Tue, Nov 12, 10:36 PM (66 days ago)
In the quarterly report for Kindly MD, Inc. (KDLY) for the period ending September 30, 2024, the company reported revenues of $647,867, a 25.5% decrease from $869,268 in the same quarter of 2023. This decline is attributed to a shift from cash-pay services to insurance billing. Operating expenses rose 22.9% to $1,697,685, driven by increased staffing and administrative costs. The net loss for the quarter was $1,014,147, compared to a loss of $515,146 the previous year. The company maintained cash and equivalents of $3,642,944, bolstered by a successful IPO in June 2024 that generated $5.86 million in net proceeds. Cash used in operating activities significantly increased to $2,172,361, reflecting higher net losses and expenses. Kindly MD's future operations hinge on optimizing revenue streams and controlling costs amid ongoing shifts in service delivery. Overall, the financial outlook remains cautious due to operational losses, but liquidity appears sufficient for the next year.