HealthLynked Announces Q3 & Year-to-Date 2023 Financial Resu 2023 Year-to-Date Highlights
Revenue Increase: Achieved an 8% year-over-year (YoY) increase, totaling $4.796 million, compared to $4.45 million in the same period of 2022. Revenue growth was fueled by additional concierge fees and a steady increase in core technology subscription revenue.
Operational Efficiency: Operational loss was trimmed by a substantial 33%, declining from $4.51 million in 2022 to $3.04 million in 2023, due strategic restructuring resulting in a 13% reduction in operating expenses.
Strategic Divestiture Gains: A gain of $2.67 million was recognized related to the divestiture of ACO Health Partners in January 2023 and additional gains of $1.09 million were recognized related to collection of contingent sale consideration since the transaction.
Net Income Achieved: Net income was $0.27 million, compared to net loss of $4.54 million in the same period of 2022, driven by the gains related to the sale of ACO Health Partners combined with year-over-year revenue and cost improvements.
https://www.prnewswire.com/news-releases/healthlynked-announces-q3--year-to-date-2023-financial-results-highlighted-by-8-revenue-growth-and-net-income-turnaround-301988219.html