NAPLES, Fla., April 16, 2019 (GLOBE NEWSWIRE) -- HealthLynked Corp (OTCQB: HLYK) (the Company), a leader in digital healthcare technology, announced today that it closed its acquisition of Hughes Center for Functional Medicine, P.A. (HCFM) on April 12, 2019.
HCFM, a private entity, is a leader in functional medicine focusing on Neurodegenerative diseases such as Alzheimer’s, Parkinson’s and Multiple Sclerosis. HCFM provides cutting-edge treatments to improve health and slow aging, including hormones, thyroid, weight loss, wellness and prevention. HCFM’s income streams are derived from patient office visits, a dedicated IV room, hyperbaric oxygen chambers, ozone, UVlrx, and the sale of supplements. DNA sequence testing has recently been added to its suite of services.
“Closing the acquisition of HCFM demonstrates HealthLynked’s forward-looking strategy of adding business assets that not only strengthen the company’s position in the marketplace but also offer greater services for our patient constituents,” said Michael Dent, M.D., HealthLynked’s Chairman and CEO. The Hughes Center is now the Naples Center for Functional Medicine, a HealthLynked Company (NCFM) and is a welcome addition to the Company’s health service division.
Audited Financials. HCFM’s revenue for 2018 and 2017 were $3,023,344 and $2,696,245 respectively. HCFM’s EBITDA for the same periods were $372,921 and $311,443 respectively. Anticipated NCFM EBITDA for the next twelve months, factoring out 2018 owners expenses, is projected to be approximately $450,000. Assets of HCFM on December 31, 2018 were $436,349.
Amendment to the Agreement. HLYK and HCFM mutually agreed to amend the definitive agreement at closing to include $500,000 cash and $1,000,000 in HLYK Stock at $0.252/share. The $500,000 earn-out remained intact.
George O’Leary, Chief Financial Officer of HealthLynked, stated, “Dr. Hughes and I agreed that with her continued participation at the holding company level, it made more sense to align our interests with more stock in the transaction.” He continued, “We are very excited to bring Dr. Carol Roberts, Dr. Eduardo Maristany, and Dr. Pamela Hughes into the HLYK Family. JoAnn Rucker, our Regional Director of Practice Management, will be overseeing the transition.”
About HealthLynked Corp.
HealthLynked Corp. provides a solution for both patient members and providers to improve healthcare through the efficient exchange of medical information. The HealthLynked Network is a cloud-based platform that allows members to connect with their healthcare providers and take more control of their healthcare. Members enter their medical information, including medications, allergies, past surgeries and personal health records, in one convenient online and secure location, free of charge.
