OneMedNet Corp. (NASDAQ:ONMD) shares are trading higher Thursday after the company announced a greater than five-fold expansion of its proprietary iRWD network and platform.

The Details:

OneMedNet said that through a series of new network partnership agreements, including one recently signed with an undisclosed nation-wide medical records custodian, OneMedNet now boasts a network comprising 1,402 healthcare system and provider partner sites, 31 million patients and 121.4 million clinical exams.

The year-to-date increases in partner sites, patients and clinical exams represent growth of 472%, 170% and 122%, respectively, since the end of 2023.

"As demonstrated by this significant expansion of our network, we continue to successfully execute against the key pillars of our growth strategy," said Aaron Green, OneMedNet's President and CEO.

"Our vision is to harness the full potential of RWD to drive innovation in healthcare. By providing our customers with comprehensive access to valuable, regulatory-grade clinical data across our growing network, we are not just furnishing more numbers — we are delivering the de-identified and hard-to-curate information needed to help foster a new era of medical excellence."

OneMedNet shares are moving on heavy trading volume following the announcement. According to data from Benzinga Pro, more than 98 million shares have already been traded in the session, compared to the stock's 100-day average volume of less than 447,000 shares.

Related News: Experts Predict Rise In COVID-19 Cases: Vaccine Stocks Climb

Is ONMD A Good Stock To Buy?

An investor can make a few decisions when deciding whether a stock is a good buy. In addition to valuation metrics and price action which you can find on Benzinga's quote pages – like OneMedNet's page for example – there are factors like whether or not a company pays a dividend or buys a large portion of its stock each quarter.

These are known as capital allocation programs. OneMedNet does not pay a dividend, but obviously has a few ways it can return value to shareholders. Feel free to search Benzinga's dividend calendar for the next company that is due to pay a dividend and determine what kind of yield you can earn for holding a share of the company.

For example, if you're looking to earn an annualized return of 12.75%, you'll need to buy a share of Saratoga Investment by June 13, 2024. Once done, you can expect to receive a nominal payout of $0.74 on June 27, 2024.

Buyback programs are obviously different and highly variable. A company can approve a buyback program and purchase shares as it sees fit over the course of time in which the buyback was authorized. Looking through the latest news on OneMedNet will often yield whether or not the company has approved a buyback program recently. Buyback programs usually serve as a support for share prices, serving as a backstop for demand.

ONMD Price Action: According to Benzinga Pro, OneMedNet shares are up 128% at $11.12 at the time of publication Thursday.

Image: Shutterstock