Marpai, Inc. (MRAI) Q2 2024 Earnings Call Transcript

Marpai, Inc. (OTCQX: MRAI) Q2 2024 Revenues Teleconference August 8, 2024 8:30 AM ET

Business Individuals

Steve Johnson – Chief Financial Officer
Damien Lamendola – President and Director

Operator

Great early morning, and welcome to the Marpai Second Quarter 2024 Revenues Teleconference. All individuals will remain in a listen-only mode. [Operator Instructions] Please keep in mind, this occasion is being taped.

I would now like to turn the conference over to Steve Johnson, Chief Financial Officer. Please go on.

Steve Johnson

Great early morning, and welcome to the Marpai’s 2nd quarter 2024 profits release webcast. With me today is Damien Lamendola, CEO and Director of Marpai. If you turn your attention to the slide, it is that we have our needed safe harbor and positive declaration disclosure.

Damien Lamendola

Hey There. Because I ended up being CEO, our group has actually worked relentlessly on Marpai’s turn-around. As much of you understand, I have actually invested not just in my time, however countless dollars into our business. I have actually never ever been more devoted to our business and our stakeholders. This dedication originates from what we see in the TPA market.

Our brand-new management and our staff members’ dedication to turning Marpai into a favorable capital business. Our focus has actually been on successfully growing the business and accomplishing favorable capital, which is starting to manifest in our monetary outcomes, consisting of considerably cutting expenses, rightsizing our balance sheet, and enhancing our money from operations.

I am extremely motivated by our enhancements. Our sales group has actually done a terrific task of rearranging Marpai to brand-new and existing consumers. I advise you that our overall addressable market is $22 billion in growing.

I will now turn the call back to Steve to discuss our monetary outcomes.

Steve Johnson

Thanks, Damien. We submitted our 10-Q the other day after the marketplace closed, together with the profits release, and I would welcome you to evaluate the information in those files. I will quickly cover some highlights of the following accomplishments year-to-date. While our income decreased by 28% year-over-year, we cut money business expenses by 38%, conserving around $4 million. Our money operating loss was decreased from around $7.3 million to around $4.7 million for the 2nd quarter.

As Damien mentioned, we rightsized our balance sheet by offering non-core possessions, changing possessions to the present reasonable worth, in addition to extending the maturity of our net financial obligation. These modifications will supply resources for development and make future financial investment yields a greater return on capital.

As an outcome of our turn-around strategy, our money utilized in operations enhanced by around $2.3 million in the 2nd quarter of 2024 versus the 2nd quarter of 2023. Causing a net money boost of around $0.6 million in the 2nd quarter of 2024, which is a decline of the money in the 2nd quarter of 2023 of around $2.3 million. Once again, in the 2nd quarter of 2024, we had a net money boost of $600,000, up from the previous year’s reduction in money of $2.3 million.

I would now like to turn it back over to Damien.

Damien Lamendola

Thank you. Marpai is everything about conserving business of all sizes considerable cash in handling staff members’ health care expenses. As I pointed out previously, it is a $22 billion market and growing. Our business is going through considerable modifications that indicate development and favorable capital. My dedication to all stakeholders has actually never ever been more powerful.

One location I am not pleased with is our stock rate. I think we are terribly underestimated. As the turn-around unfolds and we continue to enhance our monetary metrics, and we continue to grow our market existence, I think the monetary markets will take notification.

Thank you for your time today. I stay dedicated and thrilled to be leading your business. Thank you for your continued self-confidence and assistance.

Steve Johnson

Thank you, Damien. This finishes Marpai’s 2nd quarter 2024 profits call. If you have concerns or need more info, please see the info on the screen or go to our Financier Relations site. This webcast will be offered for replay. Thank you once again for joining us today.

Question-and-Answer Session

Q –

Operator

The conference has actually now concluded. Thank you for going to today’s discussion. You might now detach.