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HealthLynked Corp (HLYK-4.46%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's operations across three divisions: Digital Healthcare, Medical Distribution, and Health Services. The Digital Healthcare division focuses on the HealthLynked Network, a cloud-based platform for managing personal medical records. The Medical Distribution division operates through MedOffice Direct, a virtual distributor of medical supplies. The Health Services division includes clinical operations providing various healthcare services.
The company reported total revenue of $3,008,361 for 2024, a decrease from $5,722,379 in 2023. This decline was primarily due to a reduction in patient service revenue, which fell by 48% year-over-year.
Operating expenses for 2024 were $7,686,009, down from $9,874,090 in 2023, reflecting cost reduction efforts. However, the company recorded an impairment loss of $716,000 related to its NCFM Medical Database.
HealthLynked reported a net loss of $6,131,479 for 2024, compared to a net loss of $1,012,203 in 2023. The increased loss was attributed to reduced revenue, higher impairment charges, and increased debt-related expenses.
The company raised $405,000 through private placements of common stock and received $3,605,000 from the issuance of notes payable to related and third parties during 2024.
As of December 31, 2024, HealthLynked had cash balances of $76,241 and a working capital deficit of $3,048,832. The company acknowledged substantial doubt about its ability to continue as a going concern without additional funding.
The filing also discusses the sale of its ACO/MSO Division in January 2023, which resulted in a gain from disposal of discontinued operations amounting to $2,674,069.
HealthLynked's management highlighted the company's focus on leveraging healthcare data and AI-driven technology to enhance patient care and operational efficiency.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the HealthLynked Corp annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.