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MARPAI REPORTS THIRD QUARTER 2024 FINANCIAL RESULTS

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Turnaround continues to gain traction

TAMPA, Fla., Nov. 11, 2024 /PRNewswire/ — Marpai, Inc. (“Marpai” or the “Company”) (OTCQX: MRAI), a technology platform company, which operates as a national Third-Party Administrator (TPA) through its subsidiaries and is transforming the $22 billion TPA market by offering affordable, intelligent, healthcare solutions to self-funded employer health plans, announced financial results for the third quarter of 2024. The Company expects to hold a webcast to discuss the results on November 12, 2024.

Q3 2024 Financial Highlights:

Net revenues were approximately $7.0 million for the three months ended September 30, 2024, down $1.7 million, or 20% lower year over year, compared to the three months ended September 30, 2023.Operating expenses were $10.1 million for the three months ended September 30, 2024, down $5.7 million, or 36% lower year over year compared to the three months ended September 30, 2023.Operating loss was $3.1 million for the three months ended September 30, 2024, lower by $4.0 million, or 57% lower year over year compared to the three months ended September 30, 2023.Net loss was $3.6 million for the three months ended September 30, 2024, lower by $3.7 million, or 51% lower year over year compared to the three months ended September 30, 2023.Basic and diluted earnings per share were ($0.30) for the three months ended September 30, 2024, up $0.68 per share year over year compared to the three months ended September 30, 2023.

“As you can see from our highlights, we continue to make strong progress with our turnaround efforts. Our goal remains profitability and positive cash flow,” said Damien Lamendola, Chief Executive Officer of Marpai. “We have some exciting developments that we will be announcing in the fourth quarter.”

Webcast and Conference Call Information

Marpai expects to host a conference call and webcast on Tuesday,  November 12, 2024, at 8:30 a.m. ET to review the Company’s operational and financial highlights for its third quarter ended September 30, 2024.

Investors interested in listening to the conference call may do so by dialing (800)-836-8184 for domestic callers or +1-646-357-8785 for international callers, or via webcast: https://app.webinar.net/Jd298rR8DBe

About Marpai, Inc.

Marpai, Inc. (OTCQX: MRAI) is a technology platform company which operates subsidiaries that provide TPA and value-oriented health plan services to employers that directly pay for employee health benefits. Primarily competing in the $22 billion TPA sector serving self-funded employer health plans representing over $1 trillion in annual claims. Through its Marpai Saves initiative, the Company works to deliver the healthiest member population for the health plan budget. Operating nationwide, Marpai offers access to leading provider networks including Aetna and Cigna and all TPA services. For more information, visit www.marpaihealth.com, the content of which is not incorporated by reference into this press release. Investors are invited to visit https://www.ir.marpaihealth.com.

Forward-Looking Statement Disclaimer

This press release contains forward-looking statements, as that term is defined in the Private Litigation Reform Act of 1995, that involve significant risks and uncertainties. Forward-looking statements can be identified through the use of words such as “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “guidance,” “may,” “can,” “could”, “will”, “potential”, “should,” “goal” and variations of these words or similar expressions. For example, the Company is using forward-looking statements when it discusses that it continues to make strong progress with its turnaround efforts, that its goal remains profitability and positive cash flow and that it expects to have some exciting developments that it will be announcing in the fourth quarter. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect Marpai’s current expectations and speak only as of the date of this release. Actual results may differ materially from Marpai’s current expectations depending upon a number of factors. These factors include, among others, adverse changes in general economic and market conditions, competitive factors including but not limited to pricing pressures and new product introductions, uncertainty of customer acceptance of new product offerings and market changes, risks associated with managing the growth of the business. Except as required by law, Marpai does not undertake any responsibility to revise or update any forward-looking statements whether as a result of new information, future events or otherwise.

More detailed information about Marpai and the risk factors that may affect the realization of forward-looking statements is set forth in Marpai’s filings with the Securities and Exchange Commission. Investors and security holders are urged to read these documents free of charge on the SEC’s web site at http://www.sec.gov.

