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CareMax Gestione

Criteri Gestione verificati 3/4

CareMax Il CEO è Carlos de Solo, nominato in May2011, e ha un mandato di 13.75 anni. la retribuzione annua totale è $ 3.39M, composta da 19.2% di stipendio e 80.8% di bonus, comprese azioni e opzioni aziendali. possiede direttamente 5.65% delle azioni della società, per un valore di $ 0.17. La durata media del mandato del team dirigenziale e del consiglio di amministrazione è rispettivamente 2.8 anni e 3 anni.

Informazioni chiave

Carlos de Solo

Amministratore delegato

US$3.4m

Compenso totale

Percentuale dello stipendio del CEO	19.19%
Mandato del CEO	13.8yrs
Proprietà del CEO	5.6%
Durata media del management	2.8yrs
Durata media del Consiglio di amministrazione	3yrs

Aggiornamenti recenti sulla gestione

Recent updates

Articolo di analisi • Aug 14

US$2.60: That's What Analysts Think CareMax, Inc. (NASDAQ:CMAX) Is Worth After Its Latest Results

CareMax, Inc. ( NASDAQ:CMAX ) missed earnings with its latest quarterly results, disappointing overly-optimistic...

Articolo di analisi • Jun 20

CareMax, Inc.'s (NASDAQ:CMAX) Subdued P/S Might Signal An Opportunity

When you see that almost half of the companies in the Healthcare industry in the United States have price-to-sales...

Articolo di analisi • May 13

Here's What Analysts Are Forecasting For CareMax, Inc. (NASDAQ:CMAX) After Its First-Quarter Results

CareMax, Inc. ( NASDAQ:CMAX ) missed earnings with its latest first-quarter results, disappointing overly-optimistic...

Articolo di analisi • Mar 11

Analysts Have Just Cut Their CareMax, Inc. (NASDAQ:CMAX) Revenue Estimates By 11%

Market forces rained on the parade of CareMax, Inc. ( NASDAQ:CMAX ) shareholders today, when the analysts downgraded...

