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Name | Symbol | Market | Type |
---|---|---|---|
CareMax Inc | NASDAQ:CMAXW | NASDAQ | Equity Warrant |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.0071 | 0.0044 | 0.04 | 0 | 09:00:00 |
CareMax, Inc. (NASDAQ: CMAX; CMAXW) (“CareMax” or the “Company”), a leading technology-enabled value-based care delivery system, today announced financial results for the third quarter ended September 30, 2023.
“Tomorrow marks one year since the acquisition of our national MSO and nearly two and a half years of rapid growth in our patient and provider base. Over that period, we experienced fluctuations in our revenue and EBITDA as we underwent numerous initiatives to integrate that membership. With significant progress made in many of those initiatives, we have increased confidence in our ability to effectively manage our members on their glidepath to risk and operate toward more consistent financial outcomes. Looking ahead, we feel well positioned to navigate the evolving utilization environment and execute on the embedded value in our platform,” said Carlos de Solo, Chief Executive Officer.
Third Quarter 2023 Results
Financial Outlook for Full Year 2023
CareMax is reaffirming the following full year 2023 guidance:
CareMax is updating the following full year 2023 guidance:
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. Adjusted EBITDA as previously reported for the third quarter of 2022 included an addback of $0.9 million for stay-on bonuses and duplicative salaries. Adjusted EBITDA as previously reported for the year ended December 31, 2022 included an addback of $2.9 million for stay-on bonuses and duplicative salaries.
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, up to 18 months after opening, which consist of revenue, external provider costs and cost of care allocated for the de novo center.
Conference Call Details
Management will host a conference call at 8:30 am ET today to discuss the results. The conference call can be accessed by dialing (888) 330-2508 for U.S. participants, or (240) 789-2735 for international participants, and referencing conference ID 7874605. A live audio webcast as well as related presentation materials will also be available on the “Events & Presentations” section of CareMax’s investor relations website at ir.caremax.com. Following the live call, a replay will be available on the Company's website.
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 ability to integrate acquired businesses, including the ability to implement business plans, forecasts, and other expectations after the completion of the Steward transaction; the failure to realize anticipated benefits of the Steward transaction or to realize estimated pro forma results and underlying assumptions; the impact of COVID-19 or any variant thereof or any other pandemic or epidemic on the Company's business and results of operation; the Company’s ability to attract new patients; the availability of sites for de novo centers and the costs of opening such de novo centers; changes in market or industry conditions, regulatory environment, competitive conditions, and receptivity to the Company's services; the Company's ability to continue its growth, including in new markets; 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 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 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. A reconciliation of projected 2023 Adjusted EBITDA to the most directly comparable GAAP financial measure is not included in this press release because, without unreasonable efforts, the Company is unable to predict with reasonable certainty the amount or timing of non-GAAP adjustments that are used to calculate this. In addition, the Company believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors. The variability of the specified items may have a significant and unpredictable impact on the Company’s future GAAP results.
CAREMAX, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)
(Unaudited)
September 30, 2023
December 31, 2022
ASSETS
Current Assets
Cash and cash equivalents
$
32,264
$
41,626
Accounts receivable, net
139,573
151,036
Risk settlement receivables
251
707
Related party receivables
754
—
Other current assets
3,820
3,968
Total Current Assets
176,662
197,336
Property and equipment, net
27,837
21,006
Operating lease right-of-use assets
130,826
108,937
Goodwill, net
522,643
700,643
Intangible assets, net
