HealthLynked Reports 98% Year-Over-Year Revenue Growth For Third Quarter 2021, 66% Grownth Year-To-Date

Rhea-AI Summary

HealthLynked Corp. (OTCQB:HLYK) reported a 98% increase in Q3 2021 revenue, reaching $4.0 million compared to $2.0 million in Q3 2020. Patient appointments rose 24% to 4,181, while Time of Service collections grew 33% to $1.0 million. The company also received $2.4 million in Medicare Shared Savings revenue, a 213% increase year-over-year. Year-to-date revenue increased 66% to $7.5 million. Executives expressed optimism about ongoing growth and improvements in the financial performance.

Positive

• Revenue increased by 98% to $4.0 million in Q3 2021.
• Patient appointments grew by 24% to 4,181 in Q3 2021.
• Time of Service collections rose by 33% to $1.0 million in Q3 2021.
• ACO Health Partners LLC received $2.4 million in Medicare Shared Savings revenue, a 213% increase.
• Year-to-date revenue increased by 66% to $7.5 million.

Negative

• None.

NAPLES, FL / ACCESSWIRE / November 22, 2021 / 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 for fiscal year 2021, ended September 30, 2021.

Recent Highlights:

• Revenue increased by 98% to $4.0 million in third quarter 2021, compared to $2.0 million in third quarter 2020
• Patient appointments increased 24% to 4,181 in third quarter 2021, compared to 3,377 in third quarter 2020.
• Time of Service collections increased 33% to $1.0 million in third quarter 2021, compared to $0.8 million in third quarter 2020
• Subsidiary ACO Health Partners LLC received $2.4 million in Medicare Shared Savings revenue from the Centers for Medicare & Medicaid Services in third quarter 2021, an increase of 213%, compared to $0.8 million in third quarter 2020
• Foundational patient services revenue for Health Services Division increased by 32%, compared to a decrease of 10% in third quarter 2020
• QwikCheck V2.0 launched to streamline check-in process and maintain social distancing
• Jeffrey Cohen hired as Vice President of Sales to increase revenue from larger markets

Year-to-Date 2021 Highlights:

• YTD'21 revenue increased by 66% to $7.5 million, compared to $4.5 million in revenue YTD'20
• Patient appointments for the Company's Health Service division increased by 17% to 13,067, compared to YTD'20 patient appointments of 11,139
• Time of Service collections increased by 28% to $3.4 million, compared to YTD'20 Time of Service collections of $2.6 million

Dr. Michael Dent, Chairman and Chief Executive Officer commented, "We are very pleased with the significant progress we made during the quarter including robust revenue growth and strong growth in patient volume and time of service collections in our Health Services division. We also grew Medicare Shared Savings from our ACO division by 213% compared to the year ago period. The outstanding performance of the ACO's participating physicians contributed to reducing patient costs while improving outcomes."

George O'Leary, Chief Financial Officer stated, "The Company's recent strength in our financial performance, coupled with improvements in our balance sheet, drove net equity to $8.8 million in the third quarter, a significant increase from $1.4 million at the end of 2020. We are excited about the growth that we are experiencing, and we look forward to continuing to provide value to our patients and shareholders as the Company executes on its business strategy."

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. 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.

Investor Contacts:

Lisa Fortuna or Josh Carroll
HLYK@alpha-ir.com

Other Contacts:

George O'Leary
Chief Financial Officer
goleary@healthlynked.com
(800)-928-7144, ext. 103

William Hayde
Capital Markets Strategist
bhayde@healthlynked.com
(631)-403-4337

SOURCE: HealthLynked Corp.

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FAQ

What were HealthLynked's revenue results for Q3 2021?

HealthLynked reported a revenue increase of 98% to $4.0 million in Q3 2021 compared to the previous year.

How much did patient appointments increase for HealthLynked in Q3 2021?

Patient appointments increased by 24% to 4,181 in Q3 2021 compared to Q3 2020.

What was the growth in Time of Service collections for HealthLynked in Q3 2021?

Time of Service collections grew by 33% to $1.0 million in Q3 2021.

How much Medicare Shared Savings revenue did HealthLynked receive in Q3 2021?

HealthLynked received $2.4 million in Medicare Shared Savings revenue in Q3 2021, a 213% increase from the previous year.

What was HealthLynked's year-to-date revenue for 2021?

HealthLynked's year-to-date revenue for 2021 increased by 66% to $7.5 million.