HealthLynked Corp. (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, late Friday reported its financial results for the quarter ended March 31, 2020. The Company’s results included a fourth straight quarter of record year-over-year revenue growth of 188% and a 14% increase over the prior quarter. The Company’s first quarter 2020 operating loss also decreased by 39% compared to the previous quarter and 36% compared the first quarter of 2019.
First Quarter 2020 Compared to First Quarter 2019:
- 188% increase in revenue in 1Q’20 compared to 1Q’19, increasing to $1,336,940 from $464,990 in 1Q’19
- Operating loss decreased by 36% from $823,246 in 1Q’19 to $527,634 in 1Q’20
- Patient appointments increased 13% from 3,712 in 1Q’19 to 4,187 in 1Q’20
- Time of Service collections increased 691% from $127,809 in 1Q’19 to $1,010,644 in 1Q’20
First Quarter 2020 Compared to Fourth Quarter 2019:
- Revenue increased by 14% from $1,172,878 in 4Q’19 to $1,336,940 in 1Q’20, led by a 24% increase in our Naples Center for Functional Medicine business and revenue of $82,738 from our newly formed Bridging the Gap physical therapy practice that opened in the first quarter of 2020
- Operating loss decreased by 39% from $871,882 in 4Q’19 to $527,634 in 1Q’20
- Patient appointments increased 5% from 4,006 in 4Q’19 to 4,187 in 1Q’20
- Time of Service collections increased 30% from $777,895 in 4Q’19 to $1,010,644 in 1Q’20
“I am pleased with our first quarter results in light of the COVID-19 pandemic and its disruption on the medical community across the country,” said Michael Dent, M.D., the Company’s Chairman and CEO. “In addition to the strong growth of our Health Service division, we have made significant progress in building out our global HealthLynked Network. Now that Florida is reopening, we are planning on closing our previously announced acquisition in the weeks to come.”
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.
|Selected Consolidated Financial Data|
|Quarters Ended March 31, 2020 and 2019|
|Three Months Ended March 31,|
|Statement of Operations Data|
|Patient service revenue, net||$||1,336,940||$||464,990|
|Net loss per share, basic and diluted||$||(0.01)||$||(0.01)|
|Weighted average number of common shares, basic and diluted||114,601,960||88,506,930|
|Balance Sheet Data|
|Total Shareholders’ Equity||$||(2,227,449)||$||(2,842,680)|
Chief Financial Officer
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