Marpai, a national technology-driven healthcare TPA, reported a significant increase in revenue for the fiscal year ended December 31, 2023, with total revenue reaching $37,155,050, a 53% increase from the previous year's $24,341,874. This growth was largely attributed to the acquisition of Maestro Health, contributing $16,683,732 in revenue. Despite the revenue growth, Marpai experienced a net loss of $28,751,900, a 9% increase from the prior year's loss of $26,468,390. The loss per share improved to $4.14 from $5.23 due to an increase in the weighted average number of shares outstanding. The company's cost of revenue and general and administrative expenses rose, primarily due to the inclusion of Maestro Health's operations. Marpai also reported a gain on the sale of a non-core business unit and an...Show More

Marpai, a national technology-driven healthcare TPA, reported a significant increase in revenue for the fiscal year ended December 31, 2023, with total revenue reaching $37,155,050, a 53% increase from the previous year's $24,341,874. This growth was largely attributed to the acquisition of Maestro Health, contributing $16,683,732 in revenue. Despite the revenue growth, Marpai experienced a net loss of $28,751,900, a 9% increase from the prior year's loss of $26,468,390. The loss per share improved to $4.14 from $5.23 due to an increase in the weighted average number of shares outstanding. The company's cost of revenue and general and administrative expenses rose, primarily due to the inclusion of Maestro Health's operations. Marpai also reported a gain on the sale of a non-core business unit and an increase in interest expense related to the Maestro Health acquisition. The company's cybersecurity measures and risk management strategies were highlighted, emphasizing their importance in maintaining trust and confidence among customers and partners. Marpai's office space leases in Tampa, Charlotte, and Chicago were detailed, with the current spaces considered adequate for their needs. Looking ahead, Marpai is seeking additional funding through equity or debt securities to support operations and invest in its product portfolio. However, there is substantial doubt about the company's ability to continue as a going concern, as indicated by management's assessment.