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Weibo Announces Second Quarter 2024 Unaudited Financial Results

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BEIJING, Aug. 22, 2024 /PRNewswire/ — Weibo Corporation (“Weibo” or the “Company”) (Nasdaq: WB and HKEX: 9898), a leading social media in China, today announced its unaudited financial results for the second quarter ended June 30, 2024.

“Our user engagement and operating efficiency have further improved this quarter,” said Gaofei Wang, CEO of Weibo. “On the user front, we emphasized on the acquisition and engagement of high quality users and saw improved user engagement this quarter. On the content front, we further optimized our content ecosystem through reinforcement of our core strength and solid execution of our vertical content strategy. On the monetization front, we are encouraged to see Weibo’s strength in hot trends and vertical content ecosystem has become the key driver of topline recovery. Underpinned by our stabilized overall business and consistent disciplined spending, our operating efficiency has improved this quarter.”

 Second Quarter 2024 Highlights

Net revenues were US$437.9 million, a decrease of 1% year-over-year or an increase of 1% year-over-year on a constant currency basis [1].Advertising and marketing revenues were US$375.3 million, a decrease of 3% year-over-year or a decrease of 1% year-over-year on a constant currency basis [1].Value-added services (“VAS”) revenues were US$62.6 million, an increase of 15% year-over-year or an increase of 18% year-over-year on a constant currency basis [1].Income from operations was US$135.4 million, representing an operating margin of 31%.Net income attributable to Weibo’s shareholders was US$111.9 million and diluted net income per share was US$0.43.Non-GAAP income from operations was US$157.6 million, representing a non-GAAP operating margin of 36%.Non-GAAP net income attributable to Weibo’s shareholders was US$126.3 million and non-GAAP diluted net income per share was US$0.48.Monthly active users (“MAUs”) were 583 million in June 2024.Average daily active users (“DAUs”) were 256 million in June 2024.

[1] We define constant currency (non-GAAP) by assuming that the average exchange rate in the second quarter of 2024 had been the same as it was in the second quarter of 2023, or RMB7.03=US$1.00.

Second Quarter 2024 Financial Results

For the second quarter of 2024, Weibo’s total net revenues were US$437.9 million, a decrease of 1% compared to US$440.2 million for the same period last year.

Advertising and marketing revenues for the second quarter of 2024 were US$375.3 million, a decrease of 3% compared to US$385.7 million for the same period last year. Advertising and marketing revenues excluding advertising revenues from Alibaba were US$342.9 million, a decrease of 4% compared to US$358.9 million for the same period last year.

VAS revenues for the second quarter of 2024 were US$62.6 million, an increase of 15% year-over-year compared to US$54.6 million for the same period last year, primarily driven by the growth of revenues from membership services.

Costs and expenses for the second quarter of 2024 totaled US$302.5 million, a decrease of 5% compared to US$316.8 million for the same period last year. In addition to the foreign exchange impact, the decrease mainly resulted from lower personnel related costs.

Income from operations for the second quarter of 2024 was US$135.4 million, compared to US$123.5 million for the same period last year. Operating margin was 31%, compared to 28% last year. Non-GAAP income from operations was US$157.6 million, compared to US$153.8 million for the same period last year. Non-GAAP operating margin was 36%, compared to 35% last year.

Non-operating income for the second quarter of 2024 was US$11.4 million, compared to non-operating loss of US$13.8 million for the same period last year. Non-operating income for the second quarter of 2024 mainly included (i) net interest and other income of US$11.2 million; (ii) gain from fair value change of investments of US$9.3 million, which was excluded under non-GAAP measures; and (iii) impairment in equity investment of US$9.0 million, which was excluded under non-GAAP measures.

Income tax expenses for the second quarter of 2024 were US$33.3 million, compared to US$25.5 million for the same period last year. The increase was primarily due to withholding tax accrued related to earnings to be remitted to Weibo Hong Kong Limited from its wholly-owned subsidiary in China.

