CareMax, Inc. (NASDAQ: CMAX; CMAXW), a leading
technology-enabled provider of value-based care to seniors,
announced today financial results for the third quarter ended
September 30, 2021.
Third Quarter 2021 Results1
- GAAP total revenue was $104.6 million for the third quarter of
2021 and $177.5 million for the nine-months ended September 30,
2021, up 330% and 136% year-over-year, respectively.
- Medicare Advantage membership as of September 30, 2021 was
26,500, up over 340% compared to Medicare Advantage membership as
of September 30, 2020; total membership as of September 30, 2021
was 68,500, up over 1,000% compared to total membership as of
September 30, 2020.
- Medical Expense Ratio was 75.4% for the third quarter of 2021,
compared to 71.4% for the third quarter of 2020.2
- GAAP net loss was $2.9 million for the third quarter of 2021,
or $(0.03) per diluted share, and $8.9 million, or $(0.22) per
diluted share, for the nine-months ended September 30, 2021.
- Adjusted EBITDA was $1.2 million for the third quarter of 2021
and $9.1 million for the nine-months ended September 30, 2021, pro
forma for the business combination; excluding estimated impacts
from COVID of $7.3 million for the third quarter of 2021 and $18.5
million for the nine-months ended September 30, 2021, Adjusted
EBITDA would have been $8.5 million and $27.6 million,
respectively, up 4% and 12% year-over-year.3
- Platform Contribution was $11.0 million for the third quarter
of 2021 and $33.9 million for the nine-months ended September 30,
2021, pro forma for the business combination; excluding the
aforementioned estimated impacts from COVID, Platform Contribution
would have been $18.3 million and $52.4 million, respectively, up
18% and 10% year-over-year.3
Business Highlights
- Reaffirmed prior guidance of approximately 30,000 Medicare
Advantage members by the end of 2021, pro forma 2021 revenue of
$490 million to $525 million, and pro forma 2021 Adjusted EBITDA of
$30 million to $40 million, which includes a $23 million estimated
negative impact from COVID.3,4
- Acquired DNF Medical Centers on September 1, adding
approximately 4,000 Medicare Advantage members and six medical
centers in central Florida.
- Formalized collaboration with The Related Companies, one of the
largest private owners of affordable housing in the United States,
to develop senior medical centers in or near affordable housing
units owned or affiliated with Related across the country.
- Initial sites expected to open in New York City in the first
half of 2022, with additional sites expected in the second half of
2022.
- Announced strategic collaboration with Anthem, with a plan to
open approximately 50 de novo medical centers in eight initial
states.
- Bolstered core platform and de novo market leadership with the
addition of new Market Presidents, a Chief Experience Officer,
Chief Compliance Officer, and General Counsel.
- Appointed two new members to the Board of Directors with strong
leadership experience in managed care and business process
optimization.
1GAAP 2021 financial information includes the activities of IMC
Medical Group Holdings, LLC and CareHoldings for the period from
June 8, 2021 to (and including) September 30, 2021 (115 days),
Senior Medical Associates (SMA) for the period from June 18, 2021
to (and including) September 30, 2021 (105 days), and DNF Medical
Centers for the period from September 1, 2021 to (and including)
September 30, 2021 (30 days).
2Medical Expense Ratio equals external provider costs divided by
Medicare and Medicaid risk-based revenues.
3Adjusted EBITDA and Platform Contribution are non-GAAP
financial metrics. A reconciliation of non-GAAP metrics to GAAP
financial statements is included in this release.
4Pro forma revenue and Adjusted EBITDA represent run-rate
revenue and Adjusted EBITDA based on expected membership at the end
of 2021, including all acquisitions expected to be closed by
year-end and an estimated $23 million negative from COVID.
Management Commentary
“We are pleased that our third quarter continues to illustrate
the effectiveness of our model in delivering proactive and
personalized primary healthcare,” said Carlos de Solo, Chief
Executive Officer. “By reducing spend from avoidable hospital
utilization and investing those dollars back into our whole person
health care model, we are closing the loop on the care continuum
for some of our nation’s most vulnerable patients while improving
clinical outcomes and driving down costs.”
“Our Medical Expense Ratio for the third quarter of 2021 shows
that we can grow while maintaining better patient outcomes. As a
result, despite headwinds related to COVID and investments in our
platform, the fundamentals of our business are performing in line
with our forecast, and management is pleased to reaffirm our 2021
guidance. In addition, based on current trends, we expect limited
impact to risk-based revenues due to COVID in 2022 and are also
optimistic that COVID utilization headwinds will subside in
2022.”
