As filed with the Securities and Exchange Commission on December 29, 2025. Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 VSEE HEALTH, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Delaware 8000 86-2970927 (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Identification No.) 980 N Federal Hwy Suite ...

Core Insights - The Zacks Medical - Outpatient and Home Healthcare industry is rapidly transitioning towards digital healthcare delivery, driven by increased demand for telemedicine and AI technologies [1][2] - The global home healthcare market is projected to grow from $416.4 billion in 2024 to $747.70 billion by 2030, at a CAGR of approximately 10.2% [1] - Key players like Encompass Health Corporation, DaVita Inc., Option Care Health, and The Pennant Group are expected to benefit from these trends [2] Industry Overview - The industry includes companies providing outpatient care and home healthcare using advanced medical technologies for diagnosis, treatment, and rehabilitation [3] - After the pandemic, there has been steady growth in the industry, supported by innovation in services, although inflation may pose challenges [3] - The shift towards value-based care models and increased technology application in healthcare is anticipated to continue [3] Major Trends - The aging global population is a primary driver for home healthcare, increasing demand for chronic disease management and rehabilitation services [4][10] - Outpatient clinics are cost-effective, offering a wide range of treatments without the high costs associated with inpatient care [5] - Home-based care reduces emergency room visits and hospitalizations, leading to significant healthcare savings [6] Technological Advancements - AI plays a crucial role in enhancing patient care through remote monitoring and timely interventions, reducing hospital readmissions [7] - Virtual assistants and chatbots are increasingly used to assist patients in managing their care and scheduling appointments [8] - The utilization of telehealth platforms has surged in home healthcare, particularly in response to the pandemic [9] Staffing Challenges - The U.S. healthcare industry faces significant staffing shortages, particularly among home health aides, exacerbated by high burnout rates [11] Industry Performance - The Zacks Medical - Outpatient and Home Healthcare industry ranks 55, placing it in the top 23% of nearly 250 Zacks industries, indicating positive near-term prospects [12] - The industry has gained 5.1% over the past year, underperforming the S&P 500's 15.2% increase [14] Valuation Metrics - The industry is currently trading at a forward P/E of 18.1X, lower than the S&P 500's 22.9X and the sector's 20.9X [17] - Over the last five years, the industry's P/E has ranged from 16.1X to 23.4X, with a median of 19.2X [18] Company Highlights - **The Pennant Group**: Reported strong revenue growth in Home Health and Hospice Services, with a projected revenue growth of 33.5% for 2025 [20][21] - **Encompass Health**: Opened new hospitals and reported revenue growth, with a projected revenue increase of 10.4% for 2025 [25][26] - **DaVita**: Experienced revenue growth in dialysis services, with a projected revenue increase of 5.8% for 2025 [28][29] - **Option Care Health**: Reported significant revenue growth, with a projected revenue increase of 12.9% for 2025 [32][33]

Healthcare Challenges in China - Chinese patients often prefer specialists in large cities when ill [1] - This preference results in long waiting times and overworked doctors [1] Technological Solutions - China is increasingly exploring high-tech solutions for its medical issues [1] - Telemedicine and AI are being considered as potential solutions [1]

