MINNEAPOLIS - OneMedNet Corporation (NASDAQ:ONMD), a curator of regulatory-grade Real World Data (RWD), announced today its partnership with the Amazon (NASDAQ:AMZN) Web Services (AWS) Partner Network (APN). Through this alliance, OneMedNet has acquired a new iRWD™ client, a computational biotechnology firm, via the AWS Marketplace.
The APN is a global community that helps partners build, market, and sell their AWS offerings. OneMedNet's inclusion in the APN allows the company to provide its potential customers with access to a network of clinical data, which includes electronic health records, lab results, and medical imaging.
Aaron Green, President and CEO of OneMedNet, expressed his enthusiasm about the partnership, stating that AWS's recognition as a leading cloud services provider is an honor and brings technical benefits to the company's customers.
The new, unnamed client has praised the partnership for providing easy access to curated clinical data, vital for their research and development efforts. The client highlighted OneMedNet's responsive and knowledgeable team as a significant factor in enhancing their capabilities to leverage regulatory-grade clinical data.
OneMedNet's iRWD™ platform manages diverse clinical data types securely and comprehensively. The company supports over 1,400 healthcare systems and provider sites, de-identifying, searching, and curating clinical data to support internal and third-party research for drug, medical device, and AI development in diagnostics.
The company's platform is tailored to meet clinical requirements across various domains, including rare diseases, oncology, and cardiology. OneMedNet is dedicated to delivering research support services that improve patient outcomes and contribute to healthcare innovation.
This news is based on a press release statement from OneMedNet Corporation. The forward-looking statements within the press release reflect the company's expectations about future events and are subject to risks, uncertainties, and assumptions. As with any forward-looking statements, actual results may differ from those projected. The company is not obligated to update or revise any forward-looking statements based on new information.
In other recent news, OneMedNet Corporation has announced several significant developments. The company has secured a three-year Master Services Agreement with a U.S.-based medical technology firm, a partnership expected to impact over 150 million patients globally each year. This deal involves OneMedNet deploying its iRWD™ platform to de-identify, search, and curate clinical data for the medical technology company's subsidiaries and affiliates worldwide.
In addition to this, OneMedNet has entered into a private placement agreement with an institutional investor, securing up to $4.54 million. The funds are intended to expedite the company's growth, improve its network, and advance the development of its AI-driven solutions. EF Hutton LLC and ARC Group Ltd. provided advisory services for the transaction.
Lastly, OneMedNet has appointed Aaron Green as its new President and CEO, succeeding the retiring Paul Casey. Green, who has over two decades of healthcare IT experience, has previously contributed to a 15% increase in year-over-year bookings and nearly doubled the company's clinical data network. These recent developments highlight OneMedNet's ongoing operational momentum and strategic growth initiatives.
InvestingPro Insights
In the wake of OneMedNet Corporation's (NASDAQ:ONMD) strategic partnership with the Amazon Web Services (AWS) Partner Network, a glance at the company's financials and market performance offers a mixed picture. OneMedNet has a current market capitalization of approximately $38.16 million, indicating a relatively small player in the industry.
With a negative P/E ratio of -1.64 and an adjusted P/E ratio for the last twelve months as of Q4 2023 at -2.69, investors are looking at a company that has not been profitable over the past year. This aligns with the InvestingPro Tip that highlights the company's lack of profitability in the same timeframe.
Despite a challenging revenue growth year-over-year, with a decrease of 11.37%, OneMedNet showed a promising quarterly revenue growth of 29.18% in Q4 2023. This suggests a potential turnaround or seasonal strength that could be of interest to investors who focus on short-term performance.
Furthermore, the company's revenue for the last twelve months stands at $1.02 million, which is critical for stakeholders to consider given the company's high revenue valuation multiple, as noted in one of the InvestingPro Tips.
Investors should also be aware of the stock's recent performance. OneMedNet has experienced a significant drop over the last week, with a price total return of -38.7%. However, looking at a broader timeframe, the stock has had a strong return over the last month and three months, with 145.4% and 101.77% respectively. This volatility is in line with another InvestingPro Tip that points to the stock's high price volatility, which could be a double-edged sword for traders and investors alike.
For those interested in deeper analysis and additional insights, there are more InvestingPro Tips available, which can provide further guidance on OneMedNet's financial health and market position. Subscribers can access these tips and consider using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at https://www.investing.com/pro/ONMD.
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