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Marpai, Inc. Reports Fourth Quarter and Full Year 2024 Financial Performance

On March 26, 2025, Marpai, Inc. (OTCQX: MRAI), a technology platform revolutionizing the Third-Party Administrator (TPA) landscape, shared its financial results for the fourth quarter (Q4) and fiscal year 2024. The company is significantly reshaping its approach, aiming to provide affordable healthcare solutions tailored for self-funded employer health plans valued at $22 billion in the market.

Fourth Quarter Highlights

During Q4 2024, Marpai recorded net revenues amounting to $6.6 million. This reflects a slight decrease of $0.4 million, or 6.0%, compared to the previous quarter (Q3 2024). Despite this dip in revenue, the company's operating loss improved to $2.7 million, which is a notable reduction of 12.2% from Q3 2024. Furthermore, the net loss for this quarter was reported at $1.2 million—a remarkable 67.5% decrease from the previous year, showcasing effective cost control measures and operational adjustments.

In terms of earnings per share, Marpai posted a basic and diluted loss of $0.08 per share, which is an improvement compared to the previous quarter.

Full Year Financial Overview

For the entire fiscal year ending December 31, 2024, Marpai's net revenues totaled $28.2 million. This represented a decrease of $9 million, or 24.2%, year-over-year. However, the company's operating expenses also saw a decline to $31.2 million, down 23.7% year-over-year. The resultant operating loss for the fiscal year was $22.1 million, a commendable improvement of 21.1% from the previous year. This trend in financial performance indicates Marpai's efficient resource management and strategic shifts.

Despite the overall losses, the company improved its basic and diluted earnings per share to ($1.92), enhancing the figure significantly as compared to last year.

Adjusted EBITDA Insights

Marpai's Adjusted EBITDA serves as a critical measure of its operational performance and is calculated before the impacts of interest, taxes, depreciation, and amortization. For the year ending December 31, 2024, it reported an Adjusted EBITDA loss of $9.1 million, a significant improvement from the $20.2 million loss recorded in the prior year. This improvement is largely attributed to effective cost-reduction strategies initiated in response to 2023's financial challenges.

Damien Lamendola, the CEO of Marpai, emphasized the resilient turnaround the team has engineered, stating, "In a short span, Marpai's team engineered an exceptional turnaround, dramatically reducing losses. Now, we're propelling the Company towards growth and profitability." He further mentioned the strategic implementation of innovative services, including the newly launched Empara Member Engagement Portal, aimed at boosting the company's performance and growth trajectory.

Upcoming Plans

Looking ahead, Marpai intends to introduce high-impact Pharmacy Benefit Management (PBM) based products in the latter half of 2025, further solidifying its market presence. This move, coupled with continued efforts to streamline costs and enhance service offerings, positions Marpai favorably for future profitability.

Webcast and Conference Call

Investors and stakeholders can stay updated on Marpai's journey by joining the company's webcast and conference call scheduled for March 27, 2025, at 8:30 a.m. ET. The presentation will delve into the operational and financial highlights of Q4 2024 and the entire fiscal year.

For those interested, the call can be streamed via the internet, with a replay made available shortly after the event.

Conclusion

Marpai, Inc. continues to exhibit strong financial resilience and commitment to improving its operational strategy. As it aims towards profitability and expanded services in the healthcare sector, stakeholders will be keeping a close eye on its progress. The innovative spirit and strategic foresight displayed by Marpai's leadership might very well set the stage for a promising future in the TPA landscape.