Industry Overview - Telemedicine is transforming healthcare access, driven by regulatory measures like the 1135 waiver and the Coronavirus Preparedness Act, which expanded Medicare coverage for telehealth visits [1] - The demand for remote medical services is accelerating the adoption of telehealth solutions, benefiting industry players [1] Company Analysis: Teladoc Health (TDOC) - Teladoc is strengthening its leadership in integrated care in the U.S. by broadening its service offerings and improving patient outcomes [3] - The Prism care delivery platform is a major strategic priority, with pilot programs expected to launch in 2026, indicating future growth potential [3] - An acquisition-led strategy has expanded Teladoc's distribution capabilities and clinical offerings, targeting scalable, high-growth solutions [4] - International operations are increasingly important as competition in the U.S. market intensifies, with plans to expand across Europe, South America, and Asia [5] - Teladoc utilizes advanced technologies like AI and machine learning to enhance care delivery across various medical specialties [6] - The company has a solid liquidity position with $726 million in cash and cash equivalents and free cash flow of $113 million, but continues to operate at a loss [7] - TDOC shares have declined by 22.5% year to date, underperforming the industry's growth of 4.3% [7] Company Analysis: LifeMD (LFMD) - LifeMD is emerging as a leading provider of virtual primary care, with a diversified portfolio and growth momentum in key areas [8] - The company aims to scale its virtual women's and behavioral health businesses and enhance its weight management offerings in 2026 [9] - LifeMD's weight-management platform is expected to benefit from collaborations with pharmaceutical partners, broadening its addressable market [11] - The RexMD men's health brand will expand through personalized medications and hormone therapies to improve patient outcomes [12] - LifeMD has secured regulatory approval for its compounding pharmacy, enabling scalable production of personalized medications [13] - LFMD shares have lost 19.4% year to date, also underperforming the industry [13] Financial Estimates - The Zacks Consensus Estimate for TDOC's bottom line implies year-over-year improvements of 80.4% and 26.6% for 2025 and 2026, respectively [14] - The Zacks Consensus Estimate for LFMD's bottom line implies year-over-year improvements of 71.7% and 346.7% for 2025 and 2026, respectively [15] Valuation Metrics - TDOC shares are trading at a forward 12-month price-to-sales multiple of 0.49, below its five-year median of 1.49 [16] - LFMD's forward 12-month price-to-sales multiple is 0.65, also below its five-year median of 1.02 [16] Conclusion - Teladoc is a leading player in the telehealth market with consistent revenue growth but faces challenges in achieving profitability [17] - LifeMD presents a compelling growth opportunity in virtual care, with improving profitability and strong long-term growth catalysts [17] - Both companies carry a Zacks Rank 3 (Hold), but LFMD is considered to have an edge over TDOC [18]

Core Insights - Panacea Life Sciences Holdings, Inc. has launched Benivita PLSH, a new venture aimed at transforming access to non-insurance benefits, telemedicine services, and wellness programs across the U.S. [1][2] - The platform combines PLSH's operational infrastructure, Benivita's marketing expertise, and New Benefits, Inc.'s leadership in benefit aggregation to provide affordable access to benefits typically available only to corporate employees [2][3] Company Overview - Benivita PLSH offers a membership-based platform with plans starting at $59.95 per month for individuals, which includes 24/7 virtual urgent care, primary care, mental wellness visits, and discounted prescriptions [3][4] - The venture is supported by New Benefits Inc., which serves over 25 million members and provides exclusive licensing for the partnership [3] Market Opportunity - The U.S. telemedicine market was valued at $81 billion in 2024 and is projected to grow to $395.6 billion by 2034, with a CAGR of approximately 17.3% [5] - Benivita PLSH aims to capture significant market share in this expanding segment by offering a scalable and transparent platform [5] Financial Projections - Financial forecasts indicate EBITDA of $1.2 million in 2026, $5.2 million in 2027, and $8.3 million in 2028, with a target of enrolling 100,000 members within 36 to 60 months [9] - The venture is particularly focused on underserved markets, including the U.S. Latino population, which represents nearly 20% of the nation's population [9] Strategic Partnerships - The partnership integrates technology from By Design Technologies and Shapetech Solutions to enhance customer experience and operational efficiency [8] - PLSH will own 100% of Benivita PLSH and has issued 16 million restricted common shares to Benivita Inc., with performance-based incentives tied to EBITDA [9]

Core Insights - GoodRx has launched two major initiatives to enhance the availability of FDA-approved GLP-1 medications [1] - The first initiative is GoodRx for Weight Loss, a telemedicine subscription service connecting consumers with licensed healthcare providers for affordable weight management treatment [1] - The second initiative, in partnership with Novo Nordisk, introduces a new cash price of $199 per month for Ozempic® [1]

