Mobile-health Network Solutions Reports 77 Percent Revenue Increase for Fiscal Year 2024
Rhea-AI Summary
Mobile-health Network Solutions (MNDR) reported significant financial results for fiscal year 2024. Revenue increased 77% to $14.0 million, up from $7.9 million in FY2023, driven by telemedicine services growth. Gross profit rose 132% to $2.5 million, with margin improving to 18.2%. However, the company's net loss widened to $15.6 million ($0.56 per share) from $3.2 million in FY2023, primarily due to increased operating expenses, including a $9.1 million non-cash share-based compensation. Cash position improved to $6.7 million, despite increased cash burn in operations of $6.4 million.
Positive
- Revenue growth of 77% year-over-year to $14.0 million
- Gross profit increased 132% to $2.5 million
- Gross margin improved from 13.9% to 18.2%
- 70% increase in telemedicine cases
- Cash position strengthened to $6.7 million from $2.2 million
Negative
- Net loss widened to $15.6 million from $3.2 million
- Operating expenses increased by $13.9 million (316%)
- Cash burn in operations increased to $6.4 million from $2.2 million
- Share dilution with outstanding shares increasing to 27.8M from 25.5M
News Market Reaction
On the day this news was published, MNDR declined 15.00%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
SINGAPORE, Oct. 23, 2024 (GLOBE NEWSWIRE) -- Mobile-health Network Solutions (Nasdaq: MNDR) (“MaNaDr” or “the Company”), a leading Asia-Pacific telehealth provider, today announced that for the fiscal year 2024 ended June 30, 2024, the Company had revenue of
Cost of revenue increased by
Cash used in operating activities in fiscal 2024 was
The Company’s gross profit increased by
Due however to a
The largest contributor to the
Fiscal 2024’s increase in total operating expenses also comprised a
Cash and cash equivalents at June 30, 2024, and June 30, 2023, was
“We are proud to have achieved substantial improvements in both our total revenue and total number of telemedicine cases during fiscal 2024,” said co-CEO Dr. Siaw Tung Yeng, PBM, Senior Consultant Family Physician. “Looking forward to fiscal 2025, we are confident that the non-cash, share-based compensation to non-employees and IPO-related portions of our total operating expenses will decline sharply from fiscal 2024 levels, thus significantly boosting our bottom line.”
Co-CEO Dr. Rachel Teoh Pui Pui, PBM, Family Physician, added, “Our unique identity as an affordable, quality, 24/7 provider of telehealth services offering nearly all types of medical specialists available on a near-instantaneous basis is establishing an ever-wider footprint in Singapore and across southeast Asia. We believe this growth will continue to accelerate in the years ahead.”
To view the F-1 filing detailing complete details of the Company’s fiscal 2024 financial performance, please go to https://investors.manadr.com/sec-filings or consult the SEC website at https://www.sec.gov/edgar/search/#/ciks=0001976695&entityName=Mobile-health%2520Network%2520Solutions%2520(MNDR)%2520(CIK%25200001976695)
About Mobile-health Network Solutions
Ranked #41 in the Financial Times 2024 listing of 500 High-growth Asia-Pacific Companies, we are the first telehealth provider from the Asia-Pacific region to be listed in the US. Through our MaNaDr platform, we offer personalized and reliable medical attention to users worldwide. Our platform allows our community of healthcare providers to have a broader reach to users through virtual clinics without any start-up costs and the ability to connect to a global network of peer-to-peer support groups and partners. Our range of seamless and hassle-free telehealth solutions includes teleconsultation services, prescription fulfillment and other personalized services such as weight management programs and gender-specific care. For more information, please visit https://investors.manadr.com/.
FORWARD-LOOKING STATEMENTS
Certain statements contained in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements relating to the expected trading commencement and closing dates. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company's ability to execute our strategies, manage growth and maintain our corporate culture; the Company's future business development, financial conditions and results of operations; expectations regarding demand for and market acceptance of our products and services; changes in technology; economic conditions; the growth of the telehealth solutions industry in Singapore and the other international markets the Company plans to serve; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in Singapore and the international markets the Company plans to serve and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Any forward-looking statements contained in this press release speak only as of the date hereof, and Mobile-health Network Solutions specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.
