NAPLES, Fla., August 16, 2024 (GLOBE NEWSWIRE) — via IBN – HealthLynked Corp. (OTCQB: HLYK), a leading provider of healthcare networks and technology innovation, announced its financial results for the three and six month periods ended June 30, 2024. Due to the company’s ongoing efforts to streamline operations and shift its revenue streams from traditional clinical workflows to app-based services, HealthLynked was able to achieve significant cost reductions, resulting in an 8% quarter-over-quarter improvement in operating loss.
Financial highlights:
- Revenue: The Company reported revenue of $0.78 million for the second quarter of 2024, a decrease of 21% from $1.00 million in the first quarter of 2024 and a decrease of 53% from $1.70 million in the second quarter of 2023. For the first half of 2024, revenue was $1.80 million, a decrease of 7% from $1.94 million in the prior six-month period (October 2023 to March 2024) and a decrease of 48% from $3.46 million in the first half of 2023. This decrease was due to clinical staffing adjustments within the Health Services Division, which adjusted clinical operating costs to reflect reduced physician availability.
- Cost reduction: HealthLynked continued its strategic focus on cost control, reducing its Health Services Division practice operating expenses by 42% to $0.90 million in the second quarter of 2024, compared to $1.55 million in the second quarter of 2023. In the first half of 2024, these costs were reduced by 37% to $1.97 million, compared to $3.13 million in the first half of 2023. Overall, total operating expenses decreased 25% in the second quarter of 2024 compared to the second quarter of 2023, and 24% in the first half of 2024 compared to the same period in 2023.
- Loss from operating activities: Operating loss was $1.08 million in the second quarter of 2024, an 8% improvement over the loss of $1.18 million in the first quarter of 2024, but represents a 35% increase compared to the loss of $0.80 million in the second quarter of 2023.
- Net profit/loss: Net loss was $1.54 million for the second quarter of 2024, an increase of 21% from net loss of $1.39 million for the first quarter of 2024 and an increase of 54% from net loss of $1.00 million for the second quarter of 2023. For the first half of 2024, net loss was $2.93 million, compared to net income of $0.45 million for 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 increase value for its members. A key milestone was the signing of partnerships that now allow HealthLynked to offer telehealth services nationwide. This expansion, previously only available in Florida, enables HealthLynked to offer convenient, remote healthcare services to a broader population across the United States, which aligns with the company’s mission to improve access and delivery of healthcare.
In addition to expanding telehealth services, HealthLynked has partnered with RxSpark to offer discounts on prescription drugs through pharmacy coupons, in a program similar to GoodRx. This partnership enables HealthLynked members to make 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. The company is shifting its focus from clinical operations to app-based services starting in 2024. By leveraging its patient-centric network, HealthLynked aims to significantly expand its member base and improve healthcare for both patients and providers. The strategic shift to app-based healthcare solutions, including telehealth services, AI-driven personalized health advice, and seamless appointment booking, positions HealthLynked for significant growth and improved health outcomes.
Insights for leaders:
Dr. Michael Dent, CEO of HealthLynked, commented on the company’s strategic direction: “Our continued focus on cost reduction has been critical to building a solid foundation for our transition to app-based technology services. In addition, our recent partnerships that have expanded our telehealth services nationwide and introduced prescription drug discounts through RxSpark are critical steps in enhancing our offering. We believe these strategic initiatives will create significant growth opportunities and lead to better health outcomes for our members.”
About HealthLynked
HealthLynked Corp. is dedicated to improving the health of the global population. Our mission is to transform healthcare into a system characterized by improved efficiency and improved care for all by leveraging cutting-edge technology and connectivity that puts patients at the center of their healthcare. The HealthLynked Network is a sophisticated cloud-based platform designed to facilitate the seamless exchange of medical information between patients and healthcare providers. By centralizing and securing medical data, the HealthLynked Network enables patient members to manage their healthcare with unprecedented ease and efficiency, while providing providers with an environment to gain valuable insight into practice processes, improve patient compliance, and optimize appointment scheduling.
For more information about HealthLynked Corp., including details on how you can become part of our growing community, visit our website at www.healthlynked.com. Connect with us on social media via Twitter, Facebook, Instagram and LinkedIn to stay up to date with our latest innovations and services. Download the HealthLynked app for Apple or Android.
Forward-looking statements and risk factors
The forward-looking statements contained in this press release that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Our actual results, including results of acquisitions, performance or achievements, could 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 on estimates and assumptions that, while considered reasonable by our management and us, are inherently uncertain. We caution you not to place undue reliance on forward-looking statements made as of the date of this press release. We undertake no obligation to publicly update 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 law. If we update one or more forward-looking statements, you should not infer that we will provide additional updates with respect to that or other forward-looking statements. Certain risks and uncertainties that apply to our business and to us are described in the “Risk Factors” section of our most recent Annual Report on Form 10-K and other filings we have made with the Securities and Exchange Commission, which are publicly available at www.sec.gov.
Contact for Investor Relations:
Michael Paisan
Director of Investor Relations
Phone: 1-800-928-7144 ext. 123
E-mail: [email protected]
Website: www.healthlynked.com
| HealthLynked Corp.
Selected Group financial data Three and six months until 30 June 2024 and 2023 |
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| Three months until June 30 | Six months until 30 June, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Profit and loss account: | |||||||||||||||
| Total sales | $ | 795,078 | $ | 1,703,496 | $ | 1,799,310 | $ | 3,458,650 | |||||||
| Loss from operating activities | $ | (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 | ) | |||
| Profit from discontinued operations | $ | — | $ | (14,452 | ) | $ | — | $ | 2,615,328 | ||||||
| Net profit (loss) | $ | (1,540,436 | ) | $ | (1,003,455 | ) | $ | (2,928,154 | ) | $ | 448,480 | ||||
| Data on earnings (loss) per share, basic and diluted: | |||||||||||||||
| Loss from continuing operations | $ | (0.01 | ) | $ | (0.00 | ) | $ | (0.01 | ) | $ | (0.01 | ) | |||
| Profit (loss) from discontinued operations | $ | 0.00 | $ | (0.00 | ) | $ | 0.00 | $ | 0.01 | ||||||
| Net profit (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 | |||||||||||
| 30 June | 31 December | ||||||||||||||
| Balance sheet data: | 2024 | 2023 | |||||||||||||
| Total assets | $ | 3,859,664 | $ | 4,280,140 | |||||||||||
| Total liabilities | $ | 4,284,243 | $ | 3,475,410 | |||||||||||
| Total equity | $ | (424,579 | ) | $ | 804,730 | ||||||||||
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