Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil EL&P Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries CareMax Inc. Announces Third Quarter 2021 Financial Results By: CareMax, Inc. via Business Wire November 15, 2021 at 06:55 AM EST CareMax, Inc. (NASDAQ: CMAX; CMAXW), a leading technology-enabled provider of value-based care to seniors, announced today financial results for the third quarter ended September 30, 2021. Third Quarter 2021 Results1 GAAP total revenue was $104.6 million for the third quarter of 2021 and $177.5 million for the nine-months ended September 30, 2021, up 330% and 136% year-over-year, respectively. Medicare Advantage membership as of September 30, 2021 was 26,500, up over 340% compared to Medicare Advantage membership as of September 30, 2020; total membership as of September 30, 2021 was 68,500, up over 1,000% compared to total membership as of September 30, 2020. Medical Expense Ratio was 75.4% for the third quarter of 2021, compared to 71.4% for the third quarter of 2020.2 GAAP net loss was $2.9 million for the third quarter of 2021, or $(0.03) per diluted share, and $8.9 million, or $(0.22) per diluted share, for the nine-months ended September 30, 2021. Adjusted EBITDA was $1.2 million for the third quarter of 2021 and $9.1 million for the nine-months ended September 30, 2021, pro forma for the business combination; excluding estimated impacts from COVID of $7.3 million for the third quarter of 2021 and $18.5 million for the nine-months ended September 30, 2021, Adjusted EBITDA would have been $8.5 million and $27.6 million, respectively, up 4% and 12% year-over-year.3 Platform Contribution was $11.0 million for the third quarter of 2021 and $33.9 million for the nine-months ended September 30, 2021, pro forma for the business combination; excluding the aforementioned estimated impacts from COVID, Platform Contribution would have been $18.3 million and $52.4 million, respectively, up 18% and 10% year-over-year.3 Business Highlights Reaffirmed prior guidance of approximately 30,000 Medicare Advantage members by the end of 2021, pro forma 2021 revenue of $490 million to $525 million, and pro forma 2021 Adjusted EBITDA of $30 million to $40 million, which includes a $23 million estimated negative impact from COVID.3,4 Acquired DNF Medical Centers on September 1, adding approximately 4,000 Medicare Advantage members and six medical centers in central Florida. Formalized collaboration with The Related Companies, one of the largest private owners of affordable housing in the United States, to develop senior medical centers in or near affordable housing units owned or affiliated with Related across the country. Initial sites expected to open in New York City in the first half of 2022, with additional sites expected in the second half of 2022. Announced strategic collaboration with Anthem, with a plan to open approximately 50 de novo medical centers in eight initial states. Bolstered core platform and de novo market leadership with the addition of new Market Presidents, a Chief Experience Officer, Chief Compliance Officer, and General Counsel. Appointed two new members to the Board of Directors with strong leadership experience in managed care and business process optimization. 1GAAP 2021 financial information includes the activities of IMC Medical Group Holdings, LLC and CareHoldings for the period from June 8, 2021 to (and including) September 30, 2021 (115 days), Senior Medical Associates (SMA) for the period from June 18, 2021 to (and including) September 30, 2021 (105 days), and DNF Medical Centers for the period from September 1, 2021 to (and including) September 30, 2021 (30 days). 2Medical Expense Ratio equals external provider costs divided by Medicare and Medicaid risk-based revenues. 3Adjusted EBITDA and Platform Contribution are non-GAAP financial metrics. A reconciliation of non-GAAP metrics to GAAP financial statements is included in this release. 4Pro forma revenue and Adjusted EBITDA represent run-rate revenue and Adjusted EBITDA based on expected membership at the end of 2021, including all acquisitions expected to be closed by year-end and an estimated $23 million negative from COVID. Management Commentary “We are pleased that our third quarter continues to illustrate the effectiveness of our model in delivering proactive and personalized primary healthcare,” said Carlos de Solo, Chief Executive Officer. “By reducing spend from avoidable hospital utilization and investing those dollars back into our whole person health care model, we are closing the loop on the care continuum for some of our nation’s most vulnerable patients while improving clinical outcomes and driving down costs.” “Our Medical Expense Ratio for the third quarter of 2021 shows that we can grow while maintaining better patient outcomes. As a result, despite headwinds related to COVID and investments in our platform, the fundamentals of our business are performing in line with our forecast, and management is pleased to reaffirm our 2021 guidance. In addition, based on current trends, we expect limited impact to risk-based revenues due to COVID in 2022 and are also optimistic that COVID utilization headwinds will subside in 2022.” “From a growth perspective, we are pleased to welcome DNF Medical Centers to the CareMax family. Dr. Norberto Fleites, founder of DNF, built a tremendous company, and we are honored to continue to his legacy as we work to expand that platform by implementing our tested care model, increasing enrollments in existing centers, and building new centers.” “We expect our base business to continue its strong performance while we maintain clear line of sight to opening at least 15 de novo centers in 2022 in New York City, Memphis and other markets. By targeting underserved communities and affordable housing developments, we will continue our focus on improving health disparities for some of the most vulnerable populations, ensuring rewarding careers for our team members and delivering value for our shareholders.” Conference Call Management will host a conference call at 8:30 am ET today to discuss the results and business activities. Interested parties may participate in the call by dialing: (877) 407-9753 (Domestic) or (201) 493-6739 (International) The conference call will also be available on the Company's website, ir.caremax.com. Following the live call, a replay will be available on the Company's website. An investor presentation has also been posted to ir.caremax.com. About CareMax CareMax is a technology-enabled care platform providing value-based care and chronic disease management to seniors. CareMax operates medical centers that offer a comprehensive suite of healthcare and social services, and a proprietary software and services platform that provides data, analytics, and rules-based decision tools/workflows for physicians across the United States. Learn more at www.caremax.com. Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements include statements regarding our future growth and strategy. Words such as "anticipate," "believe," "budget," "contemplate," "continue," "could," "envision," "estimate," "expect," "guidance," "indicate," "intend," "may," "might," "plan," "possibly," "potential," "predict," "probably," "pro-forma," "project," "seek," "should," "target," or "will," or the negative or other variations thereof, and similar words or phrases or comparable terminology, are intended to identify forward-looking statements. These forward-looking statements reflect the Company’s expectations, plans or forecasts of future events and views as of the date of this press release. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important risks and uncertainties that could cause the Company's actual results and financial condition to differ materially from those indicated in forward-looking statements include, among others, the impact of COVID-19 or any variant thereof on the Company's business and results of operation; the availability of sites for medical facilities and the costs of opening such medical facilities; changes in market or industry conditions, regulatory environment, competitive conditions, and receptivity to the Company's services; the Company's ability to continue its growth, including in new markets; changes in laws and regulations applicable to the Company's business, in particular with respect to Medicare Advantage and Medicaid; the Company's ability to maintain its relationships with health plans and other key payers; any delay, modification or cancellation of government contracts; the Company's future capital requirements and sources and uses of cash, including funds to satisfy its liquidity needs; the Company or any other party’s ability to fulfill contractual obligations; and the Company's ability to recruit and retain qualified team members and independent physicians. For a detailed discussion of the risk factors that could affect the Company's actual results, please refer to the risk factors identified in the Company's reports filed with the SEC. All information provided in this press release is as of the date hereof, and the Company undertakes no duty to update or revise