MYnd Analytics, Inc. (NASDAQ: MYND) rose Tuesday, after reporting a Q2 net loss of $2.7 million on revenue of $459,900.
The company, based in Mission Viejo, California, continues to integrate its recently acquired Arcadian Telepsychiatry business into its legacy business and is pleased to announce revenues of $459,900 for the second quarter and $581,900 for the six months ended March 31, 2018 compared with revenues of $31,900 for the second quarter ended March 31, 2017 and $54,100 for the six months ended March 31, 2017.
CEO George Carpenter said, "Telemedicine is one of the fastest growing areas of healthcare services today and directly addresses the shortage of mental health providers and the growing need for behavioral health services.
"Although many companies provide broad telehealth services within the U.S., our focus is telebehavioral health, which is uniquely suited for telemedicine as patients can consult with their mental health provider from the comfort, convenience and privacy of their home.
"The acquisition of Arcadian may also provide us an opportunity to leverage our PEER platform by combining Arcadian’s capabilities with MYnd’s data analytics capabilities to provide patients greater access to care, lower costs, and help doctors to reduce trial and error prescribing."
Net loss for the three months ended March 31, 2018 was approximately $2.7 million, compared to approximately $1.5 million for the same period ended March 31, 2017.
The change in net loss reflects increased costs related to the acquisition of Arcadian, as well as increased general and administrative costs related to the hiring of additional operational staff, sales and marketing costs related to additional headcount for sales and call center staff, as well as social media expenses.
Shares gained 51 cents, or 16.1%, to $3.67.
