HealthLynked Corp. reported a significant decline in its financial performance for the fiscal year ending December 31, 2024, with total revenue falling to $3.0 million, a decrease of 47% from $5.7 million in 2023. The company's patient service revenue dropped by 48% to $2.9 million, primarily due to staffing changes at its Naples Center for Functional Medicine (NCFM) and a substantial decrease in revenue from its Aesthetic Enhancements Unlimited (AEU) practice. Subscription revenue also fell by 45%, while product revenue from its Medical Distribution Division decreased by 42%. The company recorded a net loss of $6.1 million, a 506% increase from the previous year's loss of $1.0 million, largely attributed to the absence of gains from discontinued operations and increased impairment charges.
In terms of operational changes, HealthLynked underwent a strategic restructuring, divesting its Accountable Care Organization (ACO) and Managed Service Organization (MSO) division in January 2023. This move allowed the company to focus on its core divisions: Digital Healthcare, Medical Distribution, and Health Services. The company also launched its Concierge Care Naples (CCN) practice in October 2024, which is expected to enhance its service offerings. However, the company faced challenges in retaining qualified physicians, which impacted its revenue generation capabilities.
HealthLynked's operational metrics reflected a decline in engagement, with a notable reduction in patient counts and subscription memberships. The company reported a working capital deficit of $3.0 million and an accumulated deficit of $48.2 million as of December 31, 2024. The total employee headcount stood at 20, unchanged from the previous year, indicating limited growth in workforce despite the operational challenges faced.
Looking ahead, HealthLynked's management expressed concerns regarding its ability to continue as a going concern without additional funding. The company had cash balances of $76,241 at year-end and anticipated continued net losses and cash outflows for the next 12 months. Management plans to raise additional capital through various means, including potential sales of common stock under a Standby Equity Purchase Agreement. The company aims to improve its financial position by enhancing its Digital Healthcare offerings and expanding its patient base, although there are no guarantees of success in these endeavors.
About HealthLynked Corp
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