HealthLynked Reports Record Revenue Growth in 2nd Quarter 2019
Revenue growth of 113% to $1.2 million
Net Loss reduction of $230,675 or 21%
Naples, FL August 15, 2019 – HealthLynked Corp. (OTCQB: HLYK), a provider of healthcare-related technology that connects doctors, patients and medical data, today reported its financial results for the three months ended June 30, 2019.
Second Quarter 2019 Compared to Second Quarter 2018:
- 113% increase in revenue in Q2’19 compared to Q2’18
- Patient appointments increased 13% from 4,010 in Q2’18 to 4,533 in Q2’19
- Time of Service collections increased 426% from $152,174 in Q2’18 to $801,067 in Q2’19
Second Quarter 2019 Compared to First Quarter 2019:
- 160% increase in revenue to $1,208,390 in Q2’19 compared to $464,990 in Q1’19
- Patient appointments increased 22% from 3,712 in Q1’19 to 4,533 in Q2’19
- Time of Service collections increased 526% from $127,809 in Q1’19 to $801,067 in Q2’19
Revenue growth was primarily attributable to the acquisition of Naples Center for Functional Medicine (NCFM), now a wholly owned subsidiary, and an increase in patient fees at Naples Women’s Center. The Company’s operating loss in the second quarter of 2019 of $698,191 was lower by $125,055 compared to an operating loss in the first quarter of 2019 of $823,246.
Compared to the second quarter of 2018, the company’s net loss in the second quarter of 2019 was lower by $230,675 ($879,674 vs $1,110,249) and lower by $181,143 compared to net loss of $1,060,717 in the first quarter of 2019.
First quarter to second quarter 2019 revenue rose from $464,990 to $1,208,390, an increase of 160%. Patient appointments in second quarter 2019 increased 22% compared to first quarter 2019 while time of service collections increased 526%.
Dr. Michael Dent, Chairman and CEO of HealthLynked, stated, “We are extremely excited about this quarter’s revenue growth and improved cash flow from collections at time of service. As we optimize our health service subsidiaries, we expect continued revenue growth in the quarters to come.”
Dr. Dent continued, “We’ve submitted patents for our new ‘Qwik Check’ Patient Check-in System, part of our Practice Optimization suite that includes encrypted Wi-Fi and practice analytics, which was met with enthusiastic reviews among healthcare professionals at Florida Medical Association FMA Conference in Orlando, Florida. As we deploy this product into the market we expect to accelerate the number of innetwork providers, which will provide an effective way to grow our patient membership. The FMA Conference yielded an additional 100 physicians to the HLYK
network, and interest in joining the HealthLynked Network was expressed by providers across all specialties and practice venues.
“Our network and practice optimization tools will help bring significant value and improve care management as we pursue additional acquisitions with a focus on Accountable Care Organizations.”
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