Latest news with #WELLHealthTechnologiesCorp
Business Wire
04-07-2025
- Business
- Business Wire
WELL Health Announces Voting Results for Election of Directors
VANCOUVER, British Columbia--(BUSINESS WIRE)-- WELL Health Technologies Corp. (TSX: WELL) (OTCQX: WHTCF) (the ' Company ' or ' WELL '), 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 that at its annual general meeting held June 30, 2025 (the ' Meeting '), all of the nominees for election as directors of the Company referred to in its notice of meeting and information circular dated May 28, 2025 for the Meeting were elected. A total of 67,105,724 common shares representing 26.52% of the outstanding common shares of the Company were voted by proxy at the Meeting. Voting results for the election of directors at the Meeting were as follows: Resolution Vote Type Total Votes % Voted Kenneth Cawkell For Against Withheld 55,319,811 0 11,776,033 82.45% 0% 17.55% John Kim For Against Withheld 63,350,632 0 3,745,212 94.42% 0% 5.58% Sybil E Jen Lau For Against Withheld 65,493,814 0 1,602,030 97.61% 0% 2.39% Thomas Liston For Against Withheld 58,911,074 0 8,184,770 87.80% 0% 12.20% Tara McCarville For Against Withheld 58,713,637 0 8,382,207 87.51% 0% 12.49% Hamed Shahbazi For Against Withheld 49,082,859 0 18,012,985 73.15% 0% 26.85% Expand The results of other matters considered at the Meeting are reported in the Report of Voting Results as filed on SEDAR+ ( filed on July 4, 2025. WELL HEALTH TECHNOLOGIES CORP. Per: 'Hamed Shahbazi' Hamed Shahbazi Chief Executive Officer, Chairman and Director 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:
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.
Business Wire
20-05-2025
- Business
- Business Wire
WELL Health Enters into Automatic Share Purchase Plan
VANCOUVER, British Columbia--(BUSINESS WIRE)--WELL Health Technologies Corp. (TSX: WELL) (OTCQX: WHTCF) (' WELL ' or the ' Company '), a digital health company focused on positively impacting health outcomes by leveraging technology to empower healthcare practitioners and their patients globally, announced today that it has entered into an automatic share purchase plan (' ASPP ') with a broker in order to facilitate repurchases of the Company's common shares (' Common Shares ') under its previously announced normal course issuer bid (' NCIB '). WELL previously announced that it had received approval from the Toronto Stock Exchange (' TSX ') to, during the 12-month period commencing May 20, 2025 and terminating May 19, 2026, purchase up to 6,326,417 Common Shares, representing approximately 2.5% of the 253,056,708 Common Shares issued and outstanding as of May 7, 2025, by way of a NCIB on the TSX or through Canadian alternative trading systems or by such other means as may be permitted under applicable law. During the effective period of WELL's ASPP, WELL's broker may purchase Common Shares at times when WELL would not be active in the market due to insider trading rules and its own internal trading blackout periods. Purchases will be made by WELL's broker based upon parameters set by WELL when it is not in possession of any undisclosed material information about itself and its securities, and in accordance with the terms of the ASPP. Outside of the effective period of the ASPP, Common Shares may continue to be purchased in accordance with WELL's discretion, subject to applicable law. The ASPP has been entered into in accordance with the requirements of applicable Canadian securities laws. WELL HEALTH TECHNOLOGIES CORP. Per: 'Hamed Shahbazi' Hamed Shahbazi Chief Executive Officer, Chairman and Director 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 200 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:
Associated Press
14-05-2025
- Business
- Associated Press
WELL Health Reports Record Revenue in Q1-2025 with 32% YoY Growth and Record Quarterly EBITDA in Canadian Business
VANCOUVER, British Columbia--(BUSINESS WIRE)--May 14, 2025-- WELL Health Technologies Corp. (TSX: WELL, OTCQX: WHTCF) (the ' Company ' or ' WELL '), 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 its interim consolidated financial results for the quarter ended March 31, 2025. Hamed Shahbazi, Chairman and CEO of WELL, commented, 'We are very pleased to report a solid start to 2025, with strong performance in the first quarter which saw our revenue run rate approach the $1.2 billion per year mark. Our Canadian business inclusive of Canadian clinics and WELLSTAR continued to drive our growth, achieving a revenue run rate of slightly below half a billion dollars per year and achieving 32% year-over-year revenue growth, including 13.4% organic growth. We're particularly proud of our Canadian operations, which posted an impressive 29% YoY increase in Adjusted EBITDA (1) an acceleration over the previous year's growth rate of 23% YoY. These results demonstrate the growing strength of our platform and our ability to help support healthcare providers with our unique tech enabled platform. WELL is quickly becoming a valued and trusted place for administratively burdened physicians who want to focus on providing care and not