SCWorx Corp. provides software solutions for the management of health care providers' foundational business applications in the United States. The company provides services related to repair, normalization, and interoperability of information, as well as big data analytics model that provides web portal for display, and reporting and analysis of the information contained within the data warehouse. It also offers various software solutions and services, such as virtualized item master file repair, expansion, and automation; electronic medical record management, a module that integrates the advanced data attributes created in the item master to the electronic medical records; charge description master management(CDM), a module, which assists healthcare providers by integrating the CDM data into the workflow of the hospitals purchasing systems; contract management, a module that assists healthcare providers to establish a contract management system and to provide care to patients; request for proposal automation solution; rebate management; ScanWorx, a mobile perioperative closed loop scanning solution; and data integration and warehousing, as well as solutions for integration of acquired businesses, which enable deployment of a virtual item master files. The company sells its solutions and services to hospitals and health systems through its distribution and reseller partnerships. In addition, it offers CageTix, a ticketing platform for mixed martial arts industry. Further, the company focuses on selling rapid test kits for COVID-19; and personal protective equipment. SCWorx Corp. is based in New York, New York.
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Here are 1-3 brief analogies for SCWorx (WORX):
- SCWorx is like SAP for hospital supply chains.
- SCWorx is like Oracle for hospital inventory management.
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Data Cleansing and Normalization: Services designed to standardize, enrich, and improve the accuracy of healthcare supply chain data.
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Master Data Management (MDM): Services focused on creating and maintaining a single, accurate source of truth for critical supply chain information across an organization.
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Supply Chain Analytics: Services that provide insights and tools to analyze and optimize healthcare supply chain performance, efficiency, and cost savings.
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Contract and Spend Management: Services that assist healthcare organizations in managing supplier contracts and analyzing expenditures to identify savings opportunities.
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SCWorx (WORX) primarily sells its services and solutions to other companies within the healthcare sector.
Based on its latest available SEC filings (e.g., the 10-K for the fiscal year ended December 31, 2022, filed March 31, 2023), SCWorx reported extreme customer concentration. Specifically, the company stated that **one customer accounted for 92% of its total revenue for the year ended December 31, 2022, and one customer accounted for 95% for the year ended December 31, 2021.**
However, SCWorx has **not publicly disclosed the names of these specific major customer companies** in its SEC filings or other readily accessible official communications. Therefore, their symbols cannot be provided.
SCWorx generally serves:
Healthcare Providers: These include hospitals, large health systems, and integrated delivery networks that utilize SCWorx's software and services for supply chain optimization, data management, contract management, and procure-to-pay solutions.
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Timothy A. Hannibal President & CEO
Mr. Hannibal is a seasoned technology executive and entrepreneur with nearly 30 years of experience in SaaS and cloud technology, driving revenue, go-to-market strategies, business development, and mergers and acquisitions. He joined SCWorx in January 2019, having previously been an employee at Primrose Solutions (the predecessor to SCWorx) since September 2016, where he oversaw marketing, sales, and operations. Mr. Hannibal founded and served as President and CEO of VaultLogix for thirteen years. VaultLogix, a private equity-sponsored SaaS company in the cloud backup industry, was later acquired by J2 Global, a publicly traded technology company.
Christopher J. Kohler Chief Financial Officer
Mr. Kohler possesses over 15 years of experience across various roles in the finance and accounting sectors. He is the founder and CEO of Kohler Consulting, Inc., established in 2012. Through this firm, Mr. Kohler provides outsourced CFO and advisory services to both private and public companies, with a particular focus on small-cap and start-up businesses.
Anders Ohlsson Chief Technology Officer
Mr. Ohlsson has over 25 years of experience in software engineering, cloud infrastructure, and machine learning applications. Before joining SCWorx, he held senior leadership positions at WideOrbit, where he was instrumental in developing scalable SaaS platforms and managed cross-functional teams to deliver enterprise-grade technology solutions.
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Key Risks to SCWorx (WORX)
SCWorx (WORX), a micro-cap healthcare data management company, faces several significant risks to its business operations and financial viability. The most pressing concerns revolve around its ability to continue as a going concern, the threat of delisting from Nasdaq, and a substantial customer concentration risk.
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Ability to Continue as a Going Concern and Recurring Losses: SCWorx has a history of significant losses and negative cash flows from operations, leading its auditors to flag substantial doubt about the company's ability to continue as a going concern. For the trailing twelve months ending in late 2025, the company reported a net loss of approximately $3.89 million on revenue of just $2.78 million, with a net margin of -139.68%. The accumulated deficit stood at $25,858,697 as of December 31, 2022. These ongoing financial challenges indicate deep-seated issues in cost structure and revenue generation, and the company may require additional capital, which may not be available on acceptable terms.
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Nasdaq Delisting Threat: The company is under threat of delisting from the Nasdaq Capital Market. As of April 2025, SCWorx was non-compliant with Nasdaq's $1.00 minimum bid price rule, with its stock trading around $0.28 in October 2025. SCWorx has been granted an extension until April 6, 2026, to regain compliance by maintaining a closing bid price of $1.00 or more for at least ten consecutive business days. Failure to meet this requirement would result in delisting, severely impacting the stock's liquidity and investor confidence. The company has also faced compliance issues related to delayed financial filings.
