Marpai
has secured a number of significant new accounts for 2025
TAMPA, Fla.
, Nov. 26, 2024 /PRNewswire/ -- Marpai, Inc. ("Marpai" or the "Company") (OTCQX: MRAI), a technology platform company, operates as a national Third-Party Administrator (TPA) through its subsidiaries. Marpai is transforming the $22 billion TPA market by offering affordable, intelligent, healthcare solutions to self-funded employer health plans.
Traditionally, TPAs target about 80% of their new business and renewals for January 1st; with the addition of our new sales team in early 2024, the Company is pleased to report that it has secured several new major clients for 2025. Some of the new clients include: a 4,000 employee life restaurant group, a 6,000 employee life multi-location hospital group and a few housing industry clients with approximately 3,400 employee lives that are set to transition over the course of 2025.
The additional sales, along with the continued execution on efficiencies and cost reductions, keep the Company on track for expected break-even performance in early 2025.
"Our sales team has excelled in leveraging Marpai Saves to deliver immediate value to our targeted industries," commented Damien Lamendola, Marpai CEO and Director. "Additionally, our focus on cost efficiency and productivity keeps us on track for an expected break-even in early 2025. It's been a busy but successful year."
About Marpai, Inc.
Marpai, Inc. (OTCQX: MRAI) is a technology platform company which operates subsidiaries that provide TPA and value-oriented health plan services to employers that directly pay for employee health benefits. Primarily competing in the $22 billion TPA sector serving self-funded employer health plans representing over $1 trillion in annual claims. Through its Marpai Saves initiative, the Company works to deliver the healthiest member population for the health plan budget. Operating nationwide, Marpai offers access to leading provider networks including Aetna and Cigna, industry leading Reference Based Pricing (RBP) solutions and all TPA services. For more information, visit www.marpaihealth.com, the content of which is not incorporated by reference into this press release. Investors are invited to visit https://www.ir.marpaihealth.com.
Forward-Looking Statement Disclaimer
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. Forward-looking statements can be identified through the use of words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," "guidance," "may," "can," "could", "will", "potential", "should," "goal" and variations of these words or similar expressions. For example, the Company is using forward looking statements when it discusses new business, future opportunities, that the new client contracts are set to transition over the course of 2025 and its expected break-even potential in early 2025. 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.
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SOURCE Marpai
