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].

Core Insights - OneMedNet Corporation has announced a collaboration with Bayer's AI Innovation Platform to enhance the development of AI-powered medical imaging software products [1][2] - The partnership aims to leverage OneMedNet's regulatory-grade real-world data platform, which aggregates data from over 1,400 healthcare provider facilities, to empower developers in creating advanced AI solutions [2] Company Overview - OneMedNet provides innovative solutions that unlock value from real-world data repositories across over 1,400 healthcare system and provider sites [3] - The proprietary iRWD™ platform of OneMedNet manages diverse clinical data types, including electronic health records, ECGs, EEGs, prescriptions, physician notes, laboratory results, and medical imaging [3] - The platform is designed to address clinical requirements across various domains such as rare diseases, central nervous system disorders, oncology, cardiology, and women's health [4] Strategic Commitment - OneMedNet is committed to delivering precise and robust research support services that span the entire continuum of care, aiming to enhance patient outcomes and drive healthcare innovation [4]

Core Points - OneMedNet Corporation has received a notice from Nasdaq indicating non-compliance due to the failure to timely file its Form 10-Q for the fiscal quarter ended September 30, 2024 [1] - Nasdaq previously granted an exception until December 11, 2024, for the company to file delinquent reports for the quarterly periods ended March 31, 2024, and June 30, 2024 [2] - The company is actively working to complete the delinquent filings and aims to regain compliance with Nasdaq Listing Rules [3] - The notice does not have an immediate effect on the listing of the company's common stock or warrants on Nasdaq [4] Company Overview - OneMedNet Corporation is a global provider of clinical imaging innovation and manages regulatory-grade Imaging Real World Data (iRWD™), which includes electronic health records and medical imaging [1][5] - The company's iRWD™ platform supports diverse clinical data management, including electronic health records, ECGs, EEGs, prescriptions, physician notes, laboratory results, and medical imaging [5] - OneMedNet's platform addresses various clinical requirements across domains such as rare diseases, central nervous system disorders, oncology, cardiology, and women's health [6] - The company is committed to enhancing patient outcomes and supporting healthcare innovation through its research services [6]

MINNEAPOLIS, Nov. 12, 2024 (GLOBE NEWSWIRE) -- OneMedNet Corporation (Nasdaq: ONMD) ("OneMedNet" or the "Company"), a pioneer in curating regulatory-grade Real World Data (RWD) including electronic health records, laboratory results, and medical imaging, has announced an additional strategic investment in Bitcoin. This investment is designed to enhance the company's financial resilience and support the expansion of its cutting-edge iRWD™ platform. As of November 12, 2024, the Company has invested in approxi ...

Core Insights - OneMedNet Corporation has announced a strategic refresh of its Board of Directors to enhance leadership and engagement as it transitions into a publicly traded entity [1][6] - The company expresses gratitude to former board members Paul Casey and Erkan Akyuz for their contributions during the IPO process [2] Board Member Profiles - Jair Clarke, an Executive Advisor at World Wide Technology and former Global CTO at Microsoft, joins the board to focus on market expansion, technology platform enhancement, and operational efficiency [3][4] - Sherry Coonse McCraw, former CFO of BMW North America, will lead the audit committee, emphasizing financial oversight, transparency, and human resources leadership [5] Company Overview - OneMedNet provides innovative solutions that leverage Real World Data (RWD) from over 1,400 healthcare systems, utilizing its proprietary iRWD™ platform for secure management of diverse clinical data types [7] - The platform supports various clinical domains, including rare diseases, oncology, and cardiology, aiming to enhance patient outcomes and drive healthcare innovation [8]

Core Points - OneMedNet Corporation has received notices from Nasdaq regarding its non-compliance with listing requirements due to the failure to timely file its Form 10-Q for the fiscal quarter ended June 30, 2024 [1][2] - Nasdaq has granted OneMedNet an extension until October 31, 2024, to file the delinquent filings and regain compliance [2] - The company is working with its new auditor to complete and file the delinquent filings as soon as possible, with an expectation to do so by the deadline [3] Company Overview - OneMedNet Corporation specializes in curating regulatory-grade Real World Data (RWD), including electronic health records, laboratory results, and medical imaging [1][5] - The company operates the iRWD™ platform, which manages diverse clinical data types and supports research opportunities for drug, medical device, and imaging/diagnostic AI development [5] - OneMedNet's platform is designed to meet clinical requirements across various domains, including rare diseases, oncology, and cardiology, aiming to enhance patient outcomes and drive healthcare innovation [6]

MINNEAPOLIS, Sept. 10, 2024 (GLOBE NEWSWIRE) -- OneMedNet Corporation (Nasdaq: ONMD) ("OneMedNet" or the "Company"), the leading curator of regulatory-grade Real World Data (RWD), has announced that Bob Golden has joined the OneMedNet Executive Team as Chief Financial Officer spearheading all aspects of the company's financial and accounting operations while continuing to serve as a member of the Board of Directors. Mr. Golden is a Certified Public Accountant with more than 40 years of experience. Mr. Golde ...

Core Insights - OneMedNet Corporation has successfully integrated proprietary AI technology into its data curation process, enhancing the rapid and precise de-identification of patient data [1][2] - The integration of AI has significantly reduced operational costs and improved efficiency, allowing OneMedNet to process vast amounts of clinical data in minutes and deliver longitudinal clinical data and images to Life Science organizations up to five times faster than before [1][2] - OneMedNet's iRWD™ platform is recognized for managing diverse clinical data types, including electronic health records, laboratory results, and medical imaging, with AI enhancing the accuracy and speed of delivering regulatory-grade datasets [2][3] Company Overview - OneMedNet provides innovative solutions that unlock value from Real-World Data (RWD) repositories across over 1,400 healthcare system and provider sites within its iRWD™ network [3] - The company securely de-identifies, searches, and curates clinical data, offering research opportunities for drug, medical device, and imaging/diagnostic AI development customers [3] - OneMedNet's platform meets clinical requirements across various domains, including rare diseases, oncology, and cardiology, aiming to enhance patient outcomes and drive healthcare innovation [4]