MARPAI, INC. AND SUBSIDIARIES 

CONDENSED CONSOLIDATED BALANCE SHEET

(in thousands, except share and per share data)

(Unaudited)

September 30, 2024

December 31, 2023

ASSETS:

Current assets:

Cash and cash equivalents

$                          830

$                              1,147

Restricted cash

10,978

12,345

Accounts receivable, net of allowance for credit losses of $0 and $25

1,228

1,124

Unbilled receivable

579

768

       Due from buyer for sale of business unit

500

800

Prepaid expenses and other current assets

771

901

Total current assets

14,886

17,085

Property and equipment, net

514

611

Capitalized software, net

752

2,127

Operating lease right-of-use assets

2,192

2,373

Goodwill

3,018

Intangible assets, net

5,177

Security deposits 

1,248

1,267

Other long-term asset

15

22

Total assets

$                     19,607

$                            31,680

LIABILITIES AND STOCKHOLDERS’  (DEFICIT) EQUITY

Current liabilities:

Accounts payable

$                       3,764

$                              4,649

Accrued expenses

2,957

2,816

Accrued fiduciary obligations

7,969

11,573

Deferred revenue

1,390

661

Current portion of operating lease liabilities

559

512

Current portion of convertible debenture, net

1,540

Other short-term liabilities

632

Total current liabilities

18,179

20,843

Other long-term liabilities

20,467

19,401

Convertible debenture, net of current portion

4,072

Operating lease liabilities, net of current portion

3,257

3,684

Deferred tax liabilities

1,190

1,190

Total liabilities

47,165

45,118

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS’ (DEFICIT) EQUITY

Common stock, $0.0001 par value, 227,791,050 shares authorized; 13,747,982 shares and 7,960,938 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively

1

1

Additional paid-in capital

70,119

63,307

Accumulated deficit

(97,678)

(76,746)

Total stockholders’ (deficit) equity

(27,558)

(13,438)

Total liabilities and stockholders’ (deficit) equity

$                     19,607

$                            31,680

 

MARPAI, INC. AND SUBSIDIARIES 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share data)

(Unaudited)

Three Months Ended 

September 30, 2024

September 30, 2023

Revenue

$                       7,008

$                              8,729

Costs and expenses

Cost of revenue (exclusive of depreciation and amortization
   shown separately below)

5,033

5,691

General and administrative

2,813

4,986

Sales and marketing

345

1,842

Information technology

1,273

1,269

Research and development

7

267

Depreciation and amortization

213

927

Loss on disposal of assets

7

Loss on sale of business unit

73

Facilities

311

769

Total costs and expenses

10,068

15,758

Operating loss

(3,060)

(7,029)

Other income (expenses)

Other income

119

130

Interest expense, net

(620)

(383)

Foreign exchange (loss) gain

1

(14)

Loss before provision for income taxes

(3,560)

(7,296)

Income tax expense

Net loss

$                     (3,560)

$                            (7,296)

Net loss per share, basic & fully diluted

$                       (0.30)

$                              (0.98)

Weighted average common shares outstanding, basic and
   diluted

12,043,931

7,479,401

 

MARPAI, INC. AND SUBSIDIARIES 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share data)

(Unaudited)

Nine Months Ended 

September 30, 2024

September 30, 2023

Revenue

$                     21,582

$                            28,448

Costs and expenses

Cost of revenue (exclusive of depreciation and amortization
   shown separately below)

15,078

18,530

General and administrative

9,954

15,938

Sales and marketing

1,383

5,494

Information technology

3,608

4,775

Research and development

22

1,291

Depreciation and amortization

2,078

2,974

Impairment of goodwill and intangible assets 

7,588

Loss on disposal of assets

350

Loss on sale of business unit

73

Facilities

1,197

1,918

Total costs and expenses

40,981

51,270

Operating loss

(19,399)

(22,822)

Other income (expenses)

Other income

360

231

Interest expense, net

(1,890)

(1,102)

Foreign exchange (loss) gain

(3)

(32)

Loss before provision for income taxes

(20,932)

(23,725)

Income tax expense

Net loss

$                   (20,932)

$                          (23,725)

Net loss per share, basic & fully diluted

$                       (1.96)

$                              (3.62)

Weighted average common shares outstanding, basic and
   diluted

10,697,008

6,552,575

 

MARPAI, INC. AND SUBSIDIARIES 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands, except share and per share data)

(Unaudited)

Nine Months Ended

September 30, 2024

30-Sep-23

Cash flows from operating activities:

Net loss

$                   (20,932)

$                          (23,725)

