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Kindly MD, Inc. (KDLY-0.64%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's focus on value-based care and patient-centered medical services, emphasizing a reduction in opioid use and improvement in health outcomes.
Kindly MD reported revenues of $2,719,840 for 2024, a decrease from $3,768,598 in 2023, attributed to a decrease in retail sales and a shift towards insurance billing.
Operating expenses increased to $6,066,611 in 2024 from $5,388,818 in 2023, with significant increases in general and administrative expenses and research and development costs.
The company recorded a net loss of $3,617,647 for 2024, compared to a net loss of $1,617,461 in 2023, with a significant portion attributed to increased interest expenses and a loss on extinguishment of debt.
Kindly MD's cash and cash equivalents increased to $2,273,624 as of December 31, 2024, from $525,500 in 2023, primarily due to net proceeds from the company's IPO.
The company completed an IPO on June 3, 2024, issuing 1,240,910 units and receiving net proceeds of approximately $5.9 million.
Kindly MD's business strategy includes expanding its insured client base, enhancing behavioral health services, and improving operational efficiency.
The company operates several clinics in Utah and plans to continue its focus on integrated behavioral health and telemedicine services.
Kindly MD faces risks related to regulatory compliance, competition, and its reliance on insurance reimbursements, as detailed in the risk factors section of the filing.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Kindly MD, Inc. annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.