HealthLynked Corp. Reports Fourth Quarter and Full Year 2017 Results, including 46% Revenue Growth in the Fourth Quarter of 2017
NAPLES, Fla., April 03, 2018 — HealthLynked Corp. (OTCQB:HLYK), late yesterday reported its results for the fourth quarter and full year 2017.
Fourth Quarter 2017 Highlights:
- 46% increase in revenue in Q4’17 compared to Q4‘16
- $124,429 improvement in operating income at health services subsidiary
- $19,321 operating income in Q4’17 at health services subsidiary
- Appointments increased 25% from 3,049 in Q4‘16 to 3,825 in Q4‘17
- Front counter collections increased 41% from $82,947 in Q4’16 to $116,775 in Q4‘17
Full Year 2017 Highlights:
- 8% increase in revenue to $2.1 million compared to 2016
- 4% reduction in cost at health services subsidiary compared to 2016
- 61%, or $264,717, reduction in operating loss at the health services subsidiary compared to 2016
- Appointments increased 6% from 13,440 in 2016 to 14,302 in 2017
- Front counter collections increased 7% from $394,479 in 2016 to $422,555 in 2017
Revenues for the fourth quarter of 2017 were $629,940, an increase of 46% over the same period in 2016, mainly caused by an increase in appointments of 25% along with an increase in front counter collections of 41%.
Our health services subsidiary realized operating income of $19,321 in the fourth quarter of 2017, compared to an operating loss of $105,108 in the fourth quarter of 2016, an improvement of $124,429.
For the full year 2017, revenue was $2,103,579, an increase of 8% over full year 2016 revenue of $1,945,664.
Operating expenses at the health services subsidiary decreased by $106,802, or 4%, from the prior year.
The 2017 operating loss at the health services subsidiary was $168,343 compared to an operating loss of $433,060 in 2016, an improvement of $264,717.
Dr. Michael Dent, the Company’s Chairman and CEO, stated, “We are particularly pleased with the excellent results of our health services subsidiary with record revenue and quarterly growth reported in the 4th Quarter based upon a significant increase in patients seen during the period compared to the same period last year, improvement in front office collections and generating operating income. We continue to test the HealthLynked suite of services at our health services subsidiary and we expect these results to continue during 2018.”
About HealthLynked Corp.
HealthLynked Corp. provides a solution for both patient members and healthcare 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 control of their medical information. Members enter their medical information, including medications, allergies, past surgeries and personal health records, in one convenient online secure location, free of charge.
Participating healthcare providers can connect with their current and future patients. The benefits to our providers include the ability to utilize the HealthLynked 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” mobile application. Healthcare providers pay a monthly fee to access these HealthLynked services.
Forward Looking Statements
Except for historical information, all of the statements, expectations and assumptions contained in the foregoing are forward-looking statements. These forward looking statements involve a number of risks and uncertainties that could cause actual future results to differ materially from those anticipated in the forward looking statements, Actual results could differ materially from such statements expressed or implied herein. Factors that might cause such a difference include, among others, the company’s ability to gain new customers, offer new types of services, and otherwise implement its business plan. As a result, this press release should be read in conjunction with the company’s filings with the SEC.
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