Analyst Summary:
CareMax, a technology-enabled value-based care delivery system, has announced its financial results for Q4 and full year 2022. The company saw a major milestone in its mission to transform healthcare for seniors throughout the US. It's now focused on integrating its business into its MSO, and is optimistic about realizing benefits in 2023 and beyond. CareMax has revised its presentation and calculation of adjusted EBITDA to no longer add back de novo pre-opening costs and post-opening losses. The company's medical expense ratio was 69%, compared to 71% for Q4 2021. CareMax's adjusted EBITDA for Q4 2022 was $64.6 million, a YoY increase of 164%. Full-year adjusted EBITDA was $247.7 million, an increase of 85% YoY. In regard to forward-looking statements, the company has identified certain risk factors that investors should consider, including risks related to future acquisitions. CareMax is set to host an investor day in Miami on March 13, 2023.