CareMax, 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.
- Platform Contribution was $3.7 million, compared to $28.6 million for the second quarter of 2023.
- 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.
