NAPLES, Fla., Aug. 17, 2020 /PRNewswire/ — HealthLynked Corp. (OTCQB: HLYK), a global healthcare network focused on care management of its members and a provider of healthcare technologies that connects doctors, patients and medical data, reported its financial results late Friday for the three and six months ended June 30, 2020. First Half 2020 (“1H’20”) results included a 49% increase in revenue and a 23% decrease in operating loss compared to First Half 2019 (“1H’19”). The Company’s second quarter results held steady, despite the impact of Covid-19, with revenue down only 4% and operating loss also down by 7% compared to second quarter 2019.
The Company completed its acquisition of Cura Health Management on May 18, 2020. Cura, which operates an accountable care organization (ACO), is expected to receive a determination during the third fiscal quarter of 2020 from the Center for Medicare Services (CMS) regarding ACO shared savings revenue for program year 2019.
First Half 2020 Compared to First Half 2019:
49% increase in revenue in 1H’20 compared to 1H’19, increasing to $2,498,450 from $1,673,380 in 1H’19
Operating loss decreased by 23% from $1,521,437 in 1H’19 to $1,177,652 in 1H’20
Patient appointments decreased 8% from 8,245 in 1H’19 to 7,562 in 1H’20
Time of Service collections increased 100% from $928,826 in 1H’19 to $1,855,780 in 1H’20
Second Quarter 2020 Compared to Second Quarter 2019:
4% decrease in revenue in 2Q’20 compared to 2Q’19, decreasing to $1,161,510 from $1,208,390
Operating loss decreased by 7% from $698,191 in 2Q’19 to $650,018 in 2Q’20 based upon the decrease in revenue offset by a reduction of expenses of approximately $95,000 compared to 2Q’19
Patient appointments decreased 25% from 4,533 in 2Q’19 to 3,375 in 2Q’20
Time of Service collections increased 6% from $801,067 in 2Q’19 to $845,877 in 2Q’20
Second Quarter 2020 Compared to First Quarter 2020:
13% decrease in revenue in 2Q’20 compared to 1Q’20, decreasing to $1,161,510 from $1,336,940
Operating loss increased by 23% from $527,634 in 1Q’20 to $650,018 in 2Q’20 based upon the decrease of revenue offset by a reduction of expenses of approximately $53,000 compared to Q1’20
Patient appointments decreased 19% from 4,187 in 1Q’20 to 3,375 in 2Q’20
Time of Service collections decreased 16% from 1,010,644 in 1Q’20 to 845,877 in 2Q’20
“We are pleased that, amid the widespread disruption caused by the COVID-19 pandemic, we were able to maintain a reasonable level of patient volume and revenue in our Health Services division,” stated Dr. Michael Dent CEO.
George O’Leary, HealthLynked CFO stated “Patient revenue was down only 4% from Q2 2019 and 13% from Q1 2020 – compared to a 65% average practice revenue reduction nationwide – in part due to our utilization of telemedicine in our practices as early as March.” He continued, “We also completed the acquisition of Cura Health Management to establish our presence in the ACO market. In addition, we have reduced the company’s debt by 21% since year-end and we have paid off the last three convertible notes prior to conversion, thereby taking downward pressure off our stock.”
About HealthLynked Corp.
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, and LinkedIn.
Forward Looking Statements
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.