Breaking News: VSee Health, Inc. (NASDAQ: VSEE) Reports Revenue Increase and Expansion of Services in Q2 2024
In a recent update, VSee Health, Inc. announced its financial results for the second quarter and first half of 2024, showcasing a revenue surge and service expansion post-merger. The company completed its de-SPAC transaction, transitioning to VSee Health from Digital Health Acquisition Corp., bolstering its telehealth capabilities in acute care and tele-intensivist services.
Moreover, VSee Health forged a partnership with Ava Robotics to develop a telehealth robot for remote intensive care unit monitoring. The company also introduced Aimee, a virtual healthcare service available to all, regardless of insurance status, and partnered with Seven Corners Correctional Health to deliver specialty care in federal prisons.
Financially, VSee Health saw a 33% revenue increase in Q2 2024, reaching $1.7 million, attributed to higher fees from clientele. However, operating expenses rose by 69% due to merger costs and increased legal and administrative fees. Notably, the net loss decreased to $0.3 million, or $0.06 per share, from the previous year.
For the first half of 2024, revenue grew by 11% to $3.2 million, with a net loss drop of 62% to $0.3 million, or $0.07 per share. Pro forma results, assuming the merger occurred in early 2023, exhibited a slight revenue dip compared to the same period in 2023, with a net loss of $2.0 million.
VSee Health's cash reserves stood at $1.1 million as of June 30, 2024, reflecting its strategic initiatives for market expansion. However, the company faces a Nasdaq compliance issue due to a delayed financial report filing, with a deadline set for November 5, 2024.
In governance news, VSee Health expanded its Board of Directors and amended its convertible promissory note terms. The company also launched a new telehealth program with the United States Federal Bureau of Prisons through its subsidiary, iDoc Telehealth Solutions, Inc.
InvestingPro Insights:
VSee Health's market capitalization is $21.3 million, showcasing its modest size in the telehealth industry. While revenue increased, the company experienced a decline in revenue over the last twelve months. Stock performance has been volatile, with a significant drop in the past month and year. Investors should monitor liquidity risks as short-term obligations exceed liquid assets.
VSee Health does not pay dividends, which may impact income-focused investors. For a detailed analysis and additional insights, visit InvestingPro.