Amesite Announces Dramatic Increase in NurseMagic™ Users, Representing All 50 States and 6 Nations, Using App for Wide Variety of Applications

Rhea-AI Summary

Amesite Inc. (NASDAQ: AMST) reported significant growth for its NurseMagic™ app, launched publicly on June 5, 2024. Key highlights include:

• 830% user growth from June to July 2024
• Users from all 50 U.S. states and 6 nations
• 27+ nursing and healthcare-related professions represented
• Multiple weekly uses for various tasks including documentation and patient communication
• Translation services for patient interactions
• 93% accuracy on NCLEX prep questions

The app aims to reduce nurses' workload, potentially cutting shift work by over a third. With the AI healthcare market expected to reach $187 Billion by 2030, NurseMagic™ is positioning itself as an essential tool for the 5.2 Million U.S. nurses and potentially 12.3 Million healthcare professionals.

Positive

• 830% user growth month-on-month from June to July 2024
• Expanded user base across all 50 U.S. states and 6 nations
• Diverse user base representing 27+ nursing and healthcare-related professions
• 93% accuracy demonstrated on NCLEX prep questions
• Potential to reduce nurses' workload by over a third
• Addressing a market of 5.2 Million U.S. nurses, with potential for 12.3 Million healthcare professionals

Negative

• None.

Insights

Healthcare Technology Analyst

The rapid adoption of NurseMagic™ across all 50 U.S. states and 6 nations within just 8 weeks of its public launch is a significant milestone for Amesite (NASDAQ: AMST). This expansion indicates strong market demand and potential for scalability. The 830% month-on-month user growth from June to July 2024 is particularly impressive, suggesting exponential adoption rates.

The app's versatility in addressing various nursing tasks, from documentation to patient communication, positions it as a comprehensive solution in the healthcare technology space. Its ability to save up to 40% of nurses' time on documentation could lead to significant efficiency gains in healthcare settings, potentially improving patient care and reducing burnout among nursing professionals.

The expansion of the app's user base beyond its initial target of 5.2 million U.S. nurses to a potential market of 12.3 million healthcare professionals is a positive indicator for Amesite's growth prospects. This broader appeal could translate into a larger total addressable market and increased revenue potential.

However, investors should consider the competitive landscape in the AI healthcare market, which is projected to reach $187 billion by 2030. Amesite will need to maintain its technological edge, particularly its 93% accuracy rate on NCLEX prep questions, to stay ahead in this rapidly evolving sector.

While the growth metrics are impressive, it's important to monitor user retention rates and the app's ability to generate sustainable revenue streams in the long term. The company's engagement with influencers like Paige Slayton (900,000+ followers) for marketing is a smart move, but the effectiveness and cost of this strategy should be closely watched.

Financial Analyst

Amesite's NurseMagic™ app shows promising early traction, but it's essential to contextualize this within the company's overall financial performance. As a NASDAQ-listed company (AMST), investors will be keen to see how this user growth translates into revenue and profitability.

The 830% month-on-month user growth is undoubtedly impressive, but we need to see absolute numbers to gauge the true scale of adoption. Additionally, the expansion from a potential market of 5.2 million U.S. nurses to 12.3 million healthcare professionals significantly increases the app's total addressable market (TAM), which could positively impact future valuations.

However, it's important to consider the cost of this rapid expansion. Marketing expenses, particularly through influencer partnerships, can be substantial. Investors should look for details on customer acquisition costs (CAC) and lifetime value (LTV) in future financial reports to assess the sustainability of this growth strategy.

The AI healthcare market's projected growth to $187 billion by 2030 presents a significant opportunity, but also intense competition. Amesite's ability to capture and maintain market share will be critical for long-term success.

While the news is positive, investors should await concrete financial metrics in upcoming earnings reports to fully assess the impact on Amesite's bottom line. Key metrics to watch include revenue growth, gross margins and path to profitability. The company's cash position and burn rate will also be important in determining its ability to sustain this growth trajectory without additional capital raises.

NurseMagic™ Usage Ramping Quickly, with Nursing Professionals Accessing the App Multiple Times Per Week on Tasks Ranging from Documentation to Patient Care

DETROIT, July 29, 2024 (GLOBE NEWSWIRE) -- Amesite Inc. (NASDAQ: AMST), a leading artificial intelligence software company offering a cloud-based learning platform for business and education markets, announced substantial growth in the user base of its app, NurseMagic^TM, across all fifty (50) U.S. states and six (6) nations, within only eight (8) weeks of its public launch on June 5, following a period of availability as a gated beta product. NurseMagic^TM is now delivering all key types of documentation, training and learning and support for patient communication, including translation services. Users now represent at least 27 different nursing and healthcare-related professions, including RNs, LPNs, NPs, APRN-CNPs, EMTs, CNAs, medical technicians, imaging technologists and nursing students. Key growth and usage statistics follow:

• NurseMagic^TM users hail from all 50 U.S. states and 6 nations.
• NurseMagic^TM 830% user growth month on month, from June to July 2024 since exiting its beta and launching availability to the public.
  
