NAPLES, Fla., April 02, 2024 (GLOBE NEWSWIRE) — via IBN – HealthLynked Corp. (OTCQB: HLYK), a leader in healthcare networking and technological innovation, announced its financial results for the fourth quarter and full year ended December 31, 2023. With strategic advancements and its focus on core healthcare technologies and networking capabilities, HealthLynked achieved a significant 70% reduction in net loss for the fourth quarter, highlighting a period of fiscal management and strategic positioning for future growth.
Full Year 2023 Financial Results
Strategic Focus and Technological Innovations Pave the Way for an Optimistic Outlook: HealthLynked reported a modest 2% revenue decrease to $5.72 million, attributed in part to the retirement of, and contracts ending for, certain key physicians and the onboarding phase of new physicians at several clinical sites. Despite these temporary staffing adjustments, HealthLynked’s strategic direction and the release of the new pay app version 3.2.0 quartering first quarter 2024 create a new opportunity for core revenue growth. The forthcoming integration of ARI, our AI-driven healthcare guide, into the newly released HealthLynked app represents a pivotal stride towards leveraging technology to enhance our healthcare network’s effectiveness.
Operational Efficiency through Key Enhancements: Optimization of operational expenses led to a 52% cut in operational losses, demonstrating HealthLynked’s commitment to financial stewardship and operational efficiency. Strategic restructuring resulted in a 19% reduction in operating expenses. Exclusive of impairment charges, the operational loss declined by 35%. Our targeted efforts to refine operations and strategically invest in our healthcare network and technology capabilities have poised us for sustainable growth and a solid financial footing.
Solid Financial Health from Strategic Divestiture: The strategic sale of ACO Health Partners, alongside the gains realized from this initiative, contributed significantly to our financial restructuring, bringing in $3.76 million. This move underscores our focus on our core competencies in healthcare networking and technological innovation, significantly bolstering our liquidity and financial resilience.
Dramatic Net Loss Reduction: A significant decrease in net loss to $1.01 million in 2023 from $8.82 million in 2022 illustrates the positive impact of our strategic divestitures, operational efficiencies, and profit stabilization despite temporary staffing changes. The integration of cutting-edge technologies and our strategic focus creates a path forward of continued growth and operational improvement.
Fourth Quarter 2023 Financial Results
Revenue Commitment to Core Technologies Following Staffing Transition: Revenue declined to $0.93 million in Q4 2023, primarily as a result of temporary physician staffing adjustments along with associated physician pay. This new baseline in cost prepares HLYK for improved profitability in the second half of 2024 with an expected operating profit by the end of the fiscal year. The introduction of our new pay app version 3.2.0 is indicative of our focus on achieving profitability and technological leadership in the healthcare sector by the end of 2024.
Strategic Initiatives Lead to Reduced Operating Loss: A 73% reduction in operating loss to $1.11 million in Q4 2023, demonstrating our resilience and strategic focus during a period of staffing transition. Exclusive of a $2.75 million Q4 2022 impairment charge, the operating loss decline was 21%. This underscores our commitment to operational efficiency and financial health.
Substantial Improvement to Net Loss Reflects Strategic Strength: A 70% reduction in net loss to $1.29 million in Q4 2023, underscores the effectiveness of our strategic initiatives, showcasing our adaptability and commitment to navigating towards long-term financial sustainability and growth.
Executive Insights
Dr. Michael Dent, CEO of HealthLynked, stated, “The recent launch of our pay app version 3.2.1 and the forthcoming integration of ARI mark significant milestones in our mission to transform healthcare delivery and drive additional revenues. Despite temporary staffing transitions, our focus on our core healthcare network and technological innovations positions us for substantial growth and profitability. We continue to grow our user base while integrating technology that improves patient care and the efficient exchange of medical information between doctors and patients.”
George O’Leary, CFO of HealthLynked, added, “Our strategic decisions throughout 2023 have laid a solid groundwork for growth. By concentrating on our core technologies and healthcare network, HealthLynked is poised to advance more profitably, continuing to innovate and lead in the healthcare sector.”
HealthLynked’s dedication to driving healthcare innovation through strategic focus and technological advancement remains strong. We are grateful for the continued support of our investors and stakeholders as we navigate these transitions and stride towards a future marked by growth, innovation, and enhanced healthcare outcomes.
About HealthLynked
HealthLynked Corp. is dedicated to improving global community health. Our mission unfolds in two pivotal goals: First, to transform healthcare into a system marked by enhanced efficiency and improved care for all, leveraging cutting-edge technology and connectivity. Second, to forge a patient-centric network that not only places patients at the heart of their healthcare journey but also mobilizes their participation to accelerate medical discoveries and the development of cures for diseases that impact humanity. This pioneering model empowers individuals with unparalleled access to and control over their medical information, fostering a collaborative environment where every patient contribution can spearhead breakthroughs in health and wellness. Through these concerted efforts, we aim to secure a healthier future for generations to come.
At the heart of our endeavors is the HealthLynked Network, a sophisticated, cloud-based platform designed to facilitate the seamless exchange of medical information among patients and healthcare providers. By centralizing and securing medical data — including medications, allergies, past surgeries, and personal health records — our members are empowered to take an active role in managing their healthcare with unparalleled ease and efficiency.
HealthLynked is a beacon for healthcare providers, offering an ecosystem that enhances patient care through improved communication and access to critical health information. Our network fosters an environment where providers can gain valuable insights into practice operations, enhancing patient compliance and optimizing scheduling. Providers are encouraged to join our network by claiming their profiles, thereby accessing HealthLynked’s suite of marketing tools designed to foster meaningful engagements with patients.
A cornerstone of our philosophy is the ethical management of healthcare data. HealthLynked does not sell any healthcare data, ensuring the privacy and security of our members’ information at all times.
We invite you to join us in this journey towards a healthier future. Download the HealthLynked app today, available on both Android and Apple devices, and take the first step in taking control of your healthcare.
For more information about HealthLynked Corp., including details on how to become a part of our growing community, please visit our website at www.healthlynked.com.
Together, we are paving the way for a future where healthcare is more accessible, efficient, and interconnected than ever before. Welcome to the next generation of healthcare. Welcome to HealthLynked.
For more about HealthLynked Corp., please visit www.healthlynked.com. Stay connected with HealthLynked on Twitter, Facebook, Instagram, and LinkedIn.
Forward-Looking Statements & Risk Factors
Forward-Looking Statements in this press release, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Our actual results, including as a result of any acquisitions, performance, or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “will,” “would” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by our management, and us are inherently uncertain. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. Certain risks and uncertainties applicable to our operations and us are described in the “Risk Factors” section of our most recent Annual Report on Form 10-K and in other filings we have made with the U.S. Securities and Exchange Commission. These reports are publicly available at www.sec.gov.
For further information, please contact:
HealthLynked Corp
Public Relations
Email: [email protected]
Investor Relations:
Michael Paisan, Director of Investor Relations
Phone: 1-800-928-7144, ext 123
Website: www.healthlynked.com
