SINGAPORE, Oct. 23, 2024 (GLOBE NEWSWIRE) -- Mobile-health Network Solutions (Nasdaq: MNDR) (“MaNaDr” or “the Company”), a leading Asia-Pacific telehealth provider, today announced that for the fiscal year 2024 ended June 30, 2024, the Company had revenue of $14.0 million, a $6.1 million, or 77 percent, improvement on revenue of $7.9 million for fiscal 2023. 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 by MNDR’s sale of medicine and medical devices segment.
Cost of revenue increased by $4.7 million, or 69 percent, in fiscal 2024, mainly due to a 70 percent increase in the number of telemedicine cases compared to fiscal 2023.
Cash used in operating activities in fiscal 2024 was $6.4 million as compared to $2.2 million in fiscal 2023.
The Company’s gross profit increased by $1.4 million, or 132 percent, to $2.5 million during FY 2024, mainly due to the 77 percent year-over-year increase in revenue and an increase in gross profit margin to 18.2 percent during FY24 from 13.9 percent during FY23.
Due however to a $13.9 million, or 316 percent, increase in total operating expenses in fiscal 2024 compared to the previous fiscal year, the company incurred a net loss of $15.6 million, or $(.56) per share, for fiscal 2024, as compared to a net loss of $3.2 million, or $(.13) per share, for fiscal 2023.
The largest contributor to the $13.9 million increase in fiscal 2024 total operating expenses was a $9.1 million non-cash, share-based compensation expense during that year, compared to zero for fiscal 2023. This expense consisted primarily of share-based payments to employees pursuant to the Company’s established Employee Incentive Plan and to non-employees in consideration for IPO-related and business development services rendered to the Company.
Fiscal 2024’s increase in total operating expenses also comprised a $3.0 million increase in selling, general, and administrative expenses mainly due to increases in IPO-related professional fees, IT-related cloud server maintenance expenses, traveling, business development, and insurance expenses; an increase of $1.6 million in salaries and benefits for staff who contributed significantly to the Company’s successful IPO and fiscal 2024 increase in revenue; and a $0.1 million increase in depreciation and amortization expenses arising from a new office lease entered during FY 2024.
Cash and cash equivalents at June 30, 2024, and June 30, 2023, was $6.7 million and $2.2 million, respectively. The total weighted number of shares outstanding was 27,808,375 at June 30, 2024, and 25,482,000 at June 30, 2023
“We are proud to have achieved substantial improvements in both our total revenue and total number of telemedicine cases during fiscal 2024,” said co-CEO Dr. Siaw Tung Yeng, PBM, Senior Consultant Family Physician. “Looking forward to fiscal 2025, we are confident that the non-cash, share-based compensation to non-employees and IPO-related portions of our total operating expenses will decline sharply from fiscal 2024 levels, thus significantly boosting our bottom line.”
Co-CEO Dr. Rachel Teoh Pui Pui, PBM, Family Physician, added, “Our unique identity as an affordable, quality, 24/7 provider of telehealth services offering nearly all types of medical specialists available on a near-instantaneous basis is establishing an ever-wider footprint in Singapore and across southeast Asia. We believe this growth will continue to accelerate in the years ahead.”
Ranked #41 in the Financial Times 2024 listing of 500 High-growth Asia-Pacific Companies, we are the first telehealth provider from the Asia-Pacific region to be listed in the US. Through our MaNaDr platform, we offer personalized and reliable medical attention to users worldwide. Our platform allows our 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. 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 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.
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
Statement of Operations
Year Ended June 30,
2024
2023
2022
2024 to 2023
2023 to 2022
USD
USD
USD
% Change
% Change
Revenue
13,968,535
7,874,886
6,988,849
77.4
12.7
Cost of revenue
(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 expenses:
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
Selling, 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 expenses
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 expense
(15,621,986
)
(3,213,360
)
258,472
386.2
(1,343.2
)
Income tax credit (expense)
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 translation, net of income tax
139,230
396,262
(114,433
)
(64.9
)
(446.3
)
Comprehensive loss
(15,463,562
)
(2,817,098
)
(21,736
)
448.9
12,860.5
Balance Sheet
As of June, 30
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 due from related parties
83,563
106,897
Total current assets
7,289,054
2,717,809
Non-current assets
Plant and equipment, net
216,047
178,799
Intangible assets, net
18,952
70,783
Operating leases right-of-use assets
370,607
393,198
Other assets
55,955
81,950
Total non-current assets
661,561
724,730
TOTAL ASSETS
7,950,615
3,442,539
LIABILITIES
Current liabilities
Accounts payable
1,671,201
1,358,816
Accruals and other payables
1,078,094
826,167
Amount due to officers
133,544
133,586
Amount due to related parties
35,367
26,915
Operating lease liabilities, current
240,090
154,604
Total current liabilities
3,158,296
2,500,088
Non-current liabilities
Amount due to officers
516,946
994,708
Other liabilities
-
73,763
Operating lease liabilities
135,920
241,179
Total non-current liabilities
652,866
1,309,650
TOTAL LIABILITIES
3,811,162
3,809,738
SHAREHOLDERS’ EQUITY (DEFICIT)
Ordinary shares, Class A, $0.000004 par value, 6,250,000,000 shares authorized, 22,413,462 and 13,403,750 shares issued and outstanding as of June 30, 2024 and 2023, respectively
89
53
Ordinary shares, Class B, $0.000004 par value, 6,250,000,000 shares authorized, 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
)
Accumulated other comprehensive income
428,220
288,990
Total shareholders’ equity (deficit)
4,139,453
(367,199
)
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT)
