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HealthLynked Corp (HLYK+3.07%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing indicates a decrease in patient service revenue to $522,795 from $1,271,466 in the same quarter the previous year. This decline is attributed to changes in clinical staffing and the departure of key physicians.
Subscription revenue increased to $32,367 from $18,574, while product revenue decreased to $34,962 from $42,475, reflecting reduced marketing efforts.
Practice salaries and benefits decreased to $449,759 from $772,416, and other practice operating expenses decreased to $349,467 from $529,067, due to cost reduction efforts.
An impairment charge of $716,000 was recorded for the NCFM Medical Database, reflecting a decline in revenue and profitability.
Loss from operations increased to $1,671,347 from $1,184,843, primarily due to the impairment charge and decreased revenue.
The company reported a net loss of $1,973,119, compared to a net loss of $174,924 in the previous year, primarily due to a decrease in revenue and increased impairment charges.
Cash used in operating activities was $2,750,520, with cash provided by financing activities of $2,520,854, including proceeds from the sale of common stock and issuance of notes payable.
HealthLynked continues to face liquidity challenges, with a working capital deficit of $1,982,113 and an accumulated deficit of $46,934,409 as of September 30, 2024.
The company plans to raise additional capital to fund its operations and continue developing its HealthLynked Network.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the HealthLynked Corp quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.