Business Wire | Aug 13, 2021 06:55AM EDT

CareMax Inc. Announces Second Quarter 2021 Financial Results

Aug. 13, 2021

MIAMI--(BUSINESS WIRE)--Aug. 13, 2021--CareMax, Inc. (NASDAQ: CMAX; CMAXW), a leading technology-enabled provider of value-based care to seniors, announced today financial results for the second quarter ended June 30, 2021.

Business Highlights

* Announced collaboration with Anthem described in separate press release issued earlier today * Entered into agreement with The Related Companies, a leading national affordable housing developer, to support CareMax in opening centers inside or near affordable senior housing nationwide * Anticipate opening at least 75 new CareMax centers over the next three years * Completed the acquisition of Senior Medical Associates (SMA) and entered into a definitive agreement to acquire DNF Medical Centers, expanding our penetration in Central Florida * Scheduled Investor Day to discuss key growth strategies on September 9, 2021 at 9:30am ET

Second Quarter 2021 Results1

* GAAP total revenue was $44.9 million for the second quarter of 2021 and $72.8 million for the first half of the year. * GAAP net loss was $7.4 million for the second quarter of 2021, or $0.26 per diluted share, and $6.0 million, or $0.31 per share, for the first half of the year. * On a pro forma basis, total revenue was $97.8 million for the second quarter of 2021 and $193.2 million for the first half of the year. * Adjusted EBITDA2 was $1.5 million for the second quarter of 2021 and $10.2 million for the first half of 2021. Direct COVID headwinds accounted for an approximately $11 million reduction in adjusted EBITDA. * The Company ended the quarter with approximately 61,500 total members and 21,500 Medicare Advantage members, not including the more than 4,000 members from the planned acquisition of DNF Medical Centers. * As of June 30, 2021, the Company operated 34 medical centers, with two additional centers in progress and slated to open in 2022. Six additional centers are anticipated to be added as part of the planned acquisition of DNF Medical Centers.

^1 GAAP presentation is for CareMax Medical Group and includes the financialinformation and activities for IMC for the period from June 8, 2021 (theclosing of the business combination) to (and including) June 30, 2021 (23days). Pro forma and other non-GAAP information gives effect to the businesscombination and the acquisition of SMA as if the transactions had occurred inhistorical periods.

^2 Adjusted EBITDA and pro forma medical expense ratio are non-GAAP financialmetrics. A reconciliation of non-GAAP metrics to GAAP financial statements isincluded in this release.

Management Commentary

Carlos de Solo, Chief Executive Officer, commented, "After the merger with IMC, the recent closing of our acquisition of Senior Medical Associates and the anticipated closing of the DNF acquisition this quarter, CareMax has a strong, sustainable foundation of profitability in South and now Central Florida from which to take our model nationwide. In our current markets, we are focused on organic growth and constantly improving our care model for the benefit of our members."

"Anchored by our collaborations with Anthem and The Related Companies, we are developing a unique ecosystem whereby the most underserved communities receive access to our care model. We believe we have the ability to deliver consistent, replicable results nationwide, giving us conviction to accelerate our de novo growth with a goal of opening at least 75 new CareMax centers in the next three years. These key agreements provide us with a multi-faceted growth strategy designed to enable us to confidently expand at a rapid pace."

"To supplement the outstanding talent in CareMax and IMC, we are in the process of building out an executive team that is capable of implementing our ambitious plans. We are making these investments in talent to maximize the opportunities in our base business as well as execute on the growth opportunities ahead of us."

"While we, like our peers, experienced headwinds in 2021 related to COVID-19, we believe these challenges are unique to the current pandemic and non-recurring in nature. I am proud and pleased to say that our core business remains sound and growing - a testament to our high-caliber medical and support personnel who have worked tirelessly throughout the pandemic to meet our members' needs."