“From a growth perspective, we are pleased to welcome DNF
Medical Centers to the CareMax family. Dr. Norberto Fleites,
founder of DNF, built a tremendous company, and we are honored to
continue to his legacy as we work to expand that platform by
implementing our tested care model, increasing enrollments in
existing centers, and building new centers.”
“We expect our base business to continue its strong performance
while we maintain clear line of sight to opening at least 15 de
novo centers in 2022 in New York City, Memphis and other markets.
By targeting underserved communities and affordable housing
developments, we will continue our focus on improving health
disparities for some of the most vulnerable populations, ensuring
rewarding careers for our team members and delivering value for our
shareholders.”
Conference Call
Management will host a conference call at 8:30 am ET today to
discuss the results and business activities. Interested parties may
participate in the call by dialing:
(877) 407-9753 (Domestic) or (201) 493-6739
(International)
The conference call will also be available on the Company's
website, ir.caremax.com. Following the live call, a replay will be
available on the Company's website.
An investor presentation has also been posted to
ir.caremax.com.
About CareMax
CareMax is a technology-enabled care platform providing
value-based care and chronic disease management to seniors. CareMax
operates medical centers that offer a comprehensive suite of
healthcare and social services, and a proprietary software and
services platform that provides data, analytics, and rules-based
decision tools/workflows for physicians across the United States.
Learn more at www.caremax.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, Section 21E of the Securities Exchange Act of 1934, as
amended, and the Private Securities Litigation Reform Act of 1995,
as amended. These forward-looking statements include statements
regarding our future growth and strategy. Words such as
"anticipate," "believe," "budget," "contemplate," "continue,"
"could," "envision," "estimate," "expect," "guidance," "indicate,"
"intend," "may," "might," "plan," "possibly," "potential,"
"predict," "probably," "pro-forma," "project," "seek," "should,"
"target," or "will," or the negative or other variations thereof,
and similar words or phrases or comparable terminology, are
intended to identify forward-looking statements. These
forward-looking statements reflect the Company’s expectations,
plans or forecasts of future events and views as of the date of
this press release. These forward-looking statements are not
guarantees of future performance, conditions or results, and
involve a number of known and unknown risks, uncertainties,
assumptions and other important factors, many of which are outside
the Company’s control, that could cause actual results or outcomes
to differ materially from those discussed in the forward-looking
statements.
Important risks and uncertainties that could cause the Company's
actual results and financial condition to differ materially from
those indicated in forward-looking statements include, among
others, the impact of COVID-19 or any variant thereof on the
Company's business and results of operation; the availability of
sites for medical facilities and the costs of opening such medical
facilities; changes in market or industry conditions, regulatory
environment, competitive conditions, and receptivity to the
Company's services; the Company's ability to continue its growth,
including in new markets; changes in laws and regulations
applicable to the Company's business, in particular with respect to
Medicare Advantage and Medicaid; the Company's ability to maintain
its relationships with health plans and other key payers; any
delay, modification or cancellation of government contracts; the
Company's future capital requirements and sources and uses of cash,
including funds to satisfy its liquidity needs; the Company or any
other party’s ability to fulfill contractual obligations; and the
Company's ability to recruit and retain qualified team members and
independent physicians. For a detailed discussion of the risk
factors that could affect the Company's actual results, please
refer to the risk factors identified in the Company's reports filed
with the SEC. All information provided in this press release is as
of the date hereof, and the Company undertakes no duty to update or
revise this information unless required by law, and forward-looking
statements should not be relied upon as representing the Company’s
assessments as of any date subsequent to the date of this press
release.
Use of Non-GAAP Financial Information
Certain financial information and data contained this press
release is unaudited and does not conform to Regulation S-X.
Accordingly, such information and data may not be included in, may
be adjusted in, or may be presented differently in, any periodic
filing, information or proxy statement, or prospectus or
registration statement to be filed by the Company with the SEC.
