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SAN JOSE, CALIFORNIA - VSee Health, Inc. (NASDAQ:VSEE) has secured a three-year platform services agreement to provide virtual urgent care and behavioral health services to an unnamed leading non-profit academic health system, according to a press release issued Tuesday. The telehealth provider, currently trading at $0.99 per share with a market capitalization of just $16.85 million, has shown impressive revenue growth of 122% over the last twelve months despite operating at a loss.
The volume-based contract has no revenue ceiling and will cover more than 100 hospitals, outpatient centers, and affiliated sites. Services are scheduled to begin January 1, 2026. This deal comes at a critical time for VSee, as InvestingPro data indicates the company is quickly burning through cash while maintaining a healthy gross profit margin of 62.42%.
While the health system remains unnamed due to confidentiality reasons, it is described as the only Level 1 Trauma Center in its metropolitan region and is affiliated with a top-tier college of medicine. The institution ranks as the #1 hospital in its metropolitan statistical area and appears in the top 50 U.S. hospitals for six clinical specialties, according to U.S. News & World Report 2025-26.
"This enterprise-scale deployment validates our platform's ability to integrate seamlessly with the most complex and prestigious health systems in the country," said Dr. Imo Aisiku, Co-CEO of VSee Health, in the statement.
The agreement follows a compensation model that scales directly with patient encounters, with no fixed cap. The health system serves as the sole academic health system for its region's largest population base.
VSee Health provides telehealth technology and services through its platform that integrates secure video, device data, and EHR connectivity for healthcare providers across the United States.
The company stated that it anticipates this contract will serve as a template for additional multi-facility agreements with comparable academic health systems.
In other recent news, VSee Health, Inc. has completed over 100,000 radiology reads within six months of launching its teleradiology platform. The platform is currently operational in 18 hospitals, with plans to expand to an additional 17 hospitals by the end of the year. In a significant development, VSee Health has received Authority to Operate at the FedRAMP High level from the U.S. Department of Health and Human Services. This authorization allows the company’s telehealth platform to be utilized by federal agencies requiring high-level security compliance, marking a substantial opportunity for growth in government contracts.
Additionally, VSee Health has eliminated over $5 million in legacy SPAC debt, a move aimed at strengthening its financial position and ensuring compliance with NASDAQ listing requirements. The company has also updated the terms of its senior secured convertible promissory note, setting the conversion price at $0.75 per share. These strategic financial adjustments are part of VSee Health's broader efforts to enhance its market position and growth prospects.
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