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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
CareMax
CareMax (CMAX) investor relations material
CareMax has been delisted
CareMax Q2 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2024 earnings summary9 Aug, 2024
Executive summary
Reported a net loss of $170.6 million for Q2 2024, compared to $32.4 million in Q2 2023, driven by $133.0 million in asset impairments and ongoing operational losses.
Revenue for Q2 2024 was $198.6 million, down 11.5%–12% year-over-year, with declines across Medicaid, government value-based care, and other revenue streams.
Adjusted EBITDA was $(11.2) million, down from $7.0 million in Q2 2023.
Platform Contribution for Q2 2024 was $3.7 million, down from $28.6 million in Q2 2023.
Medicare Advantage membership grew 1% year-over-year to 104,000, while total membership declined 13% to 236,500.
Financial highlights
Q2 2024 revenue: $198.6 million, down from $224.4 million in Q2 2023.
Operating loss for Q2 2024: $152.7 million, compared to $3.8 million in Q2 2023.
Net loss per share: $(44.79) for Q2 2024, compared to $(8.70) in Q2 2023.
Medical Expense Ratio for Q2 2024: 86.2%, up from 84.6% in Q2 2023.
Cash and cash equivalents at June 30, 2024: $16.4 million, down from $65.5 million at year-end 2023.
Outlook and guidance
Management is pursuing cost reductions, asset divestitures, refinancing, and evaluating strategic alternatives to address liquidity needs.
If unable to implement plans or secure relief, a Chapter 11 restructuring is likely.
Waivers on credit agreement defaults extended through August 15, 2024, but future compliance is uncertain.
Focus remains on clinical initiatives and managing medical expense ratio.
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Frequently asked questions
CareMax, Inc. is a group of hospitals and physicians dedicated to providing quality care to patients at affordable prices. The company aims to use the latest medical technologies and innovative procedures to ensure that their patients are taken care of quickly and efficiently. In addition, the company provide primary care physicians to all their patients, aiming to ensure that the patients are able to receive personalized, efficient care on an ongoing basis.