24/7 Market News Snapshot 23 October, 2024 – Mobile-health Network Solutions Class A Ordinary Shares (NASDAQ:MNDR)

October 23, 2024

DENVER, Colo., 23 October, 2024 (247marketnews.com) – (Nasdaq:MNDR) are discussed in this article.
Mobile-health Network Solutions (Nasdaq:MNDR) has experienced a remarkable surge in its stock price, opening at a commendable $0.522 before soaring by an astounding 79.82% to reach $0.966. This impressive rise is backed by a robust trading volume of 3.30 million shares, demonstrating significant investor enthusiasm and confidence in the company’s growth trajectory. Such dynamic market momentum suggests that MNDR may be poised for a major breakout, attracting close attention from investors.

In addition to this bullish stock performance, Mobile-health Network Solutions has also reported substantial revenue growth for the fiscal year ending June 30, 2024. The company achieved revenue of $14.0 million, a substantial increase of $6.1 million or 77% from the previous year’s revenue of $7.9 million. This growth has been primarily driven by an expansion of its telemedicine services, which accounted for $6.0 million of the reported revenue. However, the company faced a net loss of $15.6 million for FY 2024, a significant increase from a net loss of $3.2 million in FY 2023, largely due to rising operating expenses which included a $9.1 million non-cash share-based compensation expense.

Co-CEO Dr. Siaw Tung Yeng highlighted the impressive growth in revenues and telemedicine cases, with expectations of reduced non-cash compensation expenses affecting the company’s future financial performance positively. Co-CEO Dr. Rachel Teoh Pui Pui reaffirmed the organization’s commitment to expanding its telehealth services throughout Southeast Asia, positioning itself as a leading and affordable 24/7 healthcare provider.

With the company’s cash and cash equivalents increasing to $6.7 million from $2.2 million year-over-year, Mobile-health Network Solutions is well-positioned for continued growth in response to the rising demand for telehealth solutions in the evolving healthcare market.

Related news for (MNDR)

NASDAQ and NYSE quotes and data are delayed 15 minutes unless indicated otherwise. Market data and exchange information are provided for informational purposes only and is not intended for trading purposes. Neither 24/7 Market News Editors, 247 Market News, or data and content providers shall be liable for any errors or omissions, delays, misquotes or other market information relayed in any press materials. You should Use Realtime data to conduct due diligence before investing or trading, and trading in any stock is risky you could lose all your money.