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation and amortization

2,078

2,974

Loss on disposal of assets

350

Loss on sale of receivables

306

Share-based compensation

2,786

1,837

Loss on sale of business unit

73

Common Stock issued to vendors in exchange for services

79

Amortization of right-of-use asset

181

1,289

Gain on termination of lease

33

Impairment of goodwill and intangible assets

7,588

Non-cash interest

975

1,204

Amortization of debt discount and debt issuance costs

128

Changes in operating assets and liabilities:

Accounts receivable and unbilled receivable

85

639

Prepaid expense and other assets

136

216

Due from buyer for sale of business unit

227

Security deposit

19

(16)

Accounts payable

(885)

336

Accrued expenses

141

(693)

Accrued fiduciary obligations

(3,604)

853

Operating lease liabilities

(380)

(1,670)

Due To related party

(3)

Other liabilities

827

973

Net cash used in operating activities

(10,251)

(15,324)

Cash flows from investing activities:

Disposal of property and equipment

27

Net cash provided by (used in) investing activities

27

Cash flows from financing activities:

Proceeds from issuance of common stock in a public offering, net

6,432

Proceeds from sale of future cash receipts on accounts receivable

1,509

Proceeds from issuance of convertible debentures 

5,978

Payments of convertible debenture issuance costs

(499)

Payments to buyer of receivables

(1,816)

Payments to seller for acquisition 

(631)

Proceeds from issuance of common stock in a private offering, net

4,026

Net cash provided by financing activities

8,567

6,432

Net decrease in cash, cash equivalents and restricted cash

(1,684)

(8,865)

Cash, cash equivalents and restricted cash at beginning of period

13,492

23,117

Cash, cash equivalents and restricted cash at end of period

$                     11,808

$                            14,252

Reconciliation of cash, cash equivalents, and restricted cash reported in
   the condensed consolidated balance sheet

Cash and cash equivalents

$                          830

$                              3,018

Restricted cash

10,978

11,234

Total cash, cash equivalents and restricted cash shown in the condensed
   consolidated statement of cash flows

$                     11,808

$                            14,252

Supplemental disclosure of cash flow information

Cash paid for interest

$                       1,508

$                                   —

Supplemental disclosure of non-cash activity

Measurement period adjustment to Goodwill

$                            —

$                                198

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/marpai-reports-third-quarter-2024-financial-results-302301678.html

SOURCE Marpai

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HelloNation Examines Medicare Advantage & Medigap Coverage Differences, Featuring Financial Advisor Ash Toumayants

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The article reviews provider access, prescription coverage, and out-of-pocket expenses when comparing Medicare Advantage and Medigap plans.

STATE COLLEGE, Pa., July 24, 2026 /PRNewswire/ — How should residents evaluate whether Medicare Advantage or Medigap coverage better fits their healthcare and financial needs? HelloNation answers this question in an article that explains the key considerations involved in choosing between Medicare Advantage and Medigap plans.

The HelloNation article features insights from Financial Advisor Ash Toumayants of Strong Tower Associates. The article explains that both Medicare Advantage and Medigap supplement Original Medicare but differ significantly in how they handle healthcare providers, prescription coverage, and overall out-of-pocket expenses.

Medicare Advantage plans are typically offered through private insurers and bundles Medicare Part A, Part B, and possibly prescription coverage into a single policy. However, Medicare Advantage plans generally operate with provider networks, meaning healthcare providers must often be selected from within the plan’s approved list.

For residents across Pennsylvania, provider access can play an important role in selecting the right plan. The article explains that individuals should review which healthcare providers are included in a Medicare Advantage network before enrolling. Plan networks may vary by county in Pennsylvania, so residents should confirm that their preferred doctors and specialists are covered.

Medigap plans, also known as Medicare Supplement Insurance, operate differently from Medicare Advantage. The article explains that Medigap works alongside Original Medicare and helps cover certain out-of-pocket expenses such as copays, coinsurance, and deductibles. Although Medigap policies generally involve higher monthly premiums, they can offer greater predictability in medical expenses.

One advantage of Medigap is flexibility in choosing healthcare providers. The article explains that individuals with Medigap coverage can typically visit any doctor or specialist who accepts Medicare nationwide. This broader provider access can be beneficial for retirees who want more freedom in choosing healthcare providers across Pennsylvania or while traveling.

