HealthLynked Corp. Reports 23% Revenue Decline and $1.05M Net Loss in Q1 2025

HealthLynked Corp. reported a decline in financial performance for the first quarter of 2025, with total revenue decreasing by 23% to $774,208 compared to $1,004,232 in the same period of 2024. The drop in revenue was primarily driven by a 22% decrease in patient service revenue, which fell to $752,015, largely due to the discontinuation of the Naples Women’s Center practice and reduced activity in other service areas. Subscription revenue, however, saw a 26% increase to $9,584, while product revenue from the Medical Distribution Division decreased significantly by 62% to $12,609.

In terms of expenses, HealthLynked managed to reduce its operating costs significantly, with total operating expenses dropping by 36% to $1,391,597. This reduction was attributed to focused cost-cutting measures implemented across its practices and corporate functions. Notably, practice salaries and benefits decreased by 31% to $402,366, and selling, general, and administrative expenses fell by 37% to $629,415. As a result, the company reported a loss from operations of $617,389, a 48% improvement compared to the loss of $1,178,038 in the prior year.

The company’s net loss for the quarter was $1,050,939, a 24% reduction from the $1,387,718 loss reported in the same quarter of 2024. This improvement was attributed to lower operational costs, despite the decline in revenue. Additionally, HealthLynked experienced a gain on the extinguishment of debt amounting to $42,726, contrasting with a loss of $96,660 in the previous year. The company also recorded a loss of $49,186 on the change in fair value of debt, reflecting the ongoing adjustments related to its financial instruments.

Operationally, HealthLynked continues to focus on its three divisions: Health Services, Digital Healthcare, and Medical Distribution. The company has made strategic changes, including the replacement of its obstetrics and gynecology practice with Concierge Care Naples and the relocation of its aesthetic services. As of March 31, 2025, the company had cash balances of $22,270 and a working capital deficit of $4,032,140, raising concerns about its liquidity and ability to meet obligations without additional funding. The company anticipates continued net losses and significant cash outflows in the coming year, emphasizing the need for further capital to support its operations and growth initiatives.