this information unless required by law, and forward-looking statements should not be relied upon as representing the Company’s assessments as of any date subsequent to the date of this press release. Use of Non-GAAP Financial Information Certain financial information and data contained this press release is unaudited and does not conform to Regulation S-X. Accordingly, such information and data may not be included in, may be adjusted in, or may be presented differently in, any periodic filing, information or proxy statement, or prospectus or registration statement to be filed by the Company with the SEC. Some of the financial information and data contained in this press release, such as Adjusted EBITDA and margin thereof and Platform Contribution and margin thereof, have not been prepared in accordance with United States generally accepted accounting principles (“GAAP”). These non-GAAP measures of financial results are not GAAP measures of our financial results or liquidity and should not be considered as an alternative to net income (loss) as a measure of financial results, cash flows from operating activities as a measure of liquidity, or any other performance measure derived in accordance with GAAP. The Company believes these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to the Company’s financial condition and results of operations. The Company’s management uses these non-GAAP measures for trend analyses and for budgeting and planning purposes. The Company believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating projected operating results and trends in and in comparing the Company’s financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. Management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in the Company’s financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. In order to compensate for these limitations, management presents non-GAAP financial measures in connection with GAAP results. You should review the Company’s audited financial statements, which have been filed by the Company with the SEC. A reconciliation for Adjusted EBITDA to the most directly comparable GAAP financial measures is included below. Use of Pro Forma Financial Information and Pro Forma Non-GAAP Financial Information The unaudited pro forma statements of operations below are provided for informational purposes only and are not necessarily indicative of the operating results or financial position that would have occurred if the acquisitions of IMC and Care Holdings had occurred in the stated historical periods, nor are they indicative of the future results or financial position of the combined company. The unaudited pro forma statements of operations do not give effect to the potential impact, of any anticipated synergies, operating efficiencies or cost savings that may result from the acquisitions of IMC and Care Holdings, any integration costs or tax deductibility of transaction costs. Additionally, Adjusted EBITDA presented on a pro forma basis gives effect to the acquisitions of IMC and Care Holdings as if they had occurred in historical periods, which does not necessarily reflect what the Company’s Adjusted EBITDA would have been had the acquisitions occurred on the dates indicated. A reconciliation of projected 2021 pro forma Adjusted EBITDA to the most directly comparable GAAP financial measure is not included in this press release because, without unreasonable efforts, the Company is unable to predict with reasonable certainty the amount or timing of non-GAAP adjustments that are used to calculate this non-GAAP financial measure. In addition, the Company believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors. The variability of the specified items may have a significant and unpredictable impact on the Company’s future GAAP results. CAREMAX, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share data) (Unaudited) September 30, 2021 December 31, 2020 ASSETS CURRENT ASSETS Cash $ 80,451 $ 4,934 Accounts receivable, net 33,624 9,395 Inventory 398 15 Prepaid expenses 17,926 183 Risk settlements due from providers 464 80 Due from related parties - 274 Total Current Assets 132,863 14,881 Property and equipment, net 16,163 4,796 Goodwill 449,470 10,068 Intangible assets, net 61,575 8,575 Deferred debt issuance costs 2,084 - Other assets 1,109 183 Total Assets $ 663,264 $ 38,503 LIABILITIES AND STOCKHOLDERS'/MEMBERS' EQUITY CURRENT LIABILITIES Accounts payable $ 5,677 $ 1,044 Accrued expenses 8,346 2,572 Accrued interest payable - 149 Risk settlements due to providers 171 643 Current portion of long-term debt 6,279 1,004 Due to related parties - 39 Other current liabilities 2,831 - Total Current Liabilities 23,304 5,451 Derivative warrant liabilities 17,110 - Long-term debt, less current portion 112,890 26,325 Other liabilities 6,032 - Total Liabilities 159,336 31,776 COMMITMENTS AND CONTINGENCIES (Note 14) STOCKHOLDERS'/MEMBER'S EQUITY Class A common stock ($0.0001 par value; 250,000,000 shares authorized; 87,073,985 shares issued and outstanding at September 30, 2021) 9 - Additional paid-in-capital 506,108 - Accumulated deficit (2,189 ) - Member units (no par value, 200 authorized, issued and outstanding at December 31, 2020) - 223 Members' equity - 6,504 Total Stockholders'/Members' Equity 503,928 6,727 Total Liabilities and Stockholders'/Members' Equity $ 663,264 $ 38,503 CAREMAX, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (in thousands, except share and per share data) Three Months Ended September 30, Three Months Ended September 30, Nine Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Revenue Medicare risk-based revenue $ 76,428 $ 24,242 $ 142,005 $ 75,083 Medicaid risk-based revenue 20,884 - 26,333 - Other revenue 7,308 64 9,118 251 Total Revenue 104,620 24,306 177,456 75,334 Operating Expenses External provider costs 73,329 17,304 127,023 49,110 Cost of care 21,602 4,341 34,822 12,244 Sales and marketing 1,274 311 2,340 811 Corporate, general and administrative 13,589 1,885 24,264 4,626 Depreciation and amortization 5,176 359 7,127 1,072 Acquisition related costs 879 - 1,028 - Total operating expenses 115,849 24,200 196,604 67,863 Operating income (loss) (11,229 ) 106 (19,148 ) 7,471 Interest (expense), net (1,291 ) (387 ) (2,587 ) (1,117 ) Gain on remeasurement of warrant liabilities 10,227 - 12,022 - Gain on extinguishment of debt, net 279 - 1,637 - Other income (expense), net (840 ) - (840 ) - Income (loss) before income tax (2,854 ) (281 ) (8,916 ) 6,354 Income tax provision (benefit) - - - - Net income (loss) $ (2,854 ) $ (281 ) $ (8,916 ) $ 6,354 Net income (loss) attributable to non-controlling interest - 34 - 26 Net income (loss) attributable to controlling interest $ (2,854 ) $ (315 ) $ (8,916 ) $ 6,328 Net income (loss) attributable to CareMax, Inc. Class A common stockholders $ (2,854 ) $ (315 ) $ (8,916 ) $ 6,328 Weighted average basic shares outstanding 82,552,520 10,796,069 40,847,294 10,796,069 Weighted average diluted shares outstanding 82,552,520 10,796,069 40,847,294 10,796,069 Net income (loss) per share Basic $ (0.03 ) $ (0.03 ) $ (0.22 ) $ 0.59 Diluted $ (0.03 ) $ (0.03 ) $ (0.22 ) $ 0.59 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (in thousands) Nine Months Ended September 30, Nine Months Ended September 30, 2021 2020 CASH FLOWS FROM OPERATING ACTIVITIES Net (Loss)/Income $ (8,916 ) $ 6,354 Adjustments to reconcile net (loss)/income to net cash (Used in)/provided by operating activities: Depreciation expense 1,657 626 Amortization expense 5,488 448 Amortization of debt issuance costs 522 52 Stock compensation expense 966 - Change in fair value of warrant liabilities (12,022 ) - Gain on extinguishment of debt (1,637 ) - Changes in operating assets and liabilities: Accounts receivable 4,296 (583 ) Inventory 67 (3 ) Prepaid expenses (1,371 ) 55 Risk settlements due from/due to providers (384 ) (92 ) Due to/from related parties 235 (141 ) Other assets (312 ) 12 Accounts payable 1,583 (347 ) Accrued expenses (3 ) (381 ) Other liabilities 1,178 - Accrued interest (149 ) - Net Cash (Used In)/Provided by Operating Activities (8,802 ) 5,998 CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property and equipment (2,967 ) (1,789 ) Acquisition of businesses (298,344 ) (2,656 ) Asset Purchase Agreement Holdback Payment - (333 ) Purchase of noncontrolling interest ownership - (316 ) Net Cash Used in Investing Activities (301,311 ) (5,094 ) CASH FLOWS FROM FINANCING ACTIVITIES Borrowings under revolving loan commitment - 2,467 Loan from Paycheck Protection Program - 2,164 Proceeds from issuance of Class A common stock 415,000 - Issuance costs of Class A common stock (12,471 ) - Reverse recapitalization (108,386 ) - Proceeds from borrowings on long-term debt and credit facilities 125,000 - Principal payments on long-term debt (26,143 ) (251 ) Payment of deferred financing costs (6,883 ) - Payment of debt prepayment penalties (487 ) - Distributions to members - (144 ) Net Cash Provided by Financing Activities 385,630 4,236 NET INCREASE IN CASH 75,517 5,140 Cash - Beginning of Period 4,934 4,438 CASH - END OF PERIOD $ 80,451 $ 9,578 Non-GAAP Financial Summary (Unaudited*) $'000s March 31, 2020 