KindlyMD Announces First Quarter 2024 Financial Results and Provides Shareholder Update

KindlyMD, Inc. (NASDAQ:KDLY) reported its financial results for the first quarter of 2024 and provided updates following its IPO in June. The company received reimbursement from insurance payors for the first time in its history, an event expected to increase as a percentage of total revenue.

The company announced the successful close of its IPO on June 3, 2024, which provided $6.02 million in net proceeds. KindlyMD stated it has enough capital to fund operations and execute its growth strategy for the next 12 months.

For the first quarter ended March 31, 2024, revenues were $829,029, a 28.6% decrease from the same period in 2023. The decline was attributed to the transition from cash-pay patient services to insurance billing. Operating expenses decreased by 21.9% to $1,066,156, leading to a net loss of $282,326 for the quarter.

Founder and CEO Tim Pickett emphasized the strategic benefits of the IPO. The capital will be used to expand marketing efforts and pursue mergers and acquisitions in Utah. The company aims to increase its patient base, particularly among medical cannabis users, leveraging insurance coverage expansions with major payors like Blue Cross Blue Shield and Select Health.