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 pro forma medical expense ratio 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 is not necessarily indicative of the operating results or financial position that would have occurred if the acquisitions of IMC, Care Holdings, and SMA had occurred in the stated historical periods, nor is it 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, Care Holdings, and SMA, any integration costs or tax deductibility of transaction costs. Pro forma medical expense ratio is calculated from the unaudited pro forma statements of operations.

Additionally, Adjusted EBITDA presented on a pro forma basis gives effect to the acquisitions of IMC, Care Holdings, and SMA 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) December June 30, 31, 2021 2020

ASSETS



CURRENT ASSETS

Cash $ 170,080 $ 4,934

Restricted cash 1,956 -

Accounts receivable, net 32,031 9,395

Inventory 190 15

Prepaid expenses, net 3,449 183

Risk settlements due from providers 288 80

Due from related parties - 274

Total Current Assets 207,994 14,881



Property and equipment, net 12,728 4,796

Goodwill 356,360 10,068

Intangible assets, net 50,357 8,575

Deferred debt issuance costs 2,195 -

Other assets 998 183

Total Assets $ 630,632 $ 38,503



LIABILITIES AND STOCKHOLDERS'/MEMBERS' EQUITY



CURRENT LIABILITIES

Accounts payable $ 2,546 $ 1,044

Accrued expenses 10,689 2,572

Accrued interest payable 264 149

Risk settlements due to providers 178 643

Current portion of long-term debt 6,672 1,004

Due to related parties - 39

Other current liabilities 5,771 -

Total Current Liabilities 26,120 5,451



Derivative warrant liabilities 27,337 -

Long-term debt, less current portion 114,222 26,325

Other Liabilities 2,639 -

Total Liabilities 170,318 31,776

COMMITMENTS AND CONTINGENCIES (Note 14)

STOCKHOLDERS'/MEMBER'S EQUITY

Class A common stock ($0.0001 par value;250,000,000 shares 8 - authorized; 80,632,457 shares issued andoutstanding at June 30, 2021)

Additional paid-in-capital 199,541 -

Retained earnings 260,765 -

Member units (no par value, 200 authorized, issuedand outstanding at - 223 December 31, 2020)

Members' equity - 6,504

Total Stockholders'/Members' Equity 460,314 6,727



Total Liabilities and Stockholders'/Members' Equity $ 630,632 $ 38,503

CAREMAX, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(in thousands, except per share data)

Three Months Ended

Three Months Ended

Six Months Ended

Six Months Ended

June 30

June 30

June 30

June 30

2021

2020

2021

2020

Revenue

Medicare risk-based revenue

$

37,761

$

25,746

$

65,577

$

50,841

Medicaid risk-based revenue

5,449

-

5,449

-

Other revenue

1,709

49

1,811

188

Total Revenue

44,919

25,795

72,837

51,029

Expenses

External provider costs

35,535

15,958

53,694

31,806

Cost of care

7,867

3,886

13,220

7,903

Sales and marketing

775

272

1,066

500

Corporate, general and administrative

8,881

1,456

10,676

2,740

Depreciation and amortization

1,437

356

1,951

712

Acquisition related costs

149

-

149

-

Total costs and expenses

54,644

21,928

80,756

43,661

Operating income (loss)

(9,725

)

3,867

(7,919

)

7,368

Interest income (expense), net

(792

)

(403

)

(1,296

)

(730

)

Gain (loss) on remeasurement of warrant liabilities

1,795

-

1,795

-

Gain (loss) on extinguishment of debt

1,358

-

1,358

-

Other expense/(income)

-

-

-

-

(Loss) income before income tax

(7,364

)

3,464

(6,062

)

6,638

Income tax provision (benefit)

-

-

-

-

Net income (loss)

$

(7,364

)

$

3,464

$

(6,062

)

$

6,638

Net income (loss) attributable to non-controlling interest

-

82

-

(8

)

Net income (loss) attributable to controlling interest

$

(7,364

)

$

3,382

$

(6,062

)

$

6,646

Net income (loss) attributable to CareMax, Inc. class A common stockholders

$

(7,364

)

