Marpai, Inc. (Marpai), a technology-driven healthcare third-party administrator, reported its financial performance for the quarter ended June 30, 2024. The company experienced a decrease in revenue to $7.2 million, down 28.4% from $10.0 million in the same quarter of the previous year. Operating loss widened to $12.3 million, a 68.8% increase from the prior year's $7.3 million. Net loss for the quarter was $13.0 million, compared to $7.6 million in the previous year, with a loss per share of $1.23. For the six-month period, revenue was $14.6 million, a 26.1% decrease from $19.7 million in the prior year, and net loss was $17.4 million, up from $16.4 million. The company recognized an impairment of goodwill and intangible assets amounting to $7.6 million. Marpai's business development includes the integration of two TPA companies...Show More

Marpai, Inc. (Marpai), a technology-driven healthcare third-party administrator, reported its financial performance for the quarter ended June 30, 2024. The company experienced a decrease in revenue to $7.2 million, down 28.4% from $10.0 million in the same quarter of the previous year. Operating loss widened to $12.3 million, a 68.8% increase from the prior year's $7.3 million. Net loss for the quarter was $13.0 million, compared to $7.6 million in the previous year, with a loss per share of $1.23. For the six-month period, revenue was $14.6 million, a 26.1% decrease from $19.7 million in the prior year, and net loss was $17.4 million, up from $16.4 million. The company recognized an impairment of goodwill and intangible assets amounting to $7.6 million. Marpai's business development includes the integration of two TPA companies and the elimination of non-value added services and development projects. The company is exploring strategic alternatives to maximize shareholder value, which may include a merger or sale. Marpai's financial statements have raised substantial doubt about its ability to continue as a going concern, with an accumulated deficit of $94.1 million and negative working capital of $1.5 million. The company's future plans involve raising additional capital or securing debt funding to support ongoing operations until it achieves cash self-sufficiency.