KindlyMD reports Q1 EPS (6c) vs. (4c) last year

Reports Q1 revenue $829,029 vs. $1.16M last year. “We are pleased to report our first quarter of financial results as a public company following the successful closing of our IPO in early June. During the quarter, we were constrained by working capital as we prepared for our IPO; however, we began receiving reimbursement from insurance payors for the first time in our company history during that period. Subsequent to the end of the quarter, we announced the Company became Utah’s first alternative medical treatment company to contract under the state’s top insurance payors, including Select Health, Medicare and more recently, Blue Cross Blue Shield. We now provide nearly 80% statewide comprehensive insurance coverage to Utah residents, taking into account overlapping coverages and based on information from the 2023 Utah Health Insurance Market Report. We hope that our reimbursement revenue as a percentage of total revenue will continue to increase going forward, offering a much larger patient population with the opportunity to receive all the benefits of our integrated behavioral and alternative therapies outside of out-of-pocket payors for the first time,” said KindlyMD CEO Tim Pickett. “The working capital we received from our IPO will provide us with the opportunity to invest across many growth levers in line with our strategic priorities. Beyond the additional marketing budget to continue attracting a larger patient population, we see significant merger and acquisition opportunity to acquire additional clinics in Utah, integrate those locations into our platform, and increase our patient population where we currently treat more than 16% of the medical cannabis patient population according to a Utah Department of Health and Human Services Center for Medical Cannabis Report dated May 2024. We will continue to update our shareholders as we make progress.”