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Business Wire
6 days ago
- Business
- Business Wire
WELL Health Provides Corporate Update on Canadian Clinics Business, Reflecting Improved Guidance and an Expanded Credit Facility
VANCOUVER, British Columbia--(BUSINESS WIRE)--WELL Health Technologies Corp. (TSX: WELL) (' WELL ' or the ' Company '), a company focused on positively impacting health outcomes by leveraging technology to empower healthcare providers and their patients, is pleased to provide a corporate update highlighting continued growth and improved financial guidance for its Canadian Clinics Business, progress on its M&A pipeline, the expansion of its RBC-led credit facility, and disclosure on a material cost optimization and efficiency initiative. WELL continues to demonstrate strong momentum through continued organic and inorganic growth and is pleased to announce that it is ahead of internal expectations and has updated its guidance for its Canadian Clinics segment, which includes both primary care and diagnostics divisions, to over $450 million in revenue for 2025, representing a 41% increase over total revenue of $319.1 million in 2024. Similarly, Canadian Clinics is now forecasting Adjusted EBITDA of over $60 million in 2025, reflecting an increase of approximately 47% over Adjusted EBITDA of $40.7 million in 2024. WELL expects its operating Adjusted EBITDA margins to improve given the Company is growing Adjusted EBITDA at a faster rate than its revenues. 'Given that we are halfway through the year and tracking favourably to our plan for the year, we are very pleased to provide a progress update on our core Canadian Clinics business,' said Hamed Shahbazi, Founder and CEO of WELL Health Technologies, 'Canadian Clinics is demonstrating the strength of its platform with continued strong organic growth and M&A execution throughout 2025 so far with 13 clinics acquired to date, representing $33 million in annual revenue. Most recently, we're pleased to announce two new strategic acquisitions completed just this past week. We are also pleased to report that we've recently amended our credit agreement to a $200 million senior secured facility led by RBC.' Dr. Michael Frankel, Chief Medical Officer and President of Canadian Clinics commented, 'I'm very proud of the strong team that is executing on clinic transformation, digitization, and integration at WELL Clinics. Our clinic transformation team is responsible for improving access to care and raising the sustainability of the Canadian healthcare ecosystem. In addition to significant improvements in the patient journey, our efforts to attract more physicians have allowed us to create more than 50,000 new patient openings across four provinces in what may be one of the most expansive opportunities to attach patients and expand care in the country.' WELL Expands British Columbia Clinics Platform with Two Strategic Acquisitions WELL completed the acquisition of two clinics in British Columbia on July 1, 2025. These acquisitions are expected to contribute over $12 million in annual revenue and approximately $3 million in Adjusted EBITDA, further expanding WELL's leading network of outpatient healthcare clinics across Canada. The two new additions include a personalized health clinic in Vancouver, BC which will boost the Company's Longevity and Preventative Health business as well as a large, well-established primary care and specialty clinic in Burnaby, BC offering primary care, pediatrics, and specialty services including neurology and dermatology. These acquisitions reflect WELL's continued focus on expanding access to high-quality, patient-centered care, enhancing its operational scale in key markets, and applying its proven clinic transformation playbook to drive improved efficiencies and margin expansion over time. WELL Continues Steady Pipeline Execution WELL continues to execute one of the largest and most active acquisition programs in the country. The Company is making steady progress against a deep and growing pipeline of opportunities. As of today, WELL has 5 targets under letters of intent (LOI), representing 7 clinics and approximately $27 million in annual revenue and $3.5 million in Adjusted EBITDA. The Company's broader pipeline includes 27 targets comprising 124 clinics, representing a combined $370 million in annual revenue and $50 million in Adjusted EBITDA. This sustained momentum underscores WELL's strategic advantage and disciplined approach to scaling in a fragmented market. By leveraging its operational platform and proven integration capabilities, WELL is well-positioned to continue expanding its national presence while remaining focused on creating long-term value through accretive transactions. The Company's approach remains rooted in identifying high-quality clinics, supporting clinicians, and delivering consistent, high-return performance across acquired assets while ensuring high-quality operational excellence and a focus on achieving the best patient outcomes possible. WELL and RBC Expand and Extend Credit Facility to 2027 In support of its ongoing growth plans, WELL is pleased to announce that its senior secured credit facility, led by Royal Bank of Canada (RBC) and supported by a syndicate of lenders, has been extended through 2027 with several favorable structural enhancements. Notably, the Company has converted the accordion feature of the facility into a revolving