Prescription coverage is another important factor in the decision process. Many Medicare Advantage plans include prescription coverage as part of their bundled benefits. In contrast, Medigap plans do not include prescription coverage, which means individuals who choose Medigap often purchase a separate Medicare Part D plan to manage medication costs.

Budget considerations also influence the decision between Medicare Advantage and Medigap. The article explains that while Medicare Advantage plans may have lower premiums, they often include copays and service limits that affect annual out-of-pocket expenses. Medigap plans generally involve higher premiums but may reduce unexpected out-of-pocket expenses throughout the year.

Travel and lifestyle habits can also affect which plan is more suitable. The article explains that Medicare Advantage plans may have limitations on out-of-network care outside their coverage area. For residents in Pennsylvania who travel frequently or spend time in multiple locations, Medigap coverage may offer greater flexibility when accessing healthcare providers.

Enrollment timing is another important consideration discussed in the article. Medicare Advantage and Medigap plans have different enrollment rules and deadlines tied to the Initial Enrollment Period or the annual Medicare Open Enrollment period. Missing these enrollment opportunities can limit plan choices or result in additional underwriting requirements.

The article concludes that choosing between Medicare Advantage and Medigap in Pennsylvania requires careful evaluation of healthcare providers, prescription coverage, travel habits, budget considerations, and potential out-of-pocket expenses. Comparing plan structures and reviewing coverage details helps individuals make informed decisions that align with their healthcare and financial priorities.

How to Decide Between Medicare Advantage & Medigap features insights from Ash Toumayants, Financial Advisor of State College, PA, in HelloNation.

About HelloNation
HelloNation is America’s Good News Network, a premier media platform built on the idea that good news travels faster when real people tell real stories. Through its community-focused publications and innovative “edvertising” approach, HelloNation delivers content that informs, inspires, and spotlights the leaders making a meaningful impact in their communities.

View original content to download multimedia:https://www.prnewswire.com/news-releases/hellonation-examines-medicare-advantage–medigap-coverage-differences-featuring-financial-advisor-ash-toumayants-302829329.html

SOURCE HelloNation

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In HelloNation, Pool & Landscaping Expert Tina Possehn Wolbers Discusses What Pool Opening & Closing Services Include

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The article highlights how seasonal pool service simplifies pool maintenance and protects backyard pools year-round.

LANSING, Mich., July 24, 2026 /PRNewswire/ — What is included with pool opening and closing services, and how do they support pool ownership? The answer is explored in a HelloNation article, which features insights from Tina Possehn Wolbers of Wolbers-Possehn Pools, Ponds and Landscapes.

The HelloNation article explains that seasonal pool service plays a key role in maintaining a backyard pool throughout the year. By handling the transition between seasons, pool opening service and pool closing service make pool maintenance more manageable and allow homeowners to focus on enjoying their space.

Pool opening service marks the beginning of the swimming season. One of the first steps is removing the pool cover, which has protected the pool during colder months. The pool cover is carefully cleaned and stored, helping extend its lifespan and prepare it for future use. Once removed, the backyard pool begins to take shape as a clean and inviting environment.

Another important part of pool opening service is reconnecting and inspecting pool equipment. Pumps, filters, and circulation systems are checked to ensure they are functioning properly. This step helps restore water flow and sets the foundation for effective pool maintenance throughout the season.

Water level adjustments and water balancing are also essential components of pool opening service. Ensuring proper water levels allows systems to run efficiently, while water balancing helps create a safe and comfortable swimming environment. These steps help homeowners enjoy their backyard pool without unnecessary complications.

The article emphasizes that pool opening service and pool closing service are key components of seasonal pool service, helping simplify pool maintenance and reduce the stress of managing a pool. With a structured approach, homeowners can rely on consistent care that keeps their pool in good condition.

Pool closing service prepares the pool for colder months when it is not in use. This process includes lowering the water level to help prevent potential damage. Proper water management during pool closing service helps protect the structure and equipment over time.

Protecting plumbing lines is another critical part of pool closing service. Water is removed from pipes to prevent freezing and expansion, which could lead to damage. Taking these steps ensures that the system remains intact and ready for the next pool opening service.

Securing the pool cover completes the process. A properly fitted pool cover keeps debris out and helps maintain water quality during the off-season. It also makes the next pool opening service easier by reducing the amount of cleaning required.

