HealthLynked (OTCQB:HLYK) told investors it is poised for a strong rebound in revenue in fiscal 2024 as it reported growth in year-to-date revenue despite a modest decline in the third quarter.
The healthcare technology company posted a 2% decline in revenue for the three months to September 30, 2023, which it attributed to operational restructuring.
Its operating loss narrowed by 23% to $1.18 million as it focused on cost management and operational efficiency.
HealthLynked (OTCQB:HLYK) said a 90% year-over-year decrease in its net loss to $0.17 million underscored the effectiveness of recent strategic initiatives.
For the nine months to end September, revenue rose 8% to $4.8 million, its operating loss reduced by a third to $3.04 million and it achieved net income of $0.27 million from a $4.54 million net loss for the same period in 2022.
"Our year-to-date net income improvement of almost $5 million, including a YTD net profit of $0.27 million, is a testament to our successful strategy of revenue growth, operational cost reduction, and capitalizing on our partnership with Palm Beach ACO,” chief financial officer George O’Leary said in a statement.
CEO Dr Michael Dent said the company made significant strides in 2023 in its mission to revolutionize healthcare.
“Moving into 2024, our spotlight is on launching ARI, our AI-driven healthcare assistant. This innovation marks a pivotal step in our journey to enhance healthcare delivery for our users,” Dent said.
“Our efforts are concentrated on reducing healthcare costs, improving accessibility, and streamlining medical record exchanges via the HealthLynked (OTCQB:HLYK) Network.”
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