credit line, increasing both flexibility and access to capital. The total size of the facility now stands at approximately $200 million, with more than $70 million of available capacity as of the date of this release. As of the end of Q2, it is expected that the leverage ratio in this facility was less than 2.5x. This expanded facility reflects the confidence of WELL's banking partners and provides a strong financial foundation to support the Company's growth initiatives. WELL's Cost Optimization and Efficiency Initiative WELL's continued focus on digitization and modernization of its primary care clinics is resulting in a significant multi-million-dollar cost optimization initiative designed to improve efficiency and enhance operational excellence of its primary care clinics across Canada. The cost savings are currently being implemented and will be in place by the end of July 2025. Footnotes: The Company's guidance of $450 million in revenue and $60 million in Adjusted EBITDA in fiscal 2025 for Canadian Patient Services segment includes all announced acquisitions and includes the 5 LOIs noted herein which will contribute approximately $10 million in revenue and $1 million in Adjusted EBITDA for inclusion in fiscal 2025. Adjusted EBITDA is a non-GAAP financial measure. Please refer to WELL's most recent Management's Discussion and Analysis (MD&A), available under the Company's profile on SEDAR+ at for further details including definitions and reconciliations to the nearest IFRS measure. The Company's $200 million senior secured credit facility now has approximately $190 million of drawdown capacity given that the Company has made amortization payments of approximately $9 million. WELL HEALTH TECHNOLOGIES CORP. Per: 'Hamed Shahbazi' Hamed Shahbazi Chief Executive Officer, Chairman and Director WELL Health Technologies Inc. About WELL Health Technologies Corp. WELL's mission is to tech-enable healthcare providers. We do this by developing the best technologies, services, and support available, which ensures healthcare providers are empowered to positively impact patient outcomes. WELL's comprehensive healthcare and digital platform includes extensive front and back-office management software applications that help physicians run and secure their practices. WELL's solutions enable more than 42,000 healthcare providers between the US and Canada and power the largest owned and operated healthcare ecosystem in Canada with more than 210 clinics supporting primary care, specialized care, and diagnostic services. In the United States WELL's solutions are focused on specialized markets such as the gastrointestinal market, women's health, primary care, and mental health. WELL is publicly traded on the Toronto Stock Exchange under the symbol 'WELL' and on the OTC Exchange under the symbol 'WHTCF'. To learn more about the Company, please visit: Forward-Looking Statements Certain statements in this press release, constitute 'forward-looking information' and 'forward looking statements' (collectively, 'forward looking statements') within the meaning of applicable Canadian securities laws, including the guidance related to revenue and adjusted EBITDA, the expected pipeline of future acquisition targets (and the associated revenue), and the expectations associated with the Company's leverage ratio in its Canadian clinics facility. Forward-looking statements are necessarily based upon management's expectations, while considered reasonable by WELL as of the date of such statements, are outside of WELL's control and are inherently subject to business, economic and other uncertainties and contingencies which could result in the forward-looking statements ultimately being entirely or partially incorrect or untrue. Forward looking statements contained in this press release are based on various assumptions, including, but not limited to the ability to identify and recruit patients, recruit physicians, maintain the number of physicians working at WELL's clinics, and continuing to deploy technologies at WELL clinics which drive efficiencies at such locations. Known and unknown risk factors, many of which are beyond the control of WELL could cause the actual plans to differ materially from the results implied by such forward-looking statements. Such risk factors include not being able to execute on the digitization efforts, not completing the planned acquisitions, the acquired clinics not maintaining their existing customers, changes to reimbursements rates by provincial payers, not being able to recruit additional physicians, not successfully recruiting new patients, and the other risks discussed under the section entitled 'Risk Factors' in WELL's most recent annual information form, which is available under the Company's respective SEDAR+ profile at which could affect WELL's business. The risk factors are not intended to represent a complete list of the factors that could affect WELL and the reader is cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking statements. There can be no assurance that forward looking statements will prove to be accurate. Forward-looking statements are provided for the purpose of providing information about management's expectations and plans relating to the future. WELL disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law. All of the forward-looking statements contained in this press release are qualified by these cautionary statements.
