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CareMax Inc. Announces Third Quarter 2021 Financial Results

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

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