Some of the financial information and data contained in this press
release, such as Adjusted EBITDA and margin thereof and Platform
Contribution and margin thereof, have not been prepared in
accordance with United States generally accepted accounting
principles (“GAAP”). These non-GAAP measures of financial results
are not GAAP measures of our financial results or liquidity and
should not be considered as an alternative to net income (loss) as
a measure of financial results, cash flows from operating
activities as a measure of liquidity, or any other performance
measure derived in accordance with GAAP. The Company believes these
non-GAAP measures of financial results provide useful information
to management and investors regarding certain financial and
business trends relating to the Company’s financial condition and
results of operations. The Company’s management uses these non-GAAP
measures for trend analyses and for budgeting and planning
purposes.
The Company believes that the use of these non-GAAP financial
measures provides an additional tool for investors to use in
evaluating projected operating results and trends in and in
comparing the Company’s financial measures with other similar
companies, many of which present similar non-GAAP financial
measures to investors. Management does not consider these non-GAAP
measures in isolation or as an alternative to financial measures
determined in accordance with GAAP. The principal limitation of
these non-GAAP financial measures is that they exclude significant
expenses and income that are required by GAAP to be recorded in the
Company’s financial statements. In addition, they are subject to
inherent limitations as they reflect the exercise of judgments by
management about which expense and income are excluded or included
in determining these non-GAAP financial measures. In order to
compensate for these limitations, management presents non-GAAP
financial measures in connection with GAAP results. You should
review the Company’s audited financial statements, which have been
filed by the Company with the SEC.
A reconciliation for Adjusted EBITDA to the most directly
comparable GAAP financial measures is included below.
Use of Pro Forma Financial Information and Pro Forma Non-GAAP
Financial Information
The unaudited pro forma statements of operations below are
provided for informational purposes only and are not necessarily
indicative of the operating results or financial position that
would have occurred if the acquisitions of IMC and Care Holdings
had occurred in the stated historical periods, nor are they
indicative of the future results or financial position of the
combined company. The unaudited pro forma statements of operations
do not give effect to the potential impact, of any anticipated
synergies, operating efficiencies or cost savings that may result
from the acquisitions of IMC and Care Holdings, any integration
costs or tax deductibility of transaction costs.
Additionally, Adjusted EBITDA presented on a pro forma basis
gives effect to the acquisitions of IMC and Care Holdings as if
they had occurred in historical periods, which does not necessarily
reflect what the Company’s Adjusted EBITDA would have been had the
acquisitions occurred on the dates indicated. A reconciliation of
projected 2021 pro forma Adjusted EBITDA to the most directly
comparable GAAP financial measure is not included in this press
release because, without unreasonable efforts, the Company is
unable to predict with reasonable certainty the amount or timing of
non-GAAP adjustments that are used to calculate this non-GAAP
financial measure. In addition, the Company believes such a
reconciliation would imply a degree of precision and certainty that
could be confusing to investors. The variability of the specified
items may have a significant and unpredictable impact on the
Company’s future GAAP results.
CAREMAX, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(in thousands, except share
and per share data)
(Unaudited)
September 30, 2021
December 31, 2020
ASSETS
CURRENT ASSETS
Cash
$
80,451
$
4,934
Accounts receivable, net
