SINGAPORE, October 23, 2024 (GLOBE NEWSWIRE) — Mobile Healthcare Network Solutions (Nasdaq: MNDR) (“MaNaDr” or “the company”) a leading telehealth provider in Asia Pacific, today announced that for fiscal 2024 ended June 30, 2024, the company had revenues of $14.0 million, an improvement of $6.1 million, or 77 percent, compared to fiscal year 2023 revenue of $7.9 million. This improvement was due to increased revenue of $6.0 million contributed by the company’s telemedicine and other services segment, and $0.1 million from MNDR’s sales of medicines and medical devices.
Revenue costs increased $4.7 million, or 69 percent, in fiscal 2024, primarily due to a 70 percent increase in telemedicine cases compared to fiscal 2023.
Cash used for operations in fiscal 2024 was $6.4 million, compared to $2.2 million in fiscal 2023.
The company’s gross profit increased $1.4 million, or 132 percent, to $2.5 million in fiscal 2024, primarily due to a 77 percent year-over-year increase in revenue and an increase in gross profit margin to 18.2 percent in fiscal 2024 , from 13.9 percent in FY 2024. FY 23.
However, due to a $13.9 million, or 316 percent, increase in total operating expenses in fiscal 2024 compared to the prior fiscal year, the company incurred a net loss of $15.6 million, or $(0.56) per share , for fiscal 2024. compared to a net loss of $3.2 million, or $(0.13) per share, for fiscal 2023.
The largest contribution to the $13.9 million increase in total operating expenses in fiscal 2024 came from $9.1 million of non-cash stock-based compensation expense during that year, compared to zero in fiscal 2023. These expenses consisted primarily of stock-based compensation based payments to employees under the Company’s established Employee Incentive Plan and to non-employees in consideration for initial public offering and business development services provided to the Company.
The increase in total operating expenses in fiscal 2024 also included a $3.0 million increase in selling, general and administrative expenses, primarily due to increases in IPO-related professional fees, IT-related cloud server maintenance costs, travel, business development and insurance costs; a $1.6 million increase in employee salaries and benefits that significantly contributed to the company’s successful initial public offering and revenue growth in fiscal 2024; and a $0.1 million increase in depreciation and amortization expense resulting from a new office lease entered into in fiscal 2024.
Cash and cash equivalents at June 30, 2024 and June 30, 2023 were $6.7 million and $2.2 million, respectively. The total weighted number of shares outstanding was 27,808,375 as of June 30, 2024 and 25,482,000 as of June 30, 2023
“We are proud to have achieved substantial improvements in both our total revenue and total telemedicine cases in fiscal year 2024,” said co-CEO Dr. Siaw Tung Yeng, PBM, Senior Consultant General Practitioner. “Looking ahead to fiscal 2025, we are confident that non-cash, stock-based compensation to non-employee and IPO-related portions of our total operating expenses will decline sharply from fiscal 2024 levels, improving our operating results will increase significantly.”
Co-CEO Dr. Rachel Teoh Pui Pui, PBM, General Practitioner, added: “Our unique identity as an affordable, quality, 24/7 telehealth services provider offering almost all types of medical specialists available almost immediately is increasingly establishing an ever-increasing footprint in Singapore and throughout Southeast Asia. We believe this growth will continue to accelerate in the coming years.”
