You are here
HealthLynked Reports Third Quarter 2018 Financial Results
HealthLynked Revenue Increased 19% Year-to-Date Compared to the Same Period in 2017
NAPLES, Fla., Nov. 15, 2018 (GLOBE NEWSWIRE) -- HealthLynked Corp. (OTCQB: HLYK), a provider of healthcare-related technology which connects doctors, patients and medical data, reported financial results for the three months ended September 30, 2018.
Year-to-Date & Third Quarter 2018 Compared to Year-to-Date & Third Quarter 2017 Highlights:
- 19% increase in revenue YTD’18 compared to YTD’17
- 12% increase in revenue in Q3’18 compared to Q3’17
- $71,599 improvement in operating income in our health services division in Q3’18 compared to Q3’17
- $4,889 health services division operating income YTD’18 compared to ($187,664) YTD’17, a $192,553 improvement
- Patient appointments increased 18% from 3,300 in Q3’17 to 3,909 in Q3’18
- Time of Service collections increased 21% from $94,759 in Q3’17 to $114,194 in Q3’18
Third Quarter 2018 Compared to Second Quarter 2018 Highlights:
- 5% decrease in revenue to $539,625 in Q3’18 compared to $566,320 in Q2’18
- Patient appointments decreased 3% from 4,010 in Q2’18 to 3,909 in Q3’18
- Time of Service collections decreased 25% from $152,174 in Q2’18 to $114,194 in Q3’18
Year-to-date revenues of 2018 were $1,751,584, an increase of 19% over the same period in 2017. Revenues for the third quarter of 2018 were $539,625, an increase of 12% over the same period in 2017, mainly caused by an increase in patient appointments of 18%, along with an increase in time of service collections of 21%. Year-to-date average revenue per patient decreased by 2% compared to the same period last year.
The Company’s health services division realized operating income of $4,889 YTD’18, compared to an operating loss of ($187,664) YTD’17, an improvement of $192,553.
Third quarter 2018 revenue was $539,625, a decrease of 5% over second quarter 2018 revenue of $566,320. Revenue per physician increased 27% in Q3’18 to approximately $180,000 per quarter, compared to approximately $142,000 per quarter in Q2’18, with one less physician in Q3’18, who was replaced in October 2018.
Patient appointments in Q3’18 decreased 3% compared to Q2’18 and time of service collections decreased 25%. Average revenue per patient increased by 5% compared to Q2’18. There was a 9% increase in deliveries in Q3’18 compared to Q2’18.
Dr. Michael Dent, Chairman and CEO of HealthLynked, stated, "We are pleased with the results of our health services division, with revenue having a 19% growth reported year-to-date based upon a 15% increase in patient appointments during 2018 compared to the same period last year, and improvement in time of service collections of 46% during 2018 compared to during the same period last year. We believe these two metric improvements are a direct result of the implementation of the HealthLynked network into our health services division."
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 more control of their healthcare. 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” all within our mobile application. Healthcare providers pay a monthly fee to access these HealthLynked services.
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.
Chief Financial Officer
Investor Relations contact:
Hanover International Inc.