Solid
Revenue Growth and Earnings Define HealthLynked's Q1
2023
Highlighted by 15% YoY and 25% QoQ Revenue Growth, with Reported
Net Income of $1.45 Million and Net Equity of $2.17 Million
Naples, Fla. -- May 16, 2023 --
InvestorsHub NewsWire -- HealthLynked Corp. (OTCQB: HLYK), a global
healthcare network dedicated to care management of its members and
a provider of healthcare technologies connecting doctors, patients,
and medical data, announced its financial results for the first
quarter ended March 31, 2023.
First Quarter 2023 Financial
Results
For the
first quarter of 2023, HealthLynked recorded revenue of $1.76
million, marking a 15% increase from the $1.53 million generated in
the first quarter of 2022. The growth was fueled by a substantial
26% year-over-year expansion from our Functional Medicine practice
and additional revenue from our Aesthetics Treatment Centers, which
we integrated into our portfolio in May 2022. First quarter 2023
revenue of $1.76 million also reflects a 25% surge compared to
$1.41 million revenue in the fourth quarter of 2022.
Loss
from operations experienced a significant reduction of 27%,
dropping from $1.45 million in the first quarter of 2022 to $1.06
million in the same period in 2023. This improvement was largely
due to the 15% year-over-year revenue growth coupled with a
strategic 17% year-over-year reduction in selling, general, and
administrative expenses, demonstrating the success of
cost-efficiency initiatives implemented throughout 2022.
In the
first quarter of 2023, HealthLynked recognized a gain from disposal
of discontinued operations of $2.67 million following the
divestment of ACO Health Partners in January 2023. This figure
represents the surplus fair value of sale consideration received by
HealthLynked over the carrying value of assets and liabilities sold
and derecognized in the transaction.
Our net
income for the first quarter of 2023 stood at $1.45 million, a
significant turnaround from a net loss of $1.17 million in the
first quarter of 2022. This positive shift was largely due to the
financial benefits realized from the divestment of ACO Health
Partners and a reduction in operational loss compared to the same
period in 2022.
Dr.
Michael Dent, HealthLynked's Chairman and Chief Executive Officer,
stated, "The year 2022 marked a transformative period for us,
setting the stage for a 2023 focused on profitability and the
introduction of our foundational HealthLynked services. Through a
cohesive blend of all our service lines, we aim to achieve
profitability by the year-end. In our quest to communicate our
value proposition more effectively and increase our market
visibility, we've strategically consolidated our offerings. We're
confident that this consolidation will not only amplify our
presence but also underscore the breadth and depth of our services
and provide better healthcare outcomes for our valued patient
members."
George
O'Leary, HealthLynked's Chief Financial Officer, added, "We are
very pleased with both the 15% year-over-year and 25%
quarter-over-quarter revenue growth in Q1 2023. After a flat
year in 2022, it is refreshing to see the growth cycle get started
again. We are also pleased with Shareholders' Equity of over $2
million, making up over half the equity reduction from Q4 2022.
We are making great strides to reach our goals of both
revenue growth and profitability."
About HealthLynked
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, Instagram,
and LinkedIn.
Forward-Looking Statements & Risk
Factors
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.
HLYK Contact:
George O'Leary goleary@healthlynked.com
Chief Financial Officer +1
(800)-928-7144, ext. 103
HealthLynked Corp.
Selected Consolidated Financial
Data
Quarter Ended March 31, 2023 and
2022
|
|
|
Three Months Ended March 31,
|
|
|
2023
|
|
|
2022
|
Statement of Operations Data
|
|
|
|
|
|
Total
revenue
|
$
|
1,755,154
|
|
$
|
1,529,278
|
Loss from
operations
|
$
|
(1,056,635)
|
|
$
|
(1,451,287)
|
Gain (loss)
on discontinued operations
|
$
|
2,629,780
|
|
$
|
(150,135)
|
Net income
(loss)
|
$
|
1,451,935
|
|
$
|
(1,168,123)
|
Net income
(loss) to common shareholders
|
$
|
1,451,935
|
|
$
|
(1,256,516)
|
|
|
|
|
|
|
Earnings
(loss) per share data, basic and diluted:
|
|
|
|
|
|
Gain (loss) on discontinued operations
|
$
|
0.01
|
|
$
|
(0.00)
|
Net income (loss) per share to common shareholders
|
$
|
0.01
|
|
$
|
(0.01)
|
Weighted average number of common shares
|
|
257,131,222
|
|
|
238,008,478
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
December 31,
|
Balance Sheet Data
|
2023
|
|
2022
|
Total
Assets
|
$
|
6,145,200
|
|
$
|
4,580,716
|
Total
Liabilities
|
$
|
3,976,557
|
|
$
|
4,266,266
|
Total
Shareholders' Equity
|
$
|
2,168,643
|
|
$
|
314,450
|