Net income attributable to Weibo’s shareholders for the second quarter of 2024 was US$111.9 million, compared to US$81.4 million for the same period last year. Diluted net income per share attributable to Weibo’s shareholders for the second quarter of 2024 was US$0.43, compared to US$0.34 for the same period last year. Non-GAAP net income attributable to Weibo’s shareholders for the second quarter of 2024 was US$126.3 million, compared to US$126.4 million for the same period last year. Non-GAAP diluted net income per share attributable to Weibo’s shareholders for the second quarter of 2024 was US$0.48, compared to US$0.53 for the same period last year.

As of June 30, 2024, Weibo’s cash, cash equivalents and short-term investments totaled US$2.8 billion. For the second quarter of 2024, cash provided by operating activities was US$132.1 million, capital expenditures totaled US$10.3 million, and depreciation and amortization expenses amounted to US$14.5 million.

Conference Call

Weibo’s management team will host a conference call from 7:00 AM to 8:00 AM Eastern Time on August 22, 2024 (or 7:00 PM to 8:00 PM Beijing Time on August 22, 2024) to present an overview of the Company’s financial performance and business operations.

Participants who wish to dial in to the teleconference must register through the below public participant link. Dial in and instruction will be in the confirmation email upon registering.

Participants Registration Link:
https://register.vevent.com/register/BI8263b36dae6d4ec0b241bfee48aa09d0 

Additionally, a live and archived webcast of this conference call will available at http://ir.weibo.com.

Non-GAAP Financial Measures

This release contains the following non-GAAP financial measures: non-GAAP income from operations, non-GAAP net income attributable to Weibo’s shareholders, non-GAAP diluted net income per share attributable to Weibo’s shareholders and adjusted EBITDA. These non-GAAP financial measures should be considered in addition to, not as a substitute for, measures of the Company’s financial performance prepared in accordance with U.S. GAAP.

The Company’s non-GAAP financial measures exclude stock-based compensation, amortization of intangible assets resulting from business acquisitions, net results of impairment and provision on investments, gain/loss on sale of investments and fair value change of investments, non-GAAP to GAAP reconciling items on the share of equity method investments, non-GAAP to GAAP reconciling items for the income/loss attributable to non-controlling interests, income tax expense related to the amortization of intangible assets resulting from business acquisitions and fair value change of investments (other non-GAAP to GAAP reconciling items have no tax effect), and amortization of issuance cost of convertible senior notes, unsecured senior notes and long-term loans. Adjusted EBITDA represents non-GAAP net income attributable to Weibo’s shareholders before interest income/expense, net, income tax expenses/benefits, and depreciation expenses.

The Company’s management uses these non-GAAP financial measures in their financial and operating decision-making, because management believes these measures reflect the Company’s ongoing operating performance in a manner that allows more meaningful period-to-period comparisons. The Company believes that these non-GAAP financial measures provide useful information to investors and others in the following ways: (i) in comparing the Company’s current financial results with the Company’s past financial results in a consistent manner, and (ii) in understanding and evaluating the Company’s current operating performance and future prospects in the same manner as management does. The Company also believes that the non-GAAP financial measures provide useful information to both management and investors by excluding certain expenses, gains/losses and other items (i) that are not expected to result in future cash payments or (ii) that are non-recurring in nature or may not be indicative of the Company’s core operating results and business outlook.

Use of non-GAAP financial measures has limitations. The Company’s non-GAAP financial measures do not include all income and expense items that affect the Company’s operations. They may not be comparable to non-GAAP financial measures used by other companies. Accordingly, care should be exercised in understanding how the Company defines its non-GAAP financial measures. Reconciliations of the Company’s non-GAAP financial measures to the nearest comparable GAAP measures are set forth in the section below titled “Unaudited Reconciliation of Non-GAAP to GAAP Results.”

About Weibo

Weibo is a leading social media for people to create, share and discover content online. Weibo combines the means of public self-expression in real time with a powerful platform for social interaction, content aggregation and content distribution. Any user can create and post a feed and attach multi-media and long-form content. User relationships on Weibo may be asymmetric; any user can follow any other user and add comments to a feed while reposting. This simple, asymmetric and distributed nature of Weibo allows an original feed to become a live viral conversation stream.

