The following is a summary of the Marpai, Inc. (MRAI) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Marpai reported net revenues of $7.4 million in Q1 2024, down 24% YoY.

• The gross profit was $2.5 million, reflecting a 23% YoY decrease.

• The company significantly reduced operating expenses by 44% YoY, underlining its focus on efficiency.

• Despite the decrease in revenue, Marpai improved its operating loss and net loss by 52% and 51% respectively YoY.

• Earnings per share were a negative $0.46, which still shows an improvement from the previous year.

• Both total assets and liabilities fell compared to the year-end 2023.

• The company's net cash used in operations was $3.6 million, an improvement of $2.9 million YoY.

Business Progress:

• Marpai continues to benefit from an industry trend towards cost-saving self-funded claims, adding value-added services like wellness programs for clients.

• The company strategically culled low-margin clients, boosting average per employee per month revenue by 21.5% and gross profit by 22.6% compared to Q1 2023.

• Hired top-tier sales personnel to accelerate growth and completed the first phase of upgraded client reporting packages.

• The company secured a large off-cycle client and showed improvements in service metrics.

• Marpai also fortified its financial foundations for future growth by raising $3.7 million in private offerings to insiders at market prices.

More details: Marpai IR

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