33,624
9,395
Inventory
398
15
Prepaid expenses
17,926
183
Risk settlements due from providers
464
80
Due from related parties
-
274
Total Current Assets
132,863
14,881
Property and equipment, net
16,163
4,796
Goodwill
449,470
10,068
Intangible assets, net
61,575
8,575
Deferred debt issuance costs
2,084
-
Other assets
1,109
183
Total Assets
$
663,264
$
38,503
LIABILITIES AND STOCKHOLDERS'/MEMBERS'
EQUITY
CURRENT LIABILITIES
Accounts payable
$
5,677
$
1,044
Accrued expenses
8,346
2,572
Accrued interest payable
-
149
Risk settlements due to providers
171
643
Current portion of long-term debt
6,279
1,004
Due to related parties
-
39
Other current liabilities
2,831
-
Total Current Liabilities
23,304
5,451
Derivative warrant liabilities
17,110
-
Long-term debt, less current portion
112,890
26,325
Other liabilities
6,032
-
Total Liabilities
159,336
31,776
COMMITMENTS AND CONTINGENCIES (Note
14)
STOCKHOLDERS'/MEMBER'S EQUITY
Class A common stock ($0.0001 par value;
250,000,000 shares authorized; 87,073,985 shares issued and
outstanding at September 30, 2021)
9
-
Additional paid-in-capital
506,108
-
Accumulated deficit
(2,189
)
-
Member units (no par value, 200
authorized, issued and outstanding at December 31, 2020)
-
223
Members' equity
-
6,504
Total Stockholders'/Members'
Equity
503,928
6,727
Total Liabilities and
Stockholders'/Members' Equity
$
663,264
$
38,503
CAREMAX, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except share
and per share data)
Three Months Ended September
30,
Three Months Ended September
30,
Nine Months Ended September
30,
Nine Months Ended September
30,
2021
2020
2021
2020
Revenue
Medicare risk-based revenue
$
76,428
$
24,242
$
142,005
$
75,083
Medicaid risk-based revenue
20,884
-
26,333
-
Other revenue
7,308
64
9,118
251
Total Revenue
104,620
24,306
177,456
75,334
Operating Expenses
External provider costs
73,329
17,304
127,023
49,110
Cost of care
21,602
4,341
34,822
12,244
Sales and marketing
1,274
311
2,340
811
Corporate, general and administrative
13,589
1,885
24,264
4,626
Depreciation and amortization
5,176
359
7,127
1,072
Acquisition related costs
879
-
1,028
-
Total operating expenses
115,849
24,200
196,604
67,863
Operating income (loss)
(11,229
)
106
(19,148
)
7,471
Interest (expense), net
(1,291
)
(387
)
(2,587
)
(1,117
)
Gain on remeasurement of warrant
liabilities
10,227
-
12,022
-
Gain on extinguishment of debt, net
279
-
1,637
-
Other income (expense), net
(840
)
-
(840
)
-
Income (loss) before income tax
(2,854
)
(281
)
(8,916
)
6,354
Income tax provision (benefit)
-
-
-
-
Net income (loss)
$
(2,854
)
$
(281
)
$
(8,916
)
$
6,354
Net income (loss) attributable to
non-controlling interest
-
34
-
26
Net income (loss) attributable to
controlling interest
$
(2,854
)
$
(315
)
$
(8,916
)
$
6,328
Net income (loss) attributable to CareMax,
Inc. Class A common stockholders
$
(2,854
)
$
(315
)
$
(8,916
)
$
6,328
Weighted average basic shares
outstanding
82,552,520
10,796,069
40,847,294
10,796,069
Weighted average diluted shares
outstanding
82,552,520
10,796,069
40,847,294
10,796,069
Net income (loss) per share
Basic
$
(0.03
)
$
(0.03
)
$
(0.22
)
$
0.59
Diluted
$
(0.03
)
$
(0.03
)
$
(0.22
)
$
0.59
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)
Nine Months Ended September
30,
Nine Months Ended September
30,
2021
2020
CASH FLOWS FROM OPERATING
ACTIVITIES
Net (Loss)/Income
$
(8,916
)
$
6,354
Adjustments to reconcile net (loss)/income
to net cash
(Used in)/provided by operating
activities:
Depreciation expense
1,657
626
Amortization expense
5,488
448
Amortization of debt issuance costs
522
52
Stock compensation expense
966
-
Change in fair value of warrant
liabilities
(12,022
)
-
Gain on extinguishment of debt
(1,637
)
-
Changes in operating assets and
liabilities:
Accounts receivable
4,296
(583
)
Inventory
67
(3
)
Prepaid expenses
(1,371
)
55
Risk settlements due from/due to
providers
(384
)
(92
)
Due to/from related parties
235
(141
)
Other assets
(312
)
12
Accounts payable
1,583
(347
)
Accrued expenses
(3
)
(381
)
Other liabilities
1,178
-
Accrued interest
(149
)
-
Net Cash (Used In)/Provided by Operating