$

3,382

$

(6,062

)

$

6,646

Weighted average basic shares outstanding

28,404,759

10,796,069

19,649,057

10,796,069

Weighted average diluted shares outstanding

28,404,759

10,796,069

19,649,057

10,796,069

Net income (loss) per share

Basic

$

(0.26

)

$

0.31

$

(0.31

)

$

0.62

Diluted

$

(0.26

)

$

0.31

$

(0.31

)

$

0.62

CAREMAX, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(in thousands, except per share data)

Three Months Three Months Six Months Six Months Ended Ended Ended Ended

June 30 June 30 June 30 June 30

2021 2020 2021 2020

Revenue

Medicarerisk-based $ 37,761 $ 25,746 $ 65,577 $ 50,841 revenue

Medicaidrisk-based 5,449 - 5,449 - revenue

Other revenue 1,709 49 1,811 188

Total Revenue 44,919 25,795 72,837 51,029



Expenses

External 35,535 15,958 53,694 31,806 provider costs

Cost of care 7,867 3,886 13,220 7,903

Sales and 775 272 1,066 500 marketing

Corporate,general and 8,881 1,456 10,676 2,740 administrative

Depreciationand 1,437 356 1,951 712 amortization

Acquisition 149 - 149 - related costs

Total costs and 54,644 21,928 80,756 43,661 expenses

Operating (9,725 ) 3,867 (7,919 ) 7,368 income (loss)

Interest income (792 ) (403 ) (1,296 ) (730 )(expense), net

Gain (loss) onremeasurement 1,795 - 1,795 - of warrantliabilities

Gain (loss) onextinguishment 1,358 - 1,358 - of debt

Other expense/ - - - - (income)

(Loss) incomebefore income (7,364 ) 3,464 (6,062 ) 6,638 tax

Income taxprovision - - - - (benefit)

Net income $ (7,364 ) $ 3,464 $ (6,062 ) $ 6,638 (loss)



Net income(loss)attributable to - 82 - (8 )non-controllinginterest

Net income(loss)attributable to $ (7,364 ) $ 3,382 $ (6,062 ) $ 6,646 controllinginterest



Net income(loss)attributable to $ (7,364 ) $ 3,382 $ (6,062 ) $ 6,646 CareMax, Inc.class A commonstockholders

Weightedaverage basic 28,404,759 10,796,069 19,649,057 10,796,069 sharesoutstanding

Weightedaverage diluted 28,404,759 10,796,069 19,649,057 10,796,069 sharesoutstanding

Net income(loss) per share

Basic $ (0.26 ) $ 0.31 $ (0.31 ) $ 0.62

Diluted $ (0.26 ) $ 0.31 $ (0.31 ) $ 0.62

CAREMAX, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(in thousands)

Six Months Ended June 30,

Six Months Ended June 30,

2021

2020

CASH FLOWS FROM OPERATING ACTIVITIES

Net (Loss)/Income

$

(6,062

)

$

6,638

Adjustments to reconcile net (loss)/income to net cash

Used in operating activities:

Depreciation expense

640

431

Amortization expense

1,320

281

Amortization of discount on debt and related issuance costs

135

35

Change in fair value of warrant liabilities

(1,795

)

-

Gain on extinguishment of debt

(1,358

)

-

Changes in operating assets and liabilities:

Accounts receivable

1,267

(3,607

)

Prepaid expenses

(1,322

)

9

Risk settlements due from/due to providers

(208

)

128

Due from related parties

235

68

Other assets

(275

)

18

Accounts payable

(2,113

)

(52

)

Accrued expenses

6,454

(55

)

Other liabilities

(16

)

-

Accrued interest

115

-

Net Cash (Used In)/Provided by Operating Activities

(2,983

)

3,894

CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of property and equipment

(1,527

)

(1,592

)

Acquisition of businesses

(210,252

)

-

Purchase of noncontrolling interest ownership

-

(267

)