June 30, 2020 September 30, 2020 December 31, 2020 March 31, 2021 June 30, 2021 September 30, 2021 Medicare Risk Revenue $ 63,373 $ 62,040 $ 63,188 $ 65,210 $ 65,394 $ 66,618 $ 76,428 Medicaid Risk Revenue 10,827 14,828 20,565 19,062 18,897 20,454 20,884 Other Revenue 4,608 4,126 3,351 3,801 4,127 4,839 7,308 Total Revenue 78,808 80,994 87,104 88,073 88,418 91,911 104,620 External Provider Costs 53,472 52,780 60,158 57,775 60,278 70,466 73,329 Cost of Care 11,246 10,093 11,417 12,446 13,427 13,246 20,315 Platform Contribution 14,090 18,121 15,529 17,852 14,712 8,199 10,976 Platform Contribution Margin (%) 17.9 % 22.4 % 17.8 % 20.3 % 16.6 % 8.9 % 10.5 % Sales and Marketing $ 1,057 $ 1,245 $ 1,290 $ 1,431 $ 391 $ 1,688 $ 1,274 Corporate, General and Administrative 7,858 5,667 6,069 6,519 7,197 6,347 8,668 Adjusted EBITDA 5,175 11,209 8,170 9,901 7,124 163 1,034 De Novo Losses 3 24 68 484 184 364 195 Adjusted EBITDA $ 5,178 $ 11,233 $ 8,237 $ 10,385 $ 7,308 $ 527 $ 1,229 Adjusted EBITDA Margin (%) 6.6 % 13.9 % 9.5 % 11.8 % 8.3 % 0.6 % 1.2 % * Figures give effect to the Business Combinations of IMC and Care Holdings as if they had occurred in historical periods. Figures may not sum due to rounding. *Figures may not sum due to rounding Nine Months Ended September 30, 2021 compared to Nine Months Ended September 30, 2020 Non-GAAP Financial Summary (Unaudited*) Nine Months Ended September 30, 2021 September 30, 2020 Y/Y Change $'000s Medicare Risk Revenue $ 208,440 $ 188,601 $ 19,839 Medicaid Risk Revenue 60,235 46,220 14,016 Other Revenue 16,274 12,085 4,189 Total Revenue 284,949 246,906 38,044 External Provider Costs 204,073 166,411 (37,663 ) Cost of Care 46,988 32,755 (14,233 ) Platform Contribution 33,887 47,740 (13,853 ) Platform Contribution Margin (%) 11.9 % 19.3 % (7.4 %) Sales and Marketing $ 3,354 $ 3,592 $ 238 Corporate, General and Administrative 22,212 19,594 (2,618 ) Adjusted EBITDA 8,321 24,554 (16,233 ) De Novo Losses 743 94 649 Adjusted EBITDA $ 9,064 $ 24,648 $ (15,584 ) Adjusted EBITDA Margin (%) 3.2 % 10.0 % (6.8 %) * Figures give effect to the Business Combinations of IMC and Care Holdings as if they had occurred in historical periods. Figures may not sum due to rounding. *Figures may not sum due to rounding Non-GAAP Operating Metrics* March 31, 2020 June 30, 2020 September 30, 2020 December 31, 2020 March 31, 2021 June 30, 2021 September 30, 2021 Centers 21 21 22 24 24 34 40 Markets 1 1 1 1 1 1 1 Patients (MCREM)** 24,800 27,500 29,000 28,400 29,200 35,300 40,400 At-Risk 84.8 % 86.7 % 85.6 % 87.7 % 87.0 % 84.1 % 87.2 % Platform Contribution ($, Millions)*** $ 14.1 $ 18.1 $ 15.5 $ 17.9 $ 14.7 $ 8.2 $ 11.0 * Figures give effect to the Business Combinations of IMC and Care Holdings as if they had occurred in historical periods. Figures may not sum due to rounding. ** MCREM defined as Medicare Equivalent Members, which assumes the level of support received by a Medicare patient is equivalent to that received by three Medicaid or Commercial patients. *** Platform contribution defined as revenue less external provider costs and cost of care, excluding depreciation and amortization. *Figures may not sum due to rounding Reconciliation to Adjusted EBITDA* $'000s March 31, 2020 June 30, 2020 September 30, 2020 December 31, 2020 March 31, 2021 June 30, 2021 September 30, 2021 Net Income (Loss) $ 3,170 $ 3,466 $ (281 ) $ 1,218 $ 1,302 $ (7,363 ) $ (2,854 ) GAAP Pro Forma Adjustments (3,513 ) 160 (189 ) 1,912 (2,730 ) (6,186 ) (0 ) Pro Forma Net Income $ (343 ) $ 3,626 $ (470 ) $ 3,130 $ (1,429 ) $ (13,549 ) $ (2,854 ) Interest expense, net 1,658 1,689 1,656 1,628 1,400 1,667 1,291 Depreciation and amortization 3,514 3,244 3,368 3,418 2,979 3,339 5,176 Loss/(Gain) on remeasurement of warrant liabilities - - - - - (1,795 ) (10,227 ) Loss/(Gain) on extinguishment of debt - - - 451 - 806 (279 ) Other expense/(income) (2 ) (12 ) 100 (997 ) 212 (2,367 ) 840 EBITDA $ 4,827 $ 8,547 $ 4,653 $ 7,630 $ 3,162 $ (11,900 ) $ (6,053 ) Other adjustments Non-recurring expenses (309 ) 1,985 2,763 1,390 2,795 8,257 4,249 Acquisition costs 656 678 789 893 1,168 3,806 1,871 Stock based compensation - - - - - - 966 De novo losses 3 24 68 484 184 364 195 Discontinued operations - (0 ) (35 ) (12 ) (1 ) (0 ) - Adjusted EBITDA $ 5,178 $ 11,233 $ 8,237 $ 10,385 $ 7,308 $ 527 $ 1,229 * Pro Forma figures give effect to the Business Combinations of IMC and Care Holdings as if they had occurred in historical periods. Figures may not sum due to rounding. *Figures may not sum due to rounding Three and Nine months Ended September 30, 2021 Reconciliation to Adjusted EBITDA Three Months Ended Nine Months Ended $'000s September 30, 2021 September 30, 2020 Y/Y Change September 30, 2021 September 30, 2020 Y/Y Change Net Income (Loss) $ (2,854 ) $ (281 ) $ (2,573 ) $ (8,916 ) $ 6,354 $ (15,269 ) GAAP Pro Forma Adjustments (505 ) (189 ) (316 ) (8,917 ) (3,541 ) (5,376 ) Pro Forma Net Income (Loss) (3,358 ) (470 ) (2,888 ) (17,832 ) 2,813 (20,645 ) Interest expense 1,291 1,656 (364 ) 4,358 5,002 (644 ) Depreciation and amortization 5,680 3,368 2,313 11,494 10,126 1,368 Loss/(Gain) on remeasurement of warrant liabilities (10,227 ) - (10,227 ) (12,022 ) - (12,022 ) Loss/(Gain) on extinguishment of debt (279 ) - (279 ) (1,637 ) - (1,637 ) Other expenses 840 100 740 849 86 763 EBITDA (6,052 ) 4,653 (10,705 ) (14,790 ) 18,027 (32,817 ) Other Adjustments Non-recurring expenses 4,249 2,763 1,486 15,302 4,439 10,863 Acquisition costs 1,871 789 1,083 6,844 2,123 4,721 Stock based compensation 966 - 966 966 - 966 De novo losses 195 68 127 743 94 649 Discontinued operations - (35 ) 35 (1 ) (35 ) 34 Adjusted EBITDA $ 1,229 $ 8,237 $ (7,009 ) $ 9,064 $ 24,648 $ (15,584 ) *Pro Forma figures give effect to the Business Combinations of IMC and Care Holdings as if they had occurred in historical periods. Figures may not sum due to rounding. *Figures may not sum due to rounding View source version on businesswire.com: https://www.businesswire.com/news/home/20211115005688/en/Contacts CareMax, Inc. Media Christine Bucan (305) 542-8855 Christine@thinkbsg.com Investor Relations Ben Quirk (415) 640-3715 ben.quirk@caremax.com The Equity Group Inc. Devin Sullivan (212) 836-9608 dsullivan@equityny.com Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
CareMax Inc. Announces Third Quarter 2021 Financial Results By: CareMax, Inc. via Business Wire November 15, 2021 at 06:55 AM EST CareMax, Inc. (NASDAQ: CMAX; CMAXW), a leading technology-enabled provider of value-based care to seniors, announced today financial results for the third quarter ended September 30, 2021. Third Quarter 2021 Results1 GAAP total revenue was $104.6 million for the third quarter of 2021 and $177.5 million for the nine-months ended September 30, 2021, up 330% and 136% year-over-year, respectively. Medicare Advantage membership as of September 30, 2021 was 26,500, up over 340% compared to Medicare Advantage membership as of September 30, 2020; total membership as of September 30, 2021 was 68,500, up over 1,000% compared to total membership as of September 30, 2020. Medical Expense Ratio was 75.4% for the third quarter of 2021, compared to 71.4% for the third quarter of 2020.2 GAAP net loss was $2.9 million for the third quarter of 2021, or $(0.03) per diluted share, and $8.9 million, or $(0.22) per diluted share, for the nine-months ended September 30, 2021. Adjusted EBITDA was $1.2 million for the third quarter of 2021 and $9.1 million for the nine-months ended September 30, 2021, pro forma for the business combination; excluding estimated impacts from COVID of $7.3 million for the third quarter of 2021 and $18.5 million for the nine-months ended September 30, 2021, Adjusted EBITDA would have been $8.5 million and $27.6 million, respectively, up 4% and 12% year-over-year.3 Platform Contribution was $11.0 million for the third quarter of 2021 and $33.9 million for the nine-months ended September 30, 2021, pro forma for the business combination; excluding the aforementioned estimated impacts from COVID, Platform Contribution would have been $18.3 million and $52.4 million, respectively, up 18% and 10% year-over-year.3 Business Highlights Reaffirmed prior guidance of approximately 30,000 Medicare Advantage members by the end of 2021, pro forma 2021 revenue of $490 million to $525 million, and pro forma 2021 Adjusted EBITDA of $30 million to $40 million, which includes a $23 million estimated negative impact from COVID.3,4 Acquired DNF Medical Centers on September 1, adding approximately 4,000 Medicare Advantage members and six medical centers in central Florida. Formalized collaboration with The Related Companies, one of the largest private owners of affordable housing in the United States, to develop senior medical centers in or near affordable housing units owned or affiliated with Related across the country. Initial sites expected to open in New York City in the first half of 2022, with additional sites expected in the second half of 2022. Announced strategic collaboration with Anthem, with a plan to open approximately 50 de novo medical centers in eight initial states. Bolstered core platform and de novo market leadership with the addition of new Market Presidents, a Chief Experience Officer, Chief Compliance Officer, and General Counsel. Appointed two new members to the Board of Directors with strong leadership experience in managed care and business process optimization. 