Mobile-health Network Solutions reported a 77% increase in revenue for fiscal year 2024, reaching $14.0 million compared to $7.9 million in the previous year. This growth was primarily driven by a $6.0 million increase in telemedicine services, reflecting expanding demand for telehealth in Southeast Asia. The company's unique positioning as an affordable, quality, 24/7 provider offering nearly all types of medical specialists on a near-instantaneous basis has contributed to its expanding footprint across the region.
Despite substantial revenue growth, the company reported a net loss of $15.6 million for fiscal 2024, compared to a net loss of $3.2 million in fiscal 2023. This widening loss was attributed to a 316% increase in operating expenses, which rose by $13.9 million year-over-year. A significant portion of this increase came from a $9.1 million non-cash, share-based compensation expense related to the company's Employee Incentive Plan and payments to non-employees for IPO-related services.
Other factors contributing to increased expenses included a $3.0 million rise in selling, general, and administrative expenses due to IPO-related professional fees and business development costs. Additionally, there was a $1.6 million increase in salaries and benefits for staff involved in the company's successful IPO and revenue growth initiatives. The company's market recognition is evidenced by its ranking as #41 in the Financial Times 2024 listing of 500 High-growth Asia-Pacific Companies.
Co-CEO Dr. Siaw Tung Yeng expressed confidence in future performance, stating that non-cash, share-based compensation and IPO-related expenses would decline sharply in fiscal 2025, significantly boosting the bottom line. The company saw improvements in gross profit, which increased by 132% to $2.5 million, with gross profit margin rising to 18.2% from 13.9% in the previous year. As the first telehealth provider from the Asia-Pacific region to be listed in the US on Nasdaq under the ticker MNDR, the company is positioned to capitalize on growing regional demand.
Co-CEO Dr. Rachel Teoh Pui Pui emphasized the company's unique service model and expanding footprint across Southeast Asia. The company's performance reflects broader trends in telehealth adoption across the region, where accessibility and affordability remain key drivers. As the industry continues to evolve, Mobile-health Network Solutions' strong revenue growth suggests potential for significant impact on healthcare delivery, though managing operating expenses will be crucial for sustainable profitability.
