HealthLynked Reports Record Revenue Growth in 2nd Quarter 2019
- Revenue growth of 113% to $1.2 million
- Net Loss reduction of $230,675 or 21%
NAPLES, Fla., Aug. 15, 2019 (GLOBE NEWSWIRE) -- HealthLynked Corp. (OTCQB: HLYK), a provider of healthcare-related technology that connects doctors, patients and medical data, today reported its financial results for the three months ended June 30, 2019.
Second Quarter 2019 Compared to Second Quarter 2018:
- 113% increase in revenue in Q2’19 compared to Q2’18
- Patient appointments increased 13% from 4,010 in Q2’18 to 4,533 in Q2’19
- Time of Service collections increased 426% from $152,174 in Q2’18 to $801,067 in Q2’19
Second Quarter 2019 Compared to First Quarter 2019:
- 160% increase in revenue to $1,208,390 in Q2’19 compared to $464,990 in Q1’19
- Patient appointments increased 22% from 3,712 in Q1’19 to 4,533 in Q2’19
- Time of Service collections increased 526% from $127,809 in Q1’19 to $801,067 in Q2’19
Revenue growth was primarily attributable to the acquisition of Naples Center for Functional Medicine (NCFM), now a wholly owned subsidiary, and an increase in patient fees at Naples Women’s Center. The Company’s operating loss in the second quarter of 2019 of $698,191 was lower by $125,055 compared to an operating loss in the first quarter of 2019 of $823,246.
Compared to the second quarter of 2018, the company’s net loss in the second quarter of 2019 was lower by $230,675 ($879,674 vs $1,110,249) and lower by $181,143 compared to net loss of $1,060,717 in the first quarter of 2019.
First quarter to second quarter 2019 revenue rose from $464,990 to $1,208,390, an increase of 160%. Patient appointments in second quarter 2019 increased 22% compared to first quarter 2019 while time of service collections increased 526%.
Dr. Michael Dent, Chairman and CEO of HealthLynked, stated, "We are extremely excited about this quarter’s revenue growth and improved cash flow from collections at time of service. As we optimize our health service subsidiaries, we expect continued revenue growth in the quarters to come."
Dr. Dent continued, “We’ve submitted patents for our new ‘Qwik Check’ Patient Check-in System, part of our Practice Optimization suite that includes encrypted WiFi and practice analytics, which was met with enthusiastic reviews among healthcare professionals at Florida Medical Association FMA Conference in Orlando, Florida. As we deploy this product into the market we expect to accelerate the number of in-network providers, which will provide an effective way to grow our patient membership. The FMA Conference yielded an additional 100 physicians to the HLYK network, and interest in joining the HealthLynked Network was expressed by providers across all specialties and practice venues.
“Our network and practice optimization tools will help bring significant value and improve care management as we pursue additional acquisitions with a focus on Accountable Care Organizations.”
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 cancellations using our “real time appointment scheduling” all within our mobile application. Preferred providers pay a monthly fee to access these HealthLynked services. For additional information about HealthLynked Corp. 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 available at www.sec.gov.
Chief Financial Officer
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Investor Relations Contacts:
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Hanover International Inc.
Selected Consolidated Financial Data
Three and Six Months Ended June 30, 2019 and 2018
|Three Months Ended June 30,||Six Months Ended June 30,|
|Statement of Operations Data|
|Patient service revenue, net||$||1,208,390||$||566,320||$||1,673,380||$||1,211,959|
|Cost of services||321,603||---||321,603||---|
|Net loss per share, basic and|
|Weighted average number of |
common shares, basic and
|Balance Sheet Data|
|June 30, 2019||December 31, 2018|
|Total Shareholders' Equity||$||(1,698,102||)||$||(2,934,847||)|