MINNEAPOLIS - OneMedNet Corporation (NASDAQ:ONMD), a curator of regulatory-grade Real World Data (RWD), announced a three-year Master Services Agreement with an unnamed U.S.-based medical technology company. This partnership is anticipated to influence the care of over 150 million patients globally each year.
Under the terms of the agreement, OneMedNet will deploy its iRWD™ platform to de-identify, search, and curate clinical data, including electronic health records, laboratory results, and medical imaging. The service will be provided to the medical technology company's subsidiaries and affiliates worldwide on a fee-for-service basis.
Aaron Green, President and CEO of OneMedNet, highlighted the growing trend of medical device companies utilizing existing RWD, especially medical imaging data, to support various development stages, including post-market surveillance. "By providing timely access to de-identified and hard-to-curate current clinical information to this global medical technology industry leader, our aim is to not only provide it with comprehensive, accurate, and much needed patient information, but also help improve its competitive positioning by enabling it better informed decision-making," Green stated.
OneMedNet's iRWD™ network comprises over 1,400 healthcare system and provider sites, offering diverse clinical data management, including unique medical imaging. The company's platform is designed to meet clinical requirements across various domains such as rare diseases, oncology, and cardiology, supporting the entire continuum of care.
The press release also contains forward-looking statements regarding OneMedNet's performance, growth, business prospects, and opportunities. However, these statements are predictions and subject to risks, uncertainties, and assumptions that could cause actual results to differ materially.
The information for this news article is based on a press release statement from OneMedNet Corporation.
InvestingPro Insights
As OneMedNet Corporation (NASDAQ:ONMD) forges ahead with its new Master Services Agreement, the company's financial health and stock performance provide additional context for investors. According to InvestingPro data, OneMedNet has a market capitalization of $47.94 million, reflecting its standing in the market. Despite the company's efforts to expand its services, the financial metrics show that OneMedNet is not profitable over the last twelve months, with a negative P/E ratio of -1.99 and an adjusted P/E ratio for the last twelve months as of Q4 2023 at -3.32.
InvestingPro Tips suggest that the management's aggressive share buyback strategy is a notable action, potentially indicating confidence in the company's future despite recent performance. However, investors should be aware that the stock is currently in overbought territory according to the Relative Strength Index (RSI), which could suggest a potential pullback in the near term. The company's stock has experienced significant volatility, with a 310.2% return over the last week, yet it has fallen by 81.59% over the last year, emphasizing the high-risk nature of this investment.
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