1GAAP 2021 financial information includes the activities of IMC Medical Group Holdings, LLC and CareHoldings for the period from June 8, 2021 to (and including) September 30, 2021 (115 days), Senior Medical Associates (SMA) for the period from June 18, 2021 to (and including) September 30, 2021 (105 days), and DNF Medical Centers for the period from September 1, 2021 to (and including) September 30, 2021 (30 days). 2Medical Expense Ratio equals external provider costs divided by Medicare and Medicaid risk-based revenues. 3Adjusted EBITDA and Platform Contribution are non-GAAP financial metrics. A reconciliation of non-GAAP metrics to GAAP financial statements is included in this release. 4Pro forma revenue and Adjusted EBITDA represent run-rate revenue and Adjusted EBITDA based on expected membership at the end of 2021, including all acquisitions expected to be closed by year-end and an estimated $23 million negative from COVID. Management Commentary “We are pleased that our third quarter continues to illustrate the effectiveness of our model in delivering proactive and personalized primary healthcare,” said Carlos de Solo, Chief Executive Officer. “By reducing spend from avoidable hospital utilization and investing those dollars back into our whole person health care model, we are closing the loop on the care continuum for some of our nation’s most vulnerable patients while improving clinical outcomes and driving down costs.” “Our Medical Expense Ratio for the third quarter of 2021 shows that we can grow while maintaining better patient outcomes. As a result, despite headwinds related to COVID and investments in our platform, the fundamentals of our business are performing in line with our forecast, and management is pleased to reaffirm our 2021 guidance. In addition, based on current trends, we expect limited impact to risk-based revenues due to COVID in 2022 and are also optimistic that COVID utilization headwinds will subside in 2022.” “From a growth perspective, we are pleased to welcome DNF Medical Centers to the CareMax family. Dr. Norberto Fleites, founder of DNF, built a tremendous company, and we are honored to continue to his legacy as we work to expand that platform by implementing our tested care model, increasing enrollments in existing centers, and building new centers.” “We expect our base business to continue its strong performance while we maintain clear line of sight to opening at least 15 de novo centers in 2022 in New York City, Memphis and other markets. By targeting underserved communities and affordable housing developments, we will continue our focus on improving health disparities for some of the most vulnerable populations, ensuring rewarding careers for our team members and delivering value for our shareholders.” Conference Call Management will host a conference call at 8:30 am ET today to discuss the results and business activities. Interested parties may participate in the call by dialing: (877) 407-9753 (Domestic) or (201) 493-6739 (International) The conference call will also be available on the Company's website, ir.caremax.com. Following the live call, a replay will be available on the Company's website. An investor presentation has also been posted to ir.caremax.com. About CareMax CareMax is a technology-enabled care platform providing value-based care and chronic disease management to seniors. CareMax operates medical centers that offer a comprehensive suite of healthcare and social services, and a proprietary software and services platform that provides data, analytics, and rules-based decision tools/workflows for physicians across the United States. Learn more at www.caremax.com. Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements include statements regarding our future growth and strategy. Words such as "anticipate," "believe," "budget," "contemplate," "continue," "could," "envision," "estimate," "expect," "guidance," "indicate," "intend," "may," "might," "plan," "possibly," "potential," "predict," "probably," "pro-forma," "project," "seek," "should," "target," or "will," or the negative or other variations thereof, and similar words or phrases or comparable terminology, are intended to identify forward-looking statements. These forward-looking statements reflect the Company’s expectations, plans or forecasts of future events and views as of the date of this press release. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important risks and uncertainties that could cause the Company's actual results and financial condition to differ materially from those indicated in forward-looking statements include, among others, the impact of COVID-19 or any variant thereof on the Company's business and results of operation; the availability of sites for medical facilities and the costs of opening such medical facilities; changes in market or industry conditions, regulatory environment, competitive conditions, and receptivity to the Company's services; the Company's ability to continue its growth, including in new markets; changes in laws and regulations applicable to the Company's business, in particular with respect to Medicare Advantage and Medicaid; the Company's ability to maintain its relationships with health plans and other key payers; any delay, modification or cancellation of government contracts; the Company's future capital requirements and sources and uses of cash, including funds to satisfy its liquidity needs; the Company or any other party’s ability to fulfill contractual obligations; and the Company's ability to recruit and retain qualified team members and independent physicians. For a detailed discussion of the risk factors that could affect the Company's actual results, please refer to the risk factors identified in the Company's reports filed with the SEC. All information provided in this press release is as of the date hereof, and the Company undertakes no duty to update or revise this information unless required by law, and forward-looking statements should not be relied upon as representing the Company’s assessments as of any date subsequent to the date of this press release. Use of Non-GAAP Financial Information Certain financial information and data contained this press release is unaudited and does not conform to Regulation S-X. Accordingly, such information and data may not be included in, may be adjusted in, or may be presented differently in, any periodic filing, information or proxy statement, or prospectus or registration statement to be filed by the Company with the SEC. Some of the financial information and data contained in this press release, such as Adjusted EBITDA and margin thereof and Platform Contribution and margin thereof, have not been prepared in accordance with United States generally accepted accounting principles (“GAAP”). These non-GAAP measures of financial results are not GAAP measures of our financial results or liquidity and should not be considered as an alternative to net income (loss) as a measure of financial results, cash flows from operating activities as a measure of liquidity, or any other performance measure derived in accordance with GAAP. The Company believes these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to the Company’s financial condition and results of operations. The Company’s management uses these non-GAAP measures for trend analyses and for budgeting and planning purposes. The Company believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating projected operating results and trends in and in comparing the Company’s financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. Management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in the Company’s financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. In order to compensate for these limitations, management presents non-GAAP financial measures in connection with GAAP results. You should review the Company’s audited financial statements, which have been filed by the Company with the SEC. A reconciliation for Adjusted EBITDA to the most directly comparable GAAP financial measures is included below. Use of Pro Forma Financial Information and Pro Forma Non-GAAP Financial Information The unaudited pro forma statements of operations below are provided for informational purposes only and are not necessarily indicative of the operating results or financial position that would have occurred if the acquisitions of IMC and Care Holdings had occurred in the stated historical periods, nor are they indicative of the future results or financial position of the combined company. The unaudited pro forma statements of operations do not give effect to the potential impact, of any anticipated synergies, operating efficiencies or cost savings that may result from the acquisitions of IMC and Care Holdings, any integration costs or tax deductibility of transaction costs. Additionally, Adjusted EBITDA presented on a pro forma basis gives effect to the