Seeking Alpha • Sep 16

CareMax: Numbers Are Strong, Compelling Value On Offer

Summary CareMax has caught a strong bid lately following a number of catalysts that deliver forward earnings growth. Shares appear to be fairly valued at current multiples, although, negative earnings are also noted. Alas, the Steward Healthcare transaction provides meaningful accretion to pre and post-tax earnings. Net-net, CMAX presents with compelling value and I rate it a speculative buy. Investment summary Recent company-specific tailwinds have seen shares of CareMax, Inc. (CMAX) catch a strong bid in H2 FY22 and re-rate to the upside. Whilst there's an element that's beta-related from the July bounce in equities, there's still plenty of idiosyncratic premia to harvest in this name. With the Steward Healthcare transaction now complete, we now have more conclusiveness on its accretion to pre-and-post-tax earnings. Shares are also fairly priced at 1.2 book value, and net-net, I rate CMAX a speculative buy. CMAX Q2 earnings provide insights to FY22 full-year expectations CMAX came in with a fairly strong set of numbers that saw upside against consensus at the top line. Revenue lifted 280% YoY to $172 million ("mm"). Meaningful growth was observed across Medicare and Medicaid at-risk revenue, each up triple digits YoY. In fact, Medicare members grew by 3,000 sequentially from Q1 this year, as the company converted this amount to full-risk revenue, thus helping secure the uptick in turnover. Meanwhile, the consolidated medical expense ratio ("MER") for Q2 came in at 73.6% and sub-70% when excluding the medical service organization ("MSO") business. This does speak to the company's success rate in ensuring patient health and safety. Management believes that if CMAX can achieve its MER targets and new MSO membership nudges past 85%, this could represent an annualized medical margin addition of $10mm [even with no additional members after hitting these targets]. CMAX defines medical margin as: [Medicare & Medicaid at-risk revenue minus external provider costs]. This number came in smaller than in Q2 FY21, adding ~240bps to the reported MER. Further, cost of care numbers jumped 13% YoY to $30mm, as compensation adjustments were rolled out in April, plus from an uptick in pharmacy script volume [stretching up associated COGS]. More so, however, was that CMAX booked its first quarter of turnover from facility costs at the 3 de novo facilities opened recently in both Texas and New York. It continues to push towards opening 15 de novo centers for FY22 total. One key standout has been the company's contribution margin ("PCM") from FY20 to date, as seen in Exhibit 1. Trends have exhibited a growth from low points in Q2 FY21 and are now back above FY20 levels, and this serves as a key tailwind to non-GAAP earnings looking ahead. CMAX defines platform contribution as [revenue, minus the sum of external provider costs and cost of care]. What's been equally as pleasing is growth in these numbers has occurred alongside a simultaneous increase in new centers, patients and markets. Exhibit 1. CMAX patient contribution margin trends from FY20–date Satisfactory growth trends across all segments PCM now back above FY20 levels Data: CMAX 10-Q Q2 FY22, pp.26: "Platform Contribution"; see: table, "Non-GAAP Operating Metrics". As seen in Exhibit 2, the leverage of new centers to PCM has been a positive relationship. The pace of new center openings has ratcheted PCM up by double-digits following each period where de novo centers are completed. This is a satisfactory set of numbers when looking ahead, and serves as a bedrock to the company's planned growth trajectory. Should the company continue along this trend, this adds a bullish asymmetry to the risk/reward balance. Exhibit 2. There's a high degree of 'operating leverage' from new center openings on a sequential basis. Adds to predictability of future cash flows in gauging corporate value. Suggests efficiency in turning costs associated to new centers into contribution margin. Note: All figures in $mm or [%]. "Operating leverage from Centres to PCM" defined as QoQ percentage change in new centres / change in platform contribution margin. (Image: HB Insights. Data: HB Insights, CMAX SEC Filings) Price action – downtrend continues, seriously testing resistance Given the stock's relatively new entrance to public life [it listed in Q3 FY20'] I wanted to see how the market's reacted since its NASDAQ debut. As seen in Exhibit 3, shares have walked the stairs down south in H2 FY22 in continuation with the longer-term downtrend shown below. However, there's been a key change in price action to coincide with the Steward Health transaction [discussed later]. The stock has caught a bid since this point and tested lows of ~$3.45–$3.50 on 2 occasions before bouncing away and testing the long-term resistance level [light blue line shown to ceiling of resistance seen below]. In addition, long-term trend indicators have stretched up in the July bounce in equities, adding validity to the recent uptick. Momentum has, however, pulled back to range and is unsupportive of the same. We need to see shares test the upper resistance level shown and break through this point for CMAX to catch another strong bid up to our price target. Exhibit 3. Long-term downtrend since listing in FY20' Both price distribution and volatility has been held within this range. Now testing resistance at the levels seen below. Note: 12-month chart shown with daily bars, with momentum and on balance volume in the 2 subsequent windows, respectively. (Data: HB Insights, Refinitiv Eikon) In addition, on the 9-month daily cloud chart seen below, shares are trading in the cloud and now garnering cloud support at current levels. The lag line [shown in white] is also stretched up above the cloud, and combined, these 2 features have me constructive on the validity on the bullish trend.

Seeking Alpha • Aug 09

CareMax GAAP EPS of -$0.11 misses by $0.09, revenue of $172.28M beats by $36.85M

CareMax press release (NASDAQ:CMAX): Q2 GAAP EPS of -$0.11 misses by $0.09. Revenue of $172.28M (+283.5% Y/Y) beats by $36.85M.

