MINNEAPOLIS - OneMedNet Corporation (NASDAQ:ONMD), a curator of regulatory-grade Real World Data (RWD), announced a new partnership through a Customer Data License Agreement with a leading U.S.-based clinical trial design and software company. The identity of the partner remains undisclosed.
Under the agreement, OneMedNet will leverage its iRWD™ platform to de-identify and curate clinical data, including electronic health records, lab results, and medical imaging, for the customer's global operations. The deal, which utilizes a referral licensing model, aims to provide a steady stream of business opportunities and is in line with OneMedNet's strategy to expand its commercial presence in the life sciences sector.
Aaron Green, President and CEO of OneMedNet, stated that the collaboration is set to enhance the development of new medical therapies and technologies, addressing global health challenges by combining the partner's expertise in clinical trials with OneMedNet's RWD platform.
OneMedNet's iRWD™ network includes over 1,400 healthcare systems and provider sites, managing a diverse set of clinical data. The company's platform supports a range of research needs across various medical domains, such as rare diseases, oncology, and cardiology, with the goal of improving patient outcomes and fostering healthcare innovation.
The press release also contained forward-looking statements regarding OneMedNet's future performance and potential business prospects. However, these statements are predictions based on current expectations and are subject to risks, uncertainties, and assumptions, which may cause actual results to differ.
This partnership announcement is based on a press release statement from OneMedNet Corporation.
In other recent news, OneMedNet Corporation has been involved in several significant developments. The company has entered a three-year Master Services Agreement with an unnamed U.S. medical technology company, a partnership expected to influence the care of over 150 million patients worldwide each year. OneMedNet will deploy its iRWD™ platform to de-identify, search, and curate clinical data for the medical technology company's affiliates and subsidiaries.
In addition, OneMedNet has secured a private placement agreement with an institutional investor for up to $4.54 million, which is set to expedite the company's growth and enhance its AI-driven solutions. EF Hutton LLC and ARC Group Ltd. provided placement and financial advisory services, respectively, for this transaction.
On the leadership front, Aaron Green has taken over as President and Chief Executive Officer, succeeding Paul Casey. Green, who brings over two decades of healthcare IT experience, has already contributed to a 15% increase in year-over-year bookings and nearly doubled the company's clinical data network. These developments are part of OneMedNet's recent activities, reflecting its ongoing efforts in the healthcare IT sector.
InvestingPro Insights
As OneMedNet Corporation (NASDAQ:ONMD) embarks on a promising partnership to bolster its Real World Data (RWD) offerings, the company's financial health and market performance provide critical context for investors. With a modest market capitalization of $28.98 million, OneMedNet is a smaller player in the healthcare data sector, which could mean more growth potential but also higher risk.
Investors should note that the company has had a tumultuous financial track record over the last twelve months, marked by a lack of profitability and challenges in maintaining positive gross profit margins. The company's revenue for the last twelve months as of Q4 2023 stood at $1.02 million, with a gross profit margin of -12.52%, reflecting the costs outweighing revenue generation. Moreover, the company's operating income margin was significantly negative at -819.68%, indicating substantial expenses relative to its revenue.
Despite these challenges, OneMedNet has experienced a strong return over the last month, with a 138.24% price total return. This recent uptick could signal investor confidence in the company's strategic initiatives, such as the latest partnership, which could potentially improve its financial trajectory. Still, with a price that is only 8.99% of the 52-week high and a 1-year price total return of -88.86%, the stock has seen considerable volatility, which is in line with the InvestingPro Tip that the stock generally trades with high price volatility.
For those considering an investment in OneMedNet, it's worth noting that the company does not pay dividends, which may be a factor for income-focused investors. Moreover, the InvestingPro Fair Value estimate stands at $1.03, providing a baseline for comparison against the current market price.
For more detailed analysis and additional InvestingPro Tips on OneMedNet, interested investors can explore further at Investing.com/pro/ONMD. With 11 more tips available, users can get a comprehensive understanding of the company's financial position and market performance. Remember to use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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