NAPLES, Fla., May 16, 2024 (GLOBE NEWSWIRE) — via IBN — HealthLynked Corp. (OTCQB: HLYK), a leading provider of healthcare networking and technological innovation, has reported its financial results for the first quarter ending March 31, 2024. Demonstrating significant progress in streamlining its operating structure, HealthLynked achieved an 8% increase in revenue compared to the fourth quarter of 2023, showcasing consistent quarter-over-quarter growth and efficiency.
First Quarter 2024 Financial Highlights:
Revenue: Despite a 43% year-over-year decline due to changes in clinical staffing (one physician retired, another due to illness, and the third moved out of the area), HealthLynked’s revenue reached $1.00 million for the first quarter. The 8% quarter-over-quarter increase underscores the company’s resilience and adaptability in managing transitions while maintaining operational efficiency. Two out of three clinical positions have been filled, and the final position is expected to be filled by next quarter, contributing to a restoration of clinical service revenues with enhanced profitability.
Expense Reductions: HealthLynked continued its strategic focus on cost control, reducing operating expenses in the Health Services Division by 33%, SG&A expenses by 9%, and overall operating expenses by 22% in the first quarter of 2024 compared to the first quarter of 2023. This lean approach has provided a solid foundation for HealthLynked to strategically invest in its healthcare network and technological infrastructure.
Net Income/Loss: Despite reporting a net loss from continuing operations of $1.39 million in the first quarter of 2024 (an 18% increase from the first quarter of 2023), HealthLynked remains financially resilient due to gains associated with the sale of ACO Health Partners, which generated $2.63 million in income last year.
Executive Insights:
Dr. Michael Dent, CEO of HealthLynked, expressed confidence in the company’s trajectory: "Our commitment to delivering innovative healthcare solutions remains unwavering as we transition revenue sources from clinical services to our growing network membership over the next 4 to 6 months. We’re empowering patients while streamlining care coordination."
David Rosal, CFO of HealthLynked, highlighted the company’s adaptability: "These results underscore our ability to optimize financial operations amid change. Strategic investments in technology and our provider network will ensure steady revenue growth in the coming quarters."
Strategic Outlook:
HealthLynked is steadfast in its mission to revolutionize global healthcare delivery. The company aims to shift revenue streams from clinical operations to app-based services in 2024. Leveraging its patient-centric network, HealthLynked will expand its global membership base and enhance healthcare for patients and providers. By prioritizing its app-based healthcare solutions, including telehealth services, AI-driven personalized healthcare guidance, and seamless appointment booking, HealthLynked is poised to unlock significant growth opportunities. Despite first-quarter challenges, HealthLynked is on track for a future driven by growth, innovation, and improved healthcare outcomes.
About HealthLynked
HealthLynked Corp. is dedicated to improving global community health. Our mission unfolds in two pivotal goals: First, to transform healthcare into a system marked by enhanced efficiency and improved care for all, leveraging cutting-edge technology and connectivity. Second, to forge a patient-centric network that not only places patients at the heart of their healthcare journey but also mobilizes their participation to accelerate medical discoveries and the development of cures for diseases that impact humanity. This pioneering model empowers individuals with unparalleled access to and control over their medical information, fostering a collaborative environment where every patient contribution can spearhead breakthroughs in health and wellness. Through these concerted efforts, we aim to secure a healthier future for generations to come.
At the heart of our endeavors is the HealthLynked Network, a sophisticated, cloud-based platform designed to facilitate the seamless exchange of medical information among patients and healthcare providers. By centralizing and securing medical data — including medications, allergies, past surgeries, and personal health records — our members are empowered to take an active role in managing their healthcare with unparalleled ease and efficiency.
HealthLynked is a beacon for healthcare providers, offering an ecosystem that enhances patient care through improved communication and access to critical health information. Our network fosters an environment where providers can gain valuable insights into practice operations, enhancing patient compliance and optimizing scheduling. Providers are encouraged to join our network by claiming their profiles, thereby accessing HealthLynked’s suite of marketing tools designed to foster meaningful engagements with patients.
A cornerstone of our philosophy is the ethical management of healthcare data. HealthLynked does not sell any healthcare data, ensuring the privacy and security of our members’ information at all times.
We invite you to join us in this journey towards a healthier future. Download the HealthLynked app today, available on both Android and Apple devices, and take the first step in taking control of your healthcare.
For more information about HealthLynked Corp., including details on how to become a part of our growing community, please visit our website at www.healthlynked.com.
Together, we are paving the way for a future where healthcare is more accessible, efficient, and interconnected than ever before. Welcome to the next generation of healthcare. Welcome to HealthLynked.
For more about HealthLynked Corp., please visit www.healthlynked.com. Stay connected 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.
For further information, please contact:
HealthLynked Corp.
Public Relations
Email: pr@healthlynked.com
Investor Relations:
Michael Paisan, Director of Investor Relations
Phone: 1-800-928-7144, ext 123
Website: www.healthlynked.com
Wire Service Contact:
IBN
Los Angeles, California
www.InvestorBrandNetwork.com
310.299.1717 Office
Editor@InvestorBrandNetwork.com
|
HealthLynked Corp. Selected Consolidated Financial Data Three Months Ended March 31, 2024 and 2023 |
||||||||
| Three Months Ended March 31, | ||||||||
| 2024 | 2023 | |||||||
| Statement of Operations Data: | ||||||||
| Total revenue | $ | 1,004,232 | $ | 1,755,154 | ||||
| Loss from operations | $ | (1,178,038) | $ | (1,056,635) | ||||
| Loss from continuing operations | $ | (1,387,718) | $ | (1,177,845) | ||||
| Gain on discontinued operations | $ | — | $ | 2,629,780 | ||||
| Net income (loss) | $ | (1,387,718) | $ | 1,451,935 | ||||
| Earnings (loss) per share data, basic and diluted: | ||||||||
| Loss from continuing operations | $ | (0.00) | $ | (0.00) | ||||
| Gain on discontinued operations | $ | — | $ | 0.01 | ||||
| Net income (loss) | $ | (0.00) | $ | 0.01 | ||||
| Weighted average number of common shares | 280,484,268 | 257,131,222 | ||||||
| March 31, | December 31, | |||||||
| Balance Sheet Data: | 2024 | 2023 | ||||||
| Total Assets | $ | 3,890,759 | $ | 4,280,140 | ||||
| Total Liabilities | $ | 3,669,265 | $ | 3,475,410 | ||||
| Total Shareholders’ Equity | $ | 221,494 | $ | 804,730 | ||||
