NAPLES, Fla. , April 1, 2021 /PRNewswire/ -- 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, late yesterday reported its financial results for the quarter and year ended December 31, 2020 , the company reported a 53% annual revenue growth and net shareholders' equity improvement of $4.2 million . The company improved from a negative $2.8 million net equity at the end of 2019 to positive net equity of $1.35 million at year-end 2020.
Fourth Quarter 2020 Compared to Fourth Quarter 2019:
- 36% increase in revenue in Q4'20 compared to Q4'19, increasing to $1,594,515 from $1,172,877 in Q4'19
- Net equity of $1,350,008 in Q4'20 compared to ($2,842,680) in Q4 2019, an improvement of $4,192,688 .
- Operating loss increased 21% from $871,882 in Q4'19 to $1,051,103 in Q4'20
- Net loss decreased by 22% from $2,463,028 in Q4'19 to $1,922,897 in Q4'20
- Patient appointments decreased 11% from 4,006 in Q4'19 to 3,564 in Q4'20
- Time of Service collections improved 29% from $777,895 in Q4'19 to $1,001,312 in Q4'20
Full Year 2020 Compared to 2019:
- 53% increase in revenue to $6,133,120 in 2020 compared to $4,018,818 in 2019
- Operating loss decreased by 4% from $3,209,010 in 2019 to $3,071,829 in 2020
- Patient appointments decreased 11% from 16,409 in 2019 to 14,628 in 2020
- Time of Service collections increased 45% from $2,475,377 in 2019 to $3,589,601 in 2020
"Our 10-K concludes a very successful year for HealthLynked with 53% growth annually and 36% over same quarter last year." said Michael Dent M.D ., the Company's Chairman and CEO. "We made significant improvements in our balance sheet, increasing the company's net equity by $4.2 million in 2020. The positive trend has continued into 2021 and we expect our first quarter net equity to be approximately $8 million , a projected $6.7 million improvement since the end of 2020."
Dr. Dent went on to say, "We are very excited about our recent Healthcare Summit held at the Arthrex Campus from March 15-17 th in Naples, Florida . The event hosted thought leaders from around the world who presented on the latest trends in healthcare. DocLynk, our Telemedicine service, is on schedule to launch this month. Other exciting products are scheduled to launch in 2021. We have seen the number of HealthLynked users grow significantly since COVID-19, with over 6 million downloads, and with our new services we expect to see new revenues from these efforts during 2021."
George O'Leary , HealthLynked Chief Financial Officer, said "We are very proud of the work we have done to improve our net equity over the last 15 months, and with approximately $8 million in net equity estimated by the end of first quarter 2021, we believe HealthLynked is in a great position for our planned uplisting during 2021."
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 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, 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 .
Contacts:
George O'Leary
Chief Financial Officer
goleary@healthlynked.com
(800) 928-7144, ext. 103
William Hayde
Capital Markets Strategist
bhayde@healthlynked.com
(631) 403-4337
Investor Relations Contacts:
Jim Hock
Hanover International Inc.
jh@hanoverintlinc.com
(760) 564-7400
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HealthLynked Corp.
Selected Consolidated Financial Data
Years and Quarters Ended December 31, 2020 and 2019
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Year Ended
December 31,
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Three Months Ended
December 31,
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2020
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2019
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2020
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2019
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Statement of Operations Data
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Total revenue
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$
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6,133,120
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$
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4,018,818
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$
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1,594,515
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$
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1,172,877
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Loss from operations
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(3,071,829)
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(3,209,010)
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(1,051,103)
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(871,882)
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Net loss
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(5,755,256)
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(5,528,599)
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(1,922,897)
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(2,463,028)
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Net loss to common stockholders
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(6,201,292)
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(5,528,599)
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(2,305,071)
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(2,463,028)
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Net loss per share to common stockholders, basic and diluted
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$
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(0.04)
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$
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(0.06)
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$
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(0.01)
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$
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(0.02)
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Weighted average number of common shares, basic and diluted
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142,824,870
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99,059,677
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163,481,276
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106,349,355
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Balance Sheet Data
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Dec. 31, 2020
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Dec. 31, 2019
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Total Assets
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$
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8,026,548
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$
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2,546,554
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Total Liabilities
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$
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6,676,540
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$
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5,389,234
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Total Shareholders' Equity (Deficit)
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$
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1,350,008
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$
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(2,842,680)
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View original content: http://www.prnewswire.com/news-releases/healthlynked-reports-annual-revenue-growth-of-53-and-net-equity-improvement-of-4-2m-to-1-35m-301260215.html
SOURCE HealthLynked Corp.