NAPLES, Fla., Aug. 15, 2023 /PRNewswire/ — HealthLynked Corp. (OTCQB: HLYK), a leading online healthcare network connecting patients, doctors, and medical data, provides an integrated platform designed for real-time collaboration and data exchange. At the heart of this is their patient-centric electronic medical record network, underscoring the pivotal role of patient engagement in healthcare decisions. Committed to redefining healthcare delivery, HealthLynked focuses on superior efficiency, precision, and affordability. Today, the company announced its financial reporting for the second quarter and first half ending June 30, 2023.
Q2 2023 Highlights:
Revenue: 9% YoY growth, reaching $1.70 million, up from Q2 2022’s $1.56 million.
Primary Drivers of Revenue Growth: A notable 13% YoY increment from Functional Medicine offerings, complemented by contributions from Aesthetics Treatment Centers (acquired in May 2022).
Operating Loss Reduction: A remarkable 48% drop, moving from Q2 2022’s $1.53 million to a more streamlined $0.80 million in 2023. This achievement is attributed to a blend of revenue augmentation and a targeted 34% YoY decrease in selling, general, and administrative expenses.
Net Loss Reduction: 37% decrease, tapering the net loss from $1.59M to $1.00M.
H1 2023 Highlights:
Revenue: 12% YoY increase, coming in at $3.46 million, compared to H1 2022’s $3.09 million.
Operational Losses: Trimmed by 38%, declining from H1 2022’s $2.98 million to $1.85 million in H1 2023, reflecting the combined impact of the 12% revenue growth and a 25% YoY cut in operational expenses.
Special Recognition: A gain of $2.67 million was recognized related to the divestiture of ACO Health Partners in January 2023.
Net Income: Net income of $0.45 million was reported, a positive shift from the net loss of $2.76 million observed in H1 2022, driven by the gain from the sale of ACO Health Partners coupled with revenue and cost improvements.
CEO, Dr. Michael Dent, expressed, “Our dedication to transforming the healthcare landscape remains unwavering. With a keen focus on streamlining operational efficiencies and nurturing consistent revenue growth, we’ve forged significant milestones in fortifying our financial trajectory. The inauguration of our premium offerings for patient members doesn’t just broaden our service spectrum; it amplifies the essence of value we offer to our community. Central to this evolution has been the establishment of strategic alliances, each reinforcing our enduring mission: to deliver unparalleled healthcare at an affordable price point. Every initiative, every endeavor underscores our encompassing vision – to redefine and democratize quality healthcare, making ‘better healthcare for less’ a tangible reality for all.”
George O’Leary, HealthLynked’s Chief Financial Officer, added, “From a revenue perspective, we continue our strong quarterly and year to date revenue growth. We continue to strengthen our collaborative ties with Palm Beach ACO. Lastly, our year-to-date net income of $0.45 million compared to a net loss of $2.76 million in the previous year speaks to the work we have been doing to create more shareholder value.”
HealthLynked Corp. provides a solution for both patient members and providers to improve healthcare through the efficient exchange of medical information. The HealthLynked Network is a cloud-based platform that allows members to connect with their healthcare providers and take more control of their healthcare. Members enter their medical information, including medications, allergies, past surgeries, and personal health records, in one convenient online and secure location, free of charge. Participating healthcare providers can connect with their current and future patients through the system. Benefits to in-network providers include the ability to utilize the HealthLynked patent-pending patient access hub “PAH” for patient analytics. Other benefits for preferred providers include HLYK marketing tools to connect with their active and inactive patients to improve patient retention, access more accurate and current patient information, provide more efficient online scheduling, and to fill last-minute cancelations using the Company’s “real-time appointment scheduling” all within its mobile application. Preferred providers pay a monthly fee to access these HealthLynked services. For additional information about HealthLynked Corp., please visit www.healthlynked.com and connect 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.
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Selected Consolidated Financial Data
Three and Six Months Ended June 30, 2023 and 2022
|Three Months Ended June 30,||Six Months Ended June 30,|
|Statement of Operations Data|
|Loss from operations||$||(798,091)||$||(1,526,609)||$||(1,854,726)||$||(2,977,896)|
|Gain (loss) on discontinued operations||$||(14,452)||$||(152,492)||$||2,615,328||$||(302,627)|
|Net income (loss)||$||(1,003,455)||$||(1,589,821)||$||448,480||$||(2,757,944)|
|Net income (loss) to common shareholders||$||(1,003,455)||$||(1,678,214)||$||448,480||$||(2,934,730)|
|Earnings (loss) per share data, basic and diluted:|
|Gain (loss) on discontinued operations||$||(0.00)||$||(0.00)||$||0.01||$||(0.00)|
|Net income (loss) per share to common shareholders||$||(0.00)||$||(0.01)||$||0.00||$||(0.01)|
|Weighted average number of common shares||259,817,248||238,595,764||258,481,657||238,304,228|
|June 30,||December 31,|
|Balance Sheet Data||2023||2022|
|Total Shareholders’ Equity||$||1,571,820||$||314,450|