholders' Equity
20,403
61,444
Total Liabilities and Stockholders'
Equity
$
614,202
$
623,301
CAREMAX, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(in thousands, except share
and per share data)
(Unaudited)
Three Months Ended March
31,
2024
2023
Revenue
Medicare risk-based revenue
$
168,502
$
121,593
Medicaid risk-based revenue
37,653
25,626
Government value-based care revenue
18,815
10,010
Other revenue
7,276
15,754
Total revenue
232,246
172,983
Operating expenses
External provider costs
180,941
110,673
Cost of care
43,133
38,627
Sales and marketing
3,064
3,765
Corporate, general and administrative
20,108
23,965
Depreciation and amortization
6,705
6,576
Goodwill impairment
—
98,000
Total operating expenses
253,951
281,606
Operating loss
(21,705
)
(108,623
)
Nonoperating (expenses) income
Interest expense
(19,756
)
(10,711
)
Change in fair value of derivative
liabilities
(2,381
)
1,107
Gain on remeasurement of contingent
earnout liabilities
—
36,136
Other income, net
610
187
Total nonoperating (expenses) income
(21,526
)
26,718
Loss before income tax
(43,231
)
(81,904
)
Income tax expense
(177
)
(177
)
Net loss
$
(43,408
)
$
(82,082
)
Weighted-average basic shares
outstanding 1
3,778,600
3,712,027
Weighted-average diluted shares
outstanding 1
3,778,600
3,712,027
Net loss per share
Basic
$
(11.49
)
$
(22.11
)
Diluted
$
(11.49
)
$
(22.11
)
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)
Three Months Ended March
31,
2024
2023
CASH FLOWS FROM OPERATING
ACTIVITIES
Net loss
$
(43,408
)
$
(82,082
)
Adjustments to reconcile net loss to cash
and cash equivalents:
Depreciation and amortization expense
6,705
6,576
Amortization of debt issuance costs and
discounts
931
1,839
Stock-based compensation expense
2,365
2,298
Income tax expense
177
177
Change in fair value of derivative
liabilities
2,381
(1,107
)
Gain on remeasurement of contingent
earnout liabilities
—
(36,136
)
Payment-in-kind interest expense
5,915
2,453
Non-cash finance lease expense
156
—
Provision for credit losses
(302
)
(104
)
Goodwill impairment
—
98,000
Amortization of right-of-use assets
2,675
2,725
Other non-cash, net
134
1,080
Changes in operating assets and
liabilities:
Accounts receivable
7,072
(7,850
)
Other current assets
(3,583
)
(1,961
)
Risk settlement liabilities
10,997
(454
)
Other assets
(23,332
)
(9,735
)
Operating lease liabilities
962
(1,280
)
Accounts payable
(188
)
(500
)
Accrued expenses
3,948
(29
)
Related party liabilities
1,039
—
Other liabilities
1,555
4,343
Net cash used in operating activities
(23,802
)
(21,746
)
CASH FLOWS FROM INVESTING
ACTIVITIES
Purchases of property and equipment
(126
)
(2,286
)
Net cash used in investing activities
(126
)
(2,286
)
CASH FLOWS FROM FINANCING
ACTIVITIES
Proceeds from borrowings, net
—
27,000
Principal payments of debt
(119
)
(25
)
Payments of debt issuance costs
—
(348
)
Net cash (used in) provided by financing
activities
(119
)
26,627
NET (DECREASE) INCREASE IN CASH AND
CASH EQUIVALENTS
(24,047
)
2,596
Cash and cash equivalents - beginning of
period
65,528
41,626
CASH AND CASH EQUIVALENTS - END OF
PERIOD
$
41,479
$
44,222
The following table represents Non-GAAP Financial Summary:
