HealthLynked Reports 59% Year-to-Date and 74% Quarterly Year-Over-Year Revenue Growth along with Positive Shareholders' Equity of $352k For First Time in Company's History
NAPLES, Fla., Nov. 17, 2020 /PRNewswire/ -- 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, late Monday reported its financial results for the three and nine months ended September 30, 2020. Year-to-date 2020 results included a 59% increase in revenue and a 14% decrease in operating loss compared to the same period of 2019. Third quarter 2020 revenue also increased 74% compared to third quarter 2019.
During September 2020, the Company's accountable care organization (ACO) subsidiary Cura Health Management, acquired in May 2020, received a revenue determination of $767,744 from the Center for Medicare Services (CMS) for ACO shared savings revenue for program year 2019. The Company also realized a 23% increase in patient service revenue on a year-to-date basis compared to the same period of 2019.
HealthLynked reported positive shareholders' equity of $351,818 as of September 30, 2020, compared to a shareholders' deficit of ($2,842,680) for the period ending December 31, 2019. The improvement was due in large part to a $3 million equity investment from the Company's Chairman and CEO, Dr. Michael Dent, in August 2020.
Year-to-Date 2020 Compared to 2019:
Third Quarter 2020 Compared to Third Quarter 2019:
"We are pleased to record our first ACO revenue determination during the third quarter of 2020, which, along with continued patient service revenue growth from our Health Services Division, significantly improved our top line," stated George O'Leary, HealthLynked's Chief Financial Officer. "In August, we also announced a $3 million equity financing that allowed us to retire the last of our variable rate convertible notes and acquire MedOfficeDirect in October. We are also pleased to report positive shareholders' equity for the first time as of September 30, 2020. With the acquisition of MedOfficeDirect, we expect that shareholders' equity will continue to grow in the fourth quarter."
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.
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SOURCE HealthLynked Corp.
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