CareMax (CMAX) investor relations material

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.