CareMax Slips To Q4 Loss On Higher Charges, Weak Revenues; Explores Strategic Options

(RTTNews) - CareMax Inc. (CMAX), a value-based care delivery system, reported Monday that its fourth-quarter net loss was $465.77 million, compared to net income of $10.43 million last year.

Basic loss per share was $124.53, compared to profit of $3.10 last year. The per share amounts have been restated to reflect the 1-for-30 reverse stock split that the company completed on January 31, 2024.

The latest results included $369.2 million of non-cash goodwill impairment.

Adjusted EBITDA was a loss of $71.8 million, compared to profit of $4.5 million last year.

Total revenue was $151.84 million, down 8 percent from last year's $164.26 million.

Analysts on average expected the company to report loss of $4.73 per share on sales of $190.83 million, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Total membership of 270,000 grew 4 percent year-over-year. Medicare Advantage membership of 111,500 went up 19 percent year-over-year.

The company, which offers community health and wellness centers, further said it is in the process of exploring strategic options across its business to maximize the value of certain of its assets and help generate further liquidity.

The exact impacts of the outcomes of these processes on the company's financial performance are uncertain, due to which the firm is not providing a 2024 financial outlook at this time.

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