$HLYK HealthLynked Announces Q3 & Year-to-Date 2023 Financial Results, Highlighted by 8% Revenue Growth and Net Income Turnaround
HealthLynked Announces Q3 & Year-to-Date 2023 Financial Results, Highlighted by 8% Revenue Growth and Net Income Turnaround
NAPLES, FL, Nov. 15, 2023 /PRNewswire/ -- HealthLynked Corp. (OTCQB: HLYK), a leader in the global healthcare network industry, announced its financial reporting for the quarter and nine-month period ending September 30, 2023. The nine-month period was marked by revenue growth, operational efficiency, and a move toward profitability.
2023 Year-to-Date Highlights
Revenue Increase: Achieved an 8% year-over-year (YoY) increase, totaling $4.796 million, compared to $4.45 million in the same period of 2022. Revenue growth was fueled by additional concierge fees and a steady increase in core technology subscription revenue.
Operational Efficiency: Operational loss was trimmed by a substantial 33%, declining from $4.51 million in 2022 to $3.04 million in 2023, due strategic restructuring resulting in a 13% reduction in operating expenses.
Strategic Divestiture Gains: A gain of $2.67 million was recognized related to the divestiture of ACO Health Partners in January 2023 and additional gains of $1.09 million were recognized related to collection of contingent sale consideration since the transaction.
Net Income Achieved: Net income was $0.27 million, compared to net loss of $4.54 million in the same period of 2022, driven by the gains related to the sale of ACO Health Partners combined with year-over-year revenue and cost improvements.
Q3 2023 Highlights
Revenue Resilience: Despite a modest 2% YoY decline at $1.33 million compared to $1.36 million in Q3 2022 due to operational restructuring, HealthLynked is poised for a strong revenue rebound in the upcoming year.
Reduced Operating Loss: A 23% drop in operating loss from Q3 2022 $1.53 million to a more streamlined $1.18 million in 2023, demonstrating our commitment to cost management and operational efficiency.
Dramatic Net Loss Reduction: A 90% decrease in net loss from $1.78 million Q3 2022 to $0.17 million in Q3 2023, underscoring the effectiveness of our recent strategic initiatives.
Dr. Michael Dent, CEO of HealthLynked, said, " As we look back on 2023, HealthLynked has made significant strides in our mission to revolutionize healthcare. Moving into 2024, our spotlight is on launching ARI, our AI-driven healthcare assistant. This innovation marks a pivotal step in our journey to enhance healthcare delivery for our users. Our efforts are concentrated on reducing healthcare costs, improving accessibility, and streamlining medical record exchanges via the HealthLynked Network. Our ambition goes beyond achieving financial milestones; we aim to foster a healthcare ecosystem where efficiency and accessibility are paramount. Through strategic partnerships and dedicated efforts to heighten awareness of our unique products and services, we anticipate not just an enhancement of our revenue streams but a profound enrichment of the healthcare experience. Our goal is to create a more interconnected and patient-centric healthcare landscape than ever before."
George O'Leary, HealthLynked's Chief Financial Officer, added, "Our year-to-date net income improvement of almost $5 million, including a YTD net profit of $0.27 million, is a testament to our successful strategy of revenue growth, operational cost reduction, and capitalizing on our partnership with Palm Beach ACO."