HealthLynked Reports First Quarter 2019 Financial Results and Recent Revenue Improvement
Naples, FL 5/16/19 – HealthLynked Corp. (OTCQB: HLYK), a provider of healthcare-related technology that connects doctors, patients and medical data, reported its financial results for the three months ended March 31, 2019. During the fourth quarter of 2018 and the first quarter of 2019, the health service division was down two physicians due to an early retirement and an unexpected disability. These two positions were fully replaced and revenue is expected to be back to normal in the second quarter of 2019.
First Quarter 2019 Compared to First Quarter 2018:
- 28% decrease in revenue in Q1’19 compared to Q1’18
- Patient appointments decreased 10% from 4,103 in Q1’18 to 3,712 in Q1’19
- Time of Service collections decreased 29% from $180,794 in Q1’18 to $127,809 in Q1’19
First Quarter 2019 Compared to Fourth Quarter 2018:
- 8% decrease in revenue to $464,990 in Q1’19 compared to $507,418 in Q4’18
- Patient appointments decreased 1% from 3,753 in Q4’18 to 3,712 in Q1’19
- Time of Service collections increased 26% from $102,450 in Q4’18 to $127,809 in Q1’19
Revenue for the first quarter of 2019 was $464,990, a decrease of 28% over the same period in 2018, primarily attributable to a decrease in patient appointments of 10%, along with a decrease in time of service collections of 29%.
The Company recognized $76,008 less of an operating loss in the first quarter of 2019, ($823,246) in the first quarter compared to an operating loss of ($899,254) in the fourth quarter of 2018.
There were $114,791 of one-time costs associated with the acquisition of Hughes Center for Functional Medicine in the first quarter of 2019 and $47,262 in the fourth quarter of 2018. Excluding these one time costs, the operating loss improvement was $143,539, which is in line with our annualized reduction in cost estimate of $600,000 (or $150,000 per quarter) as first reported in the full year 2018 results. First quarter 2019 revenue was $464,990, a decrease of 8% over fourth quarter 2018 revenue of $507,418. Patient appointments in first quarter 2019 only decreased 1%
compared to fourth quarter 2018 and time of service collections increased 25%.
Dr. Michael Dent, Chairman and CEO of HealthLynked, stated, “We are excited about the close of the Hughes Center for Functional Medicine and its recent revenue performance of $308,000 for the month of April and is on track to generate $312,000 for May. Now that we have resolved our physician staffing shortage, we expect revenue to be in line with our performance in early 2018 before we lost these providers. Our April revenue increased to approximately $173,000 and in May we are on track to generate approximately $197,000.”
Dr. Dent continued, “With recent deployment of our Patient Access Hub and patent submission, we expect to accelerate the number of in network providers and onboarding patient members at a significantly faster rate. Along with our plans to aggressively acquire Accountable Ca