Activities
(8,802
)
5,998
CASH FLOWS FROM INVESTING
ACTIVITIES
Purchase of property and equipment
(2,967
)
(1,789
)
Acquisition of businesses
(298,344
)
(2,656
)
Asset Purchase Agreement Holdback
Payment
-
(333
)
Purchase of noncontrolling interest
ownership
-
(316
)
Net Cash Used in Investing Activities
(301,311
)
(5,094
)
CASH FLOWS FROM FINANCING
ACTIVITIES
Borrowings under revolving loan
commitment
-
2,467
Loan from Paycheck Protection Program
-
2,164
Proceeds from issuance of Class A common
stock
415,000
-
Issuance costs of Class A common stock
(12,471
)
-
Reverse recapitalization
(108,386
)
-
Proceeds from borrowings on long-term debt
and credit facilities
125,000
-
Principal payments on long-term debt
(26,143
)
(251
)
Payment of deferred financing costs
(6,883
)
-
Payment of debt prepayment penalties
(487
)
-
Distributions to members
-
(144
)
Net Cash Provided by Financing
Activities
385,630
4,236
NET INCREASE IN CASH
75,517
5,140
Cash - Beginning of Period
4,934
4,438
CASH - END OF PERIOD
$
80,451
$
9,578
Non-GAAP Financial Summary
(Unaudited*)
$'000s
March 31, 2020
June 30, 2020
September 30, 2020
December 31, 2020
March 31, 2021
June 30, 2021
September 30, 2021
Medicare Risk Revenue
$
63,373
$
62,040
$
63,188
$
65,210
$
65,394
$
66,618
$
76,428
Medicaid Risk Revenue
10,827
14,828
20,565
19,062
18,897
20,454
20,884
Other Revenue
4,608
4,126
3,351
3,801
4,127
4,839
7,308
Total Revenue
78,808
80,994
87,104
88,073
88,418
91,911
104,620
External Provider Costs
53,472
52,780
60,158
57,775
60,278
70,466
73,329
Cost of Care
11,246
10,093
11,417
12,446
13,427
13,246
20,315
Platform Contribution
14,090
18,121
15,529
17,852
14,712
8,199
10,976
Platform Contribution Margin (%)
17.9
%
22.4
%
17.8
%
20.3
%
16.6
%
8.9
%
10.5
%
Sales and Marketing
$
1,057
$
1,245
$
1,290
$
1,431
$
391
$
1,688
$
1,274
Corporate, General and Administrative
7,858
5,667
6,069
6,519
7,197
6,347
8,668
Adjusted EBITDA
5,175
11,209
8,170
9,901
7,124
163
1,034
De Novo Losses
3
24
68
484
184
364
195
Adjusted EBITDA
$
5,178
$
11,233
$
8,237
$
10,385
$
7,308
$
527
$
1,229
Adjusted EBITDA Margin (%)
6.6
%
13.9
%
9.5
%
11.8
%
8.3
%
0.6
%
1.2
%
* Figures give effect to the Business
Combinations of IMC and Care Holdings as if they had occurred in
historical periods. Figures may not sum due to rounding.
*Figures may not sum due to rounding
Nine Months Ended September 30, 2021
compared to Nine Months Ended September 30, 2020 Non-GAAP Financial
Summary (Unaudited*)
Nine Months Ended
September 30, 2021
September 30, 2020
Y/Y Change
$'000s
Medicare Risk Revenue
$
208,440
$
188,601
$
19,839
Medicaid Risk Revenue
60,235
46,220
14,016
Other Revenue
16,274
12,085
4,189
Total Revenue
284,949
246,906
38,044
External Provider Costs
204,073
166,411
(37,663
)
Cost of Care
46,988
32,755
(14,233
)
Platform Contribution
33,887
47,740
(13,853
)
Platform Contribution Margin (%)
11.9
%
19.3
%
(7.4
%)
Sales and Marketing
$
3,354
$
3,592
$
238
Corporate, General and Administrative
22,212
19,594
(2,618
)
Adjusted EBITDA
8,321
24,554
(16,233
)
De Novo Losses
743
94
649
Adjusted EBITDA
$
9,064
$
24,648
$
(15,584
)
Adjusted EBITDA Margin (%)
3.2
%
10.0
%
(6.8
%)
* Figures give effect to the Business
Combinations of IMC and Care Holdings as if they had occurred in
historical periods. Figures may not sum due to rounding.
*Figures may not sum due to rounding
Non-GAAP Operating Metrics*
March 31, 2020
June 30, 2020
September 30, 2020
December 31, 2020
March 31, 2021
June 30, 2021
September 30, 2021
Centers
21
21
22
24
24
34
40
Markets
1
1
1
1
1
1
1
Patients (MCREM)**
24,800
27,500
29,000
28,400
29,200
35,300
40,400
At-Risk
84.8
%
86.7
%
85.6
%
87.7
%
87.0
%
84.1
%
87.2
%
Platform Contribution ($, Millions)***
$
14.1
$
18.1
$
15.5
$
17.9
$
14.7
$
8.2
$
11.0
* Figures give effect to the Business
Combinations of IMC and Care Holdings as if they had occurred in
historical periods. Figures may not sum due to rounding.
** MCREM defined as Medicare Equivalent
Members, which assumes the level of support received by a Medicare
patient is equivalent to that received by three Medicaid or
Commercial patients.
