VSee Health, Inc.
Key statistics
from XBRL data in SEC filingsAI briefing
from the latest 10-K, 10-Q and 8-K eventsVSee Health is a telehealth company that, after divesting its VSee Lab software subsidiary in May 2026, now operates primarily as a critical-care physician services business through its iDoc subsidiary.
What they do
Through its wholly-owned subsidiary iDoc—now the core of the business—VSee Health provides high-acuity physician services in hospital intensive care units, including neuro-critical care, general tele-critical care, and specialty e-consults. iDoc serves large hospital systems, small and micro hospitals, long-term acute care facilities, and correctional facilities, including the federal prison system. Until May 31, 2026, the company also operated VSee Lab, a no-code/low-code telehealth software platform with building blocks for virtual visits, remote patient monitoring, scheduling, and EMR integration; that business was sold and is reported as a discontinued operation.
Revenue drivers
- iDoc critical care services — Tele-critical care physician services for ICUs, including neurointensivists, cardiac intensivists, and general intensivists, plus EEG reading and specialty e-consults. Following the VSee Lab divestiture, this is the company's principal ongoing revenue source.
- Neuro-critical care — iDoc's stated specialty, delivered through a proprietary technology platform, covering stroke, brain trauma, spinal cord, and other neurological conditions with monitoring such as intracranial pressure and continuous EEG.
- VSee Lab telehealth software (divested) — Historically sold as configurable no-code/low-code telehealth building blocks and workflow templates connecting to EMRs such as Epic and Cerner via HL7, FHIR, and SFTP. Divested on May 31, 2026 to former co-CEO Milton Chen; classified as a discontinued operation.
Recent performance
Quarterly revenue fell from $6.3M in the quarter ended December 31, 2025 to $3.2M in the quarter ended March 31, 2026 and $1.6M in the quarter ended June 30, 2026, though the latest quarter's presentation is affected by the May 2026 VSee Lab divestiture and discontinued-operations classification. Annual revenue grew from $5.8M in 2023 to $10.4M in 2024 and $14.6M in 2025, while net loss was $57.7M in 2024 and $14.7M in 2025. Operating cash flow was negative $3.4M in 2025. At June 30, 2026, total assets were $16.7M, total liabilities $9.1M, shareholders' equity $7.6M, cash and equivalents $0.45M, and long-term debt $0.78M.
Strategy
Management is repositioning VSee Health around iDoc's high-acuity critical care services after selling VSee Lab to focus on the physician-services business. The stated aim is to address the shortage of intensivists and extend access to neurointensivists and critical care physicians across hospital systems, LTAC facilities, and correctional customers. iDoc emphasizes hospital-specific quality dashboards, continuous process improvement, and adjustment of ICU metrics to improve outcomes and reduce health system costs. The company has continued to enter into material agreements, incur direct financial obligations, and issue equity since the last 10-K.
Risks
- Going concern — The independent auditor's report for fiscal 2025 included an explanatory paragraph stating substantial doubt about the company's ability to continue as a going concern for one year.
- History of losses — Operating losses were $9.6M in 2025 and $62.2M in 2024, with an accumulated deficit of $82.4M at December 31, 2025.
- Material weaknesses — The company identified material weaknesses in internal control over financial reporting in connection with the fiscal 2024 financial statements.
- Listing and liquidity pressure — A delisting notice or listing-rule failure was reported on August 4, 2026, and cash and equivalents were only $0.45M at June 30, 2026.
Outlook
Management states it expects to continue incurring losses for the foreseeable future while expending substantial resources to grow the business. The company must generate and sustain higher revenue levels to become profitable, and there is no assurance if or when that will occur. Following the VSee Lab divestiture, results going forward will primarily reflect the iDoc critical care services business. The going-concern paragraph and recent delisting notice highlight the company's dependence on financing or improved operating performance.