To view the F-1 filing with full details of the company’s 2024 financial performance, visit 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 healthcare network solutions
We are ranked #41 on the Financial Times 2024 list of Asia Pacific’s 500 High Growth Companies and are the first Asia Pacific telehealth provider to be listed in the US. Through our MaNaDr platform, we provide personalized and reliable medical attention to users around the world. Our platform enables our community of healthcare providers to have a broader reach to users through virtual clinics, with no setup 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 in this press release regarding future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements regarding the expected start and close dates of trading. The words ‘anticipate’, ‘believe’, ‘continue’, ‘may’, ‘estimate’, ‘expect’, ‘intend’, ‘may’, ‘plan’, ‘potential’, ‘predict’, ‘project ‘”would”, “target”, “will”, “could” 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 could cause 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 sustain 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 sector 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 that the Company intends to serve and assumptions underlying or relating to any of the foregoing and other risks included in reports submitted by the Company to the SEC have been filed. For these reasons, among other things, investors are cautioned not to place undue reliance on any forward-looking statements contained in this press release. All 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 Healthcare Network Solutions Investor Relations Contact:
2 Venture Drive, #07-06/07 Vision Exchange
Singapore 608526
(+65) 6222 5223
E-mail: investors@manadr.com
Investor relations questions:
Skyline Corporate Communications Group, LLC
Scott Powell, Chairman
1177 Avenue of the Americas, 5e Floor
New York, New York 10036
Office: (646) 893-5835
Email: info@skylineccg.com
| Declaration of Operations | ||||||||||
| Year ending June 30 | ||||||||||
| 2024 | 2023 | 2022 | 2024 to 2023 | 2023 to 2022 | ||||||
| USD | USD | USD | % Change | % Change | ||||||
| Gain | 13,968,535 | 7,874,886 | 6,988,849 | 77.4 | 12.7 | |||||
| Cost of income | (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 costs: | ||||||||||
| 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 | |||||
| Sales, 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 costs | 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 expenses | (15,621,986 | ) | (3,213,360 | ) | 258,472 | 386.2 | (1,343.2 | ) | ||
| Income tax credit (costs) | 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 conversion, net of income tax | 139,230 | 396,262 | (114,433 | ) | (64.9 | ) | (446.3 | ) | ||
| Extensive loss | (15,463,562 | ) | (2,817,098 | ) | (21,736 | ) | 448.9 | 12,860.5 | ||
| Balance | ||||
| From June 30th | ||||
| 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 owed by related parties | 83,563 | 106,897 | ||
| Total current assets | 7,289,054 | 2,717,809 | ||
| Fixed assets | ||||
| Plant and equipment, net | 216,047 | 178,799 | ||
| Intangible assets, net | 18,952 | 70,783 | ||
| Operating leases of right-of-use assets | 370,607 | 393,198 | ||
| Other assets | 55,955 | 81,950 | ||
| Total fixed assets | 661,561 | 724,730 | ||
| TOTAL ASSETS | 7,950,615 | 3,442,539 | ||
| DEBT | ||||
| Short-term liabilities | ||||
| Debts | 1,671,201 | 1,358,816 | ||
| Accruals and other debts | 1,078,094 | 826,167 | ||
| Amount due to officers | 133,544 | 133,586 | ||
| Amount due to related parties | 35,367 | 26,915 | ||
| Operating lease obligations, short-term | 240,090 | 154,604 | ||
| Total current liabilities | 3,158,296 | 2,500,088 | ||
| Long-term debt | ||||
| Amount due to officers | 516,946 | 994,708 | ||
| Other obligations | – | 73,763 | ||
| Operating lease obligations | 135,920 | 241,179 | ||
| Total long-term debt | 652,866 | 1,309,650 | ||
| TOTAL LIABILITIES | 3,811,162 | 3,809,738 | ||
| EQUITY (DEFICIT) | ||||
| Common Stock, Class A, $0.000004 par value, 6,250,000,000 authorized shares, 22,413,462 and 13,403,750 shares issued and outstanding as of June 30, 2024 and 2023, respectively | 89 | 53 | ||
| Common Stock, Class B, $0.000004 par value, 6,250,000,000 authorized shares, 12,078,250 shares issued and outstanding as of June 30, 2024 and 2023, respectively | 49 | 49 | ||
| Additional paid-in capital | 28,466,888 | 8,496,710 | ||
| Accumulated deficit | (24,755,793 | ) | (9,153,001 | ) |
| Cumulative unrealized result | 428,220 | 288,990 | ||
| Total equity (deficit) | 4,139,453 | (367,199 | ) | |
| TOTAL LIABILITIES AND EQUITY (DEFICIT) | 7,950,615 | 3,442,539 | ||