on running operations.' Mr. Shahbazi further added, " Looking ahead, we are pleased to confirm that starting in Q2 2025, as per IFRS control requirements relating to our majority position with HEALWELL AI, we will be expecting to add another approximately $40 million in quarterly revenue in 2025 with positive Adjusted EBITDA (1) contribution. Overall, both of our growth engines are executing extremely well, as we expect to maintain elevated organic growth while executing on our M&A pipeline which currently includes 11 signed LOIs worth $65M in revenues. With a solid operational foundation and an unwavering commitment to excellence, we are confident that 2025 will be another exceptional year for WELL.' Eva Fong, WELL's Chief Financial Officer, commented, 'We are off to a strong start in 2025, maintaining a solid financial position. We ended Q1 with a healthy balance sheet improved by our continued generation of free cashflow and prudent management of our credit lines where we continue to be in good standing. We remain well-positioned to continue funding our growth through cash flow from operations and based on the strength of our business, I am pleased to confirm that we will be re-initiating our share buyback program shortly after reporting our Q1 results. We believe our shares are undervalued and we will continue to improve our cashflow and demonstrate the power of our platform by returning value to our shareholders. Our continued focus on enhancing operational efficiency, coupled with our strategic initiatives, positions WELL for another successful year of growth and value creation for our shareholders.' First Quarter 2025 Financial Highlights: Segmented Revenue: First Quarter 2025 Patient Visit Metrics: WELL achieved a total of 1.6 million patient visits in Q1-2025, an increase of 23% as compared to 1.3 million patient visits in Q1-2024. Canadian Patient Services visits increased 29% while US Patient Services visits increased 16%, on a year-over-year basis. Growth in patient visits over the past year was primarily driven by organic growth, including the clinic absorption program. In addition, WELL achieved over 2.6 million patient interactions (3) in Q1-2025, representing approximately 10.4 million patient interactions on an annualized run-rate. First Quarter 2025 Business Highlights: On January 1, 2025, the Company acquired a 65% interest in Harmony Anesthesia, LLC (' Harmony ') for aggregate consideration at $30.5 million (US$21.2 million). The purchase agreement also includes contingent consideration of $1.2 million (US$0.8 million) dependent on meeting a performance target. On January 21, 2025, the Company subscribed for 0.5 million subscription receipts in HEALWELL for an aggregate subscription price of $1,000 which entitled the Company to receive, upon satisfaction of certain release conditions, 0.5 million Class A Subordinate Voting shares of HEALWELL and 0.25 million share purchase warrants with each warrant exercisable into one Class A Subordinate Voting share at $2.50 per share for a period of 36 months. On March 26, 2025, WELL exercised its 20 million share purchase warrants to acquire an aggregate of 20 million Class A Subordinate Voting Shares of HEALWELL (each, a ' SVS ') at a price of $0.20 per share and 0.3 million share purchase warrants to acquire an aggregate of 0.3 million SVSs at a price of $1.20 per share and has converted all of its convertible debentures and interest accrued thereon into an aggregate of 23.0 million SVSs at a conversion price of $0.20 per share. Events Subsequent to March 31, 2025: On April 1, 2025, the Company and the HEALWELL founders amended the terms of the conditional call option held by the Company to acquire up to 30.8 million Class A Subordinate Voting Shares of HEALWELL at $0.125 per share and 30.8 million Class B Multiple Voting shares of HEALWELL at $0.0001 per share such that it became exercisable, and the Company exercised the call option to acquire such shares for total consideration of $3.9 million. On April 1, 2025, the release conditions were satisfied related to the Company's January 21, 2025 subscription for HEALWELL shares and the Company received 0.5 million Class A voting shares and 0.25 million share purchase warrants with each warrant exercisable into one Class A Subordinate Voting share at $2.50 per share for a period of 36 months in accordance with the terms of the subscription agreement. As of April 1, 2025, the Company held 97.2 million Class A Subordinate Shares and 30.8 million Class B Multiple Voting shares of HEALWELL, representing approximately 37% of the economic interest and approximately 69% of the voting rights in HEALWELL on a non-diluted basis. As a result, the Company obtained control of HEALWELL under IFRS, and accordingly, began consolidating the financial results of HEALWELL as a subsidiary of the Company effective April 1, 2025. On May 6, 2025, the Company announced the rebranding of its cybersecurity division as CYBERWELL and the appointment of Jeffrey Engle as CEO. CYBERWELL consolidates four firms: Source44, SeekIntoo, Cycura, and Proack Security into a unified