HealthLynked Announces Q3 & Year-to-Date 2023 Financial Results, Highlighted by 8% Revenue Growth and Net Income Turnaround
HealthLynked Announces Q3 & Year-to-Date 2023 Financial Results, Highlighted by 8% Revenue Growth and Net Income Turnaround
NAPLES, FL, Nov. 15, 2023 /PRNewswire/ -- HealthLynked Corp. (OTCQB: HLYK), a leader in the global healthcare network industry, announced its financial reporting for the quarter and nine-month period ending September 30, 2023. The nine-month period was marked by revenue growth, operational efficiency, and a move toward profitability.
2023 Year-to-Date Highlights
Revenue Increase: Achieved an 8% year-over-year (YoY) increase, totaling $4.796 million, compared to $4.45 million in the same period of 2022. Revenue growth was fueled by additional concierge fees and a steady increase in core technology subscription revenue.
Operational Efficiency: Operational loss was trimmed by a substantial 33%, declining from $4.51 million in 2022 to $3.04 million in 2023, due strategic restructuring resulting in a 13% reduction in operating expenses.
Strategic Divestiture Gains: A gain of $2.67 million was recognized related to the divestiture of ACO Health Partners in January 2023 and additional gains of $1.09 million were recognized related to collection of contingent sale consideration since the transaction.
Net Income Achieved: Net income was $0.27 million, compared to net loss of $4.54 million in the same period of 2022, driven by the gains related to the sale of ACO Health Partners combined with year-over-year revenue and cost improvements.
Q3 2023 Highlights
Revenue Resilience: Despite a modest 2% YoY decline at $1.33 million compared to $1.36 million in Q3 2022 due to operational restructuring, HealthLynked is poised for a strong revenue rebound in the upcoming year.
Reduced Operating Loss: A 23% drop in operating loss from Q3 2022 $1.53 million to a more streamlined $1.18 million in 2023, demonstrating our commitment to cost management and operational efficiency.
Dramatic Net Loss Reduction: A 90% decrease in net loss from $1.78 million Q3 2022 to $0.17 million in Q3 2023, underscoring the effectiveness of our recent strategic initiatives.
Executive Insights
Dr. Michael Dent, CEO of HealthLynked, said, " As we look back on 2023, HealthLynked has made significant strides in our mission to revolutionize healthcare. Moving into 2024, our spotlight is on launching ARI, our AI-driven healthcare assistant. This innovation marks a pivotal step in our journey to enhance healthcare delivery for our users. Our efforts are concentrated on reducing healthcare costs, improving accessibility, and streamlining medical record exchanges via the HealthLynked Network. Our ambition goes beyond achieving financial milestones; we aim to foster a healthcare ecosystem where efficiency and accessibility are paramount. Through strategic partnerships and dedicated efforts to heighten awareness of our unique products and services, we anticipate not just an enhancement of our revenue streams but a profound enrichment of the healthcare experience. Our goal is to create a more interconnected and patient-centric healthcare landscape than ever before."
George O'Leary, HealthLynked's Chief Financial Officer, added, "Our year-to-date net income improvement of almost $5 million, including a YTD net profit of $0.27 million, is a testament to our successful strategy of revenue growth, operational cost reduction, and capitalizing on our partnership with Palm Beach ACO."
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:
Mike Paisan
Director of Investor Relations
IR@healthlynked.com
+1 (800)-928-7144, ext. 123
HealthLynked Corp. | |||||||||||||
Selected Consolidated Financial Data | |||||||||||||
Three and Nine Months Ended September 30, 2023 and 2022 | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||
Statement of Operations Data: | |||||||||||||
Total revenue | $ | 1,332,515 | $ | 1,358,872 | $ | 4,791,165 | $ | 4,452,024 | |||||
Loss from operations | $ | (1,184,843) | $ | (1,531,898) | $ | (3,039,569) | $ | (4,509,794) | |||||
Gain (loss) on discontinued | $ | (13,554) | $ | (248,726) | $ | 2,601,774 | $ | (551,353) | |||||
Net income (loss) | $ | (174,924) | $ | (1,783,801) | $ | 273,556 | $ | (4,541,745) | |||||
Net income (loss) to | $ | (174,924) | $ | (1,872,194) | $ | 273,556 | $ | (4,806,924) | |||||
Earnings (loss) per share data, basic and diluted: | |||||||||||||
Gain (loss) on discontinued operations | $ | (0.00) | $ | (0.00) | $ | 0.01 | $ | (0.00) | |||||
Net income (loss) per share | $ | (0.00) | $ | (0.01) | $ | 0.00 | $ | (0.02) | |||||
Weighted average number | 265,519,460 | 243,355,562 | 260,853,370 | 240,006,507 | |||||||||
September 30, | December 31, | ||||||||||||
Balance Sheet Data: | 2023 | 2022 | |||||||||||
Total Assets | $ | 5,689,323 | $ | 4,580,716 | |||||||||
Total Liabilities | $ | 4,128,430 | $ | 4,266,266 | |||||||||
Total Shareholders' Equity | $ | 1,560,893 | $ | 314,450 | |||||||||
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SOURCE HealthLynked Corp.
