Mobile-health Network Solutions (Nasdaq: MNDR), a trailblazer in telehealth from the Asia-Pacific, had recently announced an impressive growth trajectory in its financial results for the first half of the fiscal year 2024, marking a significant stride in its global healthcare influence.
Today, the stock closed at $1.9100, marking a significant rise of 46.92% during the trading session. However, in after-hours trading, the stock experienced a decline, falling by 6.28% to $1.7900. This fluctuation in price reflects dynamic trading activity for MNDR on the stock market today.
For the six months ending December 31, 2023, MNDR, commonly referred to as MaNaDr, reported a substantial increase in revenue, soaring to approximately $6.6 million from $3.0 million in the same period last year, a remarkable 120% improvement. This surge is attributed to a 101% increase in telemedicine consultations, totaling 731,000, up from 363,000 during the first half of fiscal 2023. This growth is largely driven by higher adoption rates and an expanding market share, alongside a dynamic pricing model that effectively raised average consultation fees.
In addition to revenue growth, MaNaDr saw a dramatic increase in its gross profit, which escalated by about 218% to $1.2 million, boosted by both the revenue increase and a more robust gross profit margin, which expanded from 12.7% to 18.2%. These financial gains reflect the company’s operational enhancements and a strategic approach to scaling its services.
Despite the financial uptick, the company also reported an increase in net loss, amounting to $171,634, attributed to an expansion in headcount and operational expenses aimed at capturing new market opportunities and supporting increased demand.
MNDR’s cash reserves remained solid, with cash and cash equivalents reported at approximately $2.5 million as of December 31, 2023. This financial stability comes ahead of the company’s landmark initial public offering on April 10, 2024, positioning it as a pivotal player in global telehealth.
Dr. Siaw Tung Yeng, co-CEO of MaNaDr and a Senior Consultant Family Physician, expressed optimism about the company’s trajectory, stating, “Our H1FY24 results are a strong endorsement of our vision to provide affordable, high-quality care instantaneously to our patients.” He emphasized the company’s commitment to extending its services beyond Singapore, aiming to improve global healthcare standards.
Dr. Rachel Teoh Pui Pui, co-CEO and Family Physician, echoed this sentiment, inviting stakeholders to join in their mission of enhancing healthcare for future generations.
Ranked #41 in the Financial Times 2024 list of 500 High-growth Asia-Pacific Companies, MNDR stands as the first telehealth provider from the region to be listed in the US. Through its innovative MaNaDr platform, the company offers a wide array of telehealth services, including teleconsultations, prescription fulfillment, and specialized programs such as weight management and gender-specific care.
As MNDR continues to grow and innovate, its impact on the global healthcare landscape appears to be both promising and profound. For more detailed information and to join their journey, visit MaNaDr Investors.
Source: https://finance.yahoo.com/news/mobile-health-network-solutions-revenue-150000369.html