acquisitions of IMC and Care Holdings as if they had occurred in historical periods, which does not necessarily reflect what the Company’s Adjusted EBITDA would have been had the acquisitions occurred on the dates indicated. A reconciliation of projected 2021 pro forma Adjusted EBITDA to the most directly comparable GAAP financial measure is not included in this press release because, without unreasonable efforts, the Company is unable to predict with reasonable certainty the amount or timing of non-GAAP adjustments that are used to calculate this non-GAAP financial measure. In addition, the Company believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors. The variability of the specified items may have a significant and unpredictable impact on the Company’s future GAAP results. CAREMAX, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share data) (Unaudited) September 30, 2021 December 31, 2020 ASSETS CURRENT ASSETS Cash $ 80,451 $ 4,934 Accounts receivable, net 33,624 9,395 Inventory 398 15 Prepaid expenses 17,926 183 Risk settlements due from providers 464 80 Due from related parties - 274 Total Current Assets 132,863 14,881 Property and equipment, net 16,163 4,796 Goodwill 449,470 10,068 Intangible assets, net 61,575 8,575 Deferred debt issuance costs 2,084 - Other assets 1,109 183 Total Assets $ 663,264 $ 38,503 LIABILITIES AND STOCKHOLDERS'/MEMBERS' EQUITY CURRENT LIABILITIES Accounts payable $ 5,677 $ 1,044 Accrued expenses 8,346 2,572 Accrued interest payable - 149 Risk settlements due to providers 171 643 Current portion of long-term debt 6,279 1,004 Due to related parties - 39 Other current liabilities 2,831 - Total Current Liabilities 23,304 5,451 Derivative warrant liabilities 17,110 - Long-term debt, less current portion 112,890 26,325 Other liabilities 6,032 - Total Liabilities 159,336 31,776 COMMITMENTS AND CONTINGENCIES (Note 14) STOCKHOLDERS'/MEMBER'S EQUITY Class A common stock ($0.0001 par value; 250,000,000 shares authorized; 87,073,985 shares issued and outstanding at September 30, 2021) 9 - Additional paid-in-capital 506,108 - Accumulated deficit (2,189 ) - Member units (no par value, 200 authorized, issued and outstanding at December 31, 2020) - 223 Members' equity - 6,504 Total Stockholders'/Members' Equity 503,928 6,727 Total Liabilities and Stockholders'/Members' Equity $ 663,264 $ 38,503 CAREMAX, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (in thousands, except share and per share data) Three Months Ended September 30, Three Months Ended September 30, Nine Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Revenue Medicare risk-based revenue $ 76,428 $ 24,242 $ 142,005 $ 75,083 Medicaid risk-based revenue 20,884 - 26,333 - Other revenue 7,308 64 9,118 251 Total Revenue 104,620 24,306 177,456 75,334 Operating Expenses External provider costs 73,329 17,304 127,023 49,110 Cost of care 21,602 4,341 34,822 12,244 Sales and marketing 1,274 311 2,340 811 Corporate, general and administrative 13,589 1,885 24,264 4,626 Depreciation and amortization 5,176 359 7,127 1,072 Acquisition related costs 879 - 1,028 - Total operating expenses 115,849 24,200 196,604 67,863 Operating income (loss) (11,229 ) 106 (19,148 ) 7,471 Interest (expense), net (1,291 ) (387 ) (2,587 ) (1,117 ) Gain on remeasurement of warrant liabilities 10,227 - 12,022 - Gain on extinguishment of debt, net 279 - 1,637 - Other income (expense), net (840 ) - (840 ) - Income (loss) before income tax (2,854 ) (281 ) (8,916 ) 6,354 Income tax provision (benefit) - - - - Net income (loss) $ (2,854 ) $ (281 ) $ (8,916 ) $ 6,354 Net income (loss) attributable to non-controlling interest - 34 - 26 Net income (loss) attributable to controlling interest $ (2,854 ) $ (315 ) $ (8,916 ) $ 6,328 Net income (loss) attributable to CareMax, Inc. Class A common stockholders $ (2,854 ) $ (315 ) $ (8,916 ) $ 6,328 Weighted average basic shares outstanding 82,552,520 10,796,069 40,847,294 10,796,069 Weighted average diluted shares outstanding 82,552,520 10,796,069 40,847,294 10,796,069 Net income (loss) per share Basic $ (0.03 ) $ (0.03 ) $ (0.22 ) $ 0.59 Diluted $ (0.03 ) $ (0.03 ) $ (0.22 ) $ 0.59 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (in thousands) Nine Months Ended September 30, Nine Months Ended September 30, 2021 2020 CASH FLOWS FROM OPERATING ACTIVITIES Net (Loss)/Income $ (8,916 ) $ 6,354 Adjustments to reconcile net (loss)/income to net cash (Used in)/provided by operating activities: Depreciation expense 1,657 626 Amortization expense 5,488 448 Amortization of debt issuance costs 522 52 Stock compensation expense 966 - Change in fair value of warrant liabilities (12,022 ) - Gain on extinguishment of debt (1,637 ) - Changes in operating assets and liabilities: Accounts receivable 4,296 (583 ) Inventory 67 (3 ) Prepaid expenses (1,371 ) 55 Risk settlements due from/due to providers (384 ) (92 ) Due to/from related parties 235 (141 ) Other assets (312 ) 12 Accounts payable 1,583 (347 ) Accrued expenses (3 ) (381 ) Other liabilities 1,178 - Accrued interest (149 ) - Net Cash (Used In)/Provided by Operating Activities (8,802 ) 5,998 CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property and equipment (2,967 ) (1,789 ) Acquisition of businesses (298,344 ) (2,656 ) Asset Purchase Agreement Holdback Payment - (333 ) Purchase of noncontrolling interest ownership - (316 ) Net Cash Used in Investing Activities (301,311 ) (5,094 ) CASH FLOWS FROM FINANCING ACTIVITIES Borrowings under revolving loan commitment - 2,467 Loan from Paycheck Protection Program - 2,164 Proceeds from issuance of Class A common stock 415,000 - Issuance costs of Class A common stock (12,471 ) - Reverse recapitalization (108,386 ) - Proceeds from borrowings on long-term debt and credit facilities 125,000 - Principal payments on long-term debt (26,143 ) (251 ) Payment of deferred financing costs (6,883 ) - Payment of debt prepayment penalties (487 ) - Distributions to members - (144 ) Net Cash Provided by Financing Activities 385,630 4,236 NET INCREASE IN CASH 75,517 5,140 Cash - Beginning of Period 4,934 4,438 CASH - END OF PERIOD $ 80,451 $ 9,578 Non-GAAP Financial Summary (Unaudited*) $'000s March 31, 2020 June 30, 2020 September 30, 2020 December 31, 2020 March 31, 2021 June 30, 2021 September 30, 2021 Medicare Risk Revenue $ 63,373 $ 62,040 $ 63,188 $ 65,210 $ 65,394 $ 66,618 $ 76,428 Medicaid Risk Revenue 10,827 14,828 20,565 19,062 18,897 20,454 20,884 Other Revenue 4,608 4,126 3,351 3,801 4,127 4,839 7,308 Total Revenue 78,808 80,994 87,104 88,073 88,418 91,911 104,620 External Provider Costs 53,472 52,780 60,158 57,775 60,278 70,466 73,329 Cost of Care 11,246 10,093 11,417 12,446 13,427 13,246 20,315 Platform Contribution 14,090 18,121 15,529 17,852 14,712 8,199 10,976 Platform Contribution Margin (%) 17.9 % 22.4 % 17.8 % 20.3 % 16.6 % 8.9 % 10.5 % Sales and Marketing $ 1,057 $ 1,245 $ 1,290 $ 1,431 $ 391 $ 1,688 $ 1,274 Corporate, General and Administrative 7,858 5,667 6,069 6,519 7,197 6,347 8,668 Adjusted EBITDA 5,175 11,209 8,170 9,901 7,124 163 1,034 De Novo Losses 3 24 68 484 184 364 195 Adjusted EBITDA $ 5,178 $ 11,233 $ 8,237 $ 10,385 $ 7,308 $ 527 $ 1,229 Adjusted EBITDA Margin (%) 6.6 % 13.9 % 9.5 % 11.8 % 8.3 % 0.6 % 1.2 % * Figures give effect to the Business Combinations of IMC and Care Holdings as if they had occurred in historical periods. Figures may not sum due to rounding. *Figures may not sum due to rounding Nine Months Ended September 30, 2021 compared to Nine Months Ended September 30, 2020 Non-GAAP Financial Summary (Unaudited*) Nine Months Ended September 30, 2021 September 30, 2020 Y/Y Change $'000s Medicare Risk Revenue $ 208,440 $ 188,601 $ 19,839 Medicaid Risk Revenue 60,235 46,220 14,016 Other Revenue 16,274 12,085 4,189 Total Revenue 284,949 246,906 38,044 External Provider Costs 204,073 166,411 (37,663 ) Cost of Care 46,988 32,755 (14,233 ) Platform Contribution 33,887 47,740 (13,853 ) Platform Contribution Margin (%) 11.9 % 19.3 % (7.4 %) Sales and Marketing $ 3,354 $ 3,592 $ 238 Corporate, General and Administrative 22,212 19,594 (2,618 ) Adjusted EBITDA 8,321 24,554 (16,233 ) De Novo Losses 743 94 649 Adjusted EBITDA $ 9,064 $ 24,648 $ (15,584 ) Adjusted EBITDA Margin (%) 3.2 % 10.0 % (6.8 %) * Figures give effect to the Business Combinations of IMC and Care Holdings as if they had occurred in historical periods. Figures may not sum due to rounding. *Figures may not sum due to rounding Non-GAAP Operating Metrics* March 31, 2020 June 30, 2020 September 30, 2020 December 31, 2020 March 31, 2021 June 30, 2021 September 30, 2021 Centers 21 21 22 24 24 34 40 Markets 1 1 1 1 1 1 1 Patients (MCREM)** 24,800 27,500 29,000 28,400 29,200 35,300 40,400 At-Risk 84.8 % 86.7 % 85.6 % 87.7 % 87.0 % 84.1 % 87.2 % Platform Contribution ($, Millions)*** $ 14.1 $ 18.1 $ 15.5 $ 17.9 $ 14.7 $ 8.2 $ 11.0 * Figures give effect to the Business Combinations of IMC and Care Holdings as if they had occurred in historical periods. Figures may not sum due to rounding. ** MCREM defined as Medicare Equivalent Members, which assumes the level of support received by a Medicare patient is equivalent to that received by three Medicaid or Commercial patients. *** Platform