Seeking Alpha • Jul 02

CareMax: Steward Health Care Acquisition Highlights Growth Ambitions

CareMax has disclosed the planned acquisition of the Medicare VBC business of Steward Health Care System for a c. $135 million consideration. The strategic rationale ticks the right boxes, while the financial terms seem favorable. With the funding risk also limited following the latest credit line, the shares offer good value at the current discount to book. CareMax (CMAX), a value-based care provider to seniors, looks set to further capitalize on secular tailwinds in the Medicare Advantage global capitation primary care space with the addition of the Medicare VBC ("value-based care") business of Steward Health Care System. Financially, the c. $135 million purchase price and steady EBITDA generation ($110-115 million projected by fiscal 2025), as well as the aligned incentives (performance-linked earnout), make this a compelling deal for shareholders. Strategically, acquiring Steward also widens CMAX's MSO ("Managed Services Organization") membership, significantly accelerating the path to profitability via operating leverage as the company expands its revenue base. With growth funding needs also accounted for with a new credit line and CMAX's industry-leading MLR ("medical loss ratio") intact, I see plenty of upside to the shares at the current c. 0.7x P/Book valuation. A Closer Look at the Steward Health Care System Acquisition CMAX recently announced the acquisition of the Medicare VBC business of Steward Health Care System. As part of the deal, CMAX will provide a c. $25 million cash consideration and 23.5 million Class A shares (equivalent to c. 21% of Class A shares outstanding pre-deal), which implies a c. $135 million total consideration. Steward shareholders also have the option of an earnout of additional CMAX Class A shares - a scenario that could see its current shareholders owning a sizeable c. 41% of outstanding Class A shares. The earnout would, however, be dependent on the conversion of 100k Medicare lives to value-based risk arrangements while maintaining an 85% MLR ratio for consecutive quarters. CareMax Post-acquisition, CMAX will be the exclusive value-based MSO for Steward's Medicare Network, comprising 170k VBC beneficiaries and 1.8k providers to Steward's healthcare programs. The patient breakdown is as follows - 112k from MSSP ("Multipurpose Senior Services Program"), 50k from MA ("Medicare Advantage"), and 9k from DCE ("Direct Contracting"). At close, this would imply a total of over 200k beneficiaries and over 2k providers across ten states for CMAX, with new states reached including Arizona, Pennsylvania, and Texas, among others. While the incremental revenue contribution stands at only $35-40 million/year under the current shared-savings accounting, the targeted conversion of 100+k lives to MA capitation would produce a considerably larger $1.6-1.7 billion revenue opportunity by fiscal 2025. As things stand, the transaction is expected to close in H2 '22. Financially Attractive Deal Terms Relative to the projected fiscal 2023 EBITDA of $15-20 million, the initial c. $135 million consideration amounts to a 7-9x EV/EBITDA multiple. But Steward's EBITDA projections are guided to ramp up further. From $10-13 million in fiscal 2022 and $15-20 million in fiscal 2023, the acquired assets are guided to generate an impressive $100-115 million of EBITDA by fiscal 2025 (implying a 100+% CAGR). As such, using the base case medium-term projection would imply an undemanding c. 1x EV/EBITDA valuation. Importantly, the Steward EBITDA projections also reflect additional operating expenses to professionalize membership and, therefore, will fully accrue to CMAX. Similarly, the expected revenue growth seems realistic as they are mainly driven by the conversion of MA partial risk and MA Fee-for-Service contracts into MA full-risk contracts. CareMax Worth noting, however, that Steward shareholders stand to gain an additional c. 20% equity stake if the company can successfully convert 100k members to at-risk VBC arrangements post-acquisition and sustain an 85% medical expense ratio for consecutive quarters. This could entail considerable equity dilution ahead for CMAX shareholders, but as the dilution is tied to the material improvements in the EBITDA profile of CMAX, shareholders likely come out with meaningful accretion anyway. Longer-Term Growth Ambitions Boosted by New Credit Line With the acquisition of Steward assets, CMAX will not only gain entry into new markets but also the opportunity to reprioritize clinic builds around MSO density, focusing on overlap with strategic partners like Elevance Health (ELV) and privately-owned Related. The focus on patient density is a key positive for newbuild economics, as it reduces the initial cash burn and allows for better complementarity between new clinics and the company's overall MSO growth. Longer-term, the hope is that CMAX identifies more high-performing providers and transitions them to owned clinic/hybrid models. As the transition would allow for a higher impact on patient health outcomes through ancillary services with more touch points, success here could be massively accretive to the overall business. CareMax

