Mobile-health Network Solutions H1 2024 Revenue $6.6M Up From $3M YoY; Expanded Its Headcount And Expenses To Meet Increased Operational Demand And Explore New Market Opportunities, Resulting In An Increase In Net Loss Of $171,634; Cash And Cash Equivalents At December 31, 2023 Was ~$2.5M
Mobile-health Network Solutions (NASDAQ:MNDR) ("MaNaDr" or "the Company"), a leading Asia-Pacific telehealth provider, today announced that for the first six months of fiscal 2024 ("H1FY24") ended December 31, 2023, the Company had revenue of approximately $6.6 million, approximately a 120% improvement on revenue of $3.0 million for the same period in fiscal 2023 ("H1FY23").
Telemedicine consultations on the platform increased by approximately 101% during H1FY24, reaching 731,000 compared to 363,000 during H1FY23. The Company believes that this growth was driven by both increased adoption rates and a larger market share. Coupled with the implementation of a dynamic pricing model which increased the average consultation fees, the revenue grew by approximately 120% between H1FY23 and H1FY24. Additionally, the Company improved workflow efficiency for medical professionals by introducing enhancements to the native application, allowing them to focus on core clinical tasks.
The Company's gross profit increased by approximately $0.8 million, or 218% to $1.2 million during H1FY24, mainly due to the 120% increase in revenue and the increase in gross profit margin from 12.7% during H1FY23 to 18.2% during H1FY24.
The Company expanded its headcount and expenses to meet increased operational demand and explore new market opportunities, resulting in an increase in net loss of $171,634 during H1FY24 as compared to H1FY23.
Cash and cash equivalents at December 31, 2023, and June 30, 2023, was approximately $2.5 million and $2.2 million, respectively.