VSee Health, Inc. reported total revenue of $10.42 million for the year ended December 31, 2024, an 81% increase from $5.77 million in 2023. This growth was substantially driven by the acquisition of iDoc, which contributed $2.22 million to 2024 revenues, and robust growth in technical and engineering fees, which surged by 201%.
Despite the top-line expansion, the company reported a deepening net loss of $57.70 million in 2024, a staggering 1449% increase from the $3.73 million net loss in 2023. This dramatic increase was largely due to a non-cash goodwill impairment charge of $56.68 million, primarily related to the Telehealth segment (iDoc).
Cash flow from operations remained negative, with an outflow of $5.79 million in 2024. As of December 31, 2024, VSee's cash balance was $326,115, which management explicitly stated is insufficient to cover operating cash needs for the subsequent 12 months. This precarious liquidity position, coupled with recurring losses and an accumulated deficit of $67.70 million, led independent auditors to express 'substantial doubt' about the company's ability to continue as a going concern.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.