HealthLynked (OTCQB:HLYK) Corp has announced a strong rise in full-year 2021 revenue, supported by growth at its ACO and Management Service Organizations (MSO) divisions.
The company reported revenue of $9.2 million for the year to December 31, 2021, up 50% from the prior year. ACO/MSO revenue jumped 125% to $2.7 million while revenue from Health Services grew 22% to $5.8 million.
"HealthLynked finished 2021 with a record 50% revenue growth, capping off another milestone year for the company,” chairman and CEO Dr Michael Dent said in a statement.
"We are proud of our accomplishments throughout 2021 as we completed several key product announcements and continued to make investments in our existing digital product portfolio. These accomplishments, combined with our strong financial performance, provide us confidence in our ability to continue to reduce healthcare costs and improve patient outcomes.”
READ: HealthLynked announces updated version of Oohvie, its App for women's health
For the three months to December 31, 2021, it reported a 4% increase in revenue to $1.7 million, while its net loss narrowed by 11% to $1.7 million.
Business highlights for the year include:
- Released AI-enabled healthcare directory CareLynk to connect HealthLynked users to any doctor across the US;
- Launched telemedicine platform DocLynk for all HealthLynked patients and providers for primary care and women's healthcare virtual appointments in a simple and easy-to-use interface;
- QwikCheck V2.0 launched to streamline the patient check-in process while maintaining social distancing;
- Announced the addition of Dr Paul Hobaica and Dr Sam Diasti to its medical advisory board;
- Appointed Jeffrey Cohen as vice president of sales to increase revenue by introducing HealthLynked products and services to health systems, third-party payers, hospitals, universities, and group purchasing organizations.
The company ended the year with net equity of $7.2 million, up 434% from $1.2 million in 2020
“We are very proud of our proven historical revenue growth, including 60% CAGR (compound annual growth rate) from 2018-21,” the company’s chief financial officer George O’Leary concluded.
“We closed the year with a strong net equity of $7.2 million, a significant improvement to our balance sheet from the previous year. We continue to remain excited about the growth we are experiencing, and we look forward to continuing to provide value to our patients and shareholders in 2022 as the company executes on its business strategy.”
HealthLynked is a global healthcare network focused on patient care management. It connects patients, doctors and data through its global healthcare network using technology to reduce costs and improve patient outcomes. The group 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 at stephen.gunnion@proactiveinvestors.com