DETROIT - Amesite Inc. (NASDAQ: AMST), an AI technology company, has reported a 27% surge in user numbers for its NurseMagic™ application, following a series of social media promotions by influencers in the nursing field. The company, known for its B2C and B2B AI-driven solutions, witnessed this increase after influencer Nurse Hailey, who has an audience of over 510,000, shared content about the app on platforms like TikTok and Instagram.
The NurseMagic™ app, which assists healthcare professionals with technical questions, stress reduction, and improving documentation, has recently entered the app store and is currently ranked #33 in the medical category for free tools. This milestone comes just weeks after the app's public launch on June 5 and subsequent user adoption from all 50 U.S. states and six nations.
Madison Bush, Corporate Operations and Marketing Manager at Amesite, expressed excitement about the app's charting and user growth, attributing it to the app's utility and the influencers' impact. CEO Dr. Ann Marie Sastry emphasized the app's broad appeal beyond the 5.2 million U.S. nurses, extending to over 3.9 million home healthcare professionals and other segments.
The company has also highlighted the app's 93% accuracy rate in answering NCLEX model questions, a standard for nursing licensure exams. Amesite aims to expand into enterprise relationships while continuing to grow its B2C user base.
Amesite's portfolio includes other AI-driven applications such as Preacto™ (beta), a personal safety app providing real-time emergency alerts and guidance.
This report is based on a press release statement from Amesite Inc. The company continues to develop and market AI solutions that address individual and professional needs, with a focus on enhancing efficiency and knowledge in various fields.
In other recent news, Amesite Inc., an artificial intelligence software company, has reported significant developments in its offerings. The company's NurseMagic™ app, designed to enhance training for nursing professionals, has seen rapid user growth with approximately 1,200 individuals registering within the first week of its launch. This AI-driven app features functionalities for various types of documentation, training, and learning, catering to a wide range of nursing professionals.
In addition, Amesite has continued its partnership with the EWIE Group of Companies for the third year, providing AI-enhanced enterprise upskilling through its cloud-based learning platform. This collaboration includes 189 active courses, indicating a growing demand for AI learning solutions.
The company has also secured a five-year partnership with Volunteer State Community College, offering non-degree AI and technical training programs. This collaboration is expected to contribute to workforce development in a region with growing technical demands.
Furthermore, Amesite has plans to expand into the B2C AI app market beyond its traditional education tech SaaS offerings, with future apps including a Public Safety app focusing on active shooter response training. These are among the recent developments for Amesite, highlighting its strategic expansion and commitment to providing AI solutions across various sectors.
InvestingPro Insights
Amesite Inc. (NASDAQ: AMST) has shown promising user engagement with its NurseMagic™ application, as indicated by the recent surge in user numbers. The company's strategic use of social media influencers has positively impacted its visibility and user acquisition. In light of this development, potential investors and stakeholders might be interested in the company's financial health and market performance.
According to InvestingPro data, Amesite currently holds a market capitalization of $5.42 million. Despite facing challenges such as a significant revenue decline of 70.21% over the last twelve months as of Q3 2024, the company's gross profit margin remains at 100%, suggesting that while revenue has fallen, the cost of goods sold has been minimal.
InvestingPro Tips highlight that Amesite holds more cash than debt on its balance sheet, which is a positive sign for liquidity and financial stability. Furthermore, analysts anticipate sales growth in the current year, which could potentially signal a turnaround for the company. However, it's important to note that Amesite is quickly burning through cash and has been trading with high price volatility. The stock has experienced a significant downturn over the last month, with a 16.09% decline in its price total return.
For those considering an investment in Amesite, it is worth noting that the company is a niche player in the AI technology industry and does not pay a dividend to shareholders. Additionally, Amesite's stock has fared poorly over the last decade, with a notable price drop over the last three months. The InvestingPro platform offers additional insights, with a total of 14 InvestingPro Tips available for Amesite, which can be found at https://www.investing.com/pro/AMST.
With the next earnings date slated for September 17, 2024, investors and analysts will be closely watching Amesite's performance to gauge whether the recent user growth can translate into sustainable financial improvement and a positive impact on the company's valuation, which is currently implied to be at a poor free cash flow yield.
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