HealthLynked (OTCQB:HLYK) has reported a strong improvement in second-quarter revenue and earnings as it took steps to improve its financial trajectory.
In a statement, CEO Dr Michael Dent said the online healthcare network has had a “keen focus on streamlining operational efficiencies and nurturing consistent revenue growth.”
“The inauguration of our premium offerings for patient members doesn't just broaden our service spectrum; it amplifies the essence of value we offer to our community,” Dent said.
“Central to this evolution has been the establishment of strategic alliances, each reinforcing our enduring mission: to deliver unparalleled healthcare at an affordable price point. Every initiative, every endeavor underscores our encompassing vision – to redefine and democratize quality healthcare, making 'better healthcare for less' a tangible reality for all.”
For the three months ended June 30, 2023, HealthLynked grew revenue by 9% year-over-year to $1.7 million, with a 13% YoY increment from Functional Medicine offerings, complemented by contributions from Aesthetics Treatment Centers, the business acquired in May 2022.
Its 2Q operating loss narrowed to $0.8 million from $1.53 million a year earlier, helped by a targeted 34% YoY decrease in selling, general, and administrative expenses.
It reported a net loss of $1 million down from a $1.59 million loss in 2Q 2022.
For the first six months of 2023, revenue rose 12% to $3.46 million, its operational losses declined by 38% to $1.85 million and it swung to net income of $0.45 million from a $2.76 million net loss in 1H 2022.
The improvement was driven by the $2.67 million gain from the sale of ACO Health Partners in January 2023, coupled with the revenue and cost improvements, the company said.
"From a revenue perspective, we continue our strong quarterly and year-to-date revenue growth,” chief financial officer George O’Leary added.
“We continue to strengthen our collaborative ties with Palm Beach ACO. Lastly, our year-to-date net income of $0.45 million compared to a net loss of $2.76 million in the previous year speaks to the work we have been doing to create more shareholder value.”
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.
Contact the author at stephen.gunnion@proactiveinvestors.com