HealthLynked Reports Second Quarter 2022 Results
Revenue increase of 3% from Q1 22 to Q2 22 and 67% decrease in net losses from ($8.33) Million in the first half of 2021 to ($2.76) million in the first half of 2022
Naples, FL -- August 16, 2022 -- InvestorsHub NewsWire -- HealthLynked Corp. (OTCQB: HLYK), ("HealthLynked" or the "Company"
, a global healthcare network focused on care management of its members and a provider of healthcare technologies that connects doctors, patients, and medical data, reported its financial results for the second quarter and first half of 2022.
Second Quarter 2022 Financial Results
For the second quarter 2022, HealthLynked reported revenue of $1.65 million, compared to $1.71 million in the second quarter of 2021. The Naples Women's Center subsidiary experienced physician turnover that led to reduced revenues due to normal time required to establish a new physician and enroll in healthcare plans. Functional Medicine along with the acquisition of Aesthetics Enhancements Unlimited in May 2022 showed a 15% increase in year-over-year patient revenues.
Net losses increased from ($0.51) million in second quarter 2021 to ($1.59) million in second quarter 2022 due primarily to a $0.63 million one-time gain from the forgiveness of government loans in 2021 and a $0.18 million higher non-cash gains in 2021 from the change in fair value of contingent acquisition consideration associated with earn-out features prior earlier acquisitions. Compared to the first quarter of 2022, revenue increased from $1.60 million to $1.65 million and net loss increased from ($1.17) million to ($1.59) million. Shareholders' equity was $4.80 million as of June 30, 2022.
Year-to-Date 2022 Financial Results
For the first half of 2022, HealthLynked reported revenue of $3.26 million, compared to $3.50 million in the first half of 2021. Net losses were down 67% from ($8.33) Million in the first half of 2021 to ($2.76) million in the first half of 2022.
Dr. Michael Dent, HealthLynked's Chairman and Chief Executive Officer, stated, "During the second quarter, we acquired Aesthetics Enhancements Unlimited to add to our portfolio of Health Services locations and our captive patient base. We continue to invest in the development of the HealthLynked Network with major advancements in our software platform. We plan to launch our pay service for Healthlynked members next quarter and integrate our services into the HealthLynked mobile application."
George O'Leary, HealthLynked's Chief Financial Officer, added, "To avoid future gaps in physician coverage we are very pleased to have signed Dr. Eduardo Maristany to an early 2-year extension through May 2025. We also have hired Dr. Sakr, a new physician, who will be joining The Naples Center of Functional Medicine. We plan to focus our attention on a concierge model for both The Naples Center of Functional Medicine and Naples Women's Center. HealthLynked's wide range of healthcare services provide an opportunity to offer a more comprehensive healthcare solution that will significantly increase future health service revenues."
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 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
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.
Investor Relations Contacts:
HLYK Contact:
George O'Leary
Chief Financial Officer
goleary@healthlynked.com
(800)-928-7144, ext. 103
William Hayde
Capital Markets Strategist
bhayde@healthlynked.com
(631)-403-4337
Revenue increase of 3% from Q1 22 to Q2 22 and 67% decrease in net losses from ($8.33) Million in the first half of 2021 to ($2.76) million in the first half of 2022
Naples, FL -- August 16, 2022 -- InvestorsHub NewsWire -- HealthLynked Corp. (OTCQB: HLYK), ("HealthLynked" or the "Company"
, a global healthcare network focused on care management of its members and a provider of healthcare technologies that connects doctors, patients, and medical data, reported its financial results for the second quarter and first half of 2022. Second Quarter 2022 Financial Results
For the second quarter 2022, HealthLynked reported revenue of $1.65 million, compared to $1.71 million in the second quarter of 2021. The Naples Women's Center subsidiary experienced physician turnover that led to reduced revenues due to normal time required to establish a new physician and enroll in healthcare plans. Functional Medicine along with the acquisition of Aesthetics Enhancements Unlimited in May 2022 showed a 15% increase in year-over-year patient revenues.
Net losses increased from ($0.51) million in second quarter 2021 to ($1.59) million in second quarter 2022 due primarily to a $0.63 million one-time gain from the forgiveness of government loans in 2021 and a $0.18 million higher non-cash gains in 2021 from the change in fair value of contingent acquisition consideration associated with earn-out features prior earlier acquisitions. Compared to the first quarter of 2022, revenue increased from $1.60 million to $1.65 million and net loss increased from ($1.17) million to ($1.59) million. Shareholders' equity was $4.80 million as of June 30, 2022.
Year-to-Date 2022 Financial Results
For the first half of 2022, HealthLynked reported revenue of $3.26 million, compared to $3.50 million in the first half of 2021. Net losses were down 67% from ($8.33) Million in the first half of 2021 to ($2.76) million in the first half of 2022.
Dr. Michael Dent, HealthLynked's Chairman and Chief Executive Officer, stated, "During the second quarter, we acquired Aesthetics Enhancements Unlimited to add to our portfolio of Health Services locations and our captive patient base. We continue to invest in the development of the HealthLynked Network with major advancements in our software platform. We plan to launch our pay service for Healthlynked members next quarter and integrate our services into the HealthLynked mobile application."
George O'Leary, HealthLynked's Chief Financial Officer, added, "To avoid future gaps in physician coverage we are very pleased to have signed Dr. Eduardo Maristany to an early 2-year extension through May 2025. We also have hired Dr. Sakr, a new physician, who will be joining The Naples Center of Functional Medicine. We plan to focus our attention on a concierge model for both The Naples Center of Functional Medicine and Naples Women's Center. HealthLynked's wide range of healthcare services provide an opportunity to offer a more comprehensive healthcare solution that will significantly increase future health service revenues."
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 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
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.
Investor Relations Contacts:
HLYK Contact:
George O'Leary
Chief Financial Officer
goleary@healthlynked.com
(800)-928-7144, ext. 103
William Hayde
Capital Markets Strategist
bhayde@healthlynked.com
(631)-403-4337