Net Cash Used in Investing Activities

(211,779

)

(1,859

)

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from issuance of Class A common stock

410,000

Issuance costs of Class A common stock

(12,471

)

-

Recapitalization transaction

(108,799

)

-

Proceeds from borrowings on long-term debt and credit facilities

125,000

2,500

Principal payments on long-term debt

(24,496

)

(30

)

Payment of deferred financing costs

(6,883

)

-

Long-term debt extinguishment costs

(487

)

-

Borrowing under paycheck protection program

-

2,164

Distributions to members

-

(81

)

Net Cash Provided by Financing Activities

381,864

4,553

NET INCREASE IN CASH

167,102

6,588

Cash - Beginning of Period

4,934

4,438

CASH - END OF PERIOD

$

172,036

$

11,026

Pro Forma Statements of Operations (Unaudited)1

CAREMAX, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(in thousands)

Six Months Six Months Ended Ended June 30, June 30,

2021 2020

CASH FLOWS FROM OPERATING ACTIVITIES

Net (Loss)/Income $ (6,062 ) $ 6,638

Adjustments to reconcile net (loss)/income to net cash

Used in operating activities:

Depreciation expense 640 431

Amortization expense 1,320 281

Amortization of discount on debt and related 135 35 issuance costs

Change in fair value of warrant liabilities (1,795 ) -

Gain on extinguishment of debt (1,358 ) -

Changes in operating assets and liabilities:

Accounts receivable 1,267 (3,607 )

Prepaid expenses (1,322 ) 9

Risk settlements due from/due to providers (208 ) 128

Due from related parties 235 68

Other assets (275 ) 18

Accounts payable (2,113 ) (52 )

Accrued expenses 6,454 (55 )

Other liabilities (16 ) -

Accrued interest 115 -

Net Cash (Used In)/Provided by Operating (2,983 ) 3,894 Activities



CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of property and equipment (1,527 ) (1,592 )

Acquisition of businesses (210,252 ) -

Purchase of noncontrolling interest ownership - (267 )

Net Cash Used in Investing Activities (211,779 ) (1,859 )



CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from issuance of Class A common stock 410,000

Issuance costs of Class A common stock (12,471 ) -

Recapitalization transaction (108,799 ) -

Proceeds from borrowings on long-term debt and 125,000 2,500 credit facilities

Principal payments on long-term debt (24,496 ) (30 )

Payment of deferred financing costs (6,883 ) -

Long-term debt extinguishment costs (487 ) -

Borrowing under paycheck protection program - 2,164

Distributions to members - (81 )