For media inquiries, please contact:
Mobile-health Network Solutions Investor Relations Contact:
2 Venture Drive, #07-06/07 Vision Exchange
Singapore 608526
(+65) 6222 5223
Email: investors@manadr.com
Investor Relations Inquiries:
Skyline Corporate Communications Group, LLC
Scott Powell, President
1177 Avenue of the Americas, 5th Floor
New York, New York 10036
Office: (646) 893-5835
Email: info@skylineccg.com
| Statement of Operations | ||||||||||
| Year Ended June 30, | ||||||||||
| 2024 | 2023 | 2022 | 2024 to 2023 | 2023 to 2022 | ||||||
| USD | USD | USD | % Change | % Change | ||||||
| Revenue | 13,968,535 | 7,874,886 | 6,988,849 | 77.4 | 12.7 | |||||
| Cost of revenue | (11,430,162 | ) | (6,779,892 | ) | (5,053,743 | ) | 68.6 | 34.2 | ||
| Gross profit | 2,538,373 | 1,094,994 | 1,935,106 | 131.8 | (43.4 | ) | ||||
| Operating expenses: | ||||||||||
| Salaries and benefits | 4,045,692 | 2,389,892 | 1,038,877 | 69.3 | 130.0 | |||||
| Depreciation and amortization | 149,078 | 94,816 | 87,094 | 57.2 | 8.9 | |||||
| Selling, general and administrative | 4,927,584 | 1,898,986 | 615,473 | 159.5 | 208.5 | |||||
| Share-based compensation | 9,119,764 | - | - | 100.0 | - | |||||
| Total operating expenses | 18,242,118 | 4,383,694 | 1,741,444 | 316.1 | 151.7 | |||||
| Other income: | ||||||||||
| Government incentives | - | 27,892 | 2,357 | (100.0 | ) | 1,083.4 | ||||
| Other income, net | 81,759 | 47,448 | 62,453 | 72.3 | (24.0 | ) | ||||
| Total other income, net | 81,759 | 75,340 | 64,810 | 8.5 | 16.2 | |||||
| (Loss) income before income tax expense | (15,621,986 | ) | (3,213,360 | ) | 258,472 | 386.2 | (1,343.2 | ) | ||
| Income tax credit (expense) | 19,194 | - | (165,775 | ) | 100.0 | (100.0 | ) | |||
| Net (loss) income | (15,602,792 | ) | (3,213,360 | ) | 92,697 | 385.6 | (3,566.5 | ) | ||
| Foreign currency translation, net of income tax | 139,230 | 396,262 | (114,433 | ) | (64.9 | ) | (446.3 | ) | ||
| Comprehensive loss | (15,463,562 | ) | (2,817,098 | ) | (21,736 | ) | 448.9 | 12,860.5 | ||
| Balance Sheet | ||||
| As of June, 30 | ||||
| 2024 | 2023 | |||
| US$ | US$ | |||
| ASSETS | ||||
| Current assets | ||||
| Cash and cash equivalents | 6,707,695 | 2,225,806 | ||
| Accounts receivable, net | 111,066 | 74,315 | ||
| Inventories, net | 163,993 | 146,381 | ||
| Other current assets | 222,737 | 164,410 | ||
| Amount due from related parties | 83,563 | 106,897 | ||
| Total current assets | 7,289,054 | 2,717,809 | ||
| Non-current assets | ||||
| Plant and equipment, net | 216,047 | 178,799 | ||
| Intangible assets, net | 18,952 | 70,783 | ||
| Operating leases right-of-use assets | 370,607 | 393,198 | ||
| Other assets | 55,955 | 81,950 | ||
| Total non-current assets | 661,561 | 724,730 | ||
| TOTAL ASSETS | 7,950,615 | 3,442,539 | ||
| LIABILITIES | ||||
| Current liabilities | ||||
| Accounts payable | 1,671,201 | 1,358,816 | ||
| Accruals and other payables | 1,078,094 | 826,167 | ||
| Amount due to officers | 133,544 | 133,586 | ||
| Amount due to related parties | 35,367 | 26,915 | ||
| Operating lease liabilities, current | 240,090 | 154,604 | ||
| Total current liabilities | 3,158,296 | 2,500,088 | ||
| Non-current liabilities | ||||
| Amount due to officers | 516,946 | 994,708 | ||
| Other liabilities | - | 73,763 | ||
| Operating lease liabilities | 135,920 | 241,179 | ||
| Total non-current liabilities | 652,866 | 1,309,650 | ||
| TOTAL LIABILITIES | 3,811,162 | 3,809,738 | ||
| SHAREHOLDERS’ EQUITY (DEFICIT) | ||||
| Ordinary shares, Class A, | 89 | 53 | ||
| Ordinary shares, Class B, | 49 | 49 | ||
| Additional paid-in capital | 28,466,888 | 8,496,710 | ||
| Accumulated deficit | (24,755,793 | ) | (9,153,001 | ) |
| Accumulated other comprehensive income | 428,220 | 288,990 | ||
| Total shareholders’ equity (deficit) | 4,139,453 | (367,199 | ) | |
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT) | 7,950,615 | 3,442,539 | ||
FAQ
What was MNDR's revenue growth in fiscal year 2024?
How much was MNDR's net loss in FY 2024?
What caused MNDR's increased operating expenses in FY 2024?
How much did MNDR's telemedicine cases grow in FY 2024?
