SALT LAKE CITY – Kindly MD, Inc. (NASDAQ:KDLY), a health services company, announced the results of its annual meeting of stockholders, which took place on November 8, 2024. The company disclosed in a recent SEC filing that shareholders voted on two key proposals during the meeting.
The first proposal concerned the election of directors to the company's board. The following individuals were elected as directors: Tim Pickett received 3,904,276 votes for, 144,223 withheld; Adam Cox received 3,903,983 votes for, 144,516 withheld; Amy Powell, Christian Robinson, and Gary Seelhorst each received 3,904,276 votes for, and 144,223 votes withheld. No abstentions were recorded for the election of directors.
The second proposal was the ratification of the appointment of Sadler Gibb & Associates as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2024. This proposal received 3,900,797 votes for, 137,421 against, and 10,281 abstentions.
Approximately 68.07% of the total outstanding voting shares as of the record date, August 6, 2024, were present or represented by proxy at the meeting, ensuring a quorum was met. The approval of both proposals by the requisite vote of the company's stockholders reaffirms the current direction of the company's governance and its financial oversight mechanisms.
This information is based on a press release statement.
In other recent news, healthcare company KindlyMD has initiated a stock repurchase program, authorizing the buyback of up to $500,000 in common shares. This move, contingent on market conditions, demonstrates the firm's confidence in its growth potential. The specifics of the buyback, including the timing and volume of shares to be repurchased, remain at the discretion of the management.
KindlyMD has also secured a significant contract with UnitedHealthcare Insurance Company, the largest health insurer in the U.S. Starting November 1, 2024, this agreement will enable the company to serve UnitedHealthcare-insured patients and receive reimbursements for its services, potentially broadening its patient base in Utah.
Adding to these developments, KindlyMD announced the appointment of Dr. Jeremy Joyal as its new Medical (TASE:PMCN) Director. Dr. Joyal, with his extensive background in Anesthesiology, Pain Medicine, and Addiction Medicine, will oversee the firm's clinical operations and the development of pain management program protocols.
These recent developments highlight a series of strategic moves by KindlyMD aimed at enhancing its operations and potentially driving revenue growth.
InvestingPro Insights
As Kindly MD, Inc. (NASDAQ:KDLY) shareholders reaffirm the company's governance structure, InvestingPro data reveals some challenging financial metrics that investors should consider. The company's market capitalization stands at a modest $5.37 million, reflecting its small-cap status. Notably, KDLY's revenue for the last twelve months as of Q2 2024 was $3.1 million, with a concerning revenue decline of 24.94% over the same period.
InvestingPro Tips highlight that KDLY is "quickly burning through cash" and "suffers from weak gross profit margins." These tips align with the reported gross profit margin of -18.85% and operating income margin of -67.43%, indicating significant profitability challenges. The company's negative EBITDA of -$1.98 million further underscores these financial struggles.
Despite these headwinds, one positive InvestingPro Tip notes that KDLY "holds more cash than debt on its balance sheet," which could provide some financial flexibility as the company navigates its current challenges. For investors seeking a more comprehensive analysis, InvestingPro offers 8 additional tips that could provide valuable insights into KDLY's financial health and market position.
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