cybersecurity company. The division will focus on recurring revenue, acquisitions, and international expansion. WELL noted plans for CYBERWELL to potentially be spun out in the future and serve as another growth engine. On May 7, 2025, the Company announced the launch of Nexus AI, a new AI-powered clinical documentation solution available across Canada. The product is initially focused on AI scribing and will expand through partnerships across the WELL ecosystem. Nexus AI is supported by government funding for up to 10,000 providers through Canada Health Infoway's AI Scribe pilot program. Outlook: WELL intends to continue its focus on maintaining strong performance, while strategically enhancing operations in the pursuit of organic growth and profitability. WELL is expecting its strong performance in the first quarter to continue across all its business units throughout the 2025 fiscal year. WELL's objective is to invest in and achieve significant growth while effectively managing its costs and delivering cashflow to shareholders. Management is pleased to provide its guidance for 2025 (Annual guidance only includes announced acquisitions): Excluding the impact of the Circle Medical deferred revenue adjustment, the Company's guidance for 2025 would be as follows: WELL is expecting a greater focus on leveraging product and corporate synergies in 2025, with an emphasis on the depth of product and technology offerings from WELLSTAR and HEALWELL AI. The Company also continues to focus the majority of its M&A and capital allocation activity in Canada where it is experiencing its strongest returns. Management will continue to pursue its focus on optimizing its operations for organic growth and profitability. Conference Call: WELL will release its First Quarter 2025 financial results for the period ended March 31, 2025, on Wednesday, May 14, 2025. The Company will hold a conference call and simultaneous webcast to discuss its results on the same day at 1:00 pm ET (10:00 am PT). Please use the following dial-in numbers: 1-800-717-1738 (Toll Free) 1-289-514-5100 (International). The conference call will also be simultaneously webcast and can be accessed at the following audience URL: Selected Unaudited Financial Highlights: Please see SEDAR for complete copies of the Company's condensed interim consolidated financial statements and interim MD&A for the quarter ended March 31, 2025. Footnotes: WELL HEALTH TECHNOLOGIES CORP. Per: 'Hamed Shahbazi' Hamed Shahbazi Chief Executive Officer, Chairman and Director 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 200 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 This news release may contain 'Forward-Looking Information' within the meaning of applicable Canadian securities laws, including, without limitation: information regarding the Company's goals, strategies and growth plans; expectations regarding continued revenue and EBITDA growth; the expected benefits and synergies of completed acquisitions; capital allocation plans in the form of more acquisitions or share repurchases along with their expected revenue contributions; expected patient encounters; the expected financial performance as well as information in the 'Outlook' section herein. Forward-Looking Information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, and contingencies. Forward-Looking Information generally can be identified by the use of forward-looking words such as 'may', 'should', 'will', 'could', 'intend', 'estimate', 'plan', 'anticipate', 'expect', 'believe' or 'continue', or the negative thereof or similar variations. Forward-Looking Information involve known and unknown risks, uncertainties and other factors that may cause future results, performance, or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by the Forward-Looking Information and the Forward-Looking Information are not guarantees of future performance. WELL's comments expressed or implied by such Forward-Looking Information are subject to a number of risks, uncertainties, and conditions, many of which are outside of WELL 's control, and undue reliance should not be placed on such information. Forward-Looking Information are qualified in their entirety by inherent risks and uncertainties, including: adverse market conditions and the ability to complete acquisitions; risks inherent in the primary healthcare sector in general; continued patient and consumer demand for WELL's products and services; regulatory and legislative changes; that future results may vary from historical results; inability to obtain any requisite future financing on suitable terms; any inability to realize the expected benefits and synergies of acquisitions; that market competition may affect the business, results and financial condition of WELL and other risk factors identified in documents filed by WELL under its profile at including its most recent Annual Information Form. Except as required by securities law, WELL does not assume any obligation to update or revise any forward-looking information, whether as a result of new information, events or otherwise. This news release contains future-oriented