MINNEAPOLIS, April 23, 2025 (GLOBE NEWSWIRE) -- OneMedNet, a leader in AI-powered Real-World Data, has announced a strategic partnership with Protege, the AI training data platform, to enable real-time access, multimodal patient data for AI developers and researchers. Through this collaboration, OneMedNet’s data will be made available via Protege, expanding access to high-quality datasets for building next-generation AI solutions in healthcare. This partnership unlocks the potential for more precise, adapti ...

Core Insights - OneMedNet has partnered with Datavant to enhance access to tokenized, purpose-built data for life sciences and medical research, leveraging a network of 31 million patients and over 121 million clinical studies [1][2] - The integration of OneMedNet's patient tokens into Datavant's ecosystem allows for easier discovery and access to Real-World Data, improving longitudinal data visibility and connectivity for researchers [2][3] - This collaboration emphasizes OneMedNet's leadership in medical innovation through AI and robust platforms, aiming to accelerate evidence-based solutions while ensuring data privacy [3] Company Overview - OneMedNet is transforming the utilization of Real-World Data (RWD) through its iRWD™ platform, which taps into over 1,400 healthcare sites, providing insights that drive innovation in drug development and patient care [4] - The company also applies its proprietary AI to anonymize data for various industries, including finance and retail, showcasing its versatility beyond healthcare [5]

Core Insights - OneMedNet Corporation has appointed Dr. Kenneth Alleyne to its Board of Directors, where he will serve as Chair of the Audit Committee, leveraging his extensive expertise in healthcare, insurance, investment, and corporate governance [1][4] Company Overview - OneMedNet is a leading Real World Data platform that utilizes AI-driven de-identification, aiming to revolutionize the use of healthcare data from over 1,400 healthcare sites through its iRWD™ platform [5] - The company focuses on delivering precision insights that enhance patient care and drive innovation in drug development and medical devices [5] Dr. Kenneth Alleyne's Background - Dr. Alleyne is a board-certified orthopedic surgeon with a specialization in sports medicine and has significant experience in the insurance sector, having co-founded healthcare firms that focus on Medicaid and Medicare Advantage [2] - He has served as a seed investor and founding chief medical officer of VirtualHealth, which manages over 10 million lives, and co-founded Fizio Health, an AI-powered remote physical therapy solution [2] Strategic Implications - Dr. Alleyne's appointment is expected to enhance OneMedNet's iRWD™ platform, providing innovative solutions for the orthopedics sector and empowering insurance companies with actionable insights and cost savings [4]

MINNEAPOLIS, Jan. 13, 2025 (GLOBE NEWSWIRE) -- OneMedNet Corporation (Nasdaq: ONMD) (“OneMedNet” or the “Company”), a global provider of clinical imaging innovation and curator of regulatory-grade Imaging Real World Data (“iRWD™”), inclusive of electronic health records, laboratory results and, uniquely, medical imaging, today announced that the Company regained compliance with Nasdaq Listing Rule 5550(b)(2) (the “Rule”) after the market value of the Company’s common stock exceeded $35,000,000 for 10 consec ...

MINNEAPOLIS, Jan. 13, 2025 (GLOBE NEWSWIRE) -- OneMedNet Corporation (NASDAQ:ONMD) ("OneMedNet" or the "Company"), a global provider of clinical imaging innovation and curator of regulatory-grade Imaging Real World Data ("iRWD™"), inclusive of electronic health records, laboratory results and, uniquely, medical imaging, today announced that the Company regained compliance with Nasdaq Listing Rule 5550(b)(2) (the "Rule") after the market value of the Company's common stock exceeded $35,000,000 for 10 consecu ...