• NurseMagic^TM users are utilizing the app for assistance in creating a wide variety of required reports, ranging from narrative and SOAP notes for progress and shift updates, behavioral and home health use cases such as detailed patient assessments and individualized care plans, to incident reports and admission records.
• NurseMagic^TM users enter queries both by voice and text, with many users accessing the app multiple times per week.
• Significant proportion of NurseMagic^TM users employ translation services native on the app to communicate with patients, including explaining medical procedures.
• NurseMagic^TM users are creating folders on the app, a feature designed to enable nurses and nursing students to store key documents and study materials.
• NurseMagic^TM users are using on-board materials on the app, including nursing ethics documentation, to quiz themselves on requirements of their profession.

NurseMagic^TM was designed to be an essential tool for the 5.2 Million nurses in the U.S. User data now validate a broader appeal to the product – professionals and students currently benefitting and actively using the app are in sectors that collectively number over 12.3 Million professionals. The market for AI in healthcare is expected to grow to over $187 Billion by 2030.

Influencers engaged by Amesite to communicate the availability and features of NurseMagic^TM tout its ability to perform common tasks, including documentation that consumes about 40% of nurses’ time. NurseMagic^TM’s proprietary technology has demonstrated 93% accuracy when tested on prep questions for the NCLEX, the exam that must be passed by nurses in the U.S. and Canada in order to be licensed.

Paige Slayton, a nurse influencer engaged by Amesite, with over 900,000 followers, said, “I am thrilled to message the availability of NurseMagic^TM. The app literally cuts the work that nurses have to do during a shift by over a third. NurseMagic^TM is the answer to reducing stress for my audience.”

Madison Bush, Corporate Operations Manager for Amesite, said, “We are seeing incredible traction with our messaging in the nursing community, and are 100% committed to providing nurses with the support they need. We are grateful to the nursing colleagues who have joined the team and are helping us to both constantly improve the app and communicate its utility.”

Sai Nittala, Senior AI Manager at Amesite, said, “We obsessively focus on app quality and have been delighted to find that its applicability is even broader professionally and geographically than we had anticipated. We sincerely appreciate the trust that we are building with this community, which is helping us improve the product every day.”

CEO Dr. Ann Marie Sastry said, “The queries we are seeing from around the U.S. and globe show just how much nursing professionals do for society. Their challenges are at times heartbreaking, eye-opening, and most of all, inspiring. From communicating with people with serious diagnoses in other languages, to explaining medical procedures, to getting a jumpstart on essential documentation, we believe that the app is becoming an essential tool for these professionals.”

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• LinkedIn: https://www.linkedin.com/company/nursemagicai/
• Twitter: https://twitter.com/NurseMagicAI
  

About Amesite Inc.

Amesite Inc. (Nasdaq: AMST) is a pioneering technology company specializing in the development and marketing of B2C and B2B AI-driven solutions, including its higher ed platform that offers professional learning. Leveraging its proprietary AI infrastructure, Amesite offers cutting-edge applications that cater to both individual and professional needs. The company's recently launched NurseMagic™ is a mobile app offering AI tools to assist nurses in providing patient care including nurse notes and medication information and professional career assistance. The Preacto^TM (beta) is a personal safety application is designed to provide real-time alerts and guidance in the event of an emergency situations, including active shooter response.

Forward Looking Statements

This communication contains forward-looking statements (including within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended) concerning the Company, the Company's planned online machine learning platform, the Company's business plans, any future commercialization of the Company's online learning solutions, potential customers, business objectives and other matters. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as "may," "will," "should," "would," "expect," "plan," "believe," "intend," "look forward," and other similar expressions among others. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement. Risks facing the Company and its planned platform are set forth in the Company's filings with the SEC. Except as required by applicable law, the Company undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

Investor Relations Contact:

MJ Clyburn
TraDigital IR 
clyburn@tradigitalir.com

SOURCES:

https://www.journalofnursingregulation.com/article/S2155-8256(23)00047-9/fulltext#secst0410

https://www.globenewswire.com/en/news-release/2022/04/11/2420243/0/en/Artificial-Intelligence-in-Healthcare-Market-Size-to-Hit-US-187-95-Bn-By-2030.html

https://www.ncbi.nlm.nih.gov/pmc/articles/PMC6371290/

FAQ

What is the user growth rate of NurseMagic™ from June to July 2024?

NurseMagic™ reported an 830% user growth rate month-on-month from June to July 2024 after its public launch on June 5, 2024.

How many states and countries are using NurseMagic™ by Amesite (AMST)?

NurseMagic™ by Amesite (AMST) is being used in all 50 U.S. states and 6 nations within eight weeks of its public launch.

What is the accuracy rate of NurseMagic™ on NCLEX prep questions?

NurseMagic™ has demonstrated a 93% accuracy rate when tested on prep questions for the NCLEX, the licensing exam for nurses in the U.S. and Canada.

How many healthcare professions are represented in NurseMagic™'s user base?

NurseMagic™'s user base represents at least 27 different nursing and healthcare-related professions, including RNs, LPNs, NPs, APRN-CNPs, EMTs, CNAs, medical technicians, imaging technologists, and nursing students.

What is the potential market size for NurseMagic™ by Amesite (AMST)?

NurseMagic™ by Amesite (AMST) is designed for the 5.2 Million nurses in the U.S., but user data suggests a broader appeal to sectors collectively numbering over 12.3 Million professionals.