Weibo enables its advertising and marketing customers to promote their brands, products and services to users. Weibo offers a wide range of advertising and marketing solutions to companies of all sizes. Weibo generates a substantial majority of its revenues from the sale of advertising and marketing services, including the sale of social display advertisement and promoted marketing offerings. Weibo displays content in a simple information feed format and offers native advertisement that conform to the information feed on our platform. We are continuously refining our social interest graph recommendation engine, which enables our customers to perform people marketing and target audiences based on user demographics, social relationships, interests and behaviors, to achieve greater relevance, engagement and marketing effectiveness.

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology, such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “confidence,” “estimates” and similar statements. Among other things, Weibo’s expected financial performance and strategic and operational plans, as described, without limitation, in quotations from management in this press release, contain forward-looking statements. Weibo may also make written or oral forward-looking statements in the Company’s periodic reports to the U.S. Securities and Exchange Commission (“SEC”), in announcements, circulars or other publications made on the website of The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, Weibo’s limited operating history in certain new businesses; failure to sustain or grow active user base and the level of user engagement; the uncertain regulatory landscape in China; fluctuations in the Company’s quarterly operating results; the Company’s reliance on advertising and marketing sales for a majority of its revenues; failure to successfully develop, introduce, drive adoption of or monetize new features and products; failure to compete effectively for advertising and marketing spending; failure to successfully integrate acquired businesses; risks associated with the Company’s investments, including equity pick-up and impairment; failure to compete successfully against new entrants and established industry competitors; changes in the macro-economic environment, including the depreciation of the Renminbi; and adverse changes in economic and political policies of the PRC government and its impact on the Chinese economy. Further information regarding these and other risks is included in Weibo’s annual reports on Form 20-F and other filings with the SEC and the Hong Kong Stock Exchange. All information provided in this press release is current as of the date hereof, and Weibo assumes no obligation to update such information, except as required under applicable law.

Contact:
Investor Relations
Weibo Corporation
Phone: +86 10 5898-3336
Email: ir@staff.weibo.com

 

WEIBO CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands of U.S. dollars, except per share data)

Three months ended

Six months ended

June 30,

March 31,

June 30,

June 30,

June 30,

2023

2024

2024

2023

2024

Net revenues:

     Advertising and marketing

$ 385,674

$ 338,951

$ 375,277

$ 740,974

$ 714,228

     Value-added services

54,566

56,546

62,596

113,044

119,142

Net revenues

440,240

395,497

437,873

854,018

833,370

Costs and expenses:

     Cost of revenues (1)

94,272

86,821

89,790

180,125

176,611

     Sales and marketing (1)

105,425

103,627

114,232

211,919

217,859

     Product development (1)

92,945

80,726

71,689

183,621

152,415

     General and administrative (1)

24,145

24,586

26,777

58,410

51,363

Total costs and expenses

316,787

295,760

302,488

634,075

598,248

Income from operations

123,453

99,737

135,385

219,943

235,122

Non-operating income (loss):

     Investment related income (loss), net

(25,190)

(4,970)

245

1,965

(4,725)

     Interest and other income (loss), net

11,357

(18,611)

11,182

14,039

(7,429)

(13,833)

(23,581)

11,427

16,004

(12,154)

Income before income tax expenses

109,620

76,156

146,812

235,947

222,968

     Less: Income tax expenses

25,450

25,044

33,275

47,302

58,319

Net income

84,170

51,112

113,537

188,645

164,649

     Less: Net income attributable to non-controlling interests

257

548

471

813

1,019

               Accretion to redeemable non-controlling interests

2,526

1,126

1,135

5,953

2,261

Net income attributable to Weibo’s shareholders

$   81,387

$   49,438

$ 111,931

$ 181,879

$ 161,369

Basic net income per share attributable to Weibo’s shareholders

$        0.35

$        0.21

$        0.47

$        0.77

$        0.68

Diluted net income per share attributable to Weibo’s shareholders

$        0.34

$        0.19

$        0.43

$        0.77

$        0.63

Shares used in computing basic net income per share attributable

    to Weibo’s shareholders

235,361

236,694

237,124

235,035

236,909

Shares used in computing diluted net income per share attributable

    to Weibo’s shareholders

237,886

263,644

265,086

237,393

264,365

(1) Stock-based compensation in each category:

