HealthLynked
Announces Acquisition of Aesthetic Enhancements, LLC, and Reports
First Quarter 2022 Results Including a Significant Reduction in Net
Loss
Company
grows its Health Services Division with profitable cosmetic
practice acquisition
Naples, Fl -- May 17, 2022
-- InvestorsHub NewsWire -- HealthLynked Corp.
(OTCQB:
HLYK),
("HealthLynked"
or the "Company"), a global healthcare network focused on care
management of its members and a provider of healthcare technologies
that connects doctors, patients, and medical data, today announced
the acquisition of Aesthetic Enhancements, LLC, a provider of
minimally and non-invasive cosmetic procedures. The Company also
reported financial results for the first quarter ended March 31,
2022.
Aesthetic
Enhancements, LLC ("Aesthetic Treatment
Center")
Acquisition
Under the terms of the purchase
agreement, HealthLynked paid an aggregate purchase price of
$425,000, of which $325,000 was paid in cash and $100,000 was paid
in shares of HealthLynked common stock. The Aesthetic Treatment
Center currently has 4,750 patients and generated approximately
$500,000 in revenue and $125,000 of net profit in 2021.
George O'Leary, HealthLynked's
Chief Financial Officer, commented, "We are excited to announce the
acquisition of Aesthetic Treatment Centers, the leading medical spa
in Naples, Florida. This acquisition will generate additional
revenue for HealthLynked and provide us the ability to cross-market
the services of our Naples Women's Center and Naples Center for
Functional Medicine to the medical spa's patients. Additionally, we
are pleased to announce that Dr. Kathleen Marc, medical director of
the Aesthetic Treatment Center, will be joining our Naples Women's
Center facility as a gynecologist. Dr. Marc is a renowned
practitioner and brings over 35 years of experience to our Women's
Center facility."
First Quarter
2022 Financial Results
For the first quarter 2022,
HealthLynked reported revenue of $1.6 million, compared to $1.8
million in the first quarter of 2021. The Company experienced
physician turnover at the Naples Women's Center, impacting revenue
in the Health Services Division, which has since been resolved. Net
loss declined 85% to ($1.2) million, compared to a net loss of
($7.8) million in the first quarter of 2021. Compared to the prior
quarter, revenue remained relatively flat at $1.6 million against
fourth quarter 2021 revenue of $1.7 million, while net loss
declined by 32% from ($1.7) million in fourth quarter 2021 to
($1.2) million. Shareholders' equity was $6.1 million as of
March 31, 2022.
Dr. Michael Dent, HealthLynked's
Chairman and Chief Executive Officer, added, "During the first
quarter, we made significant investments in our Digital Healthcare
Portfolio, including several upgrades to the Oohvie App, which we
believe will help us capitalize on the rapid growth trends in the
FemTech industry. We also recently appointed Ravi Tiwari, an
experienced product manager, to lead the growth of the Oohvie App.
With the leadership of Ravi, we are confident that Oohvie will
become a significant driver of revenue growth in 2022 and
beyond."
Common Shares
Update
HealthLynked has decided to
postpone the process of uplisting its common shares to the NASDAQ
Capital Market until the Company's market capitalization is at an
appropriate level. The Company continues to execute on its business
strategy to reduce healthcare costs and improve patient outcomes.
HealthLynked still intends to uplist to the NASDAQ Capital Market
in the future when it is in the best interests of all
stakeholders.
Additionally, the OTCQB markets
have identified HealthLynked as "Penny Stock Exempt," meaning that
shares of HLYK's common stock, par value of $0.01 per share, are no
longer a "Penny Stock" as identified in Rule 3a51-1 under the
Securities Exchange Act of 1934. To qualify as "Penny Stock Exempt"
on the OTCQB Markets, an issuer must satisfy one of the following
requirements: (i) the issuer's securities have a minimum price
greater than $5 per share; (ii) the issuer has average revenues of
at least $6 million for the last three (3) years; or (iii) the
issuer has net tangible assets exceeding $2 million, if the issuer
has been in continuous operations for at least three (3) years or
$5 million if less than three (3) years. With the exemption,
national broker/dealers may freely recommend HLYK common stock to
their clients and as a result, the Company expects this may
generate greater interest in HealthLynked.
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, Instagram,
and LinkedIn.
About Aesthetic
Enhancements, LLC
Aesthetic Treatment Centers, based in Naples,
FL, specializes in minimally and non-invasive cosmetic services
including fat reduction, body sculpting, wrinkle reduction, hair
removal, IV hydration, and feminine rejuvenation for 4,750 patients
in the broader Southwest Florida area. The treatment center's
mission is to provide the best quality of service, with cutting
edge technology, a multi-modality approach and individualized
attention for clients. The center is committed to providing the
best treatment for its patients and is always searching for the
latest, proven trends within the cosmetic and beauty
industry.
Website
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.
Investor
Relations Contacts:
Lisa Fortuna or Josh Carroll
Alpha IR Group
HLYK@alpha-ir.com
HLYK
Contact:
George O'Leary
Chief Financial
Officer
goleary@healthlynked.com
(800)-928-7144, ext.
103
HealthLynked
Corp.
Selected
Consolidated Financial Data
Three Months
Ended March 31, 2022 and 2021
|
Three Months
Ended March 31,
|
|
|
2022
|
|
|
2021
|
Statement of
Operations Data
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue
|
$
|
1,606,872
|
|
$
|
1,784,694
|
Net loss
|
$
|
(1,168,123)
|
|
$
|
(7,823,453)
|
|
|
|
|
|
|
Net loss per share to common
stockholders, basic and diluted
|
$
|
(0.01)
|
|
$
|
(0.04)
|
Weighted average number of common
shares, basic and diluted
|
|
238,008,478
|
|
|
213,279,052
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet
Data
|
|
|
|
|
|
|
March 31,
2022
|
|
Dec. 31,
2021
|
Total Assets
|
$
|
9,071,854
|
|
$
|
10,694,556
|
Total Liabilities
|
$
|
2,927,785
|
|
$
|
3,490,662
|
Total Shareholders'
Equity
|
$
|
6,144,069
|
|
$
|
7,203,894
|