HealthLynked Announces Third Quarter 2022 Results

Company successfully launches its concierge membership program and focuses on strategic partnership opportunities

NAPLES, Fla., Nov. 15, 2022 /PRNewswire/ -- InvestorsHubNewsWire -- HealthLynked Corp. (OTCQB: HLYK), a global healthcare network focused on care management of its members and a provider of healthcare technologies that connects doctors, patients, and medical data, reported its financial results for the third quarter and year-to-date period ended September 30, 2022 and provided an update on its strategic focus.

Concierge Medicine and Strategic Partnerships

HealthLynked has successfully launched a Concierge program for Functional Medicine. The Naples Center for Functional Medicine has implemented a Concierge medical membership program for its patients to provide better access, more time with physicians, and connectivity to HealthLynked's online patient concierge services. The program is currently being implemented with a final launch date of December 31, 2022, with strong initial adoption from patients.  The program is expecting to generate over $1 million in incremental annual revenue. HealthLynked is planning to implement a concierge program for its Naples Women's Center location in Q4 2022.  The Company is focused on strategic partnerships in its Digital HealthCare and Medical Distribution Segments. 

Third Quarter 2022 Financial Results

For the third quarter 2022, HealthLynked reported revenue of $1.45 million, compared to $4.00 million in the third quarter of 2021. The revenue loss resulted primarily from the Company's Accountable Care Organization (ACO) division's Medicare Shared Savings Program (MSSP), as administered by the Center for Medicare & Medicaid Services (CMS). The Company's ACO works with primary care physicians who focus on providing better outcomes to their Medicare patients while reducing the overall cost of patient care. In 2021, the ACO's physician partners achieved $2.42 million in shared savings. In 2022, the ACO's physician partners achieved over $3.2 million in total savings but missed the minimum shared savings requirement by less than 1%. The Company's ACO has submitted an appeal for Reconsideration and expects a decision before the end of 2022. 

The Company also estimated that facility closures related to Hurricane Ian in late September negatively impacted patient service revenue by $0.11 million in third quarter 2022. The company is submitting a claim for this service interruption with their insurance company.  

Net losses increased from ($0.37) million in third quarter 2021 to ($1.78) million in third quarter 2022, due primarily to the profit impact of realizing no MSSP revenue in 2022, lower patient service revenue due in part to the impact of closures related to Hurricane Ian, and primarily non-cash finance charges associated with the July 2022 Standby Equity Purchase Agreement. 

Year-to-Date 2022 Financial Results

For the nine months ended September 30, 2022, HealthLynked reported revenue of $4.70 million, compared to $7.54 million in the same period of 2021, due primarily to the decline in MSSP revenue in 2022 as describe above, as well as a decline in year-over-year patient service revenue at Naples Women's Center offset by an increase at Naples Center for Functional Medicine.  Net losses were down 48% from ($8.70) million 2021 to ($4.54) million in 2022 in large part due to debt extinguishment charges of $4.96 million in 2021.

Dr. Michael Dent, HealthLynked's Chairman and Chief Executive Officer, stated, "We have seen strong adoption of patient members to our online concierge services that include appointment scheduling, medical record mobility, and nurse supported medical profile creation. We have seen a high demand for our patient concierge service and this quarter we plan to launch a paid version that we believe will have a high adoption among our current and future users."

George O'Leary, HealthLynked's Chief Financial Officer, added, "Factoring out the ACO payment and Hurricane Ian, our revenues for the quarter were down 6%, mainly due to travel out of the state during the quarter that didn't occur in the last two years due to COVID. With our new focus on concierge medicine and its related revenue, our growth expectations are much stronger for Q4 and beyond."

About HealthLynked
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. Benefits to in-network providers include the ability to utilize the HealthLynked patent-pending patient access hub "PAH" for patient analytics. Other benefits for preferred providers include HLYK 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 the Company's "real-time appointment scheduling" all within its mobile application. Preferred providers pay a monthly fee to access these HealthLynked services. For additional information about HealthLynked Corp., please visit www.healthlynked.com and connect with HealthLynked on Twitter, Facebook, Instagram, and LinkedIn.

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, including as a result of any acquisitions, 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 and in other filings we have made with the U.S. Securities and Exchange Commission. These reports are publicly available at www.sec.gov.

HLYK Contact:
George O'Leary
Chief Financial Officer
[email protected]
+1 (800)-928-7144, ext. 103

SOURCE ADVFN Plc