Analisi delle retribuzioni degli amministratori delegati

Come è cambiata la remunerazione di Carlos de Solo rispetto agli utili di CareMax?
Data	Compenso totale	Stipendio	Utili della società
Jun 30 2024	n/a	n/a	-US$783m
Mar 31 2024	n/a	n/a	-US$645m
Dec 31 2023	US$3m	US$650k	-US$683m
Sep 30 2023	n/a	n/a	-US$207m
Jun 30 2023	n/a	n/a	-US$126m
Mar 31 2023	n/a	n/a	-US$103m
Dec 31 2022	US$3m	US$650k	-US$38m
Sep 30 2022	n/a	n/a	-US$52m
Jun 30 2022	n/a	n/a	-US$44m
Mar 31 2022	n/a	n/a	-US$25m
Dec 31 2021	US$2m	US$419k	-US$7m
Sep 30 2021	n/a	n/a	-US$2m
Jun 30 2021	n/a	n/a	US$12m
Mar 31 2021	n/a	n/a	US$6m
Dec 31 2020	US$3m	US$112k	US$8m
Sep 30 2020	n/a	n/a	US$7m
Dec 31 2019	US$3m	US$48k	US$6m

Compensazione vs Mercato: La retribuzione totale di Carlos ($USD 3.39M ) è superiore alla media delle aziende di dimensioni simili nel mercato US ($USD 627.03K ).

Compensazione vs guadagni: La retribuzione di Carlos è stata coerente con le performance aziendali dell'ultimo anno.

AMMINISTRATORE DELEGATO

Carlos de Solo (45 yo)

13.8yrs

Mandato

US$3,386,890

Compensazione

Mr. Carlos A. de Solo is a Co-Founder of CareMax Medical Group, L.L.C., and serves as President, Chief Executive Officer and Director since May 2011. Mr. de Solo has experience in the healthcare industry....

Gruppo dirigente

Nome	Posizione	Mandato	Compensazione	Proprietà
Carlos de Solo	Co-Founder	13.8yrs	US$3.39m	5.65% $ 0.2
Kevin Wirges	Executive VP	3.7yrs	US$1.35m	0.14% $ 0.004
Alberto de Solo	Executive VP & COO	13.8yrs	US$1.82m	2.55% $ 0.08
Erick Fernandez	Chief Accounting Officer	3.1yrs	Nessun dato	Nessun dato
Mark Llorente	Chief Administrative Officer & Head of MSO Operations	1.9yrs	Nessun dato	Nessun dato
Roger Ou	SVP of Finance & Investor Relations	no data	Nessun dato	Nessun dato
Meredith Longsworth	Senior VP	2.8yrs	Nessun dato	Nessun dato
Teresa McMeans	Chief Compliance Officer	2.8yrs	Nessun dato	Nessun dato
Niberto Moreno	Chief Medical Officer & President of Caremax MSO	no data	Nessun dato	Nessun dato
Nicole Cable	Chief Experience Officer	2.8yrs	Nessun dato	Nessun dato
Michael Jarjour	Chief Digital Officer	2.1yrs	Nessun dato	Nessun dato
Paul Rundell	Chief Restructuring Officer	less than a year	Nessun dato	Nessun dato

2.8yrs

Durata media

45yo

Età media

Gestione esperta: Il team dirigenziale di CMAX.Q è considerato esperto (durata media dell'incarico 2.8 anni).

Membri del Consiglio di amministrazione

Nome	Posizione	Mandato	Compensazione	Proprietà
Carlos de Solo	Co-Founder	13.8yrs	US$3.39m	5.65% $ 0.2
Richard Barasch	Advisor to the Board	3yrs	US$565.56k	Nessun dato
Edward Borkowski	Independent Director	less than a year	Nessun dato	Nessun dato
Ralph de la Torre	Director	2.3yrs	US$205.00k	15.79% $ 0.5
Kevin Berg	Independent Director	2.3yrs	US$216.35k	0.011% $ 0.0003
Bryan Cho	Independent Director	3.6yrs	US$235.00k	0.47% $ 0.01
Jose Rodriguez	Independent Chairman	3.7yrs	US$322.50k	0.036% $ 0.001
Vincent Omachonu	Independent Director	3.7yrs	US$205.00k	0.026% $ 0.0008
Ryan O'Quinn	Independent Director	2.3yrs	US$225.00k	0.011% $ 0.0003

3.0yrs

Durata media

57yo

Età media

Consiglio di amministrazione esperto: I membri del consiglio di amministrazione di CMAX.Q sono considerati esperti (durata media dell'incarico 3 anni).

