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Polomar Health Services, Inc.

CIK: 12655212 Annual ReportsLatest: 2025-05-22

10-K / May 22, 2025

Revenue:$58,824
Income:-$1,341,333

10-K / April 15, 2024

Revenue:$34,526
Income:-$416,500

10-K / May 22, 2025

Company Overview Summary

Core Business Operations

  • Main Entity: Polomar Health Services Inc.
  • Industry: Healthcare, pharmaceuticals, and compounding pharmacy services.
  • Primary Operations:
    • Operates Polomar Specialty Pharmacy, LLC, a licensed retail compounding pharmacy based in Palm Harbor, Florida.
    • Engages in specialized pharmaceutical compounding of sterile and non-sterile medications, primarily injectable drugs, eye drops, infused therapeutics.
    • Functions under federal guidelines for compounding pharmacies (Section 503A of the FD&C Act).
    • Authorized to fulfill prescriptions in 28 U.S. states; actively seeking approval in additional states with plans to operate nationwide by the end of 2025.
    • Planning to apply for a drug export permit in early 2025.

Digital Platforms and Future Products

  • SlimRx: An online platform focused on weight loss medication management, connecting patients with licensed physicians.
    • Prescriptions for weight loss drugs like semaglutide (compounded with vitamin B-12) and metformin are fulfilled by Polomar.
    • Filed a trademark application on August 29, 2024.
    • Current revenue primarily from pharmacy operations, no significant digital platform revenue reported yet.
  • Upcoming Launches:
    • PoloMeds: A platform launching in Q2 2025 for:
      • Diabetes medications (metformin, insulin, sulfonylureas)
      • Compounded erectile dysfunction treatments (inhalable sildenafil)
      • Specialized dermatological formulations (treatments for acne, alopecia areata, basal cell carcinoma, vitiligo).
    • Business model includes providing prescription fulfillment for third-party tele-health platforms (steady growth expected over 12-18 months).

Revenue and Financials

  • Revenue (2024): $58,824
  • Revenue (2023): $41,844
  • Operating Expenses (2024): $1,330,399
  • Net Loss (2024): $1,341,333
  • Net Loss (2023): $587,997
  • Current Cash (as of Dec 31, 2024): $6,191
  • Total Assets (as of Dec 31, 2024): approximately $9.95 million (primarily from intangible intellectual property assets)
  • Liabilities:
    • Total current liabilities: $1,337,778
    • Total long-term liabilities: $14,864
  • Shareholders’ Equity:
    • Negative $2,911,163 (due to net losses and accumulated deficits).

Employees and Management

  • Number of Employees: 2 full-time, 2 part-time, and 1 consultant (Terrence M. Tierney, CEO).
  • Management:
    • CEO and President: Terrence M. Tierney
    • CFO and Treasurer: Charlie Lin (appointed April 10, 2025)
    • Former officers included Brett Rosen (resigned March 2024), with management recently shifted.
  • Employees are based in the U.S. (California and Florida offices).

Business Strategy and Future Outlook

  • The company has an early-stage business model with limited operating history and no material recurring revenue yet.
  • Focused on building out its pharmacy license network, expanding product offerings, and developing digital health platforms.
  • Plans to raise additional capital to fund operations, marketing, and product development.
  • The company is a smaller reporting company, with minimal current revenue and significant net losses, and has ongoing plans to grow its pharmacy and digital services footprint nationwide.