financial information and financial outlook information (collectively, 'FOFI') about estimated annual run-rate revenue and Adjusted EBIDTA, all of which are subject to the same assumptions, risk factors, limitations, and qualifications as set out in the above paragraph. The actual financial results of WELL may vary from the amounts set out herein and such variation may be material. WELL and its management believe that the FOFI has been prepared on a reasonable basis, reflecting management's best estimates and judgments. However, because this information is subjective and subject to numerous risks, it should not be relied on as necessarily indicative of future results. Except as required by applicable securities laws, WELL undertakes no obligation to update such FOFI. FOFI contained in this news release was made as of the date hereof and was provided for the purpose of providing further information about WELL's anticipated future business operations on an annual basis. Readers are cautioned that the FOFI contained in this news release should not be used for purposes other than for which it is disclosed source version on CONTACT: For further information:Tyler Baba Investor Relations, Manager [email protected] 604-628-7266 KEYWORD: NORTH AMERICA CANADA INDUSTRY KEYWORD: TECHNOLOGY SECURITY OTHER TECHNOLOGY HEALTH TECHNOLOGY SOFTWARE BIOTECHNOLOGY NETWORKS HEALTH GENERAL HEALTH SOURCE: WELL Health Technologies Corp. Copyright Business Wire 2025. PUB: 05/14/2025 07:01 AM/DISC: 05/14/2025 07:01 AM
Business Wire
14-05-2025
- Business
- Business Wire
WELL Health Reports Record Revenue in Q1-2025 with 32% YoY Growth and Record Quarterly EBITDA in Canadian Business
VANCOUVER, British Columbia--(BUSINESS WIRE)--WELL Health Technologies Corp. (TSX: WELL, OTCQX: WHTCF) (the ' Company ' or ' WELL '), 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 its interim consolidated financial results for the quarter ended March 31, 2025. Hamed Shahbazi, Chairman and CEO of WELL, commented, "We are very pleased to report a solid start to 2025, with strong performance in the first quarter which saw our revenue run rate approach the $1.2 billion per year mark. Our Canadian business inclusive of Canadian clinics and WELLSTAR continued to drive our growth, achieving a revenue run rate of slightly below half a billion dollars per year and achieving 32% year-over-year revenue growth, including 13.4% organic growth. We're particularly proud of our Canadian operations, which posted an impressive 29% YoY increase in Adjusted EBITDA (1) an acceleration over the previous year's growth rate of 23% YoY. These results demonstrate the growing strength of our platform and our ability to help support healthcare providers with our unique tech enabled platform. WELL is quickly becoming a valued and trusted place for administratively burdened physicians who want to focus on providing care and not on running operations." Mr. Shahbazi further added, " Looking ahead, we are pleased to confirm that starting in Q2 2025, as per IFRS control requirements relating to our majority position with HEALWELL AI, we will be expecting to add another approximately $40 million in quarterly revenue in 2025 with positive Adjusted EBITDA (1) contribution. Overall, both of our growth engines are executing extremely well, as we expect to maintain elevated organic growth while executing on our M&A pipeline which currently includes 11 signed LOIs worth $65M in revenues. With a solid operational foundation and an unwavering commitment to excellence, we are confident that 2025 will be another exceptional year for WELL." Eva Fong, WELL's Chief Financial Officer, commented, 'We are off to a strong start in 2025, maintaining a solid financial position. We ended Q1 with a healthy balance sheet improved by our continued generation of free cashflow and prudent management of our credit lines where we continue to be in good standing. We remain well-positioned to continue funding our growth through cash flow from operations and based on the strength of our business, I am pleased to confirm that we will be re-initiating our share buyback program shortly after reporting our Q1 results. We believe our shares are undervalued and we will continue to improve our cashflow and demonstrate the power of our platform by returning value to our shareholders. Our continued focus on enhancing operational efficiency, coupled with our strategic initiatives, positions WELL for another successful year of growth and value creation for our shareholders." First Quarter 2025 Financial Highlights: WELL achieved record quarterly revenue of $294.1 million in Q1-2025, an increase of 32% (2) as compared to revenue of $223.5 million generated in Q1-2024. This growth was mainly driven by organic growth and acquisitions that have occurred over the last twelve months. Excluding the impact from Circle Medical's deferred revenue adjustments, revenue would have reached $300.7 million. Adjusted Gross Profit (1) was $117.5 million in Q1-2025, an increase of 25% as compared to Adjusted Gross Profit (1) of $94.1 million in Q1-2024. Excluding the impact from