Company successfully launches its concierge membership
program and focuses on strategic partnership opportunities
NAPLES,
Fla., Nov. 15, 2022 /PRNewswire/
-- InvestorsHubNewsWire -- 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, reported its financial results
for the third quarter and year-to-date period ended September 30, 2022 and provided an update on its
strategic focus.
Concierge Medicine and Strategic Partnerships
HealthLynked has successfully launched a Concierge program for
Functional Medicine. The Naples Center for Functional Medicine has
implemented a Concierge medical membership program for its patients
to provide better access, more time with physicians, and
connectivity to HealthLynked's online patient concierge services.
The program is currently being implemented with a final launch date
of December 31, 2022, with strong
initial adoption from patients. The program is expecting to
generate over $1 million in
incremental annual revenue. HealthLynked is planning to implement a
concierge program for its Naples Women's Center location in Q4
2022. The Company is focused on strategic partnerships in its
Digital HealthCare and Medical Distribution Segments.
Third Quarter 2022 Financial Results
For the third quarter 2022, HealthLynked reported revenue of
$1.45 million, compared to
$4.00 million in the third quarter of
2021. The revenue loss resulted primarily from the Company's
Accountable Care Organization (ACO) division's Medicare Shared
Savings Program (MSSP), as administered by the Center for Medicare
& Medicaid Services (CMS). The Company's ACO works with primary
care physicians who focus on providing better outcomes to their
Medicare patients while reducing the overall cost of patient care.
In 2021, the ACO's physician partners achieved $2.42 million in shared savings. In 2022, the
ACO's physician partners achieved over $3.2
million in total savings but missed the minimum shared
savings requirement by less than 1%. The Company's ACO has
submitted an appeal for Reconsideration and expects a decision
before the end of 2022.
The Company also estimated that facility closures related to
Hurricane Ian in late September negatively impacted patient service
revenue by $0.11 million in third
quarter 2022. The company is submitting a claim for this service
interruption with their insurance company.
Net losses increased from ($0.37)
million in third quarter 2021 to ($1.78) million in third quarter 2022, due
primarily to the profit impact of realizing no MSSP revenue in
2022, lower patient service revenue due in part to the impact of
closures related to Hurricane Ian, and primarily non-cash finance
charges associated with the July 2022
Standby Equity Purchase Agreement.
Year-to-Date 2022 Financial Results
For the nine months ended September 30,
2022, HealthLynked reported revenue of $4.70 million, compared to $7.54 million in the same period of 2021, due
primarily to the decline in MSSP revenue in 2022 as describe above,
as well as a decline in year-over-year patient service revenue at
Naples Women's Center offset by an increase at Naples Center for
Functional Medicine. Net losses were down 48% from
($8.70) million 2021 to ($4.54) million in 2022 in large part due to debt
extinguishment charges of $4.96
million in 2021.
Dr. Michael Dent, HealthLynked's
Chairman and Chief Executive Officer, stated, "We have seen strong
adoption of patient members to our online concierge services that
include appointment scheduling, medical record mobility, and nurse
supported medical profile creation. We have seen a high demand for
our patient concierge service and this quarter we plan to launch a
paid version that we believe will have a high adoption among our
current and future users."
George O'Leary, HealthLynked's
Chief Financial Officer, added, "Factoring out the ACO payment and
Hurricane Ian, our revenues for the quarter were down 6%, mainly
due to travel out of the state during the quarter that didn't occur
in the last two years due to COVID. With our new focus on concierge
medicine and its related revenue, our growth expectations are much
stronger for Q4 and beyond."
About HealthLynked
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, Instagram,
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.
HLYK Contact:
George
O'Leary
Chief Financial Officer
goleary@healthlynked.com
+1 (800)-928-7144, ext. 103
|
HealthLynked
Corp.
Selected
Consolidated Financial Data
Three and Nine
Months Ended September 30, 2022 and 2021
|
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
|
|
|
|
|
|
|
|
|
|
|
Statement of
Operations
Data
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenue
|
$
|
1,447,679
|
|
$
|
4,044,719
|
|
$
|
4,703,082
|
|
$
|
7,540,033
|
Net loss
|
$
|
(1,783,801)
|
|
$
|
(368,017)
|
|
$
|
(4,541,745)
|
|
$
|
(8,697,234)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share
to
common stockholders,
basic and diluted
|
$
|
(0.01)
|
|
$
|
(0.00)
|
|
$
|
(0.02)
|
|
$
|
(0.04)
|
Weighted average
number
of common shares, basic
and diluted
|
|
243,355,562
|
|
|
232,203,244
|
|
|
240,006,507
|
|
|
224,658,709
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
December
31,
|
|
|
|
|
|
|
Balance Sheet
Data
|
2022
|
|
2021
|
|
|
|
|
|
|
Total Assets
|
$
|
7,478,570
|
|
$
|
10,694,556
|
|
|
|
|
|
|
Total
Liabilities
|
$
|
3,442,476
|
|
$
|
3,490,662
|
|
|
|
|
|
|
Total Shareholders'
Equity
|
$
|
4,036,094
|
|
$
|
7,203,894
|
|
|
|
|
|
|
View original
content:https://www.prnewswire.com/news-releases/healthlynked-announces-third-quarter-2022-results-301678356.html
SOURCE ADVFN Plc