For Naples software and medical technology firm HealthLynked, 2019 will be remembered as a year its ambitious goals began to have a closer connection to revenue growth and profitably.
Founded in 2014 with a mission to “improve health care through an efficient exchange of health care information among patients and health care providers,” HealthLynked hit several milestones in 2019. And 2020, company officials project, could be even better. “I’ve never been more optimistic about the opportunity and the ability we have to improve health care for millions of people though our connected network,” Chairman and CEO Dr. Michael Dent says in a January letter to shareholders. “We achieved our 2019 targets and expect 2020 to be a breakout year for HealthLynked.”
Behind a cloud-based software platform, HealthLynked merges patients’ health records from a variety of sources into a comprehensive, portable, accurate health record instantly accessible by participating doctors who sign up to the HealthLynked hub. It’s free to patient members, with doctors/clients paying monthly, under a Subscription-as-a-Service model. HealthLynked is publicly traded, listed over the counter under the symbol HLYK.
HealthLynked highlights for 2019, according to Dent’s letter, include:
• Projected gross revenue of $4.1 million, up 80% over $2.3 million in 2018;
• $1.2 million in revenue in the second and third quarters and $1.2 million projected for the fourth quarter, which would be 113%, 117% and 140% year-over-year growth per quarter, respectively;
• Added more than 7,000 hospitals to the network directory;
• Partnered with an online medical supply company to deliver name brand medical supplies direct to patient members and health care providers;
• Added $3 million in revenue — and $500,000 in profit — in April, when it closed on a deal to acquire HCFM, a functional medicine practice that focuses on neurodegenerative diseases, such as Alzheimer’s, Parkinson’s and multiple sclerosis; and
• Added additional health services in physical therapy, including a Lee County facility expected to generate $1.5 million in annual revenue.
A long-range goal for the company, Dent said in an interview last summer, is to create and utilize an artificial intelligence component that can provide more and timelier information. A short-range goal, Dent says in the letter, is to move up from over-the-counter to Nasdaq, possibly this year, “when we feel the timing is right and when it is in the best interest of our shareholders.”