Core Insights - OneMedNet Corporation has regained compliance with Nasdaq Listing Rule 5550(a)(2) after its common stock closed at $1.00 or greater for 10 consecutive business days [1][2] - The company is positioned to capitalize on the growing Real World Data market, aiming for a significant market share [2] Company Overview - OneMedNet provides innovative solutions that leverage Real-World Data (RWD) from over 1,400 healthcare systems and provider sites through its proprietary iRWD™ platform [3] - The platform manages diverse clinical data types, including electronic health records, ECGs, EEGs, prescriptions, physician notes, laboratory results, and medical imaging [3] Strategic Developments - The company has made several strategic moves, including appointing a new Chief Financial Officer and hiring a Director of Business Development and a Vice President of Marketing to enhance its commercial presence [5] - OneMedNet has signed an agreement with Bayer's AI Innovation Platform to further its capabilities in the market [5] - The company is enhancing its data de-identification and curation services using Generative AI and deploying a new indexing tool, OMNi, to improve data searching and indexing [5] Financial Position - OneMedNet has improved its liquidity by raising approximately $6.4 million through private placements with Off the Chain Capital and an affiliate of Discovery Capital Management [5] - The company is also implementing a Bitcoin treasury management strategy [5]

Core Viewpoint - OneMedNet Corporation has regained compliance with Nasdaq Listing Rule 5250(c)(1) by filing its periodic reports for the fiscal quarters ended March 31, June 30, and September 30, 2024, allowing the company to focus on business growth moving forward [1][6]. Company Developments - The company has appointed Bob Golden as interim Chief Financial Officer to enhance financial reporting processes and has hired Margaret Nash as Director of Business Development and Michael Wong as Vice President of Marketing to strengthen its commercial presence [6]. - OneMedNet has raised approximately $6.4 million in private placements to improve liquidity and is implementing a Bitcoin treasury management strategy [6]. - The company has refreshed its Board of Directors with three new members who possess relevant industry and financial expertise [6]. Strategic Initiatives - OneMedNet's platform addresses diverse clinical requirements across various domains, including rare diseases, central nervous system disorders, oncology, cardiology, and women's health, aiming to enhance patient outcomes and drive healthcare innovation [4]. - The company is enhancing its Data De-Identification and curation service using Generative AI and deploying its 2.0 generation indexer, OMNi, to improve data searching and indexing efficiency [6]. - OneMedNet is positioned to capitalize on the growing Real World Data market, leveraging its proprietary iRWD™ platform that manages diverse clinical data types from over 1,400 healthcare system and provider sites [9][10].

Revenue Performance - Total revenue for the three months ended September 30, 2024, was $142 million, a decrease of 56% compared to $326 million in the same period of 2023[143]. - Subscription revenue decreased by 60% to $102 million from $256 million year-over-year, primarily due to the planned discontinuation of the BEAM platform in 2025[145]. - Web imaging revenue declined by 43% to $40 million from $70 million year-over-year, attributed to lower deliveries during the period[145]. - Total revenue for the nine months ended September 30, 2024, decreased by 9% to $617 million from $681 million in the same period of 2023[161]. - Subscription revenue decreased by 26% to $443 million, primarily due to the planned discontinuation of the BEAM platform in 2025[162]. - Web imaging revenue increased by 102% to $174 million, driven by enhanced focus on iRWD sales[162]. Expenses and Costs - Cost of revenue increased to $226 million, representing 159% of total revenue, compared to $293 million or 90% of revenue in the prior year[146][147]. - General and administrative expenses rose by 42% to $1.9 million from $1.3 million, driven by increased professional fees and salaries[148]. - Sales and marketing expenses decreased by 42% to $0.1 million from $0.2 million, mainly due to reduced consulting expenses[149]. - Research and development expenses decreased by 26% to $0.3 million from $0.4 million, primarily due to lower professional fees and hosting expenses[150]. - The cost of revenue increased by 22% to $872 million, primarily due to increased iRWD data and consulting costs[164]. - General and administrative expenses rose by 99% to $4.9 million, largely due to increased professional fees associated with being a public company[165]. Net Loss and Financial Performance - The net loss for the three months ended September 30, 2024, was $2.1 million, a significant improvement from a net loss of $13.8 million in the same period of 2023[143]. - Net loss for the nine months ended September 30, 2024, was $7.8 million, a significant reduction from a net loss of $31.3 million in the same period of 2023, representing a 75% improvement[161]. Cash Flow and Liquidity - Net cash used in operating activities was $5.0 million for the nine months ended September 30, 2024, compared to $3.1 million in the same period of 2023[179]. - Net cash provided by financing activities increased to $9.2 million for the nine months ended September 30, 2024, up from $3.4 million in the same period of 2023[183]. - As of September 30, 2024, total material cash requirements amount to $18,200 million, with accounts payable and accrued expenses at $6,161 million[187]. - Management expressed uncertainty regarding the company's ability to maintain liquidity sufficient to operate effectively, raising substantial doubt about its ability to continue as a going concern[185]. Business Developments - The Business Combination on November 7, 2023, resulted in a total consideration of approximately $200 million, leading to the company's name change to OneMedNet Corporation[128][129]. Accounting and Reporting - The company utilizes estimates, assumptions, and judgments in financial reporting, which may lead to actual results differing from reported figures[188]. - There have been no material changes to critical accounting policies and estimates through September 30, 2024, compared to those discussed in the Form 10-K/A[190]. - Recently issued accounting pronouncements that may impact financial position are disclosed in the condensed consolidated financial statements[191]. - The company qualifies as a smaller reporting company and is not required to provide certain market risk disclosures[192]. Future Outlook - Future capital requirements will depend on growth rate, R&D spending, sales and marketing expansion, new product introductions, and potential acquisitions[186].

