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 /PRNewswire/ -- 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 | |
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SOURCE HealthLynked Corp
