NAPLES, Fla., Aug. 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 three- and six-month periods ending June 30, 2024. Reflecting the company's ongoing efforts to streamline operations and transition its revenue streams from legacy clinical operations to app-based services, HealthLynked achieved significant cost reductions, leading to an 8% quarter-over-quarter improvement in its loss from operations.
Financial Highlights:
- Revenue: The company reported revenue of $0.78 million in the second quarter of 2024, a 21% decrease from $1.00 million in the first quarter of 2024, and a 53% decline from $1.70 million in the second quarter of 2023. For the first half of 2024, revenue totaled $1.80 million, down 7% from $1.94 million in the trailing six-month period (October 2023 to March 2024) and 48% compared to $3.46 million in the first half of 2023. This decline is attributed to adjustments in clinical staffing within the Health Services Division, aligning clinical operating expenses with reduced physician availability.
- Expense Reductions: Continuing its strategic focus on cost control, HealthLynked reduced practice operating expenses in its Health Services Division by 42% to $0.90 million in the second quarter of 2024, compared to $1.55 million in the second quarter of 2023. For the first half of 2024, these expenses were reduced by 37% to $1.97 million, down from $3.13 million in the first half of 2023. Overall, total operating expenses decreased by 25% in Q2 2024 compared to Q2 2023 and by 24% in the first half of 2024 compared to the same period in 2023.
- Loss from Operations: The loss from operations was $1.08 million in Q2 2024, an 8% improvement over the $1.18 million loss in Q1 2024, though this represents a 35% increase compared to the $0.80 million loss in Q2 2023.
- Net Income/Loss: The net loss was $1.54 million in Q2 2024, a 21% increase from a net loss of $1.39 million in Q1 2024, and a 54% increase from a $1.00 million net loss in Q2 2023. For the first half of 2024, the net loss was $2.93 million, compared to a net income of $0.45 million in the first half of 2023, which benefited from gains related to the sale of ACO Health Partners in 2023.
Strategic Developments:
HealthLynked has taken significant steps in 2024 to expand its service offerings and enhance value for its members. A major milestone was the signing of partnerships that now allow HealthLynked to offer nationwide telemedicine services. Previously available only in Florida, this expansion enables HealthLynked to provide convenient, remote healthcare services to a broader population across the United States, aligning with the company's mission to improve healthcare access and delivery.
In addition to expanding telemedicine services, HealthLynked has partnered with RxSpark to offer discounts on prescription drugs through pharmacy vouchers, in a program similar to GoodRx. This partnership will enable HealthLynked members to access significant savings on their medications, further enhancing the comprehensive healthcare solutions offered by the HealthLynked Network.
Strategic Outlook:
HealthLynked remains committed to revolutionizing global healthcare delivery. The company is transitioning its focus from clinical operations to app-based services, starting in 2024. By leveraging its patient-centric network, HealthLynked aims to significantly expand its membership base and enhance healthcare delivery for both patients and providers. The strategic shift towards app-based healthcare solutions, including telehealth services, AI-driven personalized healthcare guidance, and seamless appointment booking, positions HealthLynked for substantial growth and improved healthcare outcomes.
Executive Insights:
Dr. Michael Dent, CEO of HealthLynked, commented on the company's strategic direction: "Our continued focus on cost reduction has been crucial in setting a strong foundation for our transition towards app-based technology services. Additionally, our recent partnerships, which have expanded our telemedicine services nationwide and introduced prescription discounts through RxSpark, are pivotal steps in enhancing our offerings. We believe that these strategic initiatives will unlock significant growth opportunities and lead to better healthcare outcomes for our members."
About HealthLynked
HealthLynked Corp. is dedicated to improving global community health. Our mission is to transform healthcare into a system marked by enhanced efficiency and improved care for all, leveraging cutting-edge technology and connectivity that places patients at the heart of their healthcare journey. The HealthLynked Network is 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, the HealthLynked Network empowers patient members to manage their healthcare with unparalleled ease and efficiency, while offering providers an environment where they can gain valuable insights into practice operations, enhance patient compliance, and optimize scheduling.
For more information about HealthLynked Corp., including details on how to become part of our growing community, please visit our website at www.healthlynked.com . Connect with us on social media through Twitter, Facebook, Instagram, and LinkedIn to stay updated on our latest innovations and services. Download the HealthLynked App for Apple or Android.
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 .
Investor Relations Contact:
Michael Paisan Director of Investor Relations Phone: 1-800-928-7144 ext 123 Email: ir@healthlynked.com Website: www.healthlynked.com
| HealthLynked Corp. Selected Consolidated Financial Data Three and Six Months Ended June 30, 2024 and 2023 | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Statement of Operations Data: | |||||||||||||||
| Total revenue | $ | 795,078 | $ | 1,703,496 | $ | 1,799,310 | $ | 3,458,650 | |||||||
| Loss from operations | $ | (1,079,489 | ) | $ | (798,091 | ) | $ | (2,257,527 | ) | $ | (1,854,726 | ) | |||
| Loss from continuing operations | $ | (1,540,436 | ) | $ | (989,003 | ) | $ | (2,928,154 | ) | $ | (2,166,848 | ) | |||
| Gain from discontinued operations | $ | --- | $ | (14,452 | ) | $ | --- | $ | 2,615,328 | ||||||
| Net income (loss) | $ | (1,540,436 | ) | $ | (1,003,455 | ) | $ | (2,928,154 | ) | $ | 448,480 | ||||
| Earnings (loss) per share data, basic and diluted: | |||||||||||||||
| Loss from continuing operations | $ | (0.01 | ) | $ | (0.00 | ) | $ | (0.01 | ) | $ | (0.01 | ) | |||
| Gain (loss) on discontinued operations | $ | 0.00 | $ | (0.00 | ) | $ | 0.00 | $ | 0.01 | ||||||
| Net income (loss) | $ | (0.01 | ) | $ | (0.00 | ) | $ | (0.01 | ) | $ | 0.00 | ||||
| Weighted average number of common shares | 281,788,578 | 259,817,248 | 281,136,423 | 258,481,657 | |||||||||||
| June 30, | December 31, | ||||||||||||||
| Balance Sheet Data: | 2024 | 2023 | |||||||||||||
| Total Assets | $ | 3,859,664 | $ | 4,280,140 | |||||||||||
| Total Liabilities | $ | 4,284,243 | $ | 3,475,410 | |||||||||||
| Total Shareholders' Equity | $ | (424,579 | ) | $ | 804,730 | ||||||||||
Wire Service Contact:
IBN Los Angeles, California www.InvestorBrandNetwork.com 310.299.1717 Office Editor@InvestorBrandNetwork.com
