Marpai Reports Prelim Q4 Net Revenue of $8.7M Vs $8.71M Est and FY23 Net Revenue of $37.2M Vs $34.62M Est
Author: Benzinga Newsdesk | March 06, 2024 07:06am
Marpai, Inc. ("Marpai" or the "Company") (NASDAQ:MRAI), an independent national Third-Party Administration (TPA) company transforming the $22 billion TPA market supporting self-funded employer health plans with affordable, intelligent, healthcare, today announced unaudited preliminary financial results for the fourth quarter and fiscal year 2023. In addition, the Company expects to report its full fourth quarter and fiscal year 2023 results following the close of market on March 26, 2024. The unaudited results in this press release are preliminary and subject to the completion of accounting and annual audit procedures and are therefore subject to adjustment. The Company expects to hold a webcast to discuss the results on March 27, 2024.
Financial Highlights:
- Net Revenues
- For the fourth quarter of 2023, net revenues were approximately $8.7 million, an improvement of nearly $1.1 million or approximately 14% higher from the fourth quarter of 2022.
- Full year 2023 net revenues were approximately $37.2 million, an improvement of nearly $12.8 million, or approximately 53% better than prior year.
- Operating Expenses
- For the fourth quarter of 2023, operating expenses were approximately $6.9 million, an improvement of approximately $4.9 million or 41% lower from the fourth quarter of 2022.
- Full year 2023 operating expense was approximately $39.6 million, approximately 107% of net revenues down from 140% of net revenues in the prior year.
- Operating Loss
- For the fourth quarter of 2023, operating loss was approximately $3.9 million or approximately $5.0 million better than the fourth quarter of 2022.
- Full Year 2023 operating loss was approximately $26.7 million, down slightly from the prior year.
- Goodwill Impairment
- The Company expects to take a $3.0 million non-cash goodwill impairment charge in the fourth quarter of 2023.
Posted In: MRAI
