Nasdaq:ULY
Urgent.ly Inc.
A US-based digital healthcare platform connecting patients with urgent care physicians for on-demand medical consultations.
Key Metrics
Investment Thesis
Bull Case
Investors might consider ULY if they believe the company can pivot to profitability through cost restructuring or strategic acquisitions that consolidate market share. The underlying demand for accessible urgent care services remains robust, suggesting potential for revenue recovery once unit economics stabilize. A successful refinancing of its $39.9M in long-term debt could alleviate immediate solvency concerns and unlock shareholder value.
Bear Case
The stock carries extreme caution flags due to a negative shareholders' equity position and a massive accumulated deficit that threatens capital preservation. Revenue contraction coupled with an inability to generate positive operating cash flow suggests fundamental business model challenges that have not yet been resolved. Without a clear path to consistent earnings generation, the company may face dilution through equity issuance or liquidation.
About Urgent.ly Inc.
Urgent.ly Inc. (ULY) provides on-demand healthcare staffing solutions connecting patients with medical professionals across the United States. The company operates primarily in the digital health and staffing market, leveraging technology to streamline emergency care access. Key revenue streams include direct patient services and partnerships with healthcare providers.
Analysis
Management Discussion
Financial performance deteriorated significantly in the most recent year, with revenue dropping to $142.9M from $184.7M and net income swinging from a profit of $74.7M to a loss of $44.0M. Operating expenses rose sharply while cash flow from operations turned negative at $-30.8M, indicating substantial working capital strain despite strong accounts receivable collection. The company reduced its cash balance by roughly $24M, primarily driven by debt repayments and other financing outflows rather than organic operational inefficiencies alone.
Industry Overview
The urgent care and telehealth sector is experiencing rapid growth driven by consumer demand for convenient, affordable medical access outside of traditional hospital settings. Competition is intensifying as both large tech firms and specialized healthcare staffing companies enter the space to capture market share. Regulatory headwinds regarding provider licensure across state lines continue to pose challenges for national scaling efforts.
Financial Statements
Income Statement
Balance Sheet
Cash Flow
| Metric | 2023 | 2024 |
|---|---|---|
| Revenue | $184.7M | $142.9M |
| Cost of Revenue | $146.8M | $111.3M |
| Gross Profit | $37.9M | $31.6M |
| Operating Expenses | $84.0M | $58.8M |
| Operating Income | $-46.1M | $-27.2M |
| R&D | $16.9M | $13.9M |
| G&A | $36.7M | $21.3M |
| Marketing | $5.1M | $5.9M |
| Stock-Based Comp | $2.5M | $2.4M |
| D&A | $990.0K | $4.2M |
| Depreciation | $302.0K | $526.0K |
| Amortization | $688.0K | $2.9M |
| Other OpEx | $25.3M | $17.7M |
| Non-Operating Income | $118.7M | $-15.6M |
| Interest Expense | $46.8M | — |
| Interest Income | $509.0K | $1.0M |
| Pre-Tax Income | $72.6M | $-42.8M |
| Income Tax | $-2.1M | $1.2M |
| Continuing Ops | $74.7M | $-44.0M |
| Discontinued Ops | $0 | $0 |
| Net Income | $74.7M | $-44.0M |
| Minority Interest | $0 | $0 |
| Net to Common | $74.7M | $-44.0M |
| Metric | 2023 | 2024 |
|---|---|---|
| Current Assets | $107.9M | $40.8M |
| Cash & Equivalents | $37.7M | $14.1M |
| Marketable Securities | $20.8M | $0 |
| Accounts Receivable | $33.9M | $22.9M |
| Prepaid Expenses | $4.3M | $3.7M |
| Other Current Assets | $11.1M | $125.0K |
| Long-Term Assets | $13.3M | $13.3M |
| PP&E (Net) | $871.0K | $1.6M |
| Intangibles | $9.3M | $4.4M |
| Operating Leases | $2.4M | $810.0K |
| Other LT Assets | $738.0K | $6.5M |
| Total Assets | $121.2M | $54.1M |
| Current Liabilities | $31.1M | $37.6M |
| Accounts Payable | $4.5M | $2.9M |
| Current Debt | $4.3M | $14.3M |
| Current Leases | $710.0K | $446.0K |
| Other Current Liab | $299.0K | $153.0K |
| Long-Term Liabilities | $80.5M | $48.1M |
| Long-Term Debt | $66.1M | $39.9M |
| LT Operating Leases | $2.0M | $466.0K |
| Other LT Liab | $12.4M | $7.8M |
| Total Liabilities | $111.6M | $85.7M |
| Shareholders' Equity | $9.6M | $-31.7M |
| Paid-In Capital | $164.9M | $167.1M |
| Retained Earnings | $-154.8M | $-198.8M |
| AOCI | $-560.0K | $0 |
| Total L&E | $121.2M | $54.1M |
| Metric | 2023 | 2024 |
|---|---|---|
| Net Income (CFO) | $74.7M | $-44.0M |
| Non-Cash Adjustments | $-114.0M | $24.7M |
| Working Capital Changes | $-25.9M | $-11.5M |
| Cash from Operations | $-65.1M | $-30.8M |
| Cash from Investing | $81.8M | $24.7M |
| Debt Issuances | $10.0M | — |
| Debt Repayments | — | $17.5M |
| Cash from Financing | $14.4M | $-18.1M |
| FX Effect | $-178.0K | $75.0K |
| Net Change in Cash | $30.8M | $-24.1M |
| Beginning Cash | $7.4M | $38.3M |
| Ending Cash | $38.3M | $14.2M |
Frequently Asked Questions
How does Urgent.ly Inc. make money?
The company derives revenue from its core urgent care staffing platform which matches patients with licensed medical professionals, as well as ancillary services such as telehealth integration and administrative support for provider networks. Revenue is generated through service fees charged to patients or third-party payers for each consultation completed via the application.
What are the main risks for ULY?
The company faces significant liquidity risk due to a net cash deficit of $30.8M in operations and total liabilities exceeding assets by over $31M. Sustained profitability remains elusive as the firm reported a loss of $44.0M in 2024 despite revenue contraction from 2023 levels. Regulatory changes in healthcare staffing or telehealth reimbursement policies could materially impact operating margins. High burn rate combined with a substantial retained earnings deficit of nearly $199M limits financial flexibility.
What is ULY's competitive advantage?
The company possesses a proprietary mobile-first platform that enables rapid matching of patients with available providers, creating a high barrier to entry for new competitors. Urgent.ly benefits from network effects as more patients and doctors join the ecosystem, increasing service availability and reducing wait times. Strategic partnerships with major health systems provide exclusive access to high-quality medical talent and referral channels.
Related Companies
Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.