HealthLynked Reports
Fourth Consecutive
Quarter of Record Year-Over-Year Revenue Growth of 188% and 14%
Sequential Quarterly Revenue Growth
Naples,
FL -- May 18, 2020 -- InvestorsHub NewsWire
-- 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
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.
Contacts:
George
O'Leary
Chief
Financial Officer
goleary@healthlynked.com
(800)
928-7144, ext. 99
Investor
Relations Contacts:
Stephanie
Prince
PCG
Advisory Group
sprince@pcgadvisory.com
646-762-4518
Jim
Hock
Hanover
International Inc.
jh@hanoverintlinc.com
760-564-7400
HealthLynked
Corp.
Selected
Consolidated Financial Data
Quarters
Ended
March
31, 2020 and 2019
|
Three
Months Ended March 31,
|
|
|
2020
|
|
|
2019
|
Statement
of Operations Data
|
|
|
|
|
|
|
|
|
|
|
|
Patient
service revenue, net
|
$
|
1,336,940
|
|
$
|
464,990
|
Net
loss
|
$
|
(580,216)
|
|
$
|
(1,060,717)
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
March
31,
2020
|
|
December
31,
2019
|
Total
Assets
|
$
|
2,312,489
|
|
$
|
2,546,554
|
Total
Liabilities
|
$
|
4,539,938
|
|
$
|
5,389,234
|
Total
Shareholders' Equity
|
$
|
(2,227,449)
|
|
$
|
(2,842,680)
|
|
|
|
|
|
|