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MARKETS / BALCAO / VSEE
BALCAO · SERVICES-HEALTH SERVICES

Vsee Health, Inc. VSEE

4 fiscal years on record · USD · FY2025 reported · SEC filings only
$14.6M
▲ 40.3% YoY
$-14.7M
$-3.5M
In brief

What this company does

Through our wholly-owned subsidiary VSee Lab, we offer a comprehensive telehealth platform for U.S. hospitals and enterprises. To complement our offerings through VSee Lab, we also provide high acuity patient care solutions through our wholly-owned subsidiary — iDoc. Our core service delivers general critical care, neurology, EEG reading, and neuro critical care through a custom internal virtual health care technology platform. We currently have approximately 209 full-time equivalent employees and contractors, of which approximately 93 are board certified practicing physicians. iDoc’s primary competitors include Hicuity Health, INTELEICU, and enVision teleICU (segment of INOVA), among others. As of the filing of this Annual Report on Form 10-K, we were not a party to any material legal proceedings.

Written from the business description in VSee Health, Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 31 March 2026. Every sentence was checked against that document before publication.

Growth
USD 14.6M
Revenue, FY2025 · full 4-year series below
Revenue $M Net income $M
FY2025 · Revenue 14.6 · Net income -14.7
5M10M-20M-40M2022202320242025
Compound annual growth
3 yrs
5 yrs
10 yrs
15 yrs

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
−101 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating -65.6% · Net -100.6%
-200%-400%2022202320242025
ROE

No chart to show — the reason differs by year; see each year in the table below.

Cash & shareholders
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF -3.5
-2M-4M2022202320242025
Net buybacks $M Dividends $M
FY2025 · Dividends — · Net buybacks -1.5
40M80M2022202320242025

Total assetsUSD 22.4M
CashUSD 5.3M
Gross debtUSD 1.8M
Net debtUSD -3.4M
Current ratio0.51×

Not available: we don't have the shareholders' equity figure for this period.

The 4-year record
4 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative
Metric 2025202420232022
Revenue $B0.00.00.0·
Operating income $B−0.0−0.1−0.0−0.0
EBITDA $B−0.0−0.1−0.0·
Income tax $B0.0−0.00.00.0
Net income $B−0.0−0.1−0.0−0.0
Free cash flow $B−0.0−0.0−0.0·
EPS, diluted $−0.73−5.65−0.38−0.25
Dividend / sh $····
Payout %····
ROE %····
Shares out B0.030.020.000.00

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 0 failures in 19 reconciliationsAUDITED

Reconciled in 4 of 19 fiscal years. 76 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityServices-Health Services
Listed onOTC market
Incorporated inDelaware
Fiscal year endsDecember 31
SEC categoryemerging growth company
Data on record since2021

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