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HealthLynked sees 3Q revenue rise by 74% driven by expanding patient service revenue

For the period ended September 30, 2020, the Florida-based company reported revenue of $2,040,155

HealthLynked Corp (OTCQB:HLYK), a global healthcare network focused on care management, posted third-quarter results on Tuesday that saw its revenue jump 74% year-over-year on the back of patient service revenue growth.

For the period ended September 30, 2020, the Naples, Florida-based company, reported revenue of $2,040,155, compared to $1,172,561 in the third quarter of 2019. HealthLynked chalked up the gains to a 23% increase in patient service revenue on a year-to-date basis, compared to the same period in 2019.

During the quarter, HealthLynked’s subsidiary Cura Health Management, a new accountable care organization (ACO), acquired by the group in May, received a revenue determination of $767,744 from the Center for Medicare Services for ACO shared savings revenue for the 2019 program year.

HealthLynked reported positive shareholders’ equity of $351,818 as of September 30, compared to a shareholders’ deficit of $2.8 million for the period ending in December 2019. The improvement was due in large part to a $3 million equity investment from HealthLynked’s founder CEO and chairman Dr Michael Dent in August, said the company.

“We are pleased to record our first ACO revenue determination during the third quarter of 2020, which, along with continued patient service revenue growth from our Health Services Division, significantly improved our top line,” said HealthLynked CEO George O’Leary.

“In August, we also announced a $3 million equity financing that allowed us to retire the last of our variable rate convertible notes and acquire MedOfficeDirect in October. We are also pleased to report positive shareholders’ equity for the first time as of September 30, 2020. With the acquisition of MedOfficeDirect, we expect that shareholders’ equity will continue to grow in the fourth quarter.”

HealthLynked’s recent acquisition of MedOfficeDirect LLC, a virtual distributor of discounted medical supplies to both consumers and medical practices, is expected to contribute around $1.5 million of revenue in year one, increasing HealthLynked’s consolidated revenues by some 25%.

During the third quarter, the company posted an operating loss of $815,691. In the meantime, HealthLynked’s revenue for the first nine months of the year soared 59% to nearly $4.5 million, compared to $2.8 million in the same period in 2019.

HealthLynked connects patients, doctors, and data through its global healthcare network using technology to reduce costs and improve patient outcomes. It is poised for growth with its HealthLynked Network, wearable health sensors, COVID-19 tracking, medical supplies, and care management solutions.