Elite Health Systems Reports $2.055 Million Net Loss for Fiscal Year 2024

Elite Health Systems Inc., formerly known as U.S. NeuroSurgical Holdings, Inc., reported a net loss of $2.055 million for the fiscal year ending December 31, 2024, a significant increase from the $816,000 loss recorded in 2023. The company did not generate any patient revenue during both years, and its selling, general, and administrative expenses surged by 134% to $1.793 million, primarily due to costs associated with its application to operate a Medicare Advantage plan in California. The company also experienced an increase in losses from investments in unconsolidated entities, which rose from $47,000 in 2023 to $524,000 in 2024.

In terms of liquidity, Elite Health Systems reported working capital of $3.917 million at the end of 2024, a notable improvement from a working capital deficit of $80,000 in the previous year. This increase was largely attributed to a private placement that raised approximately $5.8 million through the issuance of common stock. Cash and cash equivalents also saw a substantial rise, reaching $4.034 million compared to $466,000 at the end of 2023. However, the company noted that it does not currently have access to capital through a line of credit or other readily available sources, raising concerns about its ability to continue as a going concern.

Strategically, the company is focusing on establishing a managed care organization through its subsidiary, Elite Health Plan, Inc., which aims to develop and operate Medicare Advantage plans for seniors in California and Nevada. The company has submitted documentation for a Knox-Keene license to offer managed health care plans in California and plans to expand into Nevada once it secures the necessary approvals. As of March 24, 2025, the total outstanding shares of the company increased to 21,409,924, reflecting the recent capital raise.

Operationally, the company has not reported any revenue since its previous operations ceased in 2021. The management team, led by CEO Dr. Prasad Jeereddi, is concentrating its efforts on building a network of providers and enrolling subscribers for the Medicare Advantage plans. The company has identified a growing market of Medicare-eligible seniors in California and Nevada, which it believes presents a significant opportunity for future growth.

Looking ahead, management expressed optimism about the company's ability to continue as a going concern through at least the next twelve months, contingent on successfully executing its business plan and obtaining the necessary licenses. However, they acknowledged the uncertainty surrounding the availability of future capital and the potential challenges in establishing the managed care organization. The company remains committed to its strategic initiatives and believes that its recent capital raise will support its operational goals.