NAPLES, Fla., Nov. 15, 2024 (GLOBE NEWSWIRE) — via IBN – HealthLynked Corp. (OTCQB: HLYK), a leader in healthcare networking and technology innovation, today announced financial results for the three- and nine-months ending Sept. 30, 2024. With a renewed commitment to profitable growth, HealthLynked has restructured its clinical operations, reduced its third-party debt obligations, reduced physical plant cost and shifted focus toward its core software solutions, positioning the company for enhanced operational efficiency and scalability in the future.
Financial Highlights
Revenue: HealthLynked reported revenue of $0.59 million in the third quarter of 2024, reflecting a 56% decrease year-over-year from $1.33 million in Q3 2023 and a 26% sequential decline from $0.80 million in Q2 2024. For the first nine months of 2024, revenue totaled $2.39 million, a 12% drop from the preceding nine-month period (October 2023 to June 2024) and a 50% decrease from $4.79 million in the first nine months of 2023. This decline is primarily due to expected clinical revenue disruption resulting from our restructuring efforts related to onboarding of new clinical staffing, consolidating clinical locations and other right-sizing efforts.
Expense Reductions: HealthLynked reduced practice operating expenses by $0.50 million, or 39%, in Q3 2024 to $0.80 million, compared to $1.30 million in Q3 2023. Year-to-date, expenses decreased by 38%, underscoring the company’s continued focus on efficiency. Overall, total operating expenses fell by 10% in Q3 2024 compared to Q3 2023 and by 19% in the first nine months of 2024 compared to the same period in 2023.
Loss from Operations: The loss from operations for Q3 2024 was increased by $0.49 million. From $1.18 million, to $1.67 million loss in Q3 2023. Year-to-date, the loss from operations was $3.93 million, representing a 29% increase over the $3.04 million loss in the same period of 2023.
Net Income/Loss: HealthLynked reported a net loss of $1.97 million in Q3 2024, compared to a net loss of $0.17 million in Q3 2023. This difference was primarily attributable to a $1.08 million gain in 2023 related to the sale of ACO Health Partners. For the first nine months of 2024, the net loss was $4.90 million, contrasting with a net income of $0.27 million in the same period of 2023, primarily due to $3.76 million gains related to the ACO Health Partners sale recorded in 2023.
Strategic Outlook
HealthLynked remains committed to expanding its footprint through strategic partnerships and a growing user base. The company is shifting its focus from traditional clinical operations to app-based services, aiming to increase both user acquisition and revenue through innovative digital solutions. By leveraging its patient-centric network, HealthLynked anticipates significant growth in its membership base, enhancing healthcare accessibility for patients and providers alike.
HealthLynked’s software platform’s cost is significantly lower than the variable costs associated with operating clinical services. This shift allows HealthLynked to minimize the fluctuations in costs and revenue that typically accompany clinic operations, resulting in a leaner, more efficient business model.
CEO Contribution and Financial Support
Dr. Michael Dent, CEO of HealthLynked, has played a crucial role in providing the necessary financial support for the company’s operations during this period of transition, with $2.7 million in debt funded so far in 2024. His commitment has enabled HealthLynked to navigate this restructuring phase successfully, setting a foundation for future growth as the company benefits from reduced third-party debt service and an optimized cost structure.
Executive Commentary
Dr. Michael Dent, CEO of HealthLynked, stated, “Our restructuring efforts in our clinical operations are designed to maximize profitability and support our transition toward core technology solutions. With telemedicine services just now available in all 50 states and our paid concierge services gaining traction, HealthLynked is well-positioned to drive revenues by focusing on the value of our patient-centric software platform. This shift allows us to better serve patients and providers across the nation, reducing operational overhead while expanding our reach and impact in healthcare.”
About HealthLynked
HealthLynked Corp. is dedicated to improving global community health. Our mission is to transform healthcare into a system marked by enhanced efficiency and improved care for all, leveraging cutting-edge technology and connectivity that places patients at the heart of their healthcare journey. The HealthLynked Network is 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, the HealthLynked Network empowers patient members to manage their healthcare with unparalleled ease and efficiency, while offering providers an environment where they can gain valuable insights into practice operations, enhance patient compliance, and optimize scheduling.
For more information about HealthLynked Corp., including details on how to become part of our growing community, please visit our website at www.healthlynked.com. Connect with us on social media through Twitter, Facebook, Instagram, and LinkedIn to stay updated on our latest innovations and services. Download the HealthLynked App for Apple or Android.
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.
Contact Information:
Mike Paisan
HealthLynked Corp.
1265 Creekside Pkwy, Suite 301
Naples, Florida 34108
Phone: 1-800-928-7144
Email: [email protected]
