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CORRECTING AND REPLACING -- HealthLynked Corp. Reports Second Quarter 2018 Results, including 10% Revenue Growth in the Second Quarter of 2018
NAPLES, Fla., Aug. 15, 2018 (GLOBE NEWSWIRE) -- In a release issued under the same headline earlier today by HealthLynked Corp. (OTCQB: HLYK), we have been advised by the company that the beginning of paragraph two should read "Revenues for the second quarter of 2018 were $566,320" rather than "Revenues for the first quarter of 2018 were $566,320" as originally issued. The complete corrected text follows:
HealthLynked Corp. (OTCQB: HLYK), late yesterday reported its results for the second quarter of 2018.
Second Quarter 2018 Highlights:
- 10% increase in revenue in Q2 2018 compared to Q2 2017
- $57,771 improvement in operating income in our health services division.
- $20,982 operating income in Q2 2018
- Patient Appointments increased 9% from 3,695 in Q2 2017 to 4,010 in Q2 2018
- Time of Service collections increased 48% from $102,762 in Q2 2017 to $152,174 in Q2 2018
Q2 2018 compared to Q1 2018:
- 50% increase in Physician vacation hours from 197 in Q1 2018 compared to 295 in Q2 2018 accounting for the majority of the 12% decrease in revenue compared to Q1 2018
- Patient Appointments decreased only 2% from 4,102 in Q1 2018 to 4,010 in Q2 2018
- Average revenue per patient decreased 10% from $157.40 in Q1 2018 to $141.23 in Q2 2018 due to a 50% reduction in deliveries during the period
Revenues for the second quarter of 2018 were $566,320, an increase of 10% over the same period in 2017, mainly due to an increase in patient appointments of 9% along with an increase in time of service collections of 48%. Average revenue per patient increased by 1% compared to the same period last year.
The Company’s health services division realized operating income of $20,982 in the second quarter of 2018, compared to an operating loss of $36,789 in the second quarter of 2017, an improvement of $57,771.
Second quarter 2018 revenue was $566,320, a decrease of 12% over first quarter 2018 revenue. This decrease was mainly caused by an increase in physician vacation hours of 50% impacting a 50% decrease in deliveries for the period.
Patient appointments only decreased 2% and average revenue per patient decreased by 10% compared to Q1 2018.
Dr. Michael Dent, the Company's Chairman and CEO, stated, "I am pleased with the results of our health services division showing a 10% growth in revenue in the second quarter of 2018 compared to the same time last year. This growth was based upon a 9% increase in patient appointments. Southwest Florida typically experiences a significant decrease in population during these months and to see an increase in patient appointments is a reflection of increased patient engagement and retention, which are two key metrics of the HealthLynked Network.
We continue to deploy the enhanced HealthLynked suite of services and we expect to see continued improvements in our health services division through the second half of 2018."
About HealthLynked Corp.
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 control of their medical information. Members enter their medical information, including medications, allergies, past surgeries and personal health records, in one convenient online and secure location, free of charge.
Participating healthcare providers can connect with their current and future patients through the system. Other benefits to providers include the ability to utilize the HealthLynked marketing tools to connect with their active and inactive patients to improve patient retention, access more accurate and current patient information, provide more efficient online scheduling and to fill last minute cancelations using our “real time appointment scheduling” mobile application. Healthcare providers pay a monthly fee to access these HealthLynked services.
For additional information about HealthLynked Corp. visit www.healthlynked.com
Forward Looking Statements
Forward-Looking Statements in this press release, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “will,” “would” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by our management, and us are inherently uncertain. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. Certain risks and uncertainties applicable to our operations and us are described in the “Risk Factors” section of our most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q and in other reports we have filed with the U.S. Securities and Exchange Commission. These reports are available at www.sec.gov.
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