Non-GAAP Financial Summary
(Unaudited)
Three Months Ended
(in thousands)
Mar 31, 2022
Jun 30, 2022
Sep 30, 2022
Dec 31, 2022
Mar 31, 2023
Jun 30, 2023
Sep 30, 2023
Dec 31, 2023
Mar 31, 2024
Medicare risk-based revenue
$
107,747
$
143,664
$
122,267
$
113,041
$
121,593
$
155,486
$
134,105
$
108,650
$
168,502
Medicaid risk-based revenue
20,165
19,896
19,852
36,620
25,626
30,054
23,950
26,263
37,653
Government value-based care revenue
—
—
—
6,389
10,010
22,206
28,067
7,425
18,815
Other revenue
9,008
8,719
15,551
8,213
15,754
16,694
15,721
9,497
7,276
Total revenue
136,920
172,279
157,670
164,263
172,983
224,440
201,843
151,835
232,246
External provider costs
92,856
120,348
106,900
104,078
110,673
156,995
139,139
165,522
180,941
Cost of care
26,854
30,293
30,150
34,581
37,627
38,865
41,599
41,915
42,229
Platform contribution
17,210
21,638
20,620
25,604
24,683
28,580
21,106
(55,602
)
9,075
Platform contribution margin (%)
12.6
%
12.6
%
13.1
%
15.6
%
14.3
%
12.7
%
10.5
%
(36.6
%)
3.9
%
Sales and marketing
3,301
2,299
2,355
3,806
3,765
3,381
3,501
3,627
3,064
Corporate, general and administrative
10,873
12,165
13,877
17,263
21,329
18,158
15,527
12,531
16,495
Adjusted operating expenses
14,174
14,464
16,232
21,069
25,094
21,539
19,028
16,158
19,559
Adjusted EBITDA
$
3,035
$
7,175
$
4,388
$
4,535
$
(411
)
$
7,042
$
2,077
$
(71,759
)
$
(10,482
)
The following table provides a
reconciliation of GAAP net loss to Adjusted EBITDA:
Reconciliation to Adjusted
EBITDA
Three Months Ended
(in thousands)
Mar 31, 2022
Jun 30, 2022
Sep 30, 2022
Dec 31, 2022
Mar 31, 2023
Jun 30, 2023
Sep 30, 2023
Dec 31, 2023
Mar 31, 2024
Net loss
$
(16,797
)
$
(9,381
)
$
(22,053
)
$
10,434
$
(82,082
)
$
(32,376
)
$
(103,123
)
$
(465,766
)
$
(43,408
)
Interest expense
1,728
3,896
6,088
8,743
10,711
13,197
14,000
16,526
19,756
Depreciation and amortization
5,062
4,903
4,573
7,180
6,576
6,828
6,833
7,550
6,705
Remeasurement of derivative and contingent
earnout liabilities
3,536
(7,391
)
7,331
(84,171
)
(37,242
)
15,786
(1,450
)
(961
)
2,381
Goodwill impairment
—
—
—
70,000
98,000
—
80,000
369,200
—
Stock-based compensation
1,087
2,788
3,611
2,786
2,298
2,464
3,243
2,595
2,365
Loss on extinguishment of debt
—
6,172
—
—
—
—
—
—
—
Business Combination integration costs
(1)
4,379
1,887
2,586
163
716
686
483
833
381
Acquisition and disposition related costs
(2)
3,429
4,074
2,118
10,632
622
815
652
1,069
1,052
Other (3)
430
56
(47
)
(1,158
)
(187
)
(535
)
1,263
(1,409
)
109
Income tax expense (benefit)
181
171
181
(20,074
)
177
177
177
(1,395
)
177
Adjusted EBITDA
$
3,035
$
7,175
$
4,388
$
4,535
$
(411
)
$
7,042
$
2,077
$
(71,759
)
$
(10,482
)
Memo:
De novo pre-opening costs
$
973
$
506
$
2,426
$
3,205
$
1,975
$
1,560
$
1,880
$
1,323
$
1,366
De novo post-opening losses
1,119
993
1,533
2,274
3,885
4,228
3,906
4,558
3,451
(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:
Three Months Ended
(in thousands)
Mar 31, 2022
Jun 30, 2022
Sep 30, 2022
Dec 31, 2022
Mar 31, 2023
Jun 30, 2023
Sep 30, 2023
Dec 31, 2023
Mar 31, 2024
Consulting and legal fees (a)
$
3,190
$
887
$
725
$
257
$
282
$
237
$
69
$
451
$
371
Severance costs
25
252
1,080
167
11
13
—
—
—
Other (b)
1,164