*** Platform contribution defined as
revenue less external provider costs and cost of care, excluding
depreciation and amortization.
*Figures may not sum due to rounding
Reconciliation to Adjusted
EBITDA*
$'000s
March 31, 2020
June 30, 2020
September 30, 2020
December 31, 2020
March 31, 2021
June 30, 2021
September 30, 2021
Net Income (Loss)
$
3,170
$
3,466
$
(281
)
$
1,218
$
1,302
$
(7,363
)
$
(2,854
)
GAAP Pro Forma Adjustments
(3,513
)
160
(189
)
1,912
(2,730
)
(6,186
)
(0
)
Pro Forma Net Income
$
(343
)
$
3,626
$
(470
)
$
3,130
$
(1,429
)
$
(13,549
)
$
(2,854
)
Interest expense, net
1,658
1,689
1,656
1,628
1,400
1,667
1,291
Depreciation and amortization
3,514
3,244
3,368
3,418
2,979
3,339
5,176
Loss/(Gain) on remeasurement of warrant
liabilities
-
-
-
-
-
(1,795
)
(10,227
)
Loss/(Gain) on extinguishment of debt
-
-
-
451
-
806
(279
)
Other expense/(income)
(2
)
(12
)
100
(997
)
212
(2,367
)
840
EBITDA
$
4,827
$
8,547
$
4,653
$
7,630
$
3,162
$
(11,900
)
$
(6,053
)
Other adjustments
Non-recurring expenses
(309
)
1,985
2,763
1,390
2,795
8,257
4,249
Acquisition costs
656
678
789
893
1,168
3,806
1,871
Stock based compensation
-
-
-
-
-
-
966
De novo losses
3
24
68
484
184
364
195
Discontinued operations
-
(0
)
(35
)
(12
)
(1
)
(0
)
-
Adjusted EBITDA
$
5,178
$
11,233
$
8,237
$
10,385
$
7,308
$
527
$
1,229
* Pro Forma figures give effect to the
Business Combinations of IMC and Care Holdings as if they had
occurred in historical periods. Figures may not sum due to
rounding.
*Figures may not sum due to rounding
Three and Nine months Ended September 30, 2021 Reconciliation
to Adjusted EBITDA
Three Months Ended
Nine Months Ended
$'000s
September 30, 2021
September 30, 2020
Y/Y Change
September 30, 2021
September 30, 2020
Y/Y Change
Net Income (Loss)
$
(2,854
)
$
(281
)
$
(2,573
)
$
(8,916
)
$
6,354
$
(15,269
)
GAAP Pro Forma Adjustments
(505
)
(189
)
(316
)
(8,917
)
(3,541
)
(5,376
)
Pro Forma Net Income (Loss)
(3,358
)
(470
)
(2,888
)
(17,832
)
2,813
(20,645
)
Interest expense
1,291
1,656
(364
)
4,358
5,002
(644
)
Depreciation and amortization
5,680
3,368
2,313
11,494
10,126
1,368
Loss/(Gain) on remeasurement of warrant
liabilities
(10,227
)
-
(10,227
)
(12,022
)
-
(12,022
)
Loss/(Gain) on extinguishment of debt
(279
)
-
(279
)
(1,637
)
-
(1,637
)
Other expenses
840
100
740
849
86
763
EBITDA
(6,052
)
4,653
(10,705
)
(14,790
)
18,027
(32,817
)
Other Adjustments
Non-recurring expenses
4,249
2,763
1,486
15,302
4,439
10,863
Acquisition costs
1,871
789
1,083
6,844
2,123
4,721
Stock based compensation
966
-
966
966
-
966
De novo losses
195
68
127
743
94
649
Discontinued operations
-
(35
)
35
(1
)
(35
)
34
Adjusted EBITDA
$
1,229
$
8,237
$
(7,009
)
$
9,064
$
24,648
$
(15,584
)
*Pro Forma figures give effect to the
Business Combinations of IMC and Care Holdings as if they had
occurred in historical periods. Figures may not sum due to
rounding.
*Figures may not sum due to rounding
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211115005688/en/
CareMax, Inc. Media
Christine Bucan (305) 542-8855 Christine@thinkbsg.com
Investor Relations Ben Quirk (415) 640-3715
ben.quirk@caremax.com
The Equity Group Inc. Devin Sullivan (212) 836-9608
dsullivan@equityny.com
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