NEW YORK, Feb. 15, 2022 /PRNewswire/ -- Marpai, Inc.
("Marpai" or the "Company") (NASDAQ: MRAI), a deep learning
technology company transforming third party administration (TPA) in
the self-funded health insurance market, today announced
preliminary, unaudited financial information for the fourth quarter
of 2021.
Marpai expects its fourth quarter revenues to be in the range of
$5.7 to $5.9
million, compared to its previous guidance range of
$5.6 to $5.8
million. This represents a quarter-over-quarter growth
of approximately 19% to 23% versus the third quarter of
2021. The Company also announced that it had cash and cash
equivalents of $19.2 million as of
December 31, 2021 (not including
restricted cash).
Marpai expects to release the fully audited 2021 financial
statements on or before March 31,
2022.
For more information on Marpai,
visit www.marpaihealth.com.
About Marpai, Inc.
Marpai,Inc. (Nasdaq: MRAI) is a
technology company positioned as the AI-powered TPA alternative in
the $22 billion TPA (Third Party
Administrator) sector serving employers with self-funded company
health plans and representing over $1
trillion in annual health care claims. Beyond traditional
TPA services, Marpai offers AI-powered services aimed at reducing
claims costs, lowering reinsurance premiums and elevating care
quality. Marpai's proprietary deep learning algorithms uniquely
predict potential health events related to chronic illness and
major procedures to help prevent costly claims and ensure the best
care journey for members. Operating nationwide, Marpai serves over
50,000 members, offers provider networks including Aetna and Cigna,
and partners with brokers and consultants. For more information,
visit www.marpaihealth.com.
Forward-looking Statements
This press release
contains forward-looking statements, as that term is defined in the
Private Litigation Reform Act of 1995, that involve significant
risks and uncertainties, including statements regarding anticipated
fourth-quarter results. Forward-looking statements can be
identified through the use of words such as "anticipates,"
"expects," "intends," "plans," "believes," "seeks," "estimates,"
"may," "can," "could", "will", "potential", "should," "goal" and
variations of these words or similar expressions. For example, when
Marpai discusses its preliminary unaudited estimates of revenues
for the quarter ended December 31,
2021, the timing of release of its 2021 fully audited
financial statements it is using forward looking statements.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which reflect Marpai's current
expectations and speak only as of the date of this release. Actual
results may differ materially from Marpai's current expectations
depending upon a number of factors. These factors include, among
others, adverse changes in general economic and market conditions,
competitive factors including but not limited to pricing pressures
and new product introductions, uncertainty of customer acceptance
of new product offerings and market changes, risks associated with
managing the growth of the business. Except as required by law,
Marpai does not undertake any responsibility to revise or update
any forward-looking statements whether as a result of new
information, future events or otherwise.
More detailed information about Marpai and the risk factors that
may affect the realization of forward-looking statements is set
forth in Marpai's filings with the Securities and Exchange
Commission. Investors and security holders are urged to read these
documents free of charge on the SEC's web site
at http://www.sec.gov.
Media contact:
Erika
Beerbower for Marpai
erika@lightspeedpr.com
407-758-2727
Investor Relations contact:
Dave Gentry
RedChip Companies Inc.
1-800-RED-CHIP (733-2447)
Or 407-491-4498
Dave@redchip.com
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SOURCE Marpai Health