Company Information - Veri Medtech Holdings, Inc. has filed a registration statement on Form S-1 with the SEC for a proposed initial public offering of its Class A common stock, with the number of shares and price range yet to be determined [1] - The offering is subject to market conditions, and there is no assurance regarding the completion, size, or terms of the offering [1] - The proposed offering will be made only by means of a prospectus, and the registration statement has not yet become effective [2] Industry Overview - The global telemedicine market was valued at USD 114.98 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 17.96% from 2024 to 2030 [7] - Growth in the telemedicine market is driven by industry consolidation, strategic initiatives by key companies, and increasing healthcare consumerism [7] - Factors such as rising adoption of telemedicine by providers and increasing patient acceptance are expected to contribute to market growth [7]

Core Insights - LifeMD has announced a new lower cash-pay price for GLP-1 medications, Wegovy and Ozempic, at $199 per month for the 0.25 mg and 0.5 mg doses, which is the lowest cash-pay pricing available nationwide [1][4] - This pricing initiative is part of LifeMD's commitment to patient affordability and high-quality care, supporting patients who pay out of pocket [1][4] - The LifeMD Weight Management Program offers comprehensive support, including virtual consultations, diagnostic testing, secure messaging, and educational resources for sustained weight loss and metabolic health [2] Company Strategy - LifeMD's shift from compounded GLP-1s to direct partnerships with leading pharmaceutical manufacturers is central to its long-term growth strategy [4] - The company aims to maximize access to safe, FDA-approved medications through a frictionless virtual care experience [4] - LifeMD is well-positioned to deliver high-quality, affordable treatment options through a scalable, integrated virtual care platform, aligning with market needs and future healthcare trends [5] Market Context - The announcement follows national efforts to improve affordability and access to GLP-1 therapies, including initiatives from the White House and major pharmaceutical manufacturers like Novo Nordisk and Eli Lilly [3] - LifeMD's infrastructure and partnerships position it as a key player in supporting patients seeking clinically guided weight-loss care [3]

Core Viewpoint - Mangoceuticals, Inc. has launched two weight-management programs, MangoRx Direct and PeachesRx Direct, allowing patients to access FDA-approved GLP-1 medications from Eli Lilly and Novo Nordisk through its platform [2][4]. Group 1: Program Details - The MangoRx Direct and PeachesRx Direct programs are licensed to issue valid prescriptions for GLP-1 medications, including Zepbound and Wegovy, through a third-party provider [2][5]. - Patients can fill prescriptions at any licensed pharmacy, with the medical operations and prescribing providers vetted by an independent third-party provider [3][5]. - The programs offer telehealth consultations, personalized care plans, and ongoing support for a monthly fee of $99, excluding medication costs [6]. Group 2: Company Overview - MangoRx focuses on men's health and wellness products via a secure telemedicine platform, targeting areas such as erectile dysfunction, hair growth, hormone replacement therapies, and weight management [7]. - The company aims to provide a smooth telemedicine experience, with prescription requests reviewed by physicians and fulfilled through partner pharmacies [7].

Core Insights - Mangoceuticals, Inc. has launched two new programs, MangoRx Direct and PeachesRx Direct, providing direct access to GLP-1 medications Zepbound® and Wegovy® through a secure telemedicine platform [1][2][3] Group 1: Company Overview - Mangoceuticals focuses on health and wellness products, utilizing telemedicine to offer services under the brands MangoRx and PeachesRx [1] - The company aims to simplify and sustain weight-loss treatment, offering a medication management membership for $99 per month, which includes unlimited telehealth visits and lifestyle coaching [3] - The company is positioned to address the obesity epidemic affecting 42% of U.S. adults, which costs the healthcare system over $210 billion annually [4] Group 2: Product Offerings - The GLP-1 medications will be available through Eli Lilly's LillyDirect® and Novo Nordisk's NovoCare Pharmacy, with virtual consultations and personalized treatment plans provided [2] - Medications are priced starting at $499 per month, with options for home delivery or local pharmacy pickup, and no insurance is required [3] Group 3: Market Context - The launch aligns with the White House's initiative to reduce government pricing for GLP-1 medications to $245 per month and offer $50 copays for Medicare patients with obesity starting mid-2026 [3] - The company believes it can serve millions of individuals seeking effective and affordable weight management solutions [4]