Mobile-health Network Solutions Revenue Rises Approximately 120% in the First Six Months of Fiscal 2024
Mobile-health Network Solutions (Nasdaq: MNDR), a leading Asia-Pacific telehealth provider, reported a significant revenue increase of approximately 120% for the first six months of fiscal 2024 (H1FY24), reaching $6.6 million, up from $3.0 million in the same period of fiscal 2023 (H1FY23).
This growth was driven by a 101% increase in telemedicine consultations, reaching 731,000 compared to 363,000 during H1FY23, boosted by higher adoption rates and a larger market share.
The company's gross profit surged by 218% to $1.2 million, with a notable improvement in gross profit margin from 12.7% to 18.2%. However, increased operational expenses led to a rise in net loss by $171,634.
Cash and cash equivalents rose slightly to $2.5 million as of December 31, 2023, up from $2.2 million as of June 30, 2023.
- Revenue increased approximately 120% to $6.6 million in H1FY24.
- Telemedicine consultations grew by 101% to 731,000.
- Gross profit increased by 218% to $1.2 million.
- Gross profit margin improved from 12.7% to 18.2%.
- Cash and cash equivalents rose to $2.5 million from $2.2 million.
- Net loss increased by $171,634 during H1FY24.
- Expansion in headcount and operational expenses contributed to increased losses.
Insights
The 120% increase in revenue for H1FY24 represents a significant milestone for Mobile-health Network Solutions (MNDR). In just six months, the company almost doubled its revenue from the same period in the previous fiscal year. Such a substantial growth rate is rare and indicates strong business momentum.
Moreover, a 218% increase in gross profit suggests effective cost management and an improved gross profit margin, rising from 12.7% in H1FY23 to 18.2% in H1FY24. This improvement highlights the company's ability to convert revenue into profit more efficiently.
However, the company reported an increase in net loss by $171,634. This is primarily due to the expansion in headcount and operational expenses, aimed at scaling the business. While this might concern some investors, it's often a necessary step in growth phases to capture greater market share and long-term profitability.
The telehealth sector is one of the fastest-growing areas in healthcare, driven by increased digital adoption and the ongoing demand for accessible healthcare solutions. The 101% increase in telemedicine consultations for MNDR underscores this trend. With 731,000 consultations in H1FY24, the company is successfully tapping into the growing market demand.
The introduction of a dynamic pricing model that increased average consultation fees is a strategic move. By optimizing pricing, MNDR can drive higher revenue per consultation without necessarily increasing the volume to achieve revenue growth. This approach indicates sophisticated market understanding and pricing strategies that could position the company well against competitors.
The enhancements to the native application enabling improved workflow efficiency for medical professionals are pivotal. This innovation not only helps retain healthcare providers by easing their workload but also enhances the overall quality of care delivered. Such technological improvements can become significant differentiators in the competitive telehealth space.
Furthermore, the increased headcount to meet operational demand suggests that the company is scaling up its technical and operational capabilities to support future growth. This readiness to invest in infrastructure and human resources speaks to a forward-looking strategy aimed at sustaining and expanding the company's footprint.
SINGAPORE, May 21, 2024 (GLOBE NEWSWIRE) -- Mobile-health Network Solutions (Nasdaq: MNDR) (“MaNaDr” or “the Company”), a leading Asia-Pacific telehealth provider, today announced that for the first six months of fiscal 2024 (“H1FY24”) ended December 31, 2023, the Company had revenue of approximately
Telemedicine consultations on the platform increased by approximately
The Company’s gross profit increased by approximately
The Company expanded its headcount and expenses to meet increased operational demand and explore new market opportunities, resulting in an increase in net loss of
Cash and cash equivalents at December 31, 2023, and June 30, 2023, was approximately
All of the above financial results and data are for the period prior to the Company’s initial public offering on April 10, 2024.
“Our H1FY24 results is an encouraging endorsement to our vision of providing an affordable, near-instantaneous quality care to our patients,” said co-CEO, Dr. Siaw Tung Yeng, PBM, Senior Consultant Family Physician. “Going forward, we will continue to work hard to scale and extend this vision beyond the Singapore’s shore, and eventually a better future for our children.”
“If you believe in a better healthcare for our children, do walk this journey with us,” added co-CEO, Dr. Rachel Teoh Pui Pui, PBM, Family Physician.
About Mobile-health Network Solutions
Ranked #41 in the Financial Times 2024 listing of 500 High-growth Asia-Pacific Companies, Mobile-health Network Solutions is the first telehealth provider from the Asia-Pacific region to be listed in the US. Through its MaNaDr platform, the Company offers personalized and reliable medical attention to users worldwide. MNDR’s platform allows its 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. The Company’s range of seamless and hassle-free telehealth solutions includes teleconsultation services, prescription fulfilment 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
FAQ
What was the revenue of Mobile-health Network Solutions (MNDR) for H1FY24?
How much did Mobile-health Network Solutions' (MNDR) revenue increase in H1FY24?
What contributed to the revenue growth for MNDR in H1FY24?
What was the gross profit margin of MNDR during H1FY24?
How did MNDR's net loss change in H1FY24?
What was the cash and cash equivalents for MNDR at the end of December 31, 2023?
How many telemedicine consultations did MNDR conduct in H1FY24?
