Solid Revenue Growth and Earnings Define HealthLynked's Q 1 2023.

NAPLES, Fla: HealthLynked Corp. (OTCQB: HLYK), a global healthcare network dedicated to care management of its members and a provider of healthcare technologies connecting doctors, patients, and medical data, announced its financial results for the first quarter ended March 31, 2023.

First Quarter 2023 Financial Results

For the first quarter of 2023, HealthLynked recorded revenue of $1.76 million, marking a 15% increase from the $1.53 million generated in the first quarter of 2022. The growth was fueled by a substantial 26% year-over-year expansion from our Functional Medicine practice and additional revenue from our Aesthetics Treatment Centers, which we integrated into our portfolio in May 2022. First quarter 2023 revenue of $1.76 million also reflects a 25% surge compared to $1.41 million revenue in the fourth quarter of 2022.

Loss from operations experienced a significant reduction of 27%, dropping from $1.45 million in the first quarter of 2022 to $1.06 million in the same period in 2023. This improvement was largely due to the 15% year-over-year revenue growth coupled with a strategic 17% year-over-year reduction in selling, general, and administrative expenses, demonstrating the success of cost-efficiency initiatives implemented throughout 2022.

In the first quarter of 2023, HealthLynked recognized a gain from disposal of discontinued operations of $2.67 million following the divestment of ACO Health Partners in January 2023. This figure represents the surplus fair value of sale consideration received by HealthLynked over the carrying value of assets and liabilities sold and derecognized in the transaction.

Our net income for the first quarter of 2023 stood at $1.45 million, a significant turnaround...