HealthLynked Corp (OTCQB:HLYK) reported its fourth-quarter and full-year financial results after the bell Wednesday, revealing annual revenue growth of 53% and a narrowing net loss.
The global healthcare network company posted revenue of just under $1.6 million in the three months ended December 31, a 36% increase from nearly $1.2 million in the same period of 2019. Net loss decreased 22% to $1.9 million from almost $2.5 million over the same period.
For the year, revenue jumped 53% to $6.1 million in 2020, from just above $4 million in 2019. The company improved to a positive net equity of $1.35 million at year-end 2020, up from negative net equity of $2.8 million at the end of 2019.
READ: HealthLynked receives $2 million equity investment from Naples, Florida family office
"Our 10-K concludes a very successful year for HealthLynked with 53% growth annually and 36% over the same quarter last year," CEO Michael Dent said in a statement. "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."
Dent is optimistic about the company’s next several months.
"We are very excited about our recent Healthcare Summit held at the Arthrex Campus from March 15-17 in Naples, Florida,” Dent said. “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."
The group’s cloud-based HealthLynked Network connects patients to more than 800,000 physicians across the US. After signing up, users can find information on physicians, their areas of expertise, and connect with healthcare providers. The service is free to patient members and enables them to share their healthcare information with their providers. Up-to-date health records can also be shared with other providers and family members if a user chooses to do so.
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,” O’Leary said.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
Follow him on Twitter @andrew_kesse