MARPAI INC. ANNOUNCES COST REDUCTION PROGRAM AND PROPERTY SUBLEASE
TAMPA, Fla., May 2, 2024 /PRNewswire/ -- Marpai, Inc. ("Marpai" or the "Company") (Nasdaq: MRAI), an independent national Third-Party Administration (TPA) company transforming the $22 billion TPA market supporting self-funded employer health plans with affordable, intelligent, healthcare, today announced the implementation of a comprehensive cost reduction program and the sublease of one of its properties. These initiatives are expected to generate $3 million in annual savings and position the Company for continued financial strength.
The cost reduction program, meticulously developed by Marpai's leadership team, identifies and implements strategic measures to streamline operations and optimize expenditures. This program is anticipated to yield approximately $3 million in annual savings across various areas of the business.
"We are committed to operational excellence and maximizing shareholder value," said Damien Lamendola, CEO of Marpai Inc. "This cost reduction program demonstrates our proactive approach to financial stewardship. By implementing these measures, we expect to enhance our path to profitability while maintaining the high level of service our clients and members expect."
In addition to the cost reduction program, Marpai has successfully subleased one of its properties. This strategic move frees up capital and reduces ongoing operational costs associated with the property.
"The sublease agreement allows us to optimize our real estate portfolio and generate additional savings," said John Powers, Marpai's President. "We are confident that this decision will contribute positively to our long-term financial performance."
