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Naples health care tech CEO invests $1M in firm — despite $20M in losses


  • By Mark Gordon
  • | 8:30 a.m. June 19, 2024
  • | 2 Free Articles Remaining!
Dr. Michael Dent has been CEO of Naples-based HealthLynked since 2016.
Dr. Michael Dent has been CEO of Naples-based HealthLynked since 2016.
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Dr. Michael Dent, founder and CEO of Naples-based personalized health care network HealthLynked Corp., is matching his belief in his company with his wallet: He’s providing $1 million in financing for the company. 

It’s a hefty funding round — representing about 20% of the company's total revenue of $4.97 million in the 12 months through March 31, according to data from PitchBook.  HealthLynked, which uses cloud-based software to connect doctors, patients and medical data, was founded in 2016 and has around 40 employees. It’s publicly traded over the counter under the symbol HLYK.  

The financing from Dent, the company says, signifies his “unwavering belief in the company's mission and his commitment to protecting shareholder interests as HealthLynked continues to gain traction in the market.”

It also comes during somewhat of a transition period for the company. In its first-quarter earnings statement, released May 16, the company said while it’s “steadfast in its mission to revolutionize global health care delivery” it’s also shifting “revenue streams from clinical operations to app-based services in 2024.”

That move, officials say, revolves around prioritizing app-based health care solutions, including telehealth services, AI-driven personalized health care guidance and seamless appointment booking. “Our commitment to delivering innovative health care solutions remains unwavering as we transition revenue sources from clinical services to our growing network membership over the next 4 to 6 months,” Dent said in the May 16 release. 

The revenue model shift comes as the company grapples with multiple years of losses, including -$10.21 million in fiscal 2021, -$8.86 million in fiscal 2022 and -$1.01 million in fiscal 2023. 

The financing from Dent meanwhile, according to the statement, is “expected to provide HealthLynked with additional capital to further expand its offerings and accelerate its growth.”

"Providing Funding to HealthLynked is a testament to my belief in the transformative power of our services and our mission to create a more efficient health care system for the benefit of everyone," Dent says in the release. 

 

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Mark Gordon

Mark Gordon is the managing editor of the Business Observer. He has worked for the Business Observer since 2005. He previously worked for newspapers and magazines in upstate New York, suburban Philadelphia and Jacksonville.

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