Net Cash Provided by Financing Activities 381,864 4,553



NET INCREASE IN CASH 167,102 6,588

Cash - Beginning of Period 4,934 4,438

CASH - END OF PERIOD $ 172,036 $ 11,026

Pro Forma Statements of Operations (Unaudited)1

Three Months Ended June 30,

$'000s 2021 2020 $ Change % Change

Revenue

Medicare Risk-Based Revenue $ 71,902 $ 67,883 $ 4,019 5.9 %

Medicaid Risk-Based Revenue 20,454 14,828 5,626 37.9 %

Other Revenue 5,424 4,980 444 8.9 %

Total Revenue $ 97,780 $ 87,691 $ 10,089 11.5 %

Operating Expense

External Provider Costs 73,491 56,027 (17,464 ) 31.2 %

Cost Of Care 12,762 10,465 (2,297 ) 21.9 %

Sales And Marketing 1,688 1,245 (444 ) 35.6 %

Corporate, General And 20,720 8,407 (12,313 ) 146.5 %Administrative

Depreciation and Amortization 3,780 4,077 297 (7.3 ) %

Total Costs and Expenses $ 112,441 $ 80,220 $ (32,221 ) 40.2 %

Operating (loss) income $ (14,661 ) $ 7,471 $ (22,133 ) (296.2 ) %

Interest Expense, Net 1,666 1,456 (210 ) 14.4 %

Change in Warrant Liability (1,795 ) - 1,795

Loss/(Gain) on Extinguishment of (1,358 ) - 1,358 Debt

Other Expense/(Income) (29 ) 190 218 (115.2 ) %

Income/(Loss) Before Income Taxes $ (13,145 ) $ 5,826 $ (18,971 ) (325.6 ) %

Provision for Income Taxes - - -

Net Income/(Loss) $ (13,145 ) $ 5,826 $ (18,971 ) (325.6 ) %

Six Months Ended June 30,

$'000s

2021

2020

$ Change

% Change

Revenue

Medicare Risk-Based Revenue

$

143,648

$

137,119

$

6,529

4.8

%

Medicaid Risk-Based Revenue

39,351

25,655

13,696

53.4

%

Other Revenue

10,218

10,373

(155

)

(1.5

)%

Total Revenue

$

193,217

$

173,147

$

20,070

11.6

%

Operating Expense

External Provider Costs

139,093

112,883

(26,210

)

23.2

%

Cost Of Care

25,836

22,841

(2,995

)

13.1

%

Sales And Marketing

3,170

2,330

(840

)

36.1

%

Corporate, General And Administrative

31,493

16,796

(14,697

)

87.5

%

Depreciation and Amortization

7,265

8,424

1,159

(13.8

)%

Total Costs and Expenses

$

206,857

$

163,274

$

(43,584

)

26.7

%

Operating (loss) income

$

(13,641

)

$

9,874

$

(23,514

)

(238.2

)%

Interest Expense, Net

3,063

2,915

(147

)

5.1

%

Change in Warrant Liability

(1,795

)

-

1,795

Loss/(Gain) on Extinguishment of Debt

(1,358

)

-

1,358

Other Expense/(Income)

385

389

4

(1.1

)%

Income/(Loss) Before Income Taxes

$

(13,935

)

$

6,569

$

(20,504

)

(312.1

)%

Provision for Income Taxes

-

-

-

Net Income/(Loss)

$

(13,935

)

$

6,569

$

(20,504

)

(312.1

)%

1 Figures give effect to the combinations of IMC, Care Holdings, and SMA as if they had occurred in historical periods.

Pro Forma Non-GAAP Financial Summary (Unaudited)1

Six Months Ended June 30,

$'000s 2021 2020 $ Change % Change

Revenue

Medicare Risk-Based Revenue $ 143,648 $ 137,119 $ 6,529 4.8 %

Medicaid Risk-Based Revenue 39,351 25,655 13,696 53.4 %

Other Revenue 10,218 10,373 (155 ) (1.5 ) %

Total Revenue $ 193,217 $ 173,147 $ 20,070 11.6 %

Operating Expense

External Provider Costs 139,093 112,883 (26,210 ) 23.2 %

Cost Of Care 25,836 22,841 (2,995 ) 13.1 %

Sales And Marketing 3,170 2,330 (840 ) 36.1 %

Corporate, General And 31,493 16,796 (14,697 ) 87.5 %Administrative

Depreciation and Amortization 7,265 8,424 1,159 (13.8 ) %

Total Costs and Expenses $ 206,857 $ 163,274 $ (43,584 ) 26.7 %

Operating (loss) income $ (13,641 ) $ 9,874 $ (23,514 ) (238.2 ) %

Interest Expense, Net 3,063 2,915 (147 ) 5.1 %

Change in Warrant Liability (1,795 ) - 1,795

Loss/(Gain) on Extinguishment of (1,358 ) - 1,358 Debt

Other Expense/(Income) 385 389 4 (1.1 ) %

Income/(Loss) Before Income Taxes $ (13,935 ) $ 6,569 $ (20,504 ) (312.1 ) %

Provision for Income Taxes - - -

Net Income/(Loss) $ (13,935 ) $ 6,569 $ (20,504 ) (312.1 ) %

^1 Figures give effect to the combinations of IMC, Care Holdings, and SMA as ifthey had occurred in historical periods.

