CareMax, Inc.

OTCPK:CMAX.Q 株式レポート

時価総額：US$3.0

This company is no longer active

The company may no longer be operating, as it may be out of business. Find out why through their latest events.

CareMax 過去の業績

過去 基準チェック /06

CareMaxの収益は年間平均-96.7%の割合で減少していますが、 Healthcare業界の収益は年間 増加しています。収益は年間4% 40.6%割合で 増加しています。

主要情報

-96.68%

収益成長率

-108.88%

EPS成長率

Healthcare 業界の成長8.50%
収益成長率40.58%
株主資本利益率n/a
ネット・マージン-99.78%
前回の決算情報30 Jun 2024

最近の業績更新

Recent updates

分析記事 • 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...
分析記事 • 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...
分析記事 • 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...
分析記事 • 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

収支内訳

CareMax の稼ぎ方とお金の使い方。LTMベースの直近の報告された収益に基づく。

収益と収入の歴史

OTCPK:CMAX.Q 収益、費用、利益 ( )USD Millions
日付収益収益G+A経費研究開発費
30 Jun 24785-783820
31 Mar 24810-645900
31 Dec 23751-683950
30 Sep 23764-207960
30 Jun 23719-126970
31 Mar 23667-103930
31 Dec 22631-38880
30 Sep 22585-52860
30 Jun 22532-44760
31 Mar 22405-25660
31 Dec 21296-7460
30 Sep 21206-2300
30 Jun 2112512170
31 Mar 21106650
31 Dec 20103890
30 Sep 201017140
31 Dec 19916320
31 Dec 18723250

質の高い収益: CMAX.Qは現在利益が出ていません。

利益率の向上: CMAX.Qは現在利益が出ていません。

フリー・キャッシュフローと収益の比較

過去の収益成長分析

収益動向: CMAX.Qは利益が出ておらず、過去 5 年間で損失は年間96.7%の割合で増加しています。

成長の加速: CMAX.Qの過去 1 年間の収益成長を 5 年間の平均と比較することはできません。現在は利益が出ていないためです。

収益対業界: CMAX.Qは利益が出ていないため、過去 1 年間の収益成長をHealthcare業界 ( 17% ) と比較することは困難です。

株主資本利益率

高いROE: CMAX.Qの負債は資産を上回っているため、自己資本利益率を計算することは困難です。

総資産利益率

使用総資本利益率

過去の好業績企業の発掘

7D

1Y

7D

1Y

7D

1Y

企業分析と財務データの現状

データ最終更新日（UTC時間）
企業分析2025/02/04 01:05
終値2025/01/29 00:00
収益2024/06/30
年間収益2023/12/31

データソース

企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。

パッケージデータタイムフレーム米国ソース例
会社財務10年
  • 損益計算書
  • キャッシュ・フロー計算書
  • 貸借対照表
アナリストのコンセンサス予想+プラス3年
  • 予想財務
  • アナリストの目標株価
市場価格30年
  • 株価
  • 配当、分割、措置
所有権10年
  • トップ株主
  • インサイダー取引
マネジメント10年
  • リーダーシップ・チーム
  • 取締役会
主な進展10年
  • 会社からのお知らせ

* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。

特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。

分析モデルとスノーフレーク

本レポートを生成するために使用した分析モデルの詳細は当社のGithubページでご覧いただけます。また、レポートの使用方法に関するガイドやYoutubeのチュートリアルも掲載しています。

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業界およびセクターの指標

私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。

アナリスト筋

CareMax, Inc. 1 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。4

アナリスト機関
Brian TanquilutJefferies LLC
Jessica TassanPiper Sandler Companies
Gary TaylorTD Cowen