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Customer Concentration Risk: SCWorx operates with a significant customer concentration problem, as its top three customers accounted for 51% of its revenue as of September 2025. The loss of even one of these major contracts could be catastrophic for the company's financial condition. While a recent positive development in October 2025 saw the renewal of an agreement with an existing healthcare partner for three additional years with a 113% increase in contract value, the overall reliance on a few key customers remains a substantial risk.
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The increasing market penetration and sophistication of integrated, artificial intelligence (AI) and machine learning (ML)-driven healthcare supply chain platforms, exemplified by solutions like those offered by Syft (an Omnicell company). These platforms provide highly automated, real-time predictive analytics for demand forecasting, inventory optimization, and contract compliance that significantly surpass the capabilities of traditional data management and item master systems, posing a direct competitive threat to SCWorx's core offerings by potentially rendering them less efficient or obsolete.
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SCWorx (WORX) operates in the healthcare information technology sector, providing data management and analytics solutions to healthcare providers. Their primary products and services encompass virtualized item master file repair, electronic medical record management, big data analytics, data cleansing, standardization, enrichment, master data management, centralized vendor information, contract management, spend analytics, and revenue cycle management.
The addressable markets for SCWorx's main products and services are significant, particularly in North America and globally:
- U.S. Healthcare Analytics Market: This market was valued at approximately USD 6.43 billion in 2022 and is projected to reach USD 13.49 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 10.2% from 2023 to 2030. North America held a dominant share of the global healthcare analytics market, accounting for 47.59% in 2023. The global market size for healthcare analytics was valued at USD 22.38 billion in 2023 and is expected to grow to USD 145.81 billion by 2032.
- U.S. Big Data Analytics in Healthcare Market: This market in the U.S. was estimated at USD 20.56 billion in 2024 and is forecast to reach around USD 121.24 billion by 2034, demonstrating a CAGR of 19.41% from 2025 to 2034. Globally, the big data analytics in healthcare market was valued at USD 56.47 billion in 2024 and is projected to reach approximately USD 327.57 billion by 2034, with North America holding the largest market share of 52% in 2024.
- U.S. Healthcare Supply Chain Management Market: This market generated USD 738.6 million in revenue in 2023 and is anticipated to grow to USD 1,367.9 million by 2030, with a CAGR of 9.2% from 2024 to 2030. Within this market, the software segment is considered the most lucrative and fastest-growing. The global healthcare supply chain management market was valued at USD 3.73 billion in 2024 and is projected to reach USD 5.72 billion by 2033, with North America dominating the market share at 39.8% in 2024.
- Global Healthcare Supply Chain Software Market: This market was valued at USD 6.5 billion in 2023 and is expected to reach USD 13.7 billion by 2030, with a projected CAGR of 10.30%.
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SCWorx (NASDAQ: WORX) is expected to drive future revenue growth over the next 2-3 years through several key strategies centered on expanding its market presence and enhancing its healthcare technology offerings.
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Expansion of Healthcare Contracts and Customer Base: A primary driver for SCWorx is the securing of additional agreements with hospitals and healthcare systems. The company recently renewed a three-year agreement with an existing healthcare partner, which included a 113% increase in contract value, representing approximately $1.69 million in total revenue over three years. This expansion with existing clients also involved the addition of enhanced services and a doubling of the data volume processed, indicating growth through increased utilization and platform scalability.
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Innovation in Healthcare Data Management Solutions, including AI-Powered Advancements: SCWorx is focusing on innovation in its data management solutions. The company's engagement in AI-powered advancements is seen as a factor contributing to its market valuation and is anticipated to open lucrative new revenue streams.
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Full Implementation and Growth of the SaaS Model: The complete adoption and expansion of its Software-as-a-Service (SaaS) model are considered critical for achieving revenue stability and potential stock price growth. The company's digital solutions segment is predicted by analysts to experience further growth.
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Strategic Partnerships and Diversification: Strategic partnerships are expected to contribute to revenue growth by fostering better-integrated solutions within the healthcare sector. Furthermore, SCWorx has indicated a strategy to diversify and expand its service offerings, as evidenced by its letter of intent to acquire an environmental services company.
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Share Issuance
- SCWorx implemented a 1-for-15 reverse stock split, effective October 11, 2023, reducing the number of outstanding common shares from approximately 17.9 million to around 1.2 million.
- In settlement of a $502,000 judgment with Core IR, SCWorx agreed to issue shares of its common stock, with 159,776 shares issued on July 18, 2024, an additional 191,250 shares on March 14, 2025, and 180,000 shares on May 21, 2025, for the remaining obligation.
- The company completed an equity financing deal on November 19, 2024, selling 232,558 shares of common stock and warrants, which generated $200,000 in gross proceeds.
- SCWorx also entered into warrant inducement agreements around October 2025, resulting in approximately $721,574 in gross proceeds from the exercise of warrants for up to 2,064,000 shares of common stock.
Inbound Investments
- SCWorx raised $200,000 in gross proceeds from institutional investors through an equity financing deal completed on November 19, 2024.
- Between July 15, 2024, and January 17, 2025, the company issued an aggregate of $2,655,000 in senior secured convertible notes.
Outbound Investments
- In March 2020, SCWorx established Direct-Worx, LLC as a wholly-owned subsidiary.
Capital Expenditures
- SCWorx reported very low or negligible capital expenditures from 2021 through June 2025, with Property, Plant & Equipment values consistently near zero in its balance sheets for these periods.
