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Zhongchao Inc. (NASDAQ: ZCMD) is a Cayman Islands-based company specializing in healthcare information, education, and training services. The company provides a range of services to healthcare professionals and the general public in China through its platform-based internet technology. Zhongchao's core operations include the delivery of healthcare information, education programs, and training products, both online and onsite.
Zhongchao Inc. operates under several key platforms. The 'MDMOOC' platform offers professional training and educational services to healthcare professionals, while 'Zhongxin' focuses on patient management services in the fields of oncology and rare diseases. Additionally, the company provides internet healthcare services through 'Zhixun Internet Hospital' and pharmaceutical services through 'Xinjiang Medical'. For the general public, Zhongchao operates an online information platform called 'Sunshine Health Forums' which delivers health-related content.
In recent achievements, Zhongchao has cooperated with Shanghai Ximalaya Technology Co., Ltd. to launch a series of audio courses dedicated to cancer education, named 'Let's Talk About Tumors'. This series aims to improve cancer awareness and literacy among patients and the general public. In another significant milestone, Zhongchao has served over 10,000 breast cancer patients since 2021, offering comprehensive disease management services.
Financially, Zhongchao is committed to reducing the economic burden on patients. The company has introduced a Patient-Reported Outcome (PRO) based symptom management model to improve the quality of life for lung cancer patients. Zhongchao also launched a WeChat mini program for breast cancer follow-up visits and health management, aiming to support patients through every stage of their medical journey.
Moreover, Zhongchao has renewed its service agreement with Beijing Public Health Foundation to provide free medication assistance for cancer patients, ensuring prolonged and effective treatments with reduced financial burdens. The company extends its support to patients with Systemic Lupus Erythematosus (SLE), providing free medications and comprehensive healthcare services to over 7,000 low-income patients.
Established partnerships and robust service platforms reinforce Zhongchao's role in enhancing healthcare literacy and patient care in China. With a focus on major diseases such as cancer, Zhongchao continues to innovate and expand its service offerings to improve health outcomes and quality of life for patients.
Zhongchao Inc. (NASDAQ: ZCMD) has launched the Treatment Outcome Oriented DOT Management System through its subsidiary, Shanghai Zhongxin Medical Technology Co., Ltd. This innovative system aims to enhance patient management in the tumor and rare disease market by improving medication adherence and treatment outcomes. The DOT Management System assesses curative effects and predicts adverse reactions, providing tailored interventions for patients to ease their concerns. This launch positions Zhongchao to leverage expanding market opportunities in oncology drug management, fostering deeper collaborations with pharmaceutical companies.
Zhongchao Inc. (NASDAQ: ZCMD) announced that approximately 100,000 users utilized its Breast Cancer Tiered Diagnosis and Treatment Improvement Platform in H1 2021. With 2.5 million breast cancer patients in China, and 400,000 new cases annually, the Platform aims to enhance treatment accessibility, especially in underdeveloped areas. The market for breast cancer drugs in China was valued at 50.1 billion Yuan in 2020, expected to reach 73.9 billion Yuan by 2024. The initiative aligns with China's Healthy China 2030 Guideline to improve cancer survival rates.
Zhongchao Inc. (NASDAQ: ZCMD) has established a new subsidiary, Ningxia Zhongxin Internet Hospital Co., Ltd., to enhance its healthcare services. This initiative aims to strengthen patient management services by combining inpatient and outpatient care into an all-inclusive service. The new internet hospital will focus on improving patient treatment experiences and creating business opportunities through data sharing. The chairman noted a significant increase in demand for internet hospitals during the Covid-19 outbreak and cited new government guidelines as supportive of this growth.
Zhongchao Inc. (NASDAQ: ZCMD) has announced a collaboration with AbbVie Pharmaceutical Trading Co., Ltd. to enhance physician education in China.
This partnership focuses on developing medical education content and courses aimed at improving healthcare delivery. AbbVie is recognized for its innovations in immunology, oncology, and neuroscience. Zhongchao aims to leverage AbbVie's expertise to advance medical education services through its platforms.
Zhongchao Inc. (NASDAQ: ZCMD) has partnered with the Beijing Bethune Charitable Foundation and BeiGene to conduct a one-year project focused on leukemia diagnosis and treatment education. Launched in December 2020, the initiative will run until December 2021, offering over 100 academic exchange sessions to more than 10,000 clinicians. The program aims to improve practices in leukemia treatment by providing advanced training, expert-led discussions, and case study presentations, involving over 400 experts and 255 case studies.
Zhongchao Inc. (NASDAQ: ZCMD) has announced the launch of a new patient management service targeting tumor and rare disease patients through its subsidiary, Shanghai Zhongxin Medical Technology. The service aims to improve treatment outcomes by leveraging the Company's healthcare platforms, which provide training and information to healthcare professionals and the public. The global cancer market is significant, with around 19.29 million new cases reported in 2020, of which 4.57 million occurred in China. Zhongchao aims to enhance patient engagement to drive better treatment results.
Zhongchao Inc. (NASDAQ: ZCMD) reported its fiscal year 2020 results, highlighting a 20.9% revenue increase to $17.99 million compared to 2019. Gross profit rose by 16.1% to $11.87 million, while gross margin decreased to 66.0%. Operating income was up 23.3% to $4.49 million, with net income at $4.46 million, an increase of 10.2%. Despite a slight drop in earnings per share to $0.183, the company remains optimistic about future growth driven by patient-aid projects and new educational initiatives.
On March 17, 2021, Zhongchao Inc. (NASDAQ: ZCMD) announced the renewal of its partnership with the China Association for Health Promotion and Education and GlaxoSmithKline (China) Investment Limited. This partnership will continue the 'Pulmonary Arterial Hypertension Online Course – Connections with Famous Hospitals' program, aimed at improving doctors' capabilities in treating pulmonary hypertension. The initiative engaged over 200 experts in 2020, training around 10,000 clinicians. The company anticipates increased participation in 2021, fostering further growth in rare disease education.
Zhongchao Inc. (NASDAQ: ZCMD) co-sponsored the National Annual Conference for Standardized Liver Cancer Diagnosis and Treatment, collaborating with key medical associations. The Company highlighted its 2020 initiative, training over 500,000 healthcare professionals in China on updated liver cancer treatment guidelines. Jia Fan, a leading expert in liver cancer, emphasized the importance of adapting guidelines to enhance patient outcomes. CEO Weiguang Yang noted ongoing updates to these guidelines in response to rapid advancements in the field, underscoring Zhongchao's commitment to effective implementation for healthcare practitioners.
Zhongchao Inc. (NASDAQ: ZCMD) reported robust financial results for the first half of 2020, with revenues up 21.1% to $8.46 million and operating income rising 49.2% to $1.88 million, driven by patient-aid projects and COVID-19 training courses. However, net income attributable to shareholders fell 15.7% to $1.46 million due to reduced government subsidies and higher taxes, leading to a decline in earnings per share from $0.08 to $0.06. Overall, the company maintains a positive outlook, expecting continued revenue growth in the second half of 2020.
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