Mon, Sep 23, 10:03 AM (89 days ago)
In the second quarter of 2024, VSee Health, Inc. reported revenue of $1,711,566, a 33% increase from $1,290,223 in Q2 2023, driven by higher professional fees and technical services. The company incurred a net loss of $361,961, a 16% improvement compared to a loss of $428,581 in the prior year, largely due to a significant income tax benefit of $2,241,208. Operating expenses rose 69% to $2,408,268, primarily due to transaction costs associated with the recent business combination with iDoc. Total assets surged to $78,987,750 from $830,791 at year-end 2023, reflecting the acquisition of iDoc, which added $59,900,694 in goodwill. The company's cash position improved significantly, ending Q2 2024 with $1,105,971 compared to $73,331 in Q2 2023. Challenges remain, including uncertainties in the telehealth market and potential impacts from economic fluctuations. The company is focused on leveraging its enhanced scale and technology to capture growth in the evolving telehealth landscape while managing operating costs and improving profitability.