Cost of revenues

$      2,238

$      1,773

$      1,527

$      4,774

$      3,300

Sales and marketing

4,113

3,823

3,211

8,726

7,034

Product development

13,256

10,438

8,293

27,056

18,731

General and administrative

6,460

4,978

4,176

13,136

9,154

 

 

WEIBO CORPORATION

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands of U.S. dollars)

As of

December 31,

June 30,

2023

2024

Assets

Current assets:

Cash and cash equivalents

$     2,584,635

$     1,922,371

Short-term investments

641,035

915,637

Accounts receivable, net

440,768

371,291

Prepaid expenses and other current assets

359,881

348,135

Amount due from SINA(1)

486,397

466,915

      Current assets subtotal

4,512,716

4,024,349

Property and equipment, net

220,663

212,451

Goodwill and intangible assets, net

300,565

283,646

Long-term investments

1,320,386

1,281,402

Other non-current assets

926,028

1,300,437

Total assets

$     7,280,358

$     7,102,285

Liabilities, Redeemable Non-controlling Interests and Shareholders’ Equity 

Liabilities:

Current liabilities:

Accounts payable

$        161,493

$        150,456

Accrued expenses and other current liabilities

666,833

625,542

Income tax payable

94,507

54,688

Deferred revenues

75,187

88,596

Unsecured senior notes

799,325

799,993

     Current liabilities subtotal

1,797,345

1,719,275

Long-term liabilities:

Convertible senior notes

317,625

319,232

Unsecured senior notes

743,695

744,179

Long-term loans

791,647

793,479

Other long-term liabilities

112,430

112,553

     Total liabilities

3,762,742

3,688,718

Redeemable non-controlling interests

68,728

38,217

Shareholders’ equity :

Weibo shareholders’ equity 

3,398,735

3,325,636

Non-controlling interests

50,153

49,714

Total shareholders’ equity 

3,448,888

3,375,350

Total liabilities, redeemable non-controlling interests and
    shareholders’ equity

$     7,280,358

$     7,102,285

(1) Included short-term loans to and interest receivable from SINA of
US$445.2 million as of December 31, 2023 and US$430.1 million as of June 30, 2024.

 

 

WEIBO CORPORATION

UNAUDITED RECONCILIATION OF NON-GAAP TO GAAP RESULTS

(In thousands of U.S. dollars, except per share data)

Three months ended

Six months ended

June 30,

March 31,

June 30,

June 30,

June 30,

2023

2024

2024

2023

2024

Income from operations

$

123,453

$

99,737

$

135,385

$

219,943

$

235,122

  Add:

Stock-based compensation

26,067

21,012

17,207

53,692

38,219

Amortization of intangible assets resulting from business acquisitions

4,271

5,059

5,011

8,710

10,070

Non-GAAP income from operations

$

153,791

$

125,808

$

157,603

$

282,345

$

283,411

Net income attributable to Weibo’s shareholders

$

81,387

$

49,438

$

111,931

$

181,879

$

161,369

  Add:

Stock-based compensation

26,067

21,012

17,207

53,692

38,219

Amortization of intangible assets resulting from business
  acquisitions

4,271

5,059

5,011

8,710

10,070

Investment related gain/loss, net (1)

25,190

4,970

(245)

(1,965)

4,725

Non-GAAP to GAAP reconciling items on the share of equity
  method investments 

(11,262)

25,358

(8,412)

(7,079)

16,946

Non-GAAP to GAAP reconciling items for the income/loss
  attributable to non-controlling interests

(156)

(436)

(435)

(313)

(871)

Tax effects on non-GAAP adjustments (2)

(727)

(1,103)

(1,082)

(531)

(2,185)

Amortization of  issuance cost of convertible senior notes, unsecured
  senior notes and long-term loans

1,606

2,314

2,277

3,212

4,591

Non-GAAP net income attributable to Weibo’s shareholders

$

126,376

$

106,612

$

126,252

$

237,605

$

232,864

Non-GAAP diluted net income per share attributable to Weibo’s
  shareholders

$

0.53

$

0.41

*

$

0.48

*

$

1.00

$

0.89

*

Shares used in computing GAAP diluted net income per share attributable
  to Weibo’s shareholders