Business Wire
24-06-2025
- Health
- Business Wire
WELL Health Announces Availability for 45,000 New Primary Care Patients Across 3 Provinces Enabled by Investments in Physician Recruitment and Digital Transformation
VANCOUVER, British Columbia & TORONTO--(BUSINESS WIRE)--WELL Health Technologies Corp. (TSX: WELL) (OTCQX: WHTCF) (' WELL ' or the ' Company '), a digital healthcare company focused on positively impacting health outcomes by leveraging technology to empower healthcare practitioners and their patients globally, is pleased to announce a major expansion in primary care capacity across its national clinic network. WELL clinics are accepting new patients at scale and have immediate capacity for more than 45,000 new patients across three provinces. These openings reflect the pace of physician onboarding and the company's proactive approach to panel development: These figures are expected to grow as additional physicians are onboarded, and new panels are activated in the coming months. This expanded access is part of WELL's broader effort to address Canada's growing access-to-care crisis by combining physician recruitment and advanced technology to deliver timely, high-quality care at scale. All patients would need in order to be eligible is to present their valid provincial health card (1). Interested patients can visit to express their interest. Submissions will be prioritized in the order they are received. Dr. Michael Frankel, Chief Medical Officer of WELL commented 'As a Canadian owned and operated company which owns and operates the largest network of outpatient medical clinics in Canada, we are very proud of this announcement as it is a clear demonstration that our team's hard work is helping improve access to care for Canadians. All this is made possible because of our investments and advancements which are helping providers with the tools and support they need to be successful, as well as investments we have made in recruiting and retaining physicians to ensure they are attracted to and stay in Canada. We are keenly focused on helping our providers achieve operational excellence while maintaining strict clinical autonomy as is the case in all WELL clinics. We are building a stronger foundation for long-term system capacity and helping our providers improve patient outcomes in the process.' Across Canada, millions of people continue to face barriers in accessing primary care. More than 6 million Canadians currently lack a regular family doctor (2), and in some regions, wait times to access a family doctor can range from several weeks to several months (3). The problem is systemic and multifactorial: a growing number of physicians are retiring or reducing hours, while too few new graduates are entering family medicine. At the same time, doctors are spending increasing amounts of their workday on administrative tasks rather than patient care. Some estimates suggest that up to 30 to 40 percent of clinicians' time is spent on documentation, managing referrals, and other non-clinical work illustrating the inefficiencies that exist in traditional practices. WELL is taking a direct and measurable approach to solving this crisis, combining IMG recruitment with industry-leading digital health solutions to expand and amplify care capacity. These efforts are already resulting in new patient panels being created across WELL's national clinic network. The panels are in varying stages of development, with some are already built, while others are actively ramping up as new physicians join the network. Jeremy Mickolwin, Vice President of Clinic Operations at WELL, commented 'At WELL, we are implementing sophisticated digital workflows that are highly effective in real clinical settings and that drastically reduce the time providers spend on administrative work. Our team brings years of hands-on experience and understands the complexity of change management in healthcare. Combining our experience with the operational scale required to lead clinic transformation in the digital age allows us to deliver results that matter. Physicians in WELL clinics are spending more time with patients and less time on paperwork, and that is exactly the kind of progress our healthcare system needs. WELL is proud to be able to offer family doctors to thousands of Canadians who are currently without access to longitudinal care. Ensuring a patient has a family doctor isn't a luxury, it's a foundation of equitable, effective healthcare.' Enabling Better Care Through Clinic Transformation and Technology Inside its clinics, WELL has implemented a powerful suite of tools powered by its subsidiary, WELLSTAR Technologies Corp. (' WELLSTAR '), that reduce physician burnout, increase efficiency, and improve documentation quality. Nexus AI™, WELLSTAR's proprietary ambient scribe, safely and compliantly listens to patient visits in real time and automatically generates accurate, structured medical notes. Recent studies indicate that physicians using AI-enabled ambient scribe tools save as much as 2 hours per day on charting and post-visit documentation, allowing them to focus more on care and reduce their end-of-day workload. Nexus AI is a pre-qualified vendor for the Canada Health Infoway AI Scribe Program. In addition, WELL Clinics is leveraging patient engagement tools from OceanMD, a WELLSTAR company, including eForms, online booking, and automated triage to power its National Patient Registration system. OceanMD operates one of Canada's most advanced referral and patient engagement platforms, processing over 140,000 referrals per month. OceanMD helps automate intake, reduce referral backlogs, and enable secure communication between primary care providers, specialists, and patients through comprehensive digital tools, including online appointment booking, streamlined patient consent management, and secure messaging capabilities. These patient engagement features are driving significant clinic transformation and digital enhancements, creating benefits for both providers and patients through reduced administrative burden and improved convenience. By coordinating care more effectively across various settings and providing patients with self-service tools for booking, consent, and communication, OceanMD is enhancing throughput and alleviating strain on the system. WELL's approach enables physicians to thrive in