Analisi aziendale e situazione dei dati finanziari

Dati	Ultimo aggiornamento (ora UTC)
Analisi dell'azienda	2025/02/04 23:16
Prezzo dell'azione a fine giornata	2025/01/29 00:00
Utili	2024/06/30
Utili annuali	2023/12/31

Fonti dei dati

I dati utilizzati nella nostra analisi aziendale provengono da S&P Global Market Intelligence LLC. I seguenti dati sono utilizzati nel nostro modello di analisi per generare questo report. I dati sono normalizzati, il che può comportare un ritardo nella disponibilità della fonte.

Pacchetto	Dati	Tempistica	Esempio Fonte USA ^*
Dati finanziari della società	10 anni	Conto economico Rendiconto finanziario Bilancio	Modulo SEC 10-K Modulo SEC 10-Q
Stime di consenso degli analisti	+3 anni	Previsioni finanziarie Obiettivi di prezzo degli analisti	Rapporti di ricerca degli analisti Blue Matrix
Prezzi di mercato	30 anni	Prezzi delle azioni Dividendi, scissioni e azioni	Dati di mercato ICE Modulo SEC S-1
Proprietà	10 anni	Top azionisti Insider trading	Modulo 4 SEC Modulo 13D SEC
Gestione	10 anni	Team di leadership Consiglio di amministrazione	Modulo SEC 10-K Modulo SEC DEF 14A
Sviluppi principali	10 anni	Annunci aziendali	Modulo 8-K SEC

* Esempio per i titoli statunitensi, per i titoli non statunitensi si utilizzano forme e fonti normative equivalenti.

Se non specificato, tutti i dati finanziari si basano su un periodo annuale ma vengono aggiornati trimestralmente. Si tratta dei cosiddetti dati TTM (Trailing Twelve Month) o LTM (Last Twelve Month). Per saperne di più.

Modello di analisi e Snowflake

I dettagli del modello di analisi utilizzato per generare questo report sono disponibili sulla nostra pagina Github; abbiamo anche guide su come utilizzare i nostri report e tutorial su Youtube.

Scoprite il team di livello mondiale che ha progettato e realizzato il modello di analisi Simply Wall St.

Metriche di settore e industriali

Le nostre metriche di settore e di sezione sono calcolate ogni 6 ore da Simply Wall St; i dettagli del nostro processo sono disponibili su Github.

Fonti analitiche

CareMax, Inc. è coperta da 4 analisti. 1 di questi analisti ha fornito le stime di fatturato o di utile utilizzate come input per il nostro report. Le stime degli analisti vengono aggiornate nel corso della giornata.

Analista	Istituzione
Brian Tanquilut	Jefferies LLC
Jessica Tassan	Piper Sandler Companies
Gary Taylor	TD Cowen

This company is no longer active

CareMax Gestione

Criteri Gestione verificati 3/4

Informazioni chiave

Aggiornamenti recenti sulla gestione

High number of new directors

High number of new directors

CareMax, Inc. Announces Resignation of David J. Shulkin as A Member of the Board of Director

CareMax, Inc. Appoints Ralph De La Torre as Director

High number of new and inexperienced directors

CareMax, Inc. Approves Appointment of Ryan O'quinn as Board of Director

Recent updates

CareMax, Inc.(OTCPK:CMAX.Q) dropped from NASDAQ Composite Index

CareMax, Inc.(NasdaqGS:CMAX) dropped from S&P TMI Index

Interim DIP Financing Approved for CareMax, Inc.

Motion for Joint Administration Approved for CareMax, Inc.