106,889
123,585
Deferred debt issuance costs
896
1,685
Other assets
92,363
17,550
Total Assets
$
1,058,117
$
1,170,743
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable
$
9,345
$
7,687
Accrued expenses
14,999
16,854
Risk settlement liabilities
21,934
14,171
Related party liabilities
47
1,777
Related party debt, net
34,517
30,277
Current portion of third-party debt, net
355
253
Current portion of operating lease liabilities
8,555
5,512
Other current liabilities
8,589
790
Total Current Liabilities
98,341
77,322
Derivative warrant liabilities
983
3,974
Long-term debt, net
302,612
230,725
Long-term operating lease liabilities
117,668
96,539
Contingent earnout liability
—
134,561
Other liabilities
13,897
8,075
Total Liabilities
533,501
551,196
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Preferred stock (1,000,000 shares authorized; one share issued and outstanding as of September 30, 2023 and December 31, 2022)
—
—
Class A common stock ($0.0001 par value; 250,000,000 shares authorized; 112,096,998 and 111,332,584 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively)
11
11
Additional paid-in-capital
779,776
657,126
Accumulated deficit
(255,171
)
(37,590
)
Total Stockholders' Equity
524,616
619,547
Total Liabilities and Stockholders' Equity
$
1,058,117
$
1,170,743
CAREMAX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share data)
(Unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
2023
2022
2023
2022
Revenue
Medicare risk-based revenue
$
134,105
$
122,267
$
411,184
$
373,677
Medicaid risk-based revenue
23,950
19,852
79,630
59,914
Government value-based care revenue
28,067
—
60,284
—
Other revenue
15,721
15,551
48,169
33,278
Total revenue
201,843
157,670
599,267
466,869
Operating expenses
External provider costs
139,139
106,900
406,807
320,104
Cost of care
43,826
30,213
122,645
87,925
Sales and marketing
3,501
2,355
10,593
7,955
Corporate, general and administrative
19,282
21,687
64,021
58,728
Depreciation and amortization
6,833
4,573
20,237
14,538
Goodwill impairment
80,000
—
178,000
—
Acquisition related costs
34
494
108
3,549
Total operating expenses
292,615
166,222
802,412
492,799
Operating loss
(90,772
)
(8,552
)
(203,145
)
(25,930
)
Nonoperating income (expense)
Interest expense
(14,000
)
(6,088
)
(37,908
)
(11,712
)
Change in fair value of derivative warrant liabilities
1,450
(7,331
)
2,991
(3,476
)
Gain on remeasurement of contingent earnout liabilities
—
—
19,916
—
Loss on extinguishment of debt
—
—
—
(6,172
)
Other income (expense), net
376
99
1,097
(408
)
(12,174
)
(13,320
)
(13,904
)
(21,768
)
Loss before income tax
(102,946
)
(21,872
)
(217,049
)
(47,698
)
Income tax expense
(177
)
(181
)
(532
)
(532
)
Net loss
$
(103,123
)
$
(22,053
)
$
(217,581
)
$
(48,230
)
Weighted-average basic shares outstanding
112,085,154
87,408,605
111,704,585
87,415,801
Weighted-average diluted shares outstanding
112,085,154
87,408,605
111,704,585
87,415,801
Net loss per share
Basic
$
(0.92
)
$
(0.25
)
$
(1.95
)
$
(0.55
)
Diluted
$
(0.92
)
$
(0.25
)
$
(1.95
)
$
(0.55
)
CAREMAX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(Unaudited)
Nine Months Ended September 30,
2023
2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss
$
(217,581
)
$
(48,230
)
Adjustments to reconcile net loss to cash and cash equivalents:
Depreciation and amortization expense
20,237
14,538
Amortization of debt issuance costs and discounts
6,422
1,093
Stock-based compensation expense
8,004
7,486
Income tax provision
532
532
Change in fair value of derivative warrant liabilities
(2,991
)
3,476
Gain on remeasurement of contingent earnout liabilities
(19,916
)
—
Loss on extinguishment of debt
—
6,172
Payment-in-kind interest expense
8,643
3,038
Provision for credit losses
382
—
Goodwill impairment
178,000
—
Amortization of right-of-use assets
8,872
—
Other non-cash, net
1,140
(774
)
Changes in operating assets and liabilities:
Accounts receivable
2,121
(43,109
)
Other current assets
148
(69
)
Risk settlement receivables and liabilities
11,020
(144
)
Other assets
(74,024
)
(1,037
)
Operating lease liabilities
(4,390
)
—
Accounts payable
(410
)
9,291
Accrued expenses
(1,855
)
6,705
Related party receivables and payables
(1,212
)
—
Other liabilities
14,414
1,222
Net cash used in operating activities
(62,446
)
(39,811
)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment
(8,007
)
(4,862
)
Return of cash held in escrow
—
785
Acquisition of businesses, net of cash acquired
—
(892
)
Net cash used in investing activities
