Vsee Health (VSEE) Gross Margin (2023 - 2026)
Vsee Health's (VSEE) quarterly Gross Margin came in at 37.91% in Q1 2026, down 1809.0% YoY from 2.22% in Q1 2025, and down 18.85% on a QoQ basis from 46.72% in Q4 2025.
Vsee Health (VSEE) Gross Margin (2023 - 2026) Analysis & Trends
Vsee Health (VSEE) has 4 years of Gross Margin data on file, last reported at 37.91% in Q1 2026.
- Quarterly Gross Margin fell 1809.0% year-over-year to 37.91% in Q1 2026, while the trailing twelve-month figure through Mar 2026 was 46.3% (down 2236.0% YoY) and the FY2025 annual result came in at 50.32%, down 1855.0% from the prior year.
- Gross Margin fell to 37.91% in Q1 2026, from 46.72% in the prior quarter.
- In the past five years, Gross Margin ranged from a high of 83.02% in Q3 2024 to a low of 37.91% in Q1 2026.
- A 4-year average of 60.67% and a median of 63.11% in 2023 frame the typical range for Gross Margin.
- Annual changes were most pronounced in 2024 — Gross Margin jumped 1641 bps — and 2025, when it slumped 3093 bps.
- Tracing VSEE's Gross Margin over 4 years: stood at 72.7% in 2023, then decreased by 12 bps to 63.76% in 2024, then dropped by 27 bps to 46.72% in 2025, then dropped by 19 bps to 37.91% in 2026.
- The last three Gross Margin figures came in at 37.91% (Q1 2026), 46.72% (Q4 2025), and 52.08% (Q3 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Veeva Systems | 39.72 Bn | 32.40 Bn | 662.02 Mn | 74.98% |
| 2 | BrightSpring Health Services | 12.19 Bn | 11.64 Bn | 492.75 Mn | 12.72% |
| 3 | Healthequity | 8.79 Bn | 8.52 Bn | 256.31 Mn | 72.27% |
| 4 | 10x Genomics | 7.31 Bn | 6.76 Bn | 112.50 Mn | 74.48% |
| 5 | Hinge Health | 7.10 Bn | 6.71 Bn | 183.95 Mn | 86.44% |
| 6 | MiniMed | 5.66 Bn | 5.36 Bn | 480.00 Mn | 57.35% |
| 7 | Waystar Holding | 4.76 Bn | 4.56 Bn | 221.99 Mn | 69.44% |
| 8 | Doximity | 4.46 Bn | 3.77 Bn | 132.93 Mn | 84.87% |
| 9 | Heartflow | 3.66 Bn | 3.28 Bn | 53.19 Mn | 83.00% |
| 10 | Vsee Health | 1.42 Mn | 72,850.60 | 1.20 Mn | 37.91% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 37.91% |
| Dec 31, 2025 | 46.72% |
| Sep 30, 2025 | 52.08% |
| Jun 30, 2025 | 46.86% |
| Mar 31, 2025 | 56.00% |
| Dec 31, 2024 | 63.76% |
| Sep 30, 2024 | 83.02% |
| Mar 31, 2024 | 76.17% |
| Dec 31, 2023 | 72.70% |
| Sep 30, 2023 | 66.61% |
| Jun 30, 2023 | 62.70% |
| Mar 31, 2023 | 63.53% |