primary care settings and deliver high-quality, continuous care. This model has also become a key driver of recruitment success, particularly among internationally trained physicians seeking modern, digitally supported practices. Bolstering the Front Lines Through IMG Recruitment To address Canada's growing shortage of family doctors, WELL has made the recruitment and onboarding of internationally trained physicians a strategic priority. This effort was significantly strengthened by the Company's January 2025 control investment in Physicians For You, one of Canada's largest and most established physician recruitment platforms. Physicians For You specializes in identifying, qualifying, and placing internationally trained doctors who meet Canadian licensing standards, an essential capability as demand for primary care continues to outpace physician supply nationwide. Through this acquisition, WELL has added deep recruitment expertise, international reach, and a purpose-built platform that now serves as a central engine for its IMG hiring strategy. In the last 6 months alone, WELL has successfully placed 25 new IMGs across its clinic network, with a growing number of placements being sourced and supported through Physicians For You. These physicians are entering team-based care environments equipped with robust digital infrastructure, enabling them to begin practicing quickly and build full patient panels, sometimes in as little as 60 days. This IMG-led expansion has already unlocked thousands of new appointments in high-demand regions including Toronto, Durham Region, Ottawa, Calgary, and Winnipeg. By investing in both the pipeline as well as the practice environment, WELL is helping to close the access gap at its root and build a more sustainable foundation for primary care delivery in Canada. Looking ahead, WELL expects to onboard at least 20 additional internationally trained physicians through its IMG recruitment program in 2025. This continued growth, supported by Physicians For You, will extend WELL's reach into high-demand regions and help ensure its clinics are equipped to meet patient needs as demand continues to rise. Footnotes: The patient openings referred to in this announcement all relate to publicly funded visits and are covered under the applicable provincial health plan. There is no cost to a patient that presents a valid health card. In Ontario, visits are covered by the Ontario Health Insurance Plan (OHIP), in Alberta, visits are covered by 'Alberta Health Care Insurance Plan (AHCIP) and in Manitoba, visits are covered by Manitoba Health, Seniors and Active Living (MHSAL). Canadian Institute for Health Information (CIHI), Access to Primary Care: Many Canadians Face Challenges, December 2024. Available at: Source: Ontario Ministry of Health and Long-Term Care (2018–2021 data), visualized by CBC News. WELL HEALTH TECHNOLOGIES CORP. Per: 'Hamed Shahbazi' Hamed Shahbazi Chief Executive Officer, Chairman and Director WELL Health Technologies Inc. About WELL Health Technologies Corp. WELL's mission is to tech-enable healthcare providers. We do this by developing the best technologies, services, and support available, which ensures healthcare providers are empowered to positively impact patient outcomes. WELL's comprehensive healthcare and digital platform includes extensive front and back-office management software applications that help physicians run and secure their practices. WELL's solutions enable more than 42,000 healthcare providers between the US and Canada and power the largest owned and operated healthcare ecosystem in Canada with more than 210 clinics supporting primary care, specialized care, and diagnostic services. In the United States WELL's solutions are focused on specialized markets such as the gastrointestinal market, women's health, primary care, and mental health. WELL is publicly traded on the Toronto Stock Exchange under the symbol 'WELL' and on the OTC Exchange under the symbol 'WHTCF'. To learn more about the Company, please visit: Forward-Looking Statements Certain statements in this press release, constitute 'forward-looking information' and 'forward looking statements' (collectively, 'forward looking statements') within the meaning of applicable Canadian securities laws, including the number of expected new patients WELL will be servicing and the expected number of new IMG recruits in 2025. Forward-looking statements are necessarily based upon management's expectations, while considered reasonable by WELL as of the date of such statements, are outside of WELL's control and are inherently subject to business, economic and other uncertainties and contingencies which could result in the forward-looking statements ultimately being entirely or partially incorrect or untrue. Forward looking statements contained in this press release are based on various assumptions, including, but not limited to the ability to identify and recruit patients, recruit physicians, maintain the number of physicians working at WELL's clinics, and continuing to deploy technologies at WELL clinics which drive efficiencies at such locations. Known and unknown risk factors, many of which are beyond the control of WELL could cause the actual plans to differ materially from the results implied by such forward-looking statements. Such risk factors include not identifying appropriate IMG recruits, not being able to recruit additional physicians, not successfully recruiting new patients, not being able to deploy or integrate technologies at all of its clinics, and the other risks discussed under the section entitled 'Risk Factors' in WELL's most recent annual information form, which is available under the companies' respective SEDAR+ profile at which could affect WELL's business. The risk factors are not intended to represent a complete list of the factors that could affect WELL and the reader is cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking statements. There can be no assurance that forward looking statements will prove to be accurate. Forward-looking statements are provided for the purpose of providing information about management's expectations and plans relating to the future. WELL disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law. All of the forward-looking statements contained in this press release are qualified by these cautionary statements.