Circle Medical's deferred revenue adjustments, Adjusted Gross Profit (1) was $124.0 million. Adjusted Gross Margin (1) percentage was 39.9% during Q1-2025 compared to Adjusted Gross Margin (1) percentage of 42.1% in Q1-2024. The decline in Adjusted Gross Margin (1) percentage is mainly attributed to revenue mix due to the addition of Provider Staffing revenue from the acquisition of Harmony Anesthesia in January 2025, which has lower margins compared to other Patient Services and SaaS and Technology Services revenue. Excluding the impact from Circle Medical's deferred revenue adjustments, Adjusted Gross Margin (1) was 41.2%. Adjusted EBITDA (1) was $27.6 million in Q1-2025, an increase of 36% (2) as compared to Adjusted EBITDA (1) of $20.2 million in Q1-2024. Excluding the impact of Circle Medical's deferred revenue adjustments, Adjusted EBITDA (1) would have reached $34.1 million. Adjusted EBITDA to WELL Shareholders (1) was $20.3 million in Q1-2025, an increase of 29% as compared to Adjusted EBITDA to WELL Shareholders (1) of $15.7 million in Q1-2024. Excluding the impact from Circle Medical's deferred revenue adjustments, Adjusted EBITDA to WELL Shareholders (1) would have reached $24.9 million. Adjusted Net Income (1) was $7.5 million, or $0.03 per share in Q1-2025, as compared to Adjusted Net Income (1) of $17.2 million, or $0.07 per share in Q1-2024. The decline in Adjusted Net Income (1) is mainly attributed to $11.3 million gain on sale of Intrahealth in Q1 2024. Excluding the impact from Circle Medical's deferred revenue adjustments, Adjusted Net Income (1) would have been $10.8 million. Adjusted Free Cash Flow Attributable to Shareholders ('FCFA2S')⁽¹⁾ was $11.8 million for Q1-2025, a decrease of 6.0%, as compared to FCFA2S of $12.6 million for Q1-2024 which benefited from a number of one-time payments to physicians. Q1-2025 FCFA2S was also impacted by higher capital expenditures and cash taxes. Segmented Revenue: Canadian Patient Services revenue was $99.7 million in Q1-2025, an increase of 32% as compared to $75.7 million in Q1-2024. U.S. Patient Services revenue was $173.6 million in Q1-2025, an increase of 31% as compared to $132.4 million in Q1-2024. SaaS and Technology Services revenue was $20.9 million in Q1-2025, an increase of 36% as compared to $15.4 million in Q1-2024. First Quarter 2025 Patient Visit Metrics: WELL achieved a total of 1.6 million patient visits in Q1-2025, an increase of 23% as compared to 1.3 million patient visits in Q1-2024. Canadian Patient Services visits increased 29% while US Patient Services visits increased 16%, on a year-over-year basis. Growth in patient visits over the past year was primarily driven by organic growth, including the clinic absorption program. In addition, WELL achieved over 2.6 million patient interactions (3) in Q1-2025, representing approximately 10.4 million patient interactions on an annualized run-rate. First Quarter 2025 Business Highlights: On January 1, 2025, the Company acquired a 65% interest in Harmony Anesthesia, LLC (' Harmony ') for aggregate consideration at $30.5 million (US$21.2 million). The purchase agreement also includes contingent consideration of $1.2 million (US$0.8 million) dependent on meeting a performance target. On January 21, 2025, the Company subscribed for 0.5 million subscription receipts in HEALWELL for an aggregate subscription price of $1,000 which entitled the Company to receive, upon satisfaction of certain release conditions, 0.5 million Class A Subordinate Voting shares of HEALWELL and 0.25 million share purchase warrants with each warrant exercisable into one Class A Subordinate Voting share at $2.50 per share for a period of 36 months. On March 26, 2025, WELL exercised its 20 million share purchase warrants to acquire an aggregate of 20 million Class A Subordinate Voting Shares of HEALWELL (each, a ' SVS ') at a price of $0.20 per share and 0.3 million share purchase warrants to acquire an aggregate of 0.3 million SVSs at a price of $1.20 per share and has converted all of its convertible debentures and interest accrued thereon into an aggregate of 23.0 million SVSs at a conversion price of $0.20 per share. Events Subsequent to March 31, 2025: On April 1, 2025, the Company and the HEALWELL founders amended the terms of the conditional call option held by the Company to acquire up to 30.8 million Class A Subordinate Voting Shares of HEALWELL at $0.125 per share and 30.8 million Class B Multiple Voting shares of HEALWELL at $0.0001 per share such that it became exercisable, and the Company exercised the call option to acquire such shares for total consideration of $3.9 million. On April 1, 2025, the release conditions were satisfied related to the Company's January 21, 2025 subscription for HEALWELL shares and the Company received 0.5 million Class A voting shares and 0.25 million share purchase warrants with each warrant exercisable into one Class A Subordinate Voting share at $2.50 per share for a period of 36 months in accordance with the terms of the subscription agreement. As of April 1, 2025, the Company held 97.2 million Class A Subordinate