Seasonal pool service provides a more predictable and low-stress experience for homeowners. Instead of handling every detail themselves, pool owners can rely on professional processes that keep their backyard pool functioning properly year after year.

Beyond maintenance, a well-cared-for backyard pool becomes a space for relaxation and connection. Whether hosting gatherings or enjoying quiet time, the pool adds value to everyday life. Pool opening service and pool closing service support that experience by keeping the pool ready when it matters most.

The HelloNation article concludes that understanding what is included in seasonal pool service helps homeowners set clear expectations and maintain their pool with confidence. With proper pool maintenance, water balancing, and use of a secure pool cover, owning a backyard pool in Lansing becomes both simple and enjoyable.

What Is Included With Pool Opening & Closing Services in Lansing? features insights from Tina Possehn Wolbers, Pool & Landscaping Expert of Lansing, MI, in HelloNation.

About HelloNation

HelloNation is America’s Good News Network, a premier media platform built on the idea that good news travels faster when real people tell real stories. Through its community-focused publications and innovative “edvertising” approach, HelloNation delivers content that informs, inspires, and spotlights the leaders making a meaningful impact in their communities.

View original content to download multimedia:https://www.prnewswire.com/news-releases/in-hellonation-pool–landscaping-expert-tina-possehn-wolbers-discusses-what-pool-opening–closing-services-include-302829324.html

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Verra Mobility Schedules Second Quarter 2026 Earnings Call

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MESA, Ariz., July 24, 2026 /PRNewswire/ — Verra Mobility Corporation (NASDAQ: VRRM), a leading provider of smart mobility technology solutions, announced today that it will report financial results for the second quarter ended June 30, 2026, after market close on August 5, 2026.

Verra Mobility’s Interim Chief Executive Officer, Jon Keyser, and Chief Financial Officer, Craig Conti, will host a conference call and live webcast to discuss financial results for investors and analysts at 5:00 p.m. ET on August 5, 2026.

A live webcast will be available on the Company’s Investor Relations website at ir.verramobility.com. To access this conference call by telephone, register here to receive dial-in numbers and a unique PIN to join the call. A replay of the call will also be made available on the Investor Relations website.

In addition, an archived webcast will be available in the “News & Events” section of Verra Mobility’s Investor Relations website at ir.verramobility.com.

About Verra Mobility

Verra Mobility Corporation (NASDAQ: VRRM) is a leading provider of smart mobility technology solutions that make transportation safer, smarter and more connected. The company sits at the center of the mobility ecosystem, bringing together vehicles, hardware, software, data and people to enable safe, efficient solutions for customers globally. Verra Mobility’s transportation safety systems and parking management solutions protect lives, improve urban and motorway mobility and support healthier communities. The company also solves complex payment, utilization and compliance challenges for fleet owners and rental car companies. Headquartered in Arizona, Verra Mobility principally operates in North America, Europe and Australia. For more information, please visit www.verramobility.com.

Forward Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about Verra Mobility’s plans, objectives, expectations, beliefs and intentions and other statements including words such as “hope,” “anticipate,” “may,” “believe,” “expect,” “intend,” “will,” “should,” “plan,” “estimate,” “predict,” “continue” and “potential” or the negative of these terms or other comparable terminology. The forward-looking statements herein represent the judgment of Verra Mobility, as of the date of this release, and Verra Mobility disclaims any intent or obligation to update forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those currently anticipated. This press release should be read in conjunction with the information included in Verra Mobility’s other press releases, reports and other filings with the SEC and on the SEC website, www.sec.gov. Understanding the information contained in these filings is important in order to fully understand Verra Mobility’s reported financial results and our business outlook for future periods. Actual results may differ materially from the results anticipated in the forward-looking statements and the assumptions and estimates used as a basis for the forward-looking statements.

Additional Information

We periodically provide information for investors on our corporate website, www.verramobility.com, and our investor relations website, ir.verramobility.com. We intend to use our website as a means of disclosing material non-public information and for complying with disclosure obligations under Regulation FD. Accordingly, investors should monitor our website, in addition to following the Company’s press releases, SEC filings and public conference calls and webcasts.

Media Relations:

Investor Relations:

Valerie Schneider

Mark Zindler

valerie.schneider@verramobility.com

mark.zindler@verramobility.com 

View original content to download multimedia:https://www.prnewswire.com/news-releases/verra-mobility-schedules-second-quarter-2026-earnings-call-302834170.html

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