HealthLynked Corp.

What they do

The company runs three divisions: Digital Healthcare, which develops and manages the HealthLynked Network for centralizing medical records, appointment scheduling, telemedicine and AI-enabled care navigation tools; Health Services, now a single functional medicine practice under the NCFM brand that also offers primary care and minimally invasive cosmetic services; and Medical Distribution, operating as MedOfficeDirect LLC, a virtual distributor of medical supplies through NDC National Distribution and Contracting as its primary distribution partner. Historically the company operated multiple clinical practices including women's health, physical therapy, aesthetics and primary care, but has exited or divested non-core practices and sold the assets of its BTG practice in October 2025.

Revenue drivers

• Health Services Division — Clinical patient revenue from the single NCFM-branded functional medicine practice, including primary care and cosmetic services; management states this division has historically generated most of the company's revenue but carries higher operating costs and margin constraints.
• Digital Healthcare Division — The HealthLynked Network platform generates revenue through medical records management, patient scheduling, telemedicine and concierge services; management describes this technology-enabled segment as its intended primary future growth driver.
• Medical Distribution Division (MedOfficeDirect LLC) — A virtual, inventory-light online marketplace selling discounted medical supplies to medical professionals and consumers, fulfilled through supplier and group purchasing relationships; management does not view it as a primary long-term growth driver.

Recent performance

Annual revenue declined every year from $6.5M in 2021 to $2.1M in 2025, with a particularly steep drop from $5.7M in 2023 to $3.0M in 2024. Annual net loss narrowed to $3.3M in 2025 from $6.1M in 2024, and operating cash use improved to $1.7M in 2025 from $3.5M in 2024. Recent quarterly revenue was $388,545 for the quarter ended 2025-09-30, $310,179 for 2025-12-31, $423,465 for 2026-03-31, and $249,830 for 2026-06-30. At 2026-06-30 the company reported total assets of $1.6M, total liabilities of $9.3M, shareholder equity of negative $7.8M, and cash and equivalents of $12,844.

Strategy

Management states it has intentionally reduced exposure to direct clinical operations and exited or divested non-core practices, leaving one functional medicine clinic to provide ongoing clinical insight at a lower cost structure. Capital allocation is being aligned toward expanding the Digital Healthcare platform, which management expects to drive future growth through technology-enabled services. The Medical Distribution division is intended to generate incremental revenue and platform engagement rather than serve as a primary growth driver. The company's stated objectives are improving patient care management, enhancing medical practice operational efficiency, and using healthcare data for insights into diseases.

Risks

• Going concern — The company explicitly lists its ability to continue as a going concern as a risk factor and reported negative shareholder equity of $7.8M and cash of only $12,844 at 2026-06-30.
• Substantial indebtedness — The 10-K cites substantial indebtedness, including convertible related-party debt, as affecting the business, financial condition and results of operations, with total liabilities of $9.3M against total assets of $1.6M at 2026-06-30.
• Declining revenue — Annual revenue has fallen from $6.5M in 2021 to $2.1M in 2025, and the company has recorded net losses in each of those years.
• Dilution and equity-linked instruments — Recent 8-K filings report unregistered sales of equity and the company records derivative financial instruments at fair value using Level 3 assumptions, with changes in fair value recognized in earnings.

Outlook

Management states that future growth is expected to be driven principally by technology-enabled services within the Digital Healthcare division, supported by the HealthLynked Network platform. Direct clinical operations are described as a limited, supportive component of the overall strategy rather than a primary growth driver. The Medical Distribution division is positioned to complement the platform through incremental revenue and engagement. No specific financial guidance or revenue targets are provided in the excerpts.