Marpai, Inc.

Good morning and welcome to the MARPAY second quarter 2025 earnings webcast. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. Please note this event is being recorded. I would now like to turn the conference over to Steve Johnson, Chief Financial Officer. Please go ahead.

Thank you and welcome this morning to our MARPE second quarter earnings release. With me this morning is Damian Lamandola, director and CEO of MARPE. Before we begin, I'd like to draw your attention to the forward-looking statements included in this presentation. All right, everybody have a chance to read all that? Good, we'll move on. We found it helpful, especially for our new investors, to begin with outlining what exactly is a third-party administrator, or commonly referred to as a TPA. TPAs are organizations that handle the claims processing and reporting components of a self-funded health benefit plan. As an employer considers or maintains a self-funded health program plan, they typically will engage the services of a TPA. TPAs offer standard services such as plan design and claim administration, but the real benefits come from the value-added solutions that a TPA can provide. Marpay offers a suite of cost containment products bundled under the umbrella of Marpay Saves. We also provide in-depth data analytics, data analytics, giving employers valuable insights into the workforce's health trends. These insights help identify services that would be most impactful for their members. A key advantage TPAs offer is transparency. Unlike traditional fully funded insurance solutions, Our TPA model gives employers direct access to data and information they wouldn't otherwise have, empowering them to make better decisions. In looking at the TPA market, the TPA industry has a massive total addressable market of over 150 billion. Healthcare is complex, and the demand for services and technology solutions to navigate the complexity is growing rapidly. with TPA services forecasted at a compounded annual growth rate of 12.1% through 2031. TPAs also enjoy a recurring revenue model whereby our clients pay a monthly administrative fee based on a per employee per month, or what we refer to as a PEPM basis. And finally, the TPA market is highly fragmented, which provides an attractive opportunity for a national independent TPA like MARPE to scale and realize the benefits of operating leverage. I'll turn it over to Damien to address the MARPE advantage.

Good morning. MARPE has a national footprint, allowing us to service employers with multi-state locations, which many of our regional competitors can't do. MARPE also offers significant cost-saving programs with the relaunch of our pharmacy benefit management company called MarpayRx. This will be game-changing. As a leading independent TPA, we put our clients first. With a robust arsenal of services, Marpay assists with benefit plan design and aggressively negotiates on our clients' behalf to manage costs. A quick reminder, in case you are new to Marpay, I founded years ago a pharmacy benefit management company called WellDineRx and sold it to a private equity firm called Carlyle back in 2017. My passion for health care and knowledge of the PBM space drove our strategy to relaunch MarpaRx. MarpaRx delivers savings for health plans and members. We will be slashing specialty drug costs for our clients, and our real-time technology will deliver better outcomes. Steve will now cover our second quarter results.