237,886

263,644

265,086

237,393

264,365

Shares used in computing non-GAAP diluted net income per share
  attributable to Weibo’s shareholders

237,886

263,644

265,086

237,393

264,365

Adjusted EBITDA:

Net income attributable to Weibo’s shareholders

$

81,387

$

49,438

$

111,931

$

181,879

$

161,369

Non-GAAP adjustments

44,989

57,174

14,321

55,726

71,495

Non-GAAP net income attributable to Weibo’s shareholders

126,376

106,612

126,252

237,605

232,864

Interest (income) expense, net

1,366

(9,151)

(9,410)

(8,377)

(18,561)

Income tax expenses

26,177

26,147

34,357

47,834

60,504

Depreciation expenses

9,962

9,417

9,169

20,563

18,586

Adjusted EBITDA

$

163,881

$

133,025

$

160,368

$

297,625

$

293,393

Net revenues

$

440,240

$

395,497

$

437,873

$

854,018

$

833,370

Non-GAAP operating margin

35 %

32 %

36 %

33 %

34 %

(1)

To adjust impairment and provision on investments, gain/loss on sale of investments and fair value change of investments.

(2)

To adjust the income tax effects of non-GAAP adjustments, which primarily related to amortization of intangible assets resulting from business acquisitions and fair value
change of investments. Other non-GAAP adjustment items have no tax effect, because (i) they were recorded in entities established in tax free jurisdictions, or (ii) full
valuation allowances were provided for related deferred tax assets as it is more-likely-than-not they will not be realized.

* 

Net income attributable to Weibo’s shareholders is adjusted for interest expense of convertible senior notes for calculating diluted EPS.

 

 

WEIBO CORPORATION

UNAUDITED ADDITIONAL INFORMATION

(In thousands of U.S. dollars)

Three months ended

Six months ended

June 30,

March 31,

June 30,

June 30,

June 30,

2023

2024

2024

2023

2024

Net revenues

Advertising and marketing

     Non-Ali advertisers

$      358,894

$      316,400

$      342,868

$      695,925

$      659,268

     Alibaba – as an advertiser

26,780

22,551

32,409

45,049

54,960

         Subtotal

385,674

338,951

375,277

740,974

714,228

Value-added services

54,566

56,546

62,596

113,044

119,142

$      440,240

$      395,497

$      437,873

$      854,018

$      833,370

 

 

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SOURCE Weibo Corporation

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Vertical IQ Will Expand Industry Intelligence Platform with Small Business Financial Exchange (SBFE) Small Business Credit Data

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RALEIGH, N.C., Oct. 27, 2026 /PRNewswire/ — Small Business Financial Exchange (SBFE), the trusted source for small business lending data and Vertical IQ, a nationally recognized provider of Industry Intelligence, today announced their partnership. Through the partnership, Vertical IQ will incorporate SBFE small business credit insights into its platform, providing financial institutions with deeper context to support commercial lending decisions.

The collaboration enables banks, credit unions, and other commercial lenders using Vertical IQ to gain access to SBFE small business credit insights within the Industry Intelligence platform. Default rates, delinquencies, and credit trends by industries are just a few of the SBFE features that will be included. These insights allow financial services professionals to better understand small business borrowers and support key commercial lending activities.

“At SBFE, we’re committed to helping lenders better understand and support small businesses. Extending access to SBFE insights through Vertical IQ is another way we can deliver value to the lending community and support greater access to capital.”

     – Elisabeth MacDonald, President and CEO, SBFE

“At Vertical IQ, we believe financial institutions make their best decisions when they have access to trusted, Verified Industry Intelligence powered by the highest-quality data available,” said Bobby Martin, co-founder and CEO of Vertical IQ. “Our partnership with SBFE represents another important step in that commitment by bringing highly respected small business credit insights into our platform. By combining SBFE’s credit data with Vertical IQ’s industry expertise, we’re helping lenders gain deeper context to strengthen credit analysis, improve risk assessment, and make more confident decisions throughout the commercial lending lifecycle.”

