HealthLynked Reports
Consecutive
Record
Revenue Growth in
3rd
Quarter 2019
-
Revenue
growth of 117%
to $1.2
million
-
Operating
Loss reduction of $150,692 or 16%
-
Net
Loss reduction of $1,084,458
or
49%
Naples,
FL -- November 15, 2019 -- InvestorsHub 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 September
30,
2019.
Third Quarter 2019 Compared to Third Quarter
2018:
-
117% increase in revenue in Q3’19
compared to Q3’18
-
Patient appointments increased 8%
from 3,909 in Q3’18 to 4,219 in
Q3’19
-
Time of Service collections
increased 573% from $114,194 in Q3’18 to $768,606 in
Q3’19
Third Quarter 2019 Compared to Second Quarter
2019:
-
3% decrease in
revenue to $1,172,561 in Q3’19 compared to $1,208,390 in
Q2’19
-
Patient appointments
decreased 7% from 4,533 in Q2’19 to 4,219 in
Q3’19
-
Time of Service
collections decreased 4% from $801,067 in Q2’19 to $768,606 in
Q3’19
Revenue
growth was primarily
attributable
to the
acquisition of Naples
Center for
Functional
Medicine (NCFM) offset
slightly by seasonality and revenue loss
due to
Hurricane Dorian. The
Company's
operating
loss
in
the third
quarter
of
2019 of
$815,691
was
lower
by $150,692 compared to the operating loss in third quarter
2018 of
$966,383 and
higher by
$117,500
compared
to an
operating
loss
in
the second
quarter
of
2019
of
$698,191
due to an
increase
in general and administrative cost and revenue loss
due to
Hurricane Dorian.
Compared
to the third
quarter
of 2018, the company's net loss was $1,084,458
less
($1,125,280
vs
$2,209,738)
and
compared
to
the
second
quarter
of
2019,
the net
loss was
$245,706
higher
than $879,574.
Second
quarter
to third
quarter
2019
revenue
decreased
3%
from
$1,208,390
to
$1,172,561.
Patient
appointments
in
second
quarter
2019
decreased
7%
compared to second
quarter
2019
while
time
of service collections decreased
4%.
These losses are attributable to a
traditional decrease in patient visits in SW Florida
during
the third quarter and
decreased
appointments due to
Hurricane Dorian.
Dr.
Michael Dent, Chairman and CEO of HealthLynked, stated,
"We are
pleased with this quarter's 117% quarterly revenue growth and the
significant increase in cash flow from collections compared to last
year. We historically see an increase in patients in
SW
Florida
during the fourth
quarter
and we are very pleased with October's preliminary revenue results
showing approximately $448,000 vs. $202,000 last October for
another 122% growth in revenue."
"We
are excited about the release of our proprietary QwikCheck
Smartphone Patient Check-in system and Practice Analytics. Both
products were test marketed in Florida and met with outstanding
reviews from physicians and office managers. We are optimistic that
our products will receive the same reception as we expand our sales
efforts outside of Florida over the next quarter," said Dr.
Dent.
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 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.
Contacts:
George
O'Leary
Chief
Financial Officer
goleary@healthlynked.com
(800)
928-7144, ext. 99
Investor
Relations Contacts:
Stephanie
Prince
PCG
Advisory Group
sprince@pcgadvisory.com
646-762-4518
Jim
Hock
Hanover International Inc.
jh@hanoverintlinc.com
760-564-7400
HealthLynked
Corp.
Selected
Consolidated Financial Data
Three
and Nine
Months
Ended September
30,
2019 and 2018
|
Three
Months Ended September 30,
|
|
Nine
Months Ended September 30,
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
Statement
of Operations Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Patient
service revenue, net
|
$
|
1,172,561
|
|
$
|
539,625
|
|
$
|
2,845,941
|
|
$
|
1,751,584
|
Cost of
services
|
|
287,274
|
|
|
---
|
|
|
608,877
|
|
|
---
|
Gross
profit
|
|
885,287
|
|
|
539,625
|
|
|
2,237,064
|
|
|
1,751,584
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
$
|
(1,125,280)
|
|
$
|
(2,209,738)
|
|
$
|
(3,065,571)
|
|
$
|
(4,601,095)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
per share, basic and diluted
|
$
|
(0.01)
|
|
$
|
(0.03)
|
|
$
|
(0.03)
|
|
$
|
(0.06)
|
Weighted
average number of common shares, basic and diluted
|
102,644,860
|
|
|
79,323,131
|
|
|
96,603,087
|
|
|
76,757,809
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
Sheet Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30, 2019
|
|
|
|
December
31, 2018
|
Total
Assets
|
|
|
$
|
|
2,660,843
|
|
|
|
$
|
|
427,363
|
Total
Liabilities
|
|
|
$
|
|
5,066,943
|
|
|
|
$
|
|
3,362,210
|
Total
Shareholders' Equity
|
|
|
$
|
|
(2,406,100)
|
|
|
|
$
|
|
(2,934,847)
|
|
|
|
|
|
|
|
|
|
|
|
|