Pro Forma Non-GAAP Financial Summary (Unaudited)1

Non-GAAP Financial Summary

$'000s 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21

Medicare Risk Revenue $69,236 $67,883 $69,104 $71,134 $71,746 $71,902

Medicaid Risk Revenue 10,827 14,828 20,565 19,062 18,897 20,454

Other Revenue 5,393 4,980 4,032 4,382 4,793 5,424

Total Revenue $85,456 $87,691 $93,701 $94,578 $95,436 $97,780

External Provider Costs 56,856 56,027 63,719 61,483 65,091 74,491

Cost of Care 12,376 10,465 12,222 13,559 13,074 12,762

Platform Contribution $16,224 $21,199 $17,760 $19,536 $17,271 $10,527

Platform Contribution Margin 19.0% 24.2% 19.0% 20.7% 18.1% 10.8%(%)

Sales and Marketing 1,085 1,245 1,293 1,431 1,482 1,688

Corporate, General and 8,039 5,720 6,182 5,831 7,138 7,293Administrative

Adjusted EBITDA $7,100 $14,234 $10,285 $12,274 $8,651 $1,546

Adjusted EBITDA Margin (%) 8.3% 16.2% 11.0% 13.0% 9.1% 1.6%

^1 Figures give effect to the combinations of IMC, Care Holdings, and SMA as ifthey had occurred in historical periods.

Select Pro Forma Non-GAAP Operating Metrics1

Pro Forma Non-GAAP Operating Metrics

Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21

Centers 31 31 32 34 34 34

Markets 1 1 1 1 1 1

Patients (MCREM)^2 28,800 31,500 33,000 32,400 33,100 34,700

At-Risk 85.2% 86.8% 85.9% 87.8% 87.0% 86.3%

Platform Contribution ($, Millions)^ $16.2 $21.2 $17.8 $19.5 $17.3 $10.53

^1 Figures give effect to the combinations of IMC, Care Holdings, and SMA asif they had occurred in historical periods.

^2 MCREM defined as Medicare Equivalent Members, which assumes the level ofsupport received by a Medicare

patient is equivalent to that received by three Medicaid or Commercialpatients.

^3 Platform contribution defined as risk-based revenues less external providercosts and cost of care,

excluding depreciation and amortization.

Reconciliation to Adjusted EBITDA1

Reconciliation to Adjusted EBITDA

$'000s 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21

Net Income (Loss) $3,174 $3,464 ($357) $1,293 $1,302 ($7,364)

GAAP Pro Forma Adjustments (2,430) 2,362 1,139 2,905 (2,091) (5,781)

Pro Forma Net Income $744 $5,826 $782 $4,198 ($789) ($13,145)

Interest Expense 1,459 1,456 1,442 1,440 1,396 1,666

Depreciation & Amortization 4,347 4,077 4,175 4,226 3,485 3,780

Change in Warrant Liability - - - - - (1,795)

Loss/(Gain) on Extinguishment - - - - - (1,358)of Debt

Other Expenses 199 190 301 (345) 413 (29)

EBITDA $6,749 $11,548 $6,701 $9,520 $4,505 ($10,881)

Other Adjustments

Non-Recurring Expenses (306) 2,008 2,831 1,874 2,979 8,622

Acquistions Costs 656 678 789 893 1,168 3,806

Discontinued Operations - (0) (35) (12) (1) (0)

Adjusted EBITDA $7,100 $14,234 $10,285 $12,274 $8,651 $1,546

^1 Figures give effect to the combinations of IMC, Care Holdings, and SMA as ifthey had occurred in historical periods.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210813005172/en/

CONTACT: CareMax, Inc. Media Christine Bucan (305) 542-8855 Christine@thinkbsg.com

CONTACT: Investor Relations Ben Quirk (415) 640-3715 ben.quirk@caremax.com

CONTACT: The Equity Group Inc. Devin Sullivan (212) 836-9608 dsullivan@equityny.com