Kindly MD Reports 27.8% Revenue Decline and $3.62 Million Net Loss for Fiscal Year 2024

Kindly MD, Inc. reported a significant decline in financial performance for the fiscal year ending December 31, 2024, with total revenues of $2.72 million, a decrease of 27.8% from $3.77 million in 2023. The company attributed this decline primarily to a reduction in retail sales following the discontinuation of white-labeled product offerings and a shift towards insurance billing for patient care services. Operating expenses increased to $6.07 million, up 12.6% from the previous year, largely due to rising general and administrative costs and increased research and development expenditures. The net loss for the year was $3.62 million, compared to a loss of $1.62 million in 2023, reflecting a worsening financial position.

In terms of operational metrics, Kindly MD treated 20,636 patient visits in 2024, an increase from 18,930 visits in 2023. The company has focused on enhancing its in-network status with commercial insurance payers, which it believes will provide greater revenue opportunities in the future. The company also reported a substantial increase in reimbursements from insurance payers, totaling $347,633 for the year, a 1,088% increase from $29,265 in 2023. This shift towards insurance billing is part of a broader strategy to improve financial stability and patient care offerings.

Strategically, Kindly MD completed an initial public offering (IPO) on June 3, 2024, raising approximately $5.9 million in net proceeds. This capital infusion is expected to support the company's growth initiatives, including the expansion of its integrated behavioral health services and the development of its Enterprise Data Management (EDM) program. The company is also exploring potential acquisitions to enhance shareholder value, although no specific targets have been identified as of the filing date.

As of December 31, 2024, Kindly MD reported total assets of $3.68 million, a significant increase from $1.10 million in 2023, primarily due to the cash influx from the IPO. The company’s total liabilities decreased to $1.11 million from $1.21 million, resulting in total stockholders' equity of $2.57 million, a substantial improvement from a deficit of $108,412 in the previous year. The company currently employs 61 individuals, consisting of 23 full-time and 38 part-time employees, as it continues to build its operational capacity.

Looking ahead, Kindly MD aims to focus on expanding its insured client base and enhancing its service offerings while managing operating expenses. The company recognizes the inherent risks associated with its growth strategy, including the need to maintain and grow its client base and successfully execute its strategic initiatives. Management remains optimistic about the long-term potential of its business model, particularly in addressing the opioid crisis through integrated healthcare solutions.