HealthLynked Corp. reported significant financial challenges in its latest 10-Q filing for the three and nine months ended September 30, 2024. The company experienced a substantial decline in revenue, with total revenue for Q3 2024 at $590,124, down 56% from $1,332,515 in Q3 2023. For the nine-month period, total revenue decreased by 50% to $2,389,434 from $4,791,165 in the prior year. The decline in patient service revenue was particularly pronounced, dropping 59% year-over-year to $522,795 in Q3 2024, attributed to significant decreases in revenue from key practices, including a 65% drop at the Naples Center for Functional Medicine (NCFM) due to physician departures.
The company's operating expenses for Q3 2024 were $2,261,471, a decrease from $2,517,358 in Q3 2023, reflecting cost-cutting measures. However, the loss from operations increased to $(1,671,347) in Q3 2024, compared to $(1,184,843) in Q3 2023. For the nine months ended September 30, 2024, the loss from operations was $(3,928,874), up from $(3,039,569) in the same period of 2023. The net loss for the nine months was $(4,901,273), a stark contrast to a net income of $273,556 in the previous year.
The company’s financial position deteriorated, with total assets decreasing to $2,758,158 as of September 30, 2024, from $4,280,140 at the end of 2023. Total liabilities increased to $4,691,077, resulting in a shareholders' equity deficit of $(1,932,919). The working capital deficit stood at $1,982,113, and the accumulated deficit reached $46,934,409.
Strategically, HealthLynked completed the divestiture of its ACO/MSO Division in January 2023, which has since been classified as discontinued operations. The company has focused on its Health Services, Digital Healthcare, and Medical Distribution divisions. Notably, the Digital Healthcare segment saw a 74% increase in subscription revenue, indicating some growth potential despite overall revenue declines.
The company has expressed substantial doubt about its ability to continue as a going concern without additional funding through November 2025. Management plans to enhance profitability in its Health Services business and invest in the Digital Healthcare segment, particularly the HealthLynked Network. The company has also engaged in various financing activities, including issuing convertible notes and selling common stock, to bolster its liquidity.
About HealthLynked Corp
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