- HealthLynked achieved significant optimization in operational expenses, resulting in a 70% reduction in net loss for the fourth quarter and highlighting a period of strategic positioning for future growth
- HealthLynked’s full-year 2023 financial results mark technological advancements, with a focus on core technologies and profitability
- The company anticipates further performance improvements in the second half of 2024, positioning itself as a leader in healthcare technology
HealthLynked (OTCQB: HLYK), a leader in healthcare networking and technological innovation, recently announced its financial results for the fourth quarter and full year ending December 31, 2023. HealthLynked achieved a significant 70% reduction in net loss for the fourth quarter, highlighting a period of strategic advancements and focus on healthcare technologies plus networking capabilities (https://ibn.fm/ycgvs).
Dr. Michael Dent, CEO of HealthLynked said the recent launch of the pay app version 3.2.1 and the forthcoming integration of ARI mark significant milestones in the company’s mission to transform healthcare delivery and drive additional revenues. “Despite temporary staffing transitions, our focus on our core healthcare network and technological innovations position us for substantial growth and profitability,” Dr. Dent said. “We continue to grow our user base while integrating technology that improves patient care and the efficient exchange of medical information between doctors and patients.”
HealthLynked’s full-year 2023 financial results reflect investments in technological advancements that will accelerate revenue growth in our core technology application. Despite a modest 2% revenue decrease attributed to temporary staffing adjustments and the onboarding of new physicians, the release of the new pay app version 3.2.0, together with the integration of our Artificial Intelligence – ARI – into the HealthLynked app, present promising opportunities for core revenue growth.
Operational efficiency was notably improved with a 52% cut in operational losses and a 19% reduction in operating expenses, signaling HealthLynked’s commitment to financial stewardship. The strategic divestiture of ACO Health Partners bolstered financial restructuring, contributing $3.76 million and enhancing liquidity. A dramatic reduction in net loss to $1.01 million from $8.82 million in 2022 showcases the positive impact of strategic divestitures and operational efficiencies.
In the fourth quarter of 2023, revenue declined to $0.93 million due to temporary physician staffing adjustments, yet strategic initiatives led to a 73% reduction in operating loss and a 70% reduction in net loss, demonstrating resilience and adaptability amidst staffing transitions and emphasizing a commitment to long-term financial sustainability and growth. With a focus on core technologies and profitability, HealthLynked anticipates improved performance in the second half of 2024, positioning itself as a leader in healthcare technology.
The global patient-centric healthcare app market was valued at $18.65 billion in 2024. It is expected to reach 100.66 billion by 2029, growing at a CAGR of 40.11% during the forecast period (https://ibn.fm/FXFJn). The market is expected to grow because patients are more inclined to use apps to manage their chronic conditions, such as diabetes, hypertension, and more. The COVID-19 pandemic showed a positive impact on the market, and more apps have been launched in response to providing medical care to patients in more convenient methods.
The HealthLynked App is uniquely situated to take advantage of the explosive growth in that market as it is the only comprehensive network that addresses most of the problems in the healthcare industry. As a result, demand for the app should be high as more features and services are added over time.
By concentrating on our core technologies and healthcare network, HealthLynked is poised to advance more profitably, continuing to innovate and lead in the healthcare sector.
HealthLynked maintains a steadfast commitment to advancing healthcare innovation through strategic focus and technological progress. The company deeply appreciates the ongoing support of its investors and stakeholders as it navigates these transitions and moves forward toward a future characterized by expansion, innovation, and improved healthcare results.
For more information, visit the company’s website at www.HealthLynked.com.
NOTE TO INVESTORS: The latest news and updates relating to HLYK are available in the company’s newsroom at https://ibn.fm/HLYK