(8,007
)
(4,969
)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings
62,000
184,000
Principal payments of debt
(189
)
(121,926
)
Payments of debt issuance costs
(720
)
(6,456
)
Collateral for letters of credit
—
(5,439
)
Net cash provided by financing activities
61,091
50,179
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS
(9,361
)
5,399
Cash and cash equivalents - beginning of period
41,626
47,917
CASH AND CASH EQUIVALENTS - END OF PERIOD
$
32,264
$
53,315
Non-GAAP Financial Summary
Three Months Ended
(in thousands)
Sep 30, 2021
Dec 31, 2021
Mar 31, 2022
Jun 30, 2022
Sep 30, 2022
Dec 31, 022
Mar 31, 2023
Jun 30, 2023
Sep 30, 2023
Medicare risk-based revenue
$
76,428
$
91,277
$
107,747
$
143,664
$
122,267
$
113,041
$
121,593
$
155,486
$
134,105
Medicaid risk-based revenue
20,884
20,160
20,165
19,896
19,852
36,620
25,626
30,054
23,950
Government value-based care revenue
—
—
—
—
—
—
10,010
22,206
28,067
Other revenue
7,308
6,869
9,008
8,719
15,551
14,602
15,754
16,694
15,721
Total revenue
104,620
118,306
136,920
172,279
157,670
164,263
172,983
224,440
201,843
External provider costs
73,329
79,724
92,856
120,348
106,900
104,078
110,673
156,995
139,139
Cost of care
20,315
22,606
26,854
30,293
30,150
34,581
37,627
38,865
41,599
Platform contribution
10,976
15,977
17,210
21,638
20,620
25,604
24,683
28,580
21,106
Platform contribution margin (%)
10.5
%
13.5
%
12.6
%
12.6
%
13.1
%
15.6
%
14.3
%
12.7
%
10.5
%
Sales and marketing
1,274
2,615
3,301
2,299
2,355
3,806
3,765
3,381
3,501
Corporate, general and administrative
9,715
11,228
10,873
12,165
13,877
17,263
21,329
18,158
15,527
Adjusted operating expenses
10,988
13,843
14,174
14,464
16,232
21,069
25,094
21,539
19,028
Adjusted EBITDA
$
(13
)
$
2,134
$
3,035
$
7,175
$
4,388
$
4,535
$
(411
)
$
7,042
$
2,077
Reconciliation to Adjusted EBITDA
Three Months Ended
(in thousands)
Sep 30, 2021
Dec 31, 2021
Mar 31, 2022
Jun 30, 2022
Sep 30, 2022
Dec 31, 2022
Mar 31, 2023
Jun 30, 2023
Sep 30, 2023
Net Income (loss)
$
(14,479
)
$
(3,553
)
$
(16,797
)
$
(9,381
)
$
(22,053
)
$
10,434
$
(82,082
)
$
(32,376
)
$
(103,123
)
Interest expense
1,291
1,905
1,728
3,896
6,076
8,542
10,711
13,197
14,000
Depreciation and amortization
5,176
6,089
5,062
4,903
4,573
7,180
6,576
6,828
6,833
Remeasurement of warrant and contingent earnout liabilities
1,398
(8,734
)
3,536
(7,391
)
7,331
(84,171
)
(37,242
)
15,786
(1,450
)
Goodwill impairment
—
—
—
—
—
70,000
98,000
—
80,000
Stock-based compensation
966
375
1,087
2,788
3,611
2,786
2,298
2,464
3,243
Loss (gain) on extinguishment of debt, net
(279
)
7
—
6,172
—
—
—
—
—
Business Combination integration costs (1)
3,176
2,277
4,379
1,887
2,586
163
716
686
483
Acquisition and integration related costs (2)
1,871
2,325
3,429
4,074
2,118
10,632
622
815
652
DeSpac costs
27
742
9
10
11
10
—
—
—
Other (3)
840
543
421
46
(46
)
(967
)
(187
)
(535
)
1,263
Income tax provision (benefit)
—
159
181
171
181
(20,074
)
177
177
177
Adjusted EBITDA
$
(13
)
$
2,134
$
3,035
$
7,175
$
4,388
$
4,535
$
(411
)
$
7,042
$
2,077
Memo:
De novo pre-opening costs
$
544
$
806
$
973
$
506
$
2,426
$
3,205
$
1,975
$
1,560
$
1,880
De novo post-opening costs
195
489
1,119
993
1,533
2,274
3,885
4,228
3,906
(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)
Sep 30, 2021
Dec 31, 2021
Mar 31, 2022
Jun 30, 2022
Sep 30, 2022
Dec 31, 2022
Mar 31, 2023
Jun 30, 2023
Sep 30, 2023
Consulting and legal fees (a)
$
2,204
$
1,639
$
3,190
$
887
$
725
$
257
$
282
$
237
$
69
Severance costs
—
949
25
252
1,080
167
11
13
—
Other (b)
972
(311
)
1,164
748
782
(261
)
423
436
414
$
3,176
$
2,277
$
4,379
$
1,887
$
2,586
$
163
$
716
$
686
$
483
(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)Includes all costs recognized in acquisition related costs in our condensed consolidated statements of operations and incremental payroll compensation expense for employees directly associated with services to achieve synergies related to closed transactions. Significant components of acquisition and integration related costs were as follows:
Three Months Ended
(in thousands)
Sep 30, 2021
Dec 31, 2021
Mar 31, 2022
Jun 30, 2022
Sep 30, 2022
Dec 31, 2022
Mar 31, 2023
Jun 30, 2023
Sep 30, 2023
Advisor and other professional fees (a)
$
1,183
$
1,183
$
1,622
$
2,359
$
1,219
$
9,877
$
(258
)
$
(34
)
$
94
Compensation costs (b)
688
1,142
1,808
1,715
899
755
880
849
558
$
1,871
$
2,325
$
3,429
$
4,074
$
2,118
$
10,632
$
622
$
815
$
652
(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.
