HealthLynked Corp (OTCQB:HLYK) posted first-quarter results that saw its revenue jump 33% year-over-year driven by demand for its healthcare management services and technologies.
For the period ended March 31, 2021, the Naples, Florida-based provider of healthcare technologies, reported revenue of $ $1,784,694, compared to $1,336,940 in the first quarter of 2020.
The company cited an improvement in net shareholder equity by $8.4 million during the quarter, where there was a shareholders' deficit of $2,227,449 in the same period a year earlier.
READ: HealthLynked is a formidable player in healthcare with several revenue spinning businesses
Patient appointments increased 8% to 4,538 in 1Q 2021 from 4,187 in the same quarter in 2020. The group’s cloud-based HealthLynked Network connects patients to over 800,000 physicians across the United States.
"Our 10-Q concludes a very successful quarter for HealthLynked with 33% revenue growth over the same quarter last year," HealthLynked CEO Michael Dent said in a statement.
"We made significant improvements in our balance sheet, increasing the company's net equity by $8.4 million compared to 1Q 2020 and an improvement of $4.8 million just since the end of last year.”
Dent highlighted that the company is “very excited” about its recent launch of DocLynk, its telemedicine service in April 2021, and the launch of its virtual summit.
HealthLynked’s posted a net loss of $7.8 million, compared to a loss of $580,216 in the 1Q of 2020. The loss was mainly due to a $5.6 million non-cash loss related to the conversion of the firm’s last remaining convertible debt into equity and a “$600,000 million non-cash loss from change in the fair value of contingent acquisition consideration driven by an increase in the company's stock price during 1Q 2021,” explained the company.
Meanwhile, HealthLynked CFO George O'Leary said the company was eyeing a Nasdaq listing.
"We are very proud of the work we have done to improve our net equity over the last 12 months, and with $6.1 million in net equity at the end of the first quarter of 2021, and our recently approved $50 million shelf registration, we believe HealthLynked is in a great position for our planned uplisting to Nasdaq during 2021," added O'Leary.
HealthLynked and its subsidiaries have a finger in several pies including patient care management, medical supplies, remote patient monitoring, accountable-care organizations, and wearable devices.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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