HealthLynked Reports Annual Revenue Growth of 53%
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Posted On: 04/01/2021 10:36:30 AM
HealthLynked Reports Annual Revenue Growth of 53% and Net Equity Improvement of $4.2M to $1.35M
April 01 2021 - 08:00AM
HealthLynked Reports Annual Revenue Growth of 53% and Net Equity Improvement of $4.2M to $1.35M
Naples, FL -- April 1, 2021 -- InvestorsHub NewsWire -- HealthLynked Corp. (OTCQB: HLYK), a global healthcare network focused on care management of its members and a provider of healthcare technologies that connects doctors, patients and medical data, late yesterday reported its financial results for the quarter and year ended December 31, 2020, the company reported a 53% annual revenue growth and net shareholders' equity improvement of $4.2 million. The company improved from a negative $2.8 million net equity at the end of 2019 to positive net equity of $1.35 million at year-end 2020.
Fourth Quarter 2020 Compared to Fourth Quarter 2019:
36% increase in revenue in Q4'20 compared to Q4'19, increasing to $1,594,515 from $1,172,877 in Q4'19
Net equity of $1,350,008 in Q4'20 compared to ($2,842,680) in Q4 2019, an improvement of $4,192,688.
Operating loss increased 21% from $871,882 in Q4'19 to $1,051,103 in Q4'20
Net loss decreased by 22% from $2,463,028 in Q4'19 to $1,922,897 in Q4'20
Patient appointments decreased 11% from 4,006 in Q4'19 to 3,564 in Q4'20
Time of Service collections improved 29% from $777,895 in Q4'19 to $1,001,312 in Q4'20
Full Year 2020 Compared to 2019:
53% increase in revenue to $6,133,120 in 2020 compared to $4,018,818 in 2019
Operating loss decreased by 4% from $3,209,010 in 2019 to $3,071,829 in 2020
Patient appointments decreased 11% from 16,409 in 2019 to 14,628 in 2020
Time of Service collections increased 45% from $2,475,377 in 2019 to $3,589,601 in 2020
"Our 10-K concludes a very successful year for HealthLynked with 53% growth annually and 36% over same quarter last year." said Michael Dent M.D., the Company's Chairman and CEO. "We made significant improvements in our balance sheet, increasing the company's net equity by $4.2 million in 2020. The positive trend has continued into 2021 and we expect our first quarter net equity to be approximately $8 million, a projected $6.7 million improvement since the end of 2020."
Dr. Dent went on to say, "We are very excited about our recent Healthcare Summit held at the Arthrex Campus from March 15-17th in Naples, Florida. The event hosted thought leaders from around the world who presented on the latest trends in healthcare. DocLynk, our Telemedicine service, is on schedule to launch this month. Other exciting products are scheduled to launch in 2021. We have seen the number of HealthLynked users grow significantly since COVID-19, with over 6 million downloads, and with our new services we expect to see new revenues from these efforts during 2021."
George O'Leary, HealthLynked Chief Financial Officer, said "We are very proud of the work we have done to improve our net equity over the last 15 months, and with approximately $8 million in net equity estimated by the end of first quarter 2021, we believe HealthLynked is in a great position for our planned uplisting during 2021."
April 01 2021 - 08:00AM
HealthLynked Reports Annual Revenue Growth of 53% and Net Equity Improvement of $4.2M to $1.35M
Naples, FL -- April 1, 2021 -- InvestorsHub NewsWire -- HealthLynked Corp. (OTCQB: HLYK), a global healthcare network focused on care management of its members and a provider of healthcare technologies that connects doctors, patients and medical data, late yesterday reported its financial results for the quarter and year ended December 31, 2020, the company reported a 53% annual revenue growth and net shareholders' equity improvement of $4.2 million. The company improved from a negative $2.8 million net equity at the end of 2019 to positive net equity of $1.35 million at year-end 2020.
Fourth Quarter 2020 Compared to Fourth Quarter 2019:
36% increase in revenue in Q4'20 compared to Q4'19, increasing to $1,594,515 from $1,172,877 in Q4'19
Net equity of $1,350,008 in Q4'20 compared to ($2,842,680) in Q4 2019, an improvement of $4,192,688.
Operating loss increased 21% from $871,882 in Q4'19 to $1,051,103 in Q4'20
Net loss decreased by 22% from $2,463,028 in Q4'19 to $1,922,897 in Q4'20
Patient appointments decreased 11% from 4,006 in Q4'19 to 3,564 in Q4'20
Time of Service collections improved 29% from $777,895 in Q4'19 to $1,001,312 in Q4'20
Full Year 2020 Compared to 2019:
53% increase in revenue to $6,133,120 in 2020 compared to $4,018,818 in 2019
Operating loss decreased by 4% from $3,209,010 in 2019 to $3,071,829 in 2020
Patient appointments decreased 11% from 16,409 in 2019 to 14,628 in 2020
Time of Service collections increased 45% from $2,475,377 in 2019 to $3,589,601 in 2020
"Our 10-K concludes a very successful year for HealthLynked with 53% growth annually and 36% over same quarter last year." said Michael Dent M.D., the Company's Chairman and CEO. "We made significant improvements in our balance sheet, increasing the company's net equity by $4.2 million in 2020. The positive trend has continued into 2021 and we expect our first quarter net equity to be approximately $8 million, a projected $6.7 million improvement since the end of 2020."
Dr. Dent went on to say, "We are very excited about our recent Healthcare Summit held at the Arthrex Campus from March 15-17th in Naples, Florida. The event hosted thought leaders from around the world who presented on the latest trends in healthcare. DocLynk, our Telemedicine service, is on schedule to launch this month. Other exciting products are scheduled to launch in 2021. We have seen the number of HealthLynked users grow significantly since COVID-19, with over 6 million downloads, and with our new services we expect to see new revenues from these efforts during 2021."
George O'Leary, HealthLynked Chief Financial Officer, said "We are very proud of the work we have done to improve our net equity over the last 15 months, and with approximately $8 million in net equity estimated by the end of first quarter 2021, we believe HealthLynked is in a great position for our planned uplisting during 2021."
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