(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)
Sep 30, 2021
Dec 31, 2021
Mar 31, 2022
Jun 30, 2022
Sep 30, 2022
Dec 31, 2022
Mar 31, 2023
Jun 30, 2023
Sep 30, 2023
Software sale
$
—
$
—
$
—
$
—
$
—
$
(1,000
)
$
—
$
—
$
—
Tax-related costs
266
95
265
69
(178
)
46
—
—
—
Legal settlement
75
229
—
(43
)
—
—
—
—
—
Interest income
—
—
—
—
—
—
(253
)
(602
)
(433
)
Severance costs
—
—
—
—
—
—
—
—
1,639
Other
499
219
156
19
133
(13
)
66
67
58
$
840
$
543
$
421
$
46
$
(46
)
$
(967
)
$
(187
)
$
(535
)
$
1,263
Non-GAAP Operating Metrics
Sep 30, 2021
Dec 31, 2021
Mar 31, 2022
Jun 30, 2022
Sep 30, 2022
Dec 31, 2022
Mar 31, 2023
Jun 30, 2023
Sep 30, 2023
Centers
40
45
48
48
51
62
62
62
62
Markets
3
4
6
6
7
7
7
7
7
Patients (MCREM)*
40,400
50,100
50,600
54,000
57,400
221,500
225,100
226,500
228,700
Patients in value-based care arrangements (MCREM)
87.2
%
79.3
%
79.8
%
81.0
%
78.2
%
97.6
%
99.0
%
99.4
%
98.8
%
Platform Contribution ($, millions)
$
11.0
$
16.0
$
17.2
$
21.6
$
20.6
$
25.6
$
24.7
$
28.6
$
21.1
* 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.
Reconciliation to Platform Contribution
Three Months Ended
(in millions)
Sep 30, 2021
Dec 31, 2021
Mar 31, 2022
Jun 30, 2022
Sep 30, 2022
Dec 31, 2022
Mar 31, 2023
Jun 30, 2023
Sep 30, 2023
Gross profit (a)
$
4.5
$
9.6
$
11.2
$
15.4
$
14.8
$
17.2
$
17.1
$
20.4
$
12.0
Depreciation and amortization
5.2
6.1
5.1
4.9
4.6
7.2
6.6
6.8
6.8
Stock-based compensation
—
0.1
0.4
1.3
1.2
1.2
1.0
1.3
1.2
Other adjustments (b)
1.3
0.2
0.5
0.1
0.1
—
—
—
1.0
Platform Contribution
$
11.0
$
16.0
$
17.2
$
21.6
$
20.6
$
25.6
$
24.7
$
28.6
$
21.1
(a) Gross profit reflects the reclassification of stock-based compensation expense previously included in corporate, general and administrative expenses, which decreased gross profit by $0.1 million during the three months ended December 31, 2021, $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 September 30, 2021 include $0.6 million of incremental costs relating to one-time operational projects and $0.3 million of non-cash true-up of deferred rent expense. Other adjustments reflected during the three months ended March 31, 2022 include $0.3 million of costs for a pilot project regarding outsourcing and during the three months ended September 30, 2023 include $1.0 million of severance costs related to center staff.
Calculation of the Medical Expense Ratio
Three Months Ended September 30,
Nine Months Ended September 30,
(in thousands, except ratio)
2023
2022
2023
2022
External provider costs
$
139,139
$
106,900
$
406,807
$
320,104
Medicare and Medicaid risk-based revenue
158,055
142,119
490,814
433,591
Medical Expense Ratio
88.0
%
75.2
%
82.9
%
73.8
%
View source version on businesswire.com: https://www.businesswire.com/news/home/20231109049422/en/
Investor Relations Roger Ou SVP of Finance and Investor Relations CareMaxInvestorRelations@caremax.com
Media Conchita Topinka Conchita@thinkbsg.com
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