10-K - OneMedNet Corp (0001849380) (Filer)

Tue, Apr 15, 8:30 PM (5 days ago)

### Summary of OneMedNet Corporation (ONMD) Annual Report **Company Overview:** OneMedNet Corporation (ONMD) is a global provider of clinical imaging innovation and curator of regulatory-grade Imaging Real World Data (iRWD™). The company offers solutions that connect healthcare providers and patients, satisfying a crucial need within the life sciences field. OneMedNet's technology proved the commercial and regulatory viability of iRWD™, an emerging market that matches OneMedNet’s life science partners' case selection protocols. **Financial Performance:** - **Revenue:** For the year ended December 31, 2024, overall revenue decreased by 37% to $643,000. The primary driver for the decrease in subscription revenue was the planned discontinuation of the BEAM platform in 2025. The primary driver for the increase in web imaging revenue was due to an enhanced focus on iRWD sales. - **Net Income:** The company reported a net loss of $10,129,000 for the year ended December 31, 2024, compared to a net loss of $33,780,000 for the previous year. - **Operating Expenses:** Total operating expenses increased by 39% to $9,324,000. This increase was primarily due to higher general and administrative expenses, which rose by 98% to $7,027,000. - **Earnings per Share:** The basic and diluted net loss per common share outstanding was $0.36 for the year ended December 31, 2024. **Strategic Overview:** OneMedNet's long-term growth strategy focuses on increasing global reach to meet demand in the Real World Evidence solutions market, which is projected to grow from $2.62 billion in 2024 to $4.55 billion by 2030. The company plans to expand its sales network globally while building out its sales infrastructure. OneMedNet also aims to enhance and refine its service offering, expand its product offering, and innovate its commercial approach to drive incremental market share. **Future Outlook:** The company expects to continue to incur significant losses in the development, marketing, sale, and delivery of its services. OneMedNet believes it has demonstrated its quality and responsiveness in clinical imaging and curation of Real-World Data. The company's future capital requirements will depend on various factors, including growth rate, research and development efforts, sales and marketing activities, and the cost of any future acquisitions. **Risk Factors:** OneMedNet faces several risk factors, including a history of operating losses, dependence on key personnel, protection of proprietary technology, and compliance with extensive legal and regulatory requirements. The company's ability to continue as a going concern is dependent on its ability to generate cash flows from operations and obtain financing. **Financial Condition:** As of December 31, 2024, OneMedNet's principal sources of liquidity were net proceeds received related to debt and equity financings and cash received from customers. The company's foreseeable cash needs include recurring operating expenses, expected capital expenditures, interest expense, and minimum contractual obligations. Management hopes to raise cash either through a public offering or private debt and equity offering. **Market Position Changes:** OneMedNet's common stock is traded on The Nasdaq Capital Market under the symbol "ONMD." The company received written notices from Nasdaq indicating non-compliance with the minimum market value of listed securities and the minimum bid price requirement for continued listing on The Nasdaq Capital Market. The company is evaluating potential actions to regain compliance with all applicable requirements for continued listing on the Nasdaq Capital Market.