DETROIT - Amesite Inc. (NASDAQ: AMST), an artificial intelligence software company, has reported swift growth in the user base of its NurseMagicTM app since fully opening access to the public on June 5. Within the first week, approximately 1,200 individuals completed an onboarding survey, registering as users. The app, designed to assist nurses with tasks such as patient communication and prioritization of work, has been met with enthusiasm, particularly among nurse influencers.
Dr. Ann Marie Sastry, CEO of Amesite, expressed excitement about the app's reception, stating, "This is the fastest growth in usership that we have ever seen with any of our products." She anticipates that NurseMagicTM will not only benefit healthcare professionals but also drive sustainable revenue growth for the company.
Sai Nittala, Senior AI Manager at Amesite, highlighted the app's diverse applications, which include writing nursing notes and managing difficult patient communications. User feedback has been overwhelmingly positive, with 96% of NurseMagicTM users expressing a desire for AI tools to assist them in their roles. The user demographic spans a wide range, from 18 to over 60 years old, and includes students and professionals across 48 states in various nursing and healthcare professions.
Amesite's foray into the B2C AI app market with NurseMagicTM represents a strategic expansion beyond its traditional education tech SaaS offerings. The company also plans to launch additional apps on its platform, including a Public Safety app aimed at training for active shooter response scenarios.
The information provided in this article is based on a press release statement from Amesite Inc.
In other recent news, Amesite Inc., an artificial intelligence software company, continues to make strides in its sector. The company recently extended its partnership with the EWIE Group of Companies for the third year, providing AI-enhanced enterprise upskilling through its cloud-based learning platform. The partnership includes 189 active courses, meeting the growing demand for AI learning solutions.
Amesite has also been expanding its offerings, introducing a suite of AI-powered job application tools for nurses through its NurseMagic™ app. These tools, including NurseResumeBuilder and NurseCoverLetter, are designed to assist the over 5.2 million nurses in their job application process.
In addition, Amesite has secured a five-year partnership with Volunteer State Community College, offering non-degree AI and technical training programs. This collaboration is expected to provide industry certification and workforce development in a region with growing technical demands.
InvestingPro Insights
As Amesite Inc. (NASDAQ: AMST) celebrates the rapid user growth of its NurseMagicTM app, investors may be curious about the financial health and market performance of the company. According to InvestingPro data, Amesite holds a market capitalization of 7.31 million USD, indicating its position as a smaller player in the tech industry. Despite a challenging environment, with a reported revenue of 0.26 million USD for the last twelve months as of Q3 2024, the company has shown a remarkable gross profit margin of 100% in the same period. This suggests that while revenue has declined, the company's cost of goods sold is minimal, possibly reflecting the digital nature of its products.
However, the company's financial metrics reveal some challenges. Amesite's operating income margin stands at -1661.85%, and the company has a negative P/E ratio of -1.88, which can be a concern for investors looking for profitability. Additionally, the stock has experienced significant volatility with a 25.11% return over the last three months, yet a -27.03% return over the last year, which could suggest short-term gains amidst long-term uncertainty.
Among the 16 InvestingPro Tips available, two are particularly relevant to the current discussion. First, analysts anticipate sales growth in the current year, which may align with the company's positive user growth reports for the NurseMagicTM app. Second, the company is quickly burning through cash, a critical factor for potential investors to consider, especially in the context of its growth initiatives. For those interested in a deeper analysis, additional InvestingPro Tips can be found on the InvestingPro platform.
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