Summary by Moomoo AI
On March 26, 2024, Marpai, Inc., a Third-Party Administration company operating in the healthcare sector, released its financial results for the fourth quarter and the full year of 2023. The report highlighted a year-over-year improvement in net revenues, gross profit, and a reduction in operating loss and net loss for the quarter. Specifically, Q4 net revenues increased by 14% to $8.7 million, gross profit rose by 6.5% to $3.0 million, and operating loss and net loss improved by 42.3% and 41.1%, respectively. For the full year, net revenues saw a significant increase of 52.6% to $37.2 million, and gross profit surged by 79.2% to $12.9 million. However, operating expenses and net loss also increased compared to the previous year. The company attributes part of its financial improvement to the acquisition of Maestro Health and corrective actions taken in Q4. Marpai's CEO, Damien Lamendola, emphasized the company's commitment to reducing costs for clients and improving care quality. A webcast to discuss these results is scheduled for March 27, 2024.