CareMax Q1 revenue up 34% to $232.2M; adjusted EBITDA loss widens; exploring asset sales

CareMax, Inc.

2024-Q1 EPS reported -$11.49 revenue$-540,000

Medicare Advantage membership 107K (+12% YoY); total revenue $232.2M (+34% YoY).
Net loss $43.4M improved from $82.1M loss YoY; adjusted EBITDA loss $10.5M vs $0.4M loss.
Medical Expense Ratio worsened to 87.8% from 75.2% YoY; utilization trends improving.
Exploring strategic options to maximize asset value and generate liquidity; cash $41M.
Limited waiver of credit facility covenants in place; engaged with lenders and advisors.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

CareMax, Inc. reported first quarter ended March 31, 2024 results: revenue $232.2 million, net income $43.4 million.

Period: first quarter ended March 31, 2024
Revenue: $232.2 million
Net income: $43.4 million
Result: reported results

Exact text from the filing

--- EX-99.1 EX-99.1 CareMax Reports First Quarter 2024 Results • 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 Miami, FL - May 9, 2024 - CareMax, Inc.

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Source: SEC EDGAR

accession 0000950170-24-057255

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