NAPLES, Fla., Nov. 15, 2024 (GLOBE NEWSWIRE) — via IBN “ HealthLynked Corp. (OTCQB: HLYK), a leader in healthcare networking and technology innovation, today announced financial results for the three- and nine-months ending Sept. 30, 2024. With a renewed commitment to profitable growth, HealthLynked has restructured its clinical operations, reduced its third-party debt obligations, reduced physical plant cost and shifted focus toward its core software solutions, positioning the company for enhanced operational efficiency and scalability in the future.
Financial Highlights
Revenue: HealthLynked reported revenue of $0.59 million in the third quarter of 2024, reflecting a 56% decrease year-over-year from $1.33 million in Q3 2023 and a 26% sequential decline from $0.80 million in Q2 2024. For the first nine months of 2024, revenue totaled $2.39 million, a 12% drop from the preceding nine-month period (October 2023 to June 2024) and a 50% decrease from $4.79 million in the first nine months of 2023. This decline is primarily due to expected clinical revenue disruption resulting from our restructuring efforts related to onboarding of new clinical staffing, consolidating clinical locations and other right-sizing efforts.
Expense Reductions: HealthLynked reduced practice operating expenses by $0.50 million, or 39%, in Q3 2024 to $0.80 million, compared to $1.30 million in Q3 2023. Year-to-date, expenses decreased by 38%, underscoring the company’s continued focus on efficiency. Overall, total operating expenses fell by 10% in Q3 2024 compared to Q3 2023 and by 19% in the first nine months of 2024 compared to the same period in 2023.
Loss from Operations: The loss from operations for Q3 2024 was increased by $0.49 million. From $1.18 million, to $1.67 million loss in Q3 2023. Year-to-date, the loss from operations was $3.93 million, representing a 29% increase over the $3.04 million loss in the same period of 2023.
Net Income/Loss: HealthLynked reported a net loss of $1.97 million in Q3 2024, compared to a net loss of $0.17 million in Q3 2023. This difference was primarily attributable to a $1.08 million gain in 2023 related to the sale of ACO Health Partners. For the first nine months of 2024, the net loss was $4.90 million, contrasting with a net income of $0.27 million in the same period of 2023, primarily due to $3.76 million gains related to the ACO Health Partners sale recorded in 2023.
Strategic Outlook
HealthLynked remains committed to expanding…
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