748
782
(261
)
423
436
414
382
10
$
4,379
$
1,887
$
2,586
$
163
$
716
$
686
$
483
$
833
$
381
(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:
Three Months Ended
(in thousands)
Mar 31, 2022
Jun 30, 2022
Sep 30, 2022
Dec 31, 2022
Mar 31, 2023
Jun 30, 2023
Sep 30, 2023
Dec 31, 2023
Mar 31, 2024
Advisor and other professional fees
(a)
$
1,622
$
2,359
$
1,219
$
9,877
$
(258
)
$
(34
)
$
94
$
352
$
524
Compensation costs (b)
1,808
1,715
899
755
880
849
558
717
528
$
3,429
$
4,074
$
2,118
$
10,632
$
622
$
815
$
652
$
1,069
$
1,052
(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:
Three Months Ended
(in thousands)
Mar 31, 2022
Jun 30, 2022
Sep 30, 2022
Dec 31, 2022
Mar 31, 2023
Jun 30, 2023
Sep 30, 2023
Dec 31, 2023
Mar 31, 2024
Other income
$
—
$
—
$
—
$
(1,000
)
$
—
$
—
$
—
$
(874
)
$
—
Tax-related costs
265
69
(178
)
46
—
—
—
—
—
Legal settlement
—
(43
)
—
—
—
—
—
—
—
Interest income
—
—
(12
)
(201
)
(253
)
(602
)
(433
)
(560
)
(668
)
Severance costs
—
—
—
—
—
—
1,639
—
694
Other
165
29
144
(3
)
66
67
58
25
83
$
430
$
56
$
(47
)
$
(1,158
)
$
(187
)
$
(535
)
$
1,263
$
(1,409
)
$
109
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:
Three Months Ended
Non-GAAP Operating Metrics
Mar 31, 2022
Jun 30, 2022
Sep 30, 2022
Dec 31, 2022
Mar 31, 2023
Jun 30, 2023
Sep 30, 2023
Dec 31, 2023
Mar 31, 2024
Centers
48
48
51
62
62
62
62
56
55
Markets
6
6
7
7
7
7
7
7
6
Patients (MCREM)*
50,600
54,000
57,400
221,500
225,100
226,500
228,700
229,300
218,000
Patients in value-based care arrangements
(MCREM)
79.8
%
81.0
%
78.2
%
97.6
%
99.0
%
99.4
%
98.8
%
98.8
%
99.1
%
Platform Contribution ($, millions)
$
17.2
$
21.6
$
20.6
$
25.6
$
24.7
$
28.6
$
21.1
$
(55.6
)
$
9.1
* 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
Three Months Ended
(in millions)
Mar 31, 2022
Jun 30, 2022
Sep 30, 2022
Dec 31, 2022
Mar 31, 2023
Jun 30, 2023
Sep 30, 2023
Dec 31, 2023
Mar 31, 2024
Gross profit (a)
$
11.2
$
15.4
$
14.8
$
17.2
$
17.1
$
20.4
$
12.0
$
(63.5
)
$
1.5
Depreciation and amortization
5.1
4.9
4.6
7.2
6.6
6.8
6.8
7.6
6.7
Stock-based compensation
0.4
1.3
1.2
1.2
1.0
1.3
1.2
0.1
0.7
Other adjustments (b)
0.5
0.1
0.1
—
—
—
1.0
0.2
0.2
Platform Contribution
$
17.2
$
21.6
$
20.6
$
25.6
$
24.7
$
28.6
$
21.1
$
(55.6
)
$
9.1
(a) Gross profit reflects the
reclassification of stock-based compensation expense previously
included in corporate, general and administrative expenses, which
decreased gross profit by $0.4 million during the three months
ended March 31, 2022, $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. Other adjustments reflected
during the three months ended March 31, 2022, include $0.3 million
of costs for a pilot project regarding outsourcing. 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:
Three Months Ended March
31,
(in thousands, except ratio)
2024
2023
External provider costs
$
180,941
$
110,673
Medicare and Medicaid risk-based
revenue
206,155
147,219
Medical Expense Ratio
87.8
%
75.2
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240509152415/en/
Investor Relations Roger Ou SVP of Finance and Investor
Relations CareMaxInvestorRelations@caremax.com
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