Naples,
FL -- November
17,
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
Monday
reported
its
financial
results
for the three and
nine
months
ended
September
30, 2020.
Year-to-date
2020 results included
a 59% increase
in
revenue and a 14% decrease in
operating loss compared to
the same
period of 2019.
Third
quarter 2020 revenue also increased 74% compared to third quarter
2019.
During
September 2020, the Company's accountable care organization (ACO)
subsidiary Cura Health Management, acquired in May 2020, received a
revenue determination of $767,744 from the Center for Medicare
Services (CMS) for
ACO
shared savings revenue for program year 2019. The Company
also realized a 23% increase in patient service revenue on a
year-to-date basis compared to the same period of
2019.
HealthLynked reported
positive shareholders'
equity of $351,818
as of
September 30, 2020, compared to a
shareholders'
deficit of ($2,842,680) for
the period ending December 31, 2019. The improvement was
due in large part to a $3 million equity investment from the
Company's Chairman and CEO, Dr. Michael
Dent, in August
2020.
Year-to-Date
2020 Compared to 2019:
-
59% increase in revenue
in 2020
compared
to 2019,
increasing to $4,538,605
from
$2,845,941
in
2019
-
Operating
loss decreased by 14% from
$2,337,128
in
2019
to
$2,020,726
in
2020
-
Patient
appointments decreased
11% from
12,464
in
2019
to
11,139
in
2020
-
Time of
Service collections increased
55% from
$1,697,432
in 2019
to $2,626,157
in
2020
-
Positive
shareholders' equity of $351,818
Third
Quarter
2020
Compared to
Third
Quarter
2019:
-
74% increase in
revenue in
3Q'20
compared
to 3Q'19,
increasing to
$2,040,155
from
$1,172,561
-
Operating
loss increased by
3% from
$815,691
in
3Q'19
to
$843,075
in
3Q'20
-
Patient
appointments decreased
20% from
4,219
in 3Q'19
to 3,377
in
3Q'20
-
Time of
Service collections increased
0.2%
from $768,606
in 3Q'19
to $770,377
in
3Q'20
"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," stated George
O'Leary, HealthLynked's
Chief
Financial Officer.
"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."
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:
Jim
Hock
Hanover
International Inc.
jh@hanoverintlinc.com
760-564-7400
HealthLynked
Corp.
Selected
Consolidated Financial Data
Three
and Nine
Months
Ended
September
30,
2020 and 2019
|
|
Three
Months Ended Sep. 30,
|
|
Nine
Months Ended Sep. 30,
|
|
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
Statement
of Operations Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenue
|
$
|
2,040,155
|
|
$
|
1,172,561
|
|
$
|
4,538,605
|
|
$
|
2,845,941
|
|
Net
loss
|
$
|
(1,734,295)
|
|
$
|
(1,125,280)
|
|
$
|
(3,832,359)
|
|
$
|
(3,065,571)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
per share to common stockholders, basic and diluted
|
$
|
(0.01)
|
|
$
|
(0.01)
|
|
$
|
(0.03)
|
|
$
|
(0.03)
|
|
Weighted
average number of common shares, basic and diluted
|
|
147,366,619
|
|
|
102,644,860
|
|
|
129,234,540
|
|
|
96,603,087
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
Sheet Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sep.
30, 2020
|
|
|
|
Dec.
31, 2019
|
|
Total
Assets
|
|
|
$
|
|
5,496,093
|
|
|
|
$
|
|
2,546,554
|
|
Total
Liabilities
|
|
|
$
|
|
5,144,275
|
|
|
|
$
|
|
5,389,234
|
|
Total
Shareholders' Equity
|
|
|
$
|
|
351,818
|
|
|
|
$
|
|
(2,842,680)
|
|
|
|
|
|
|
|
|
|
|
|
|
|