HealthLynked Reports
49%
Year Over Year Revenue Growth
for
the
First
Six Months
and
Steady Q2 Revenue Amid Covid-19
Slowdown
Naples,
FL -- August 17, 2020 -- 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, reported its financial results late
Friday for the three and six months ended June 30, 2020.
First Half
2020 ("1H'20")
results
included a 49% increase in revenue and a 23%
decrease in operating loss compared to First
Half 2019 ("1H'19").
The
Company's second quarter results held steady, despite the impact of
Covid-19, with revenue down only 4% and operating loss also down by
7% compared to second quarter 2019.
The
Company completed its acquisition of Cura Health Management on May
18, 2020. Cura, which operates an accountable care
organization (ACO), is expected to receive a determination during
the third fiscal quarter of 2020 from the Center for Medicare
Services (CMS) regarding ACO shared savings revenue for program
year 2019.
First Half 2020 Compared to First Half 2019:
-
49%
increase in revenue
in 1H'20 compared to 1H'19, increasing to $2,498,450
from
$1,673,380 in 1H'19
-
Operating loss
decreased by 23%
from
$1,521,437 in 1H'19 to $1,177,652 in 1H'20
-
Patient
appointments decreased
8%
from 8,245
in
1H'19 to 7,562
in
1H'20
-
Time of
Service collections increased 100%
from $928,826
in
1H'19 to $1,855,780
in
1H'20
Second
Quarter
2020
Compared to
Second
Quarter
2019:
-
4%
decrease
in revenue in
2Q'20
compared to
2Q'19,
decreasing
to $1,161,510
from
$1,208,390
-
Operating loss
decreased by 7%
from $698,191
in
2Q'19
to
$650,018
in
2Q'20
based
upon the decrease in revenue offset by a reduction of expenses of
approximately $95,000
compared to
2Q'19
-
Patient
appointments decreased
25%
from 4,533
in
2Q'19 to 3,375
in
2Q'20
-
Time of Service collections increased
6%
from
$801,067
in 2Q'19 to
$845,877
in 2Q'20
Second Quarter 2020 Compared to
First
Quarter
2020:
-
13%
decrease in revenue in 2Q'20 compared to 1Q'20,
decreasing to $1,161,510 from $1,336,940
-
Operating
loss increased
by 23%
from $527,634
in
1Q'20
to
$650,018
in
2Q'20 based upon the
decrease of revenue offset by a reduction of expenses of
approximately $53,000
compared to
Q1'20
-
Patient
appointments decreased
19%
from 4,187
in
1Q'20 to 3,375
in
2Q'20
-
Time of
Service collections decreased
16%
from 1,010,644
in
1Q'20 to 845,877
in
2Q'20
"We
are
pleased
that,
amid the
widespread
disruption caused by the COVID-19
pandemic, we were able to
maintain a reasonable level of patient volume and revenue
in our
Health Services division" stated Dr.
Michael Dent CEO.
George
O'Leary, HealthLynked CFO stated "Patient revenue was
down
only 4% from Q2 2019 and 13% from Q1 2020 -
compared to a
65% average
practice revenue
reduction nationwide -
in part
due to our utilization of telemedicine in our
practices as early as March."
He continued, "We
also
completed
the
acquisition of Cura Health Management to establish our presence in
the ACO market. In addition,
we have
reduced
the company's debt by 21% since
year-end and
we have
paid off the last three
convertible notes prior to conversion,
thereby
taking downward pressure off our stock."
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, 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.
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 Six Months Ended
June
30,
2020 and 2019
|
|
|
|
|
Three
Months Ended June 30,
|
|
Six
Months Ended June 30,
|
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
Statement
of Operations Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Patient
service revenue, net
|
$
|
1,111,090
|
|
$
|
1,208,390
|
|
$
|
2,448,030
|
|
$
|
1,673,380
|
Net
loss
|
$
|
(1,517,848)
|
|
$
|
(879,574)
|
|
$
|
(2,098,064)
|
|
$
|
(1,940,291)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss per share, basic and diluted
|
$
|
(0.01)
|
|
$
|
(0.01)
|
|
$
|
(0.02)
|
|
$
|
(0.02)
|
Weighted average
number of common shares, basic and diluted
|
|
125,535,787
|
|
|
98,502,106
|
|
|
120,068,873
|
|
|
93,532,128
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
Sheet Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June
30, 2020
|
|
|
|
December
31, 2019
|
Total
Assets
|
|
|
$
|
|
3,914,892
|
|
|
|
$
|
|
2,546,554
|
Total
Liabilities
|
|
|
$
|
|
6,554,854
|
|
|
|
$
|
|
5,389,234
|
Total
Shareholders' Equity
|
|
|
$
|
|
(2,639,962)
|
|
|
|
$
|
|
(2,842,680)
|
|
|
|
|
|
|
|
|
|
|
|
|