HealthLynked (OTCQB:HLYK) Corp has announced the acquisition of non-invasive cosmetic procedure provider Aesthetic Enhancements LLC to expand its operations in Naples, Florida.
Under the terms of the purchase agreement, HealthLynked (OTCQB:HLYK) paid an aggregate purchase price of $425,000, of which $325,000 was paid in cash and $100,000 was paid in shares of HealthLynked (OTCQB:HLYK).
The company said the Aesthetic Treatment Centre, located in Naples, Florida, currently has 4,750 patients and it generated approximately $500,000 in revenue and $125,000 in net profit in 2021.
READ: HealthLynked says its FemTech app Oohvie will be a major contributor to revenue growth as it releases enhanced version of app
HealthLynked CEO George O’Leary said the acquisition would generate additional revenue for the company and allow it to cross-market the services of its Naples Women’s Center and Naples Center for Functional Medicine to the medical spa’s patients.
“Additionally, we are pleased to announce that Dr. Kathleen Marc, medical director of the Aesthetic Treatment Center, will be joining our Naples Women's Center facility as a gynecologist,” O’Leary said.
“Dr. Marc is a renowned practitioner and brings over 35 years of experience to our Women's Center facility."
Meanwhile, the company has reported its first quarter results for 2022, which showed it narrowed its year-over-year net loss by 85% to $1.2 million from a net loss of $7.8 million in the year-ago period.
Revenue for 1Q was $1.6 million, compared to $1.8 million for the same quarter last year, the company said, noting that revenue in the Health Services Division had been impacted by physician turnover at the Naples Women’s Center which has since been resolved.
HealthLynked CEO Michael Dent said the company made significant investments in its digital healthcare portfolio in the first quarter, including several upgrades to its women’s health app Oohvie, to capitalize on the rapid growth trends in the FemTech Industry.
"We also recently appointed Ravi Tiwari, an experienced product manager, to lead the growth of the Oohvie App. With the leadership of Ravi, we are confident that Oohvie will become a significant driver of revenue growth in 2022 and beyond,” Dent said.
HealthLynked is improving healthcare for patient members and healthcare providers through the efficient exchange of medical information via its cloud-based platform.
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