Summary by Moomoo AI
Marpai, Inc., a technology-driven healthcare third-party administrator, reported a decrease in revenue for the quarter ended September 30, 2024, with total revenue falling to $7.008 million from $8.729 million in the same period last year, marking a 19.7% decline. The company's net loss improved, however, from $7.296 million to $3.560 million, a 51.2% reduction. The decrease in revenue was attributed to customer turnover, while the reduction in net loss was due to cost-saving measures and the alignment of two TPA companies into one. Operating expenses also saw a significant decrease, with general and administrative expenses dropping by 43.6% to $2.813 million, and sales and marketing expenses reducing by 81.3% to $345 thousand. The company also reported an impairment charge of $7.588 million for goodwill and intangible assets. Marpai's...Show More
