OneMedNet Corp SEC 10-Q Report

OneMedNet Corp, a company specializing in digital medical image management and exchange, has released its Form 10-Q report for the second quarter of 2024. The report highlights significant financial and operational developments, including a notable increase in revenue and a strategic shift in business focus.

Financial Highlights

Total Revenue: OneMedNet Corp reported total revenue of $227 thousand for the three months ended June 30, 2024, marking a 31% increase compared to the same period in the previous year. This growth was primarily driven by an enhanced focus on iRWD sales.

Gross Margin: The company experienced a gross margin of $(102) thousand for the three months ended June 30, 2024. This decrease was attributed to lower subscription revenues and higher iRWD consulting costs.

Loss from Operations: Loss from operations increased by 56% to $(2,454) thousand for the three months ended June 30, 2024, primarily due to increased general and administrative expenses.

Net Loss: The net loss for the period was $(3,589) thousand, a significant improvement from the $(9,601) thousand loss in the prior year period. This improvement was largely due to a decrease in stock warrant expense.

Basic and Diluted Net Loss Per Common Share Outstanding: The net loss per share was $(0.15) for the three months ended June 30, 2024, compared to $(2.38) in the prior year period. This change reflects the impact of increased shares outstanding.

Business Highlights

Revenue Segments: OneMedNet Corp generates revenue from two main streams: iRWD, which provides regulatory grade imaging and clinical data, and BEAM, a medical imaging exchange platform. The company is shifting its focus towards iRWD sales as the BEAM platform is planned for discontinuation in 2025.

Operational Transition: The company is transitioning away from the BEAM platform to focus on iRWD. This shift has led to increased customer deliveries and a significant rise in web imaging revenue.

Future Outlook: Management plans to raise additional working capital through equity or debt offerings to continue operations and expand its business. The company aims to achieve profitable operations to meet its operating and capital requirements for at least the next 12 months.

Geographical Performance: OneMedNet Corp operates primarily in the United States with a wholly-owned subsidiary in Canada, focusing on digital medical image management, exchange, and sharing.

Sales Units: There has been a noted increase in iRWD sales, indicating a successful shift in focus from the BEAM platform to the iRWD product line.

Business Combination Impact: The Business Combination with Data Knights has resulted in a change of focus and operational strategy. The company is now trading on the Nasdaq Capital Market under the symbol 'ONMD'.

SEC Filing: OneMedNet Corp [ ONMD ] - 10-Q - Dec. 11, 2024