Los Angeles Times
18-04-2025
- Business
- Los Angeles Times
Rexford Industrial Sells Lake Forest Property for $50.9 Million
Los Angeles-based Rexford Industrial Realty Inc. sold 20 Icon in Lake Forest for $50.9 million, or $497 per square foot. The 102,299-square-foot industrial building was fully occupied by a single tenant. 'Rexford Industrial delivered solid first quarter performance, underscoring the strength of our platform and the discipline of our execution,' said Howard Schwimmer and Michael Frankel, co-chief executives, in a statement. The sale came shortly after Rexford sold 1055 Sandhill Ave. in Carson for $52.5 million, or $410 per square foot. The 127,775-square-foot industrial building was sold vacant to a company that plans to utilize it for operations. Additionally, the company reported $30 million of sales under contract. Information for this article was sourced from Rexford Industrial.
Yahoo
18-04-2025
- Business
- Yahoo
Rexford Industrial Realty Inc (REXR) Q1 2025 Earnings Call Highlights: Strong Lease Execution ...
Leases Executed: 2.4 million square feet with net effective and cash rent spreads of 24% and 15%, respectively. Embedded Rent Steps: Averaged 3.6% in executed leases. New Leasing Activity: 400,000 square feet from five repositioning and redevelopment projects. Overall Absorption: Positive 125,000 square feet. Tenant Retention: 82%, highest level over the past year. Market Rent Decline: 2.8% sequentially and 9.4% year-over-year. Core FFO: $0.62 per share, representing 7% growth sequentially and year-over-year. Projected Incremental NOI: Over $230 million embedded within the portfolio. Liquidity: More than $1.6 billion, including $608 million of cash. Net Debt to EBITDA: Reduced to 3.9 times. Credit Facility Recast: Extending duration, lowering interest expense, and increasing liquidity. Warning! GuruFocus has detected 5 Warning Signs with REXR. Release Date: April 17, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Rexford Industrial Realty Inc (NYSE:REXR) executed 2.4 million square feet of leases with strong net effective and cash rent spreads of 24% and 15%, respectively. The company achieved an 82% tenant retention rate, the highest level over the past year. Rexford's portfolio outperformed the overall market in terms of rent declines, with smaller format spaces showing resilience. The company stabilized five repositioning projects totaling 560,000 square feet at a 7.6% unlevered yield. Rexford has over $230 million of projected incremental NOI embedded within its portfolio, positioning it for long-term growth. Market rents across Rexford's portfolio declined 2.8% sequentially and 9.4% year-over-year. The company is experiencing some excess supply in spaces above 100,000 square feet in certain submarkets. Leasing activity on vacant spaces decreased from 90% to 80% due to economic uncertainty and recent tariff announcements. Projected lease-up timing has increased to nine months from prior expectations of eight months due to tariff disruptions. Cash leasing spreads for the quarter were negatively impacted, primarily due to one lease with an above-market rent related to specialized improvements. Q: Market rents have declined. How much further do you expect rents to fall, and what impact could tariffs have on this trend? A: Laura Clark, Chief Operating Officer, noted that while there is some pressure on market rents, demand remains strong with activity on 80% of vacant spaces. Michael Frankel, Co-CEO, added that the tenant base is relatively insulated from trade flow changes due to tariffs, as they primarily serve regional consumption. The infill Southern California market is expected to remain resilient due to its scarcity of space and strong demand drivers. Q: Can you provide more details on the lease-up timing and the low end of guidance given the current uncertainty? A: Michael Fitzmaurice, Chief Financial Officer, explained that the projected lease-up timing has increased to nine months due to tariff disruptions. The company has stress-tested its guidance against historical downturns and feels confident about the low end of the range at $2.37 per share. Key variables considered include lease-up timing, market rent decline, bad debt expense, and same-property occupancy. Q: What caused the negative cash leasing spreads this quarter? A: Laura Clark, Chief Operating Officer, clarified that the negative 5% cash leasing spread was primarily due to one lease with an above-market rent related to specialized improvements. The quarter included only 280,000 square feet of comparable leases, making it a small sample size. Q: What is driving the uptick in disposition activity despite having significant cash reserves? A: Howard Schwimmer, Co-CEO, stated that recent dispositions were unsolicited offers from owner-users who paid a premium. The sales were at a 4% cap rate, allowing Rexford to recycle capital accretively. The company remains opportunistic in its capital allocation strategy. Q: How are you approaching redevelopment and repositioning in the current market environment? A: Laura Clark, Chief Operating Officer, emphasized that the focus is on driving accretive cash flow growth and long-term value. Repositioning projects are achieving high incremental returns, and the company plans to continue leveraging these opportunities to enhance asset value and shareholder returns. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