Revenue Performance - Total revenue for the three months ended June 30, 2024, increased by 31% to $227 million compared to $173 million in the same period of 2023[134]. - For the six months ended June 30, 2024, total revenue increased by 34% to $476 million, driven by a 738% increase in web imaging revenue, while subscription revenue saw a modest increase of 1% to $342 million[149][150]. Subscription Revenue - Subscription revenue decreased by $32 million, or 18%, from $173 million in Q2 2023 to $141 million in Q2 2024 due to the planned discontinuation of the BEAM platform[135]. - The company plans to discontinue the BEAM platform in 2025, which has impacted subscription revenue growth[150]. Cost of Revenue - Cost of revenue increased by $99 million, or 43%, from $230 million in Q2 2023 to $329 million in Q2 2024, with cost of revenue as a percentage of revenue rising to 145%[134][136]. - Cost of revenue for the same period rose to $646 million, but as a percentage of revenue, it decreased by 10% to 136%, indicating improved efficiency primarily due to growth in iRWD product sales[152]. Expenses - General and administrative expenses rose by $1.1 million, or 175%, to $1.7 million in Q2 2024, primarily due to increased professional fees and a commitment fee from the SEPA[138]. - General and administrative expenses surged by 164% to $3.1 million, largely due to increased professional fees associated with being a public company[153]. - Sales and marketing expenses decreased by $58 thousand, or 19%, to $253 thousand in Q2 2024, attributed to lower salaries and benefits[139]. - Sales and marketing expenses decreased by 15% to $483 thousand, attributed to reduced salaries and benefits, despite increased spending on trade shows and subscriptions[154]. - Research and development expenses decreased by $0.2 million, or 34%, to $0.4 million in Q2 2024, mainly due to reduced stock compensation and professional fees[140]. - Research and development expenses fell by 29% to $828 thousand, mainly due to a decrease in stock compensation expenses[155]. Net Loss - Net loss for the three months ended June 30, 2024, was $3.6 million, a decrease of $6 million, or 63%, from a net loss of $9.6 million in Q2 2023[134]. - The net loss for the six months ended June 30, 2024, improved to $5.7 million from a loss of $17.4 million in the prior year, reflecting a reduction of 67%[149]. - The net loss for the six months ended June 30, 2024, was $5,698 thousand, a significant improvement from a net loss of $17,444 thousand in the same period of 2023[173]. Cash Flow - Net cash used in operating activities was $3,053 thousand for the six months ended June 30, 2024, compared to $1,966 thousand for the same period in 2023[174][176]. - The net cash used in operating activities for the six months ended June 30, 2024, was primarily due to a net loss offset by non-cash items totaling $1,395 thousand[176]. - Net cash provided by financing activities increased to $3,720 thousand for the six months ended June 30, 2024, from $2,014 thousand in the same period of 2023[180][181]. Future Outlook - The company anticipates future capital requirements will depend on growth rate, R&D spending, and potential acquisitions[183]. - The company does not believe its cash and cash equivalents are sufficient to meet foreseeable cash needs for at least the next 12 months[182]. - The company plans to raise cash for operations through debt and equity offerings due to recurring losses from operations[182]. Business Combination - The Business Combination on November 7, 2023, involved a total consideration of approximately $200 million, resulting in the company being renamed OneMedNet Corporation[120]. Fair Value Changes - The change in fair value of the Yorkville Note resulted in an increase of $823 thousand during the six months ended June 30, 2024[159]. Adjusted EBITDA - Adjusted EBITDA for the three months ended June 30, 2024, was calculated to reflect ongoing business operations, excluding interest expense and other non-core items[167]. - Adjusted EBITDA for the six months ended June 30, 2024, was $(4,306) thousand, compared to $(2,433) thousand for the same period in 2023[173].

