NAPLES, FL, May 18, 2021 /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, late yesterday reported its financial results for the quarter ended March 31, 2021. The company reported year-over-year 33% revenue growth and net shareholders’ equity improvement of $8.4 million. The company improved from $2.2 million negative net equity at the end of Q1 2020 to positive net equity of $6.2 million at the end of Q1 2021.
First Quarter 2021Compared to First Quarter 2020:
- 33% increase in revenue in Q1’21 compared to Q1’20, increasing to $1,784,694 from $1,336,940 in Q1’20
- Net equity of $6,165,633 in Q1’21 compared to a shareholders” deficit of $2,227,449 in Q1 2020, an improvement of $8,393,082
- Operating loss increased 197% from $527,634 in Q1’20 to $1,567,925 in Q1’21, mainly due to non-cash compensation and professional fees from significant activities during Q1 2021, an estimated 35% of which is expected to be non-recurring.
- Net loss increased by 1,248% from $580,216 in Q1’20 to $7,823,453 in Q1’21 mainly due to a $5.6 million non-cash loss related to the conversion of the Company’s last remaining convertible debt into equity and a $0.6 million non-cash loss from change in the fair value of contingent acquisition consideration driven primarily by the increase in the Company’s stock price during Q1′ 21.
- Patient appointments increased 8% from 4,187 in Q1’20 to 4,538 in Q1’21
- Time of Service collections improved 17% from $1,010,644 in Q1’20 to $1,186,754 in Q1’21
First Quarter 2021 Compared to Fourth Quarter 2020:
- Revenue increased by 12% from $1,594,515 in Q4’20 to $1,784,694 in Q1’21
- Net Equity of $6,165,633, compared to $1,350,008 in Q4 20, an improvement of $4,815,625, or 357%
- Operating loss increased by 49% from $1,051,103 in Q4’20 to $1,567,925 in Q1’21
- Patient appointments increased 27% from 3,564 in Q4’20 to 4,538 in Q1’21
- Time of Service collections increased 19% from $1,001,312 in Q4’20 to $1,186,754 in Q1’21
“Our 10-Q concludes a very successful quarter for HealthLynked with 33% revenue growth over same quarter last year.” said Michael Dent M.D., the Company’s Chairman and CEO. “We made significant improvements in our balance sheet, increasing the company’s net equity by $8.4 million compared to Q1 2020 and an improvement of $4.8 million just since the end of last year.
Dr. Dent went on to say, “We are very excited about our recent launch of DocLynk, our Telemedicine service in April 2021 and the launch of our virtual summit for those that couldn’t attend our Annual Event.”
George O’Leary, HealthLynked Chief Financial Officer, said “We are very proud of the work we have done to improve our net equity over the last 12 months, and with $6.1 million in net equity at the end of first quarter 2021, and our recently approved $50 million shelf registration, we believe HealthLynked is in a great position for our planned uplisting to NASDAQ during 2021.”
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.
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Selected Consolidated Financial Data
Quarters Ended March 31, 2021 and 2020