CareMax, Inc. Filed for Bankruptcy

CareMax, Inc. announced delayed 10-Q filing

Consensus EPS estimates fall by 125%, revenue upgraded

High number of new directors

CareMax Receives Non-Compliance Notice from Nasdaq Regarding Minimum MVPHS Requirement

Consensus EPS estimates upgraded to US$20.83 loss, revenue downgraded

US$2.60: That's What Analysts Think CareMax, Inc. (NASDAQ:CMAX) Is Worth After Its Latest Results

Second quarter 2024 earnings: EPS and revenues miss analyst expectations

Consensus EPS estimates upgraded to US$33.26 loss

New major risk - Financial position

High number of new directors

CareMax, Inc. announced delayed annual 10-K filing

Price target decreased by 42% to US$26.00

Price target decreased by 17% to US$37.33

CareMax Announces 1-for-30 Reverse Stock Split to Regain Compliance with the Minimum Bid Price Requirement

CareMax Receives Non-Compliance Notice From Nasdaq

New major risk - Share price stability

New minor risk - Market cap size

Consensus EPS estimates fall by 64%

Price target increased by 9.1% to US$6.00

Consensus EPS estimates fall by 105%

New minor risk - Profitability

Caremax, Inc. Reports Unaudited Goodwill Impairment for the Three Months Ended September 30, 2023

CareMax, Inc. to Report Q3, 2023 Results on Nov 09, 2023

CareMax, Inc. Announces Resignation of David J. Shulkin as A Member of the Board of Director

Consensus EPS estimates fall by 18%, revenue upgraded

Price target decreased by 11% to US$6.00

Second quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind

Caremax, Inc. Raises Revenue Guidance for the Full Year of 2023

CareMax, Inc.'s (NASDAQ:CMAX) Subdued P/S Might Signal An Opportunity

Consensus EPS estimates upgraded to US$0.28 loss, revenue downgraded

Here's What Analysts Are Forecasting For CareMax, Inc. (NASDAQ:CMAX) After Its First-Quarter Results

Caremax, Inc. Reaffirms Full Year 2023 Guidance

First quarter 2023 earnings: EPS and revenues miss analyst expectations

Consensus EPS estimates upgraded to US$0.42 loss

Consensus EPS estimates upgraded to US$0.49 loss, revenue downgraded

Consensus revenue estimates fall by 12%

Analysts Have Just Cut Their CareMax, Inc. (NASDAQ:CMAX) Revenue Estimates By 11%

Full year 2022 earnings: EPS and revenues exceed analyst expectations

Price target decreased to US$8.50

CareMax, Inc. Appoints Ralph De La Torre as Director

Consensus forecasts updated

High number of new and inexperienced directors

CareMax, Inc. (NasdaqGS:CMAX) completed the acquisition of Steward National Care Network, Inc., Steward Integrated Care Network, Inc. and Steward Accountable Care Network, Inc. from Steward Health Care System LLC.

Third quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind

Caremax, Inc. Raises Earnings Guidance for the Full Year 2022

CareMax, Inc. Approves Appointment of Ryan O'quinn as Board of Director

CareMax, Inc. to Report Q3, 2022 Results on Nov 09, 2022

CareMax, Inc., Annual General Meeting, Nov 02, 2022

CareMax: Numbers Are Strong, Compelling Value On Offer

Price target decreased to US$11.10

Consensus estimates of losses per share improve by 14%

Consensus forecasts updated

Second quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind

CareMax, Inc. Revises Earnings Guidance for the Full Year 2022

CareMax GAAP EPS of -$0.11 misses by $0.09, revenue of $172.28M beats by $36.85M

CareMax, Inc. to Report Q2, 2022 Results on Aug 09, 2022

Price target decreased to US$11.00

High number of new and inexperienced directors

CareMax: Steward Health Care Acquisition Highlights Growth Ambitions

CareMax, Inc. (NasdaqGS:CMAX) entered into an agreement to acquire Steward National Care Network, Inc., Steward Integrated Care Network, Inc. and Steward Accountable Care Network, Inc. from Steward Health Care System LLC for approximately $135 million.

Analisi delle retribuzioni degli amministratori delegati

AMMINISTRATORE DELEGATO

Gruppo dirigente