contribution defined as revenue less external provider costs and cost of care, excluding depreciation and amortization. *Figures may not sum due to rounding Reconciliation to Adjusted EBITDA* $'000s March 31, 2020 June 30, 2020 September 30, 2020 December 31, 2020 March 31, 2021 June 30, 2021 September 30, 2021 Net Income (Loss) $ 3,170 $ 3,466 $ (281 ) $ 1,218 $ 1,302 $ (7,363 ) $ (2,854 ) GAAP Pro Forma Adjustments (3,513 ) 160 (189 ) 1,912 (2,730 ) (6,186 ) (0 ) Pro Forma Net Income $ (343 ) $ 3,626 $ (470 ) $ 3,130 $ (1,429 ) $ (13,549 ) $ (2,854 ) Interest expense, net 1,658 1,689 1,656 1,628 1,400 1,667 1,291 Depreciation and amortization 3,514 3,244 3,368 3,418 2,979 3,339 5,176 Loss/(Gain) on remeasurement of warrant liabilities - - - - - (1,795 ) (10,227 ) Loss/(Gain) on extinguishment of debt - - - 451 - 806 (279 ) Other expense/(income) (2 ) (12 ) 100 (997 ) 212 (2,367 ) 840 EBITDA $ 4,827 $ 8,547 $ 4,653 $ 7,630 $ 3,162 $ (11,900 ) $ (6,053 ) Other adjustments Non-recurring expenses (309 ) 1,985 2,763 1,390 2,795 8,257 4,249 Acquisition costs 656 678 789 893 1,168 3,806 1,871 Stock based compensation - - - - - - 966 De novo losses 3 24 68 484 184 364 195 Discontinued operations - (0 ) (35 ) (12 ) (1 ) (0 ) - Adjusted EBITDA $ 5,178 $ 11,233 $ 8,237 $ 10,385 $ 7,308 $ 527 $ 1,229 * Pro Forma figures give effect to the Business Combinations of IMC and Care Holdings as if they had occurred in historical periods. Figures may not sum due to rounding. *Figures may not sum due to rounding Three and Nine months Ended September 30, 2021 Reconciliation to Adjusted EBITDA Three Months Ended Nine Months Ended $'000s September 30, 2021 September 30, 2020 Y/Y Change September 30, 2021 September 30, 2020 Y/Y Change Net Income (Loss) $ (2,854 ) $ (281 ) $ (2,573 ) $ (8,916 ) $ 6,354 $ (15,269 ) GAAP Pro Forma Adjustments (505 ) (189 ) (316 ) (8,917 ) (3,541 ) (5,376 ) Pro Forma Net Income (Loss) (3,358 ) (470 ) (2,888 ) (17,832 ) 2,813 (20,645 ) Interest expense 1,291 1,656 (364 ) 4,358 5,002 (644 ) Depreciation and amortization 5,680 3,368 2,313 11,494 10,126 1,368 Loss/(Gain) on remeasurement of warrant liabilities (10,227 ) - (10,227 ) (12,022 ) - (12,022 ) Loss/(Gain) on extinguishment of debt (279 ) - (279 ) (1,637 ) - (1,637 ) Other expenses 840 100 740 849 86 763 EBITDA (6,052 ) 4,653 (10,705 ) (14,790 ) 18,027 (32,817 ) Other Adjustments Non-recurring expenses 4,249 2,763 1,486 15,302 4,439 10,863 Acquisition costs 1,871 789 1,083 6,844 2,123 4,721 Stock based compensation 966 - 966 966 - 966 De novo losses 195 68 127 743 94 649 Discontinued operations - (35 ) 35 (1 ) (35 ) 34 Adjusted EBITDA $ 1,229 $ 8,237 $ (7,009 ) $ 9,064 $ 24,648 $ (15,584 ) *Pro Forma figures give effect to the Business Combinations of IMC and Care Holdings as if they had occurred in historical periods. Figures may not sum due to rounding. *Figures may not sum due to rounding View source version on businesswire.com: https://www.businesswire.com/news/home/20211115005688/en/Contacts CareMax, Inc. Media Christine Bucan (305) 542-8855 Christine@thinkbsg.com Investor Relations Ben Quirk (415) 640-3715 ben.quirk@caremax.com The Equity Group Inc. Devin Sullivan (212) 836-9608 dsullivan@equityny.com
CareMax, Inc. (NASDAQ: CMAX; CMAXW), a leading technology-enabled provider of value-based care to seniors, announced today financial results for the third quarter ended September 30, 2021. Third Quarter 2021 Results1 GAAP total revenue was $104.6 million for the third quarter of 2021 and $177.5 million for the nine-months ended September 30, 2021, up 330% and 136% year-over-year, respectively. Medicare Advantage membership as of September 30, 2021 was 26,500, up over 340% compared to Medicare Advantage membership as of September 30, 2020; total membership as of September 30, 2021 was 68,500, up over 1,000% compared to total membership as of September 30, 2020. Medical Expense Ratio was 75.4% for the third quarter of 2021, compared to 71.4% for the third quarter of 2020.2 GAAP net loss was $2.9 million for the third quarter of 2021, or $(0.03) per diluted share, and $8.9 million, or $(0.22) per diluted share, for the nine-months ended September 30, 2021. Adjusted EBITDA was $1.2 million for the third quarter of 2021 and $9.1 million for the nine-months ended September 30, 2021, pro forma for the business combination; excluding estimated impacts from COVID of $7.3 million for the third quarter of 2021 and $18.5 million for the nine-months ended September 30, 2021, Adjusted EBITDA would have been $8.5 million and $27.6 million, respectively, up 4% and 12% year-over-year.3 Platform Contribution was $11.0 million for the third quarter of 2021 and $33.9 million for the nine-months ended September 30, 2021, pro forma for the business combination; excluding the aforementioned estimated impacts from COVID, Platform Contribution would have been $18.3 million and $52.4 million, respectively, up 18% and 10% year-over-year.3 Business Highlights Reaffirmed prior guidance of approximately 30,000 Medicare Advantage members by the end of 2021, pro forma 2021 revenue of $490 million to $525 million, and pro forma 2021 Adjusted EBITDA of $30 million to $40 million, which includes a $23 million estimated negative impact from COVID.3,4 Acquired DNF Medical Centers on September 1, adding approximately 4,000 Medicare Advantage members and six medical centers in central Florida. Formalized collaboration with The Related Companies, one of the largest private owners of affordable housing in the United States, to develop senior medical centers in or near affordable housing units owned or affiliated with Related across the country. Initial sites expected to open in New York City in the first half of 2022, with additional sites expected in the second half of 2022. Announced strategic collaboration with Anthem, with a plan to open approximately 50 de novo medical centers in eight initial states. Bolstered core platform and de novo market leadership with the addition of new Market Presidents, a Chief Experience Officer, Chief Compliance Officer, and General Counsel. Appointed two new members to the Board of Directors with strong leadership experience in managed care and business process optimization. 1GAAP 2021 financial information includes the activities of IMC Medical Group Holdings, LLC and CareHoldings for the period from June 8, 2021 to (and including) September 30, 2021 (115 days), Senior Medical Associates (SMA) for the period from June 18, 2021 to (and including) September 30, 2021 (105 days), and DNF Medical Centers for the period from September 1, 2021 to (and including) September 30, 2021 (30 days). 2Medical Expense Ratio equals external provider costs divided by Medicare and Medicaid risk-based revenues. 3Adjusted EBITDA and Platform Contribution are non-GAAP financial metrics. A reconciliation of non-GAAP metrics to GAAP financial statements is included in this release. 4Pro forma revenue and Adjusted EBITDA represent run-rate revenue and Adjusted EBITDA based on expected membership at the end of 2021, including all acquisitions expected to be closed by year-end and an estimated $23 million negative from COVID. Management Commentary “We are pleased that our third quarter continues to illustrate the effectiveness of our model in delivering proactive and personalized primary healthcare,” said Carlos de Solo, Chief Executive Officer. “By reducing spend from avoidable hospital utilization and investing those dollars back into our whole person health care model, we are closing the loop on the care continuum for some of our nation’s most vulnerable patients while improving clinical outcomes and driving down costs.” “Our Medical Expense Ratio for the third quarter of 2021 shows that we can grow while maintaining better patient outcomes. As a result, despite headwinds related to COVID and investments in our platform, the fundamentals of our business are performing in line with our forecast, and management is pleased to reaffirm our 2021 guidance. In addition, based on current trends, we expect limited impact to risk-based revenues due to COVID in 2022 and are also optimistic that COVID utilization headwinds will subside in 2022.” “From a growth perspective, we are pleased to welcome DNF Medical Centers to the CareMax family. Dr. Norberto Fleites, founder of DNF, built a tremendous company, and we are honored to continue to his legacy as we work to expand that platform by implementing our tested care model, increasing enrollments in existing centers, and building new centers.” “We expect our base business to continue its strong performance while we maintain clear line of sight to opening at least 15 de novo centers in 2022 in New York City, Memphis and other markets. By targeting underserved communities and affordable housing developments, we will continue our focus on improving health disparities for some of the most vulnerable populations, ensuring rewarding careers for our team members and delivering value for our shareholders.” Conference Call Management will host a conference call at 8:30 am ET today to discuss the results and business activities. Interested parties may participate in the call by dialing: (877) 407-9753 (Domestic) or (201) 493-6739 (International) The conference call will also be available on the Company's website, ir.caremax.com. Following the live call, a replay will be available on the Company's website. An investor presentation has also been posted to ir.caremax.com. About CareMax CareMax is a technology-enabled care platform providing value-based care and chronic disease management to seniors. CareMax operates medical centers that offer a comprehensive suite of healthcare and social services, and a proprietary software and services platform that provides data, analytics, and rules-based decision tools/workflows for physicians across the United States. Learn more at www.caremax.com. Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements include statements regarding our future growth and strategy. Words such as "anticipate," "believe," "budget," "contemplate," "continue," "could," "envision," "estimate," "expect," "guidance," "indicate," "intend," "may," "might," "plan," "possibly," "potential," "predict," "probably," "pro-forma," "project," "seek," "should," "target," or "will," or the negative or other variations thereof, and similar words or phrases or comparable terminology, are intended to identify forward-looking statements. These forward-looking statements reflect the Company’s expectations, plans or forecasts of future events and views as of the date of this press release. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important risks and uncertainties that could cause the Company's actual results and financial condition to differ materially from those indicated in forward-looking statements include, among others, the impact of COVID-19 or any variant thereof on the Company's business and results of operation; the availability of sites for medical facilities and the costs of opening such medical facilities; changes in market or industry conditions, regulatory environment, competitive conditions, and receptivity to the Company's services; the Company's ability to continue its growth, including in new markets; changes in laws and regulations applicable to the Company's business, in particular with respect to Medicare Advantage and Medicaid; the Company's ability to maintain its relationships with health plans and other key payers; any delay, modification or cancellation of government contracts; the Company's future capital requirements and sources and uses of cash, including funds to satisfy its liquidity needs; the Company or any other party’s ability to fulfill contractual obligations; and the Company's ability to recruit and retain qualified team members and independent physicians. For a detailed discussion of the risk factors that could affect the Company's actual results, please refer to the risk factors identified in the Company's reports filed with the SEC. All information provided in this press release is as of the date hereof, and the Company undertakes no duty to update or revise this information unless required by law, and forward-looking statements should not be relied upon as representing the Company’s assessments as of any date subsequent to the date of this press release. Use of Non-GAAP Financial Information Certain financial information and data contained this press release is unaudited and does not conform to Regulation S-X. Accordingly, such information and data may not be included in, may be adjusted in, or may be presented differently in, any periodic filing, information or proxy statement, or prospectus or registration statement to be filed by the Company with the SEC. Some of the financial information and data contained in this press release, such as Adjusted EBITDA and margin thereof and Platform Contribution and margin thereof, have not been prepared in accordance with United States generally accepted accounting principles (“GAAP”). These non-GAAP measures of financial results are not GAAP measures of our financial results or liquidity and should not be considered as an alternative to net income (loss) as a measure of financial results, cash flows from operating activities as a measure of liquidity, or any other performance measure derived in accordance with GAAP. The Company believes these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to the Company’s financial condition and results of operations. The Company’s management uses these non-GAAP measures for trend analyses and for budgeting and planning purposes. The Company believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating projected operating results and trends in and in comparing the Company’s financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. Management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in the Company’s financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. In order to compensate for these limitations, management presents non-GAAP financial measures in connection with GAAP results. You should review the Company’s audited financial statements, which have been filed by the Company with the SEC. A reconciliation for Adjusted EBITDA to the most directly comparable GAAP financial measures is included below. Use of Pro Forma Financial Information and Pro Forma Non-GAAP Financial Information The unaudited pro forma statements of operations below are provided for informational purposes only and are not necessarily indicative of the operating results or financial position that would have occurred if the acquisitions of IMC and Care Holdings had occurred in the stated historical periods, nor are they indicative of the future results or financial position of the combined company. The unaudited pro forma statements of operations do not give effect to the potential impact, of any anticipated synergies, operating efficiencies or cost savings that may result from the acquisitions of IMC and Care Holdings, any integration costs or tax deductibility of transaction costs. Additionally, Adjusted EBITDA presented on a pro forma basis gives effect to the acquisitions of IMC and Care Holdings as if they had occurred in historical periods, which does not necessarily reflect what the Company’s Adjusted EBITDA would have been had the acquisitions occurred on the dates indicated. A reconciliation of projected 2021 pro forma Adjusted EBITDA to the most directly comparable GAAP financial measure is not included in this press release because, without unreasonable efforts, the Company is unable to predict with reasonable certainty the amount or timing of non-GAAP adjustments that are used to calculate this non-GAAP financial measure. In addition, the Company believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors. The variability of the specified items may have a significant and unpredictable impact on the Company’s future GAAP results. CAREMAX, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share data) (Unaudited) September 30, 2021 December 31, 2020 ASSETS CURRENT ASSETS Cash $ 80,451 $ 4,934 Accounts receivable, net 33,624 9,395 Inventory 398 15 Prepaid expenses 17,926 183 Risk settlements due from providers 464 80 Due from related parties - 274 Total Current Assets 132,863 14,881 Property and equipment, net 16,163 4,796 Goodwill 449,470 10,068 Intangible assets, net 61,575 8,575 Deferred debt issuance costs 2,084 - Other assets 1,109 183 Total Assets $ 663,264 $ 38,503 LIABILITIES AND STOCKHOLDERS'/MEMBERS' EQUITY CURRENT LIABILITIES Accounts payable $ 5,677 $ 1,044 Accrued expenses 8,346 2,572 Accrued interest payable - 149 Risk settlements due to providers 171 643 Current portion of long-term debt 6,279 1,004 Due to related parties - 39 Other current liabilities 2,831 - Total Current Liabilities 23,304 5,451 Derivative warrant liabilities 17,110 - Long-term debt, less current portion 112,890 26,325 Other liabilities 6,032 - Total Liabilities 159,336 31,776 COMMITMENTS AND CONTINGENCIES (Note 14) STOCKHOLDERS'/MEMBER'S EQUITY Class A common stock ($0.0001 par value; 250,000,000 shares authorized; 87,073,985 shares issued and outstanding at September 30, 2021) 9 - Additional paid-in-capital 506,108 - Accumulated deficit (2,189 ) - Member units (no par value, 200 authorized, issued and outstanding at December 31, 2020) - 223 Members' equity - 6,504 Total Stockholders'/Members' Equity 503,928 6,727 Total Liabilities and Stockholders'/Members' Equity $ 663,264 $ 38,503 CAREMAX, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (in thousands, except share and per share data) Three Months Ended September 30, Three Months Ended September 30, Nine Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Revenue Medicare risk-based revenue $ 76,428 $ 24,242 $ 142,005 $ 75,083 Medicaid risk-based revenue 20,884 - 26,333 - Other revenue 7,308 64 9,118 251 Total Revenue 104,620 24,306 177,456 75,334 Operating Expenses External provider costs 73,329 17,304 127,023 49,110 Cost of care 21,602 4,341 34,822 12,244 Sales and marketing 1,274 311 2,340 811 Corporate, general and administrative 13,589 1,885 24,264 4,626 Depreciation and amortization 5,176 359 7,127 1,072 Acquisition related costs 879 - 1,028 - Total operating expenses 115,849 24,200 196,604 67,863 Operating income (loss) (11,229 ) 106 (19,148 ) 7,471 Interest (expense), net (1,291 ) (387 ) (2,587 ) (1,117 ) Gain on remeasurement of warrant liabilities 10,227 - 12,022 - Gain on extinguishment of debt, net 279 - 1,637 - Other income (expense), net (840 ) - (840 ) - Income (loss) before income tax (2,854 ) (281 ) (8,916 ) 6,354 Income tax provision (benefit) - - - - Net income (loss) $ (2,854 ) $ (281 ) $ (8,916 ) $ 6,354 Net income (loss) attributable to non-controlling interest - 34 - 26 Net income (loss) attributable to controlling interest $ (2,854 ) $ (315 ) $ (8,916 ) $ 6,328 Net income (loss) attributable to CareMax, Inc. Class A common stockholders $ (2,854 ) $ (315 ) $ (8,916 ) $ 6,328 Weighted average basic shares outstanding 82,552,520 10,796,069 40,847,294 10,796,069 Weighted average diluted shares outstanding 82,552,520 10,796,069 40,847,294 10,796,069 Net income (loss) per share Basic $ (0.03 ) $ (0.03 ) $ (0.22 ) $ 0.59 Diluted $ (0.03 ) $ (0.03 ) $ (0.22 ) $ 0.59 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (in thousands) Nine Months Ended September 30, Nine Months Ended September 30, 2021 2020 CASH FLOWS FROM OPERATING ACTIVITIES Net (Loss)/Income $ (8,916 ) $ 6,354 Adjustments to reconcile net (loss)/income to net cash (Used in)/provided by operating activities: Depreciation expense 1,657 626 Amortization expense 5,488 448 Amortization of debt issuance costs 522 52 Stock compensation expense 966 - Change in fair value of warrant liabilities (12,022 ) - Gain on extinguishment of debt (1,637 ) - Changes in operating assets and liabilities: Accounts receivable 4,296 (583 ) Inventory 67 (3 ) Prepaid expenses (1,371 ) 55 Risk settlements due from/due to providers (384 ) (92 ) Due to/from related parties 235 (141 ) Other assets (312 ) 12 Accounts payable 1,583 (347 ) Accrued expenses (3 ) (381 ) Other liabilities 1,178 - Accrued interest (149 ) - Net Cash (Used In)/Provided by Operating Activities (8,802 ) 5,998 CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property and equipment (2,967 ) (1,789 ) Acquisition of businesses (298,344 ) (2,656 ) Asset Purchase Agreement Holdback Payment - (333 ) Purchase of noncontrolling interest ownership - (316 ) Net Cash Used in Investing Activities (301,311 ) (5,094 ) CASH FLOWS FROM FINANCING ACTIVITIES Borrowings under revolving loan commitment - 2,467 Loan from Paycheck Protection Program - 2,164 Proceeds from issuance of Class A common stock 415,000 - Issuance costs of Class A common stock (12,471 ) - Reverse recapitalization (108,386 ) - Proceeds from borrowings on long-term debt and credit facilities 125,000 - Principal payments on long-term debt (26,143 ) (251 ) Payment of deferred financing costs (6,883 ) - Payment of debt prepayment penalties (487 ) - Distributions to members - (144 ) Net Cash Provided by Financing Activities 385,630 4,236 NET INCREASE IN CASH 75,517 5,140 Cash - Beginning of Period 4,934 4,438 CASH - END OF PERIOD $ 80,451 $ 9,578 Non-GAAP Financial Summary (Unaudited*) $'000s March 31, 2020 June 30, 2020 September 30, 2020 December 31, 2020 March 31, 2021 June 30, 2021 September 30, 2021 Medicare Risk Revenue $ 63,373 $ 62,040 $ 63,188 $ 65,210 $ 65,394 $ 66,618 $ 76,428 Medicaid Risk Revenue 10,827 14,828 20,565 19,062 18,897 20,454 20,884 Other Revenue 4,608 4,126 3,351 3,801 4,127 4,839 7,308 Total Revenue 78,808 80,994 87,104 88,073 88,418 91,911 104,620 External Provider Costs 53,472 52,780 60,158 57,775 60,278 70,466 73,329 Cost of Care 11,246 10,093 11,417 12,446 13,427 13,246 20,315 Platform Contribution 14,090 18,121 15,529 17,852 14,712 8,199 10,976 Platform Contribution Margin (%) 17.9 % 22.4 % 17.8 % 20.3 % 16.6 % 8.9 % 10.5 % Sales and Marketing $ 1,057 $ 1,245 $ 1,290 $ 1,431 $ 391 $ 1,688 $ 1,274 Corporate, General and Administrative 7,858 5,667 6,069 6,519 7,197 6,347 8,668 Adjusted EBITDA 5,175 11,209 8,170 9,901 7,124 163 1,034 De Novo Losses 3 24 68 484 184 364 195 Adjusted EBITDA $ 5,178 $ 11,233 $ 8,237 $ 10,385 $ 7,308 $ 527 $ 1,229 Adjusted EBITDA Margin (%) 6.6 % 13.9 % 9.5 % 11.8 % 8.3 % 0.6 % 1.2 % * Figures give effect to the Business Combinations of IMC and Care Holdings as if they had occurred in historical periods. Figures may not sum due to rounding. *Figures may not sum due to rounding Nine Months Ended September 30, 2021 compared to Nine Months Ended September 30, 2020 Non-GAAP Financial Summary (Unaudited*) Nine Months Ended September 30, 2021 September 30, 2020 Y/Y Change $'000s Medicare Risk Revenue $ 208,440 $ 188,601 $ 19,839 Medicaid Risk Revenue 60,235 46,220 14,016 Other Revenue 16,274 12,085 4,189 Total Revenue 284,949 246,906 38,044 External Provider Costs 204,073 166,411 (37,663 ) Cost of Care 46,988 32,755 (14,233 ) Platform Contribution 33,887 47,740 (13,853 ) Platform Contribution Margin (%) 11.9 % 19.3 % (7.4 %) Sales and Marketing $ 3,354 $ 3,592 $ 238 Corporate, General and Administrative 22,212 19,594 (2,618 ) Adjusted EBITDA 8,321 24,554 (16,233 ) De Novo Losses 743 94 649 Adjusted EBITDA $ 9,064 $ 24,648 $ (15,584 ) Adjusted EBITDA Margin (%) 3.2 % 10.0 % (6.8 %) * Figures give effect to the Business Combinations of IMC and Care Holdings as if they had occurred in historical periods. Figures may not sum due to rounding. *Figures may not sum due to rounding Non-GAAP Operating Metrics* March 31, 2020 June 30, 2020 September 30, 2020 December 31, 2020 March 31, 2021 June 30, 2021 September 30, 2021 Centers 21 21 22 24 24 34 40 Markets 1 1 1 1 1 1 1 Patients (MCREM)** 24,800 27,500 29,000 28,400 29,200 35,300 40,400 At-Risk 84.8 % 86.7 % 85.6 % 87.7 % 87.0 % 84.1 % 87.2 % Platform Contribution ($, Millions)*** $ 14.1 $ 18.1 $ 15.5 $ 17.9 $ 14.7 $ 8.2 $ 11.0 * Figures give effect to the Business Combinations of IMC and Care Holdings as if they had occurred in historical periods. Figures may not sum due to rounding. ** MCREM defined as Medicare Equivalent Members, which assumes the level of support received by a Medicare patient is equivalent to that received by three Medicaid or Commercial patients. *** Platform contribution defined as revenue less external provider costs and cost of care, excluding depreciation and amortization. *Figures may not sum due to rounding Reconciliation to Adjusted EBITDA* $'000s March 31, 2020 June 30, 2020 September 30, 2020 December 31, 2020 March 31, 2021 June 30, 2021 September 30, 2021 Net Income (Loss) $ 3,170 $ 3,466 $ (281 ) $ 1,218 $ 1,302 $ (7,363 ) $ (2,854 ) GAAP Pro Forma Adjustments (3,513 ) 160 (189 ) 1,912 (2,730 ) (6,186 ) (0 ) Pro Forma Net Income $ (343 ) $ 3,626 $ (470 ) $ 3,130 $ (1,429 ) $ (13,549 ) $ (2,854 ) Interest expense, net 1,658 1,689 1,656 1,628 1,400 1,667 1,291 Depreciation and amortization 3,514 3,244 3,368 3,418 2,979 3,339 5,176 Loss/(Gain) on remeasurement of warrant liabilities - - - - - (1,795 ) (10,227 ) Loss/(Gain) on extinguishment of debt - - - 451 - 806 (279 ) Other expense/(income) (2 ) (12 ) 100 (997 ) 212 (2,367 ) 840 EBITDA $ 4,827 $ 8,547 $ 4,653 $ 7,630 $ 3,162 $ (11,900 ) $ (6,053 ) Other adjustments Non-recurring expenses (309 ) 1,985 2,763 1,390 2,795 8,257 4,249 Acquisition costs 656 678 789 893 1,168 3,806 1,871 Stock based compensation - - - - - - 966 De novo losses 3 24 68 484 184 364 195 Discontinued operations - (0 ) (35 ) (12 ) (1 ) (0 ) - Adjusted EBITDA $ 5,178 $ 11,233 $ 8,237 $ 10,385 $ 7,308 $ 527 $ 1,229 * Pro Forma figures give effect to the Business Combinations of IMC and Care Holdings as if they had occurred in historical periods. Figures may not sum due to rounding. *Figures may not sum due to rounding Three and Nine months Ended September 30, 2021 Reconciliation to Adjusted EBITDA Three Months Ended Nine Months Ended $'000s September 30, 2021 September 30, 2020 Y/Y Change September 30, 2021 September 30, 2020 Y/Y Change Net Income (Loss) $ (2,854 ) $ (281 ) $ (2,573 ) $ (8,916 ) $ 6,354 $ (15,269 ) GAAP Pro Forma Adjustments (505 ) (189 ) (316 ) (8,917 ) (3,541 ) (5,376 ) Pro Forma Net Income (Loss) (3,358 ) (470 ) (2,888 ) (17,832 ) 2,813 (20,645 ) Interest expense 1,291 1,656 (364 ) 4,358 5,002 (644 ) Depreciation and amortization 5,680 3,368 2,313 11,494 10,126 1,368 Loss/(Gain) on remeasurement of warrant liabilities (10,227 ) - (10,227 ) (12,022 ) - (12,022 ) Loss/(Gain) on extinguishment of debt (279 ) - (279 ) (1,637 ) - (1,637 ) Other expenses 840 100 740 849 86 763 EBITDA (6,052 ) 4,653 (10,705 ) (14,790 ) 18,027 (32,817 ) Other Adjustments Non-recurring expenses 4,249 2,763 1,486 15,302 4,439 10,863 Acquisition costs 1,871 789 1,083 6,844 2,123 4,721 Stock based compensation 966 - 966 966 - 966 De novo losses 195 68 127 743 94 649 Discontinued operations - (35 ) 35 (1 ) (35 ) 34 Adjusted EBITDA $ 1,229 $ 8,237 $ (7,009 ) $ 9,064 $ 24,648 $ (15,584 ) *Pro Forma figures give effect to the Business Combinations of IMC and Care Holdings as if they had occurred in historical periods. Figures may not sum due to rounding. *Figures may not sum due to rounding View source version on businesswire.com: https://www.businesswire.com/news/home/20211115005688/en/
CareMax, Inc. Media Christine Bucan (305) 542-8855 Christine@thinkbsg.com Investor Relations Ben Quirk (415) 640-3715 ben.quirk@caremax.com The Equity Group Inc. Devin Sullivan (212) 836-9608 dsullivan@equityny.com