Revenue Performance - For the three months ended March 31, 2024, total revenue increased by 24% to $248 million, driven by a 34% increase in subscription revenue (BEAM) and a 42% increase in web imaging revenue (iRWD) [118]. Cost and Expenses - Cost of revenue for the same period was $317 million, representing 128% of total revenue, a decrease of 17% as a percentage of revenue compared to 145% in the prior year [120]. - General and administrative expenses rose by 152% to $1.4 million, primarily due to increased professional fees and employee-related costs [122]. - Sales and marketing expenses decreased by 12% to $229 thousand, attributed to a reduction in salaries and benefits [123]. - Research and development expenses decreased by 24% to $445 thousand, mainly due to a reduction in stock compensation expenses [124]. - Interest expense for the three months ended March 31, 2024, was $42 thousand, a new expense category compared to the previous year [125]. Net Loss and Financial Performance - The net loss for the three months ended March 31, 2024, was $2.1 million, a decrease of 73% compared to a net loss of $7.8 million in the same period last year [118]. - For the three months ended March 31, 2024, the company reported a net loss of $2.1 million, compared to a net loss of $7.8 million for the same period in 2023, representing a 73% improvement in net loss year-over-year [135][139]. - Adjusted EBITDA for the three months ended March 31, 2024, was $(1.946) million, an increase from $(1.103) million in the same period of 2023, indicating a worsening in operational performance [135]. - The company’s net cash and cash equivalents used in operating activities were primarily due to a net loss adjusted for non-cash items, including stock-based compensation [138][139]. Cash Flow and Financing - Net cash used in operating activities was $1.5 million for the three months ended March 31, 2024, compared to $1.0 million for the same period in 2023, reflecting increased cash outflows [138][139]. - The company utilized $6 thousand in investing activities for property and equipment purchases during the three months ended March 31, 2024, while no cash was used in investing activities in the same period of 2023 [140]. - Net cash provided by financing activities was $1.7 million for the three months ended March 31, 2024, compared to $0.9 million in the same period of 2023, indicating an increase in financing inflows [141][142]. Future Outlook and Concerns - The company anticipates that its cash and cash equivalents will not be sufficient to meet foreseeable cash needs for at least the next 12 months, raising substantial doubt about its ability to continue as a going concern [143]. - Future capital requirements will depend on growth rate, research and development spending, and potential acquisitions, with uncertainty regarding the ability to raise additional financing [144]. - As of March 31, 2024, the company reported total contractual obligations of $15.979 million, with $5.874 million due within one year [146]. Business Developments - The Business Combination on November 7, 2023, resulted in a total consideration of approximately $200 million [104]. - The Company’s Common Stock began trading on the Nasdaq Global Market under the symbol "ONMD" effective November 8, 2023 [104]. Financial Metrics - The Company utilizes Adjusted EBITDA as a non-GAAP financial measure to evaluate its financial performance and operational results [130]. - Adjusted EBITDA is defined as U.S. GAAP net loss excluding interest expense, income tax expense, depreciation and amortization, stock-based compensation, and other nonrecurring items [133][134].