HealthLynked (OTCQB:HLYK), a provider of healthcare technologies, swung to a profit in the first quarter of 2023 following the divestment of ACO Health Partners in January.
For the three months ended March 31, the company posted a profit of $1.45 million which the company noted was “a significant turnaround” from a loss of $1.17 million in the year-ago quarter.
HealthLynked (OTCQB:HLYK) attributed the improvement to a $2.67 million gain realized from the divestment of ACO Health Partners and a reduction in its operating loss compared to the same period in 2022.
The company reported revenue of $1.76 million for 1Q, up 15% from the $1.53 million posted in the same quarter in 2022.
Growth was driven by a 26% year-over-year expansion in the company’s Functional Medicine practice and increased revenue from its Aesthetics Treatment Centers, which were integrated into HealthLynked's portfolio in May 2022, the company said.
"The year 2022 marked a transformative period for us, setting the stage for a 2023 focused on profitability and the introduction of our foundational HealthLynked services,” said HealthLynked CEO Dr. Michael Dent.
“Through a cohesive blend of all our service lines, we aim to achieve profitability by the year-end.”
HealthLynked CFO George O’Leary added that, after a flat 2022, it was refreshing to see the company’s growth cycle get started again.
"We are very pleased with both the 15% year-over-year and 25% quarter-over-quarter revenue growth in Q1 2023,” O’Leary said in a statement.
“We are making great strides to reach our goals of both revenue growth and profitability."
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