     – Bobby Martin, Co-founder and CEO, Vertical IQ

About SBFE

SBFE is the trusted data exchange where the small business lending industry comes together to strengthen access to capital for America’s small businesses. For more than 25 years, SBFE has united lenders in a member-driven community built on trust, collaboration, and the responsible use of data. Today, SBFE securely manages one of the nation’s largest repositories of small business credit data, contributed by more than 140 member institutions, including many of the country’s largest commercial banks. This data enables highly predictive credit reporting and portfolio management solutions that help lenders make more informed decisions, manage risk, and support the financial health and growth of small businesses. By transforming shared data into trusted lending intelligence, SBFE helps its members strengthen credit decisioning and promote greater access to capital. Learn more at www.SBFE.org

About Vertical IQ

Headquartered in Raleigh, North Carolina, Vertical IQ is a nationally recognized provider of Industry Intelligence. Whether discussing cash management with a local brewery or evaluating risk for a large manufacturing company, successful banks, credit unions, accounting firms, insurance organizations, and advisory firms use Vertical IQ to better understand a prospect’s or client’s business challenges before, during, and after meetings. Covering 100% of the industries that comprise the U.S. and Canadian economies, as well as more than 3,400 local economic reports, Vertical IQ equips professionals with the confidence and credibility to build stronger client relationships and make more informed decisions. Learn more at www.verticaliq.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/vertical-iq-will-expand-industry-intelligence-platform-with-small-business-financial-exchange-sbfe-small-business-credit-data-302920872.html

SOURCE SBFE

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CME Group Brazilian Real Futures Set New Daily Volume Record Following Election

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Record $9 billion notional traded, eleven times the year-to-date average daily volume (ADV) as market participants turned to CME Group to manage risk around the clock

CHICAGO, Oct. 27, 2026 /PRNewswire/ — CME Group, the world’s leading derivatives marketplace, today announced that its Brazilian real (BRL) futures reached a new daily volume record of 498,498 contracts (R$49.8 billion, ~$9.2 billion notional value) on October 26, surpassing the previous record of 191,325 contracts (~$3.7 billion notional value) traded on September 28, 2026.

“Following the results of the Brazilian presidential election, clients turned to our BRL futures market to immediately manage their risk outside of Brazilian trading hours, driving all-time record volume,” said Paul Houston, Global Head of FX Products, CME Group. “Even before the onshore market opened, $2.5 billion in notional value had already traded, roughly three times the year-to-date ADV for BRL futures. With liquidity in all timezones and contracts denominated in USD, our markets are fast becoming the main venue for Brazilian real price discovery and trading outside of onshore hours, giving global participants the liquidity they need around the clock.”

In the first half of 2026, Mexican peso and Brazilian real futures and options saw a record combined average daily volume of $2.94 billion.

For more information on CME Group BRL futures, please visit https://www.cmegroup.com/articles/faqs/latam-fx-futures-frequently-asked-questions.html

As the world’s leading derivatives marketplace, CME Group (www.cmegroup.com) enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data – empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange, cryptocurrencies, energy, agricultural products and metals.  The company offers futures and options on futures trading through the CME Globex platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform.  In addition, it operates one of the world’s leading central counterparty clearing providers, CME Clearing. 

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Vera Health Quietly Became One of the World’s Most Used Clinical Tools. Now It Has Raised $32 Million to Give Every Clinician in the World the Best Medical Knowledge in Seconds

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With a team of just 12 employees, the clinical AI company has grown largely through physician referrals, bringing total funding to $32 million

More than 800,000 clinicians across 190 countries use Vera Health, including approximately 1 in 4 physicians in Spain and Italy, with most discovering the platform through recommendations from colleagues.Threshold Ventures led Vera Health’s $28.5 million Series A, with participation from Mantis VC and SV Angel. Existing investors Y Combinator and Gradient tripled down, bringing total funding to $32 million.The investment will accelerate Vera Health’s evidence-focused clinical AI platform, expanding its ability to make global medical knowledge locally relevant and deepening partnerships with medical societies, publishers and health systems.

SAN FRANCISCO, Oct. 27, 2026 /PRNewswire/ — A year ago, a few thousand clinicians were using Vera Health. Today, more than 800,000 are, most having discovered the platform through a colleague. Every month since June, Vera has been the most downloaded clinical app in the world across the App Store and Google Play.¹ In September alone, it was downloaded more times than OpenEvidence and Doximity combined, while monthly downloads had more than tripled since February. With a team of just 12 employees, Vera has reached clinicians in 190 countries, including approximately 1 in 4 physicians in Spain and Italy, largely through word of mouth. Vera Health is a clinical AI search engine that reasons like a clinician, helping physicians find and evaluate medical evidence in seconds.

Today, Vera Health announced a $28.5 million Series A led by Threshold Ventures, with participation from Mantis VC and SV Angel. Existing investors Y Combinator and Gradient, tripled down in the round, bringing the company’s total funding to $32 million. The investment will accelerate Vera Health’s mission to close the gap between what medicine knows and what every patient receives.

Only a few months after raising its Series A, Vera already has more daily active users than it had monthly active users at the time of the raise. Clinicians went from asking Vera a few thousand questions a day to asking hundreds of thousands, every single day.

“Clinicians are the best data scientists I’ve ever met. They make the call in seconds, with more evidence than any human could ever read,” said Taieb Bennani, Co-Founder of Vera Health. “The secret to building for them is to live and breathe the problem like no one else. Everyone on our team is a clinician, or the child or sibling of one, like Maxime and me. That passion translates into every detail of the product, and when you build with that kind of obsession, the product speaks for itself, and clinicians share it with their colleagues. We don’t have the biggest team or the most money. We have the people who care the most about getting it right.”

How does Vera Health differ from general-purpose AI tools?
Clinical AI is increasingly being used to help physicians navigate complex medical questions, but the ability to generate an accurate-sounding answer does not necessarily establish whether the underlying research is reliable. Medicine now publishes a new scientific paper roughly every 20 seconds. Chatbots are built to sound confident. Vera is built to be accurate, and honest when the evidence is thin. Physicians are expected to keep up with an expanding body of research while interpreting guidelines, evaluating treatment options and making decisions for individual patients, sometimes within seconds.

Vera Health finds the evidence first, then writes the answer. Its technology searches more than 60 million peer-reviewed publications, clinical guidelines, consensus statements and drug labels, evaluating sources based on study design, level of evidence, cohort size, recency, journal quality and citation impact. Every claim is linked to its supporting research and color-coded to show the strength of the available evidence. Sometimes that color is red. A rare condition may have no large randomized trial or comprehensive guideline behind it, leaving only a small case series or a report involving a single patient. Vera Health surfaces that research while making its limitations visible, allowing physicians to assess how much weight the findings deserve.

“Medical knowledge moves too quickly for any one clinician to read, and general-purpose AI tools can make uncertain evidence sound settled,” said Maxime Allouch, co-founder, Vera Health. “Unlike other tools, we believe there’s value in making uncertainty visible. The grade shapes what Vera retrieves and writes, while the clinician brings the patient, the context and the judgment.”

Vera Health developed its approach alongside physicians who evaluate medical evidence and help write the guidelines other clinicians follow. Through its partnership with the American College of Emergency Physicians (ACEP), the platform integrates ACEP clinical policies with source attribution, bringing medical society guidance directly into clinical research workflows.

“In medicine, not all evidence is equal,” said Scott M. Silvers, MD, FACEP, Chair of the American College of Emergency Physicians’ Clinical Policies Committee and former Chair of Emergency Medicine at Mayo Clinic. “A large, randomized trial and a case report should never carry the same weight, yet most AI tools blend them into the same confident answer. Level of evidence is the foundation of every guideline we write, and Vera Health is built on it.”

For Dr. Bernard P. Chang, Vera Health’s Chief Scientific Advisor and Vice Chair of Research in the Department of Emergency Medicine at Columbia University, the importance of clinical evidence extends to how physicians evaluate patients.

“On a recent emergency-department shift, I saw a young woman with cough and shortness of breath. The symptoms could easily be attributed to a routine respiratory illness,” said Chang. “Vera Health surfaced evidence that raised my concern for pulmonary embolism, a potentially life-threatening blood clot in the lungs, and led me to broaden my evaluation. What interests me isn’t AI simply providing an answer. It’s whether it can reliably surface evidence that challenges our initial assumptions and improves clinical reasoning. That’s what we’re now evaluating rigorously, inside the academic medical centers where medicine is actually practiced.”

Vera Health’s clinical advisors also include Christopher Baugh, MD, MBA, FACEP, Vice Chair of Clinical Affairs in Emergency Medicine at Brigham and Women’s Hospital and Associate Professor of Emergency Medicine at Harvard Medical School. Its clinical council includes physician leaders affiliated with Mayo Clinic, Yale, Harvard, Columbia and Penn.

Why is Vera Health growing so quickly across international markets?
Bennani and Allouch grew up in families of physicians and initially developed Vera Health for their own fathers. What began with two users has since grown into a platform serving hundreds of thousands of clinicians, with physicians asking hundreds of thousands of questions each day. The company’s international growth reflects an approach built around a central reality of medicine. Medical knowledge is global, but clinical practice is local.

An emergency physician in France may follow different treatment guidelines than a physician in the United States. An oncologist reviewing a complex case may need an exhaustive evaluation of the available research, while an emergency physician needs a concise answer within seconds. Even physicians practicing the same specialty may follow different protocols depending on their institution.

Vera Health accounts for those differences by prioritizing locally relevant guidance while drawing on medical research from around the world. Through Vera Spaces, health systems can also integrate their own clinical protocols and pathways alongside national guidelines and international medical literature.

“Medicine is global, yet most tools in our space were built for a single geography,” said Allouch. “We went international from day one, because only a global view reveals what is truly local.”

The approach has helped Vera Health expand across Europe, where approximately 1 in 4 physicians in Spain and Italy and 1 in 7 in France use the platform, according to company data. Vera Health has achieved that international reach with a small team and a product that clinicians have largely discovered through their peers.

What will Vera Health’s Series A funding support next?
The financing will support further development of Vera Health’s clinical evidence infrastructure, expansion into additional healthcare markets and deeper partnerships with medical societies, publishers and health systems. The company will continue investing in locally relevant clinical guidance and tools that allow healthcare institutions to incorporate their own medical knowledge into the platform.

“In healthcare, trust is earned, not bought. Vera’s adoption among clinicians worldwide speaks to what Taieb and Maxime have built. By combining the most rigorous medical evidence with an understanding of each physician’s specialty, protocols and practice context, Vera makes the world’s medical knowledge relevant to how care is actually delivered. We believe that creates an enormous opportunity to improve global health,” said Andrew Brackin, Partner at Gradient.

“Vera is compelling because it starts with the evidence, not just an answer—helping clinicians find and assess the research behind a decision while making its strengths and limitations visible. By bringing that evidence to the point of care, Vera becomes a trusted clinical intelligence layer, not just another AI tool,” said Emily Melton, co-founder and managing partner of Threshold Ventures.

Vera Health will remain free for licensed clinicians and medical trainees worldwide as it expands access to medical evidence and locally relevant clinical guidance.

New medical knowledge takes an estimated 17 years to reach routine clinical practice, according to research published in the Journal of the Royal Society of Medicine. Vera Health aims to reduce the time physicians spend searching for and evaluating that knowledge, bringing relevant evidence closer to the moment clinical decisions are made.

“Our mission is to close the gap between what medicine knows and what every patient receives,” said Bennani. “Today, that gap is measured in years. We want it measured in seconds.”

About Vera Health
Vera Health is the search engine that reasons like a clinician, finding and grading evidence before showing the source, strength and limits behind every answer. More than 800,000 clinicians in 190 countries use Vera, which is free for licensed clinicians and trainees, never trains on clinicians’ questions, and is HIPAA and GDPR compliant and SOC 2 Type II certified. Founded in 2024 at Y Combinator by MIT graduates and sons of physicians Taieb Bennani and Maxime Allouch, Vera is headquartered in San Francisco and backed by Threshold Ventures, Gradient, Y Combinator, SV Angel and Mantis VC.

Learn more at verahealth.ai.

¹ Download data: Appark, worldwide App Store and Google Play downloads, June through [September] 2026.

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