Summary by Moomoo AI
On November 11, 2024, Marpai, Inc., a technology platform company operating as a Third-Party Administrator (TPA) in the healthcare sector, released its financial results for the third quarter of 2024. The report was filed with the SEC and highlighted a year-over-year decrease in net revenues by 20% to $7.0 million, and a reduction in operating expenses by 36% to $10.1 million for the quarter ended September 30, 2024. The company also reported a 57% decrease in operating loss to $3.1 million and a 51% reduction in net loss to $3.6 million for the same period. Basic and diluted earnings per share improved to ($0.30), up from the previous year. CEO Damien Lamendola emphasized the company's continued progress in its turnaround efforts, aiming for profitability and positive cash flow, with promising developments expected in the fourth quarter. Marpai scheduled a webcast for November 12, 2024, to discuss these results further. The company operates in the $22 billion TPA market, offering intelligent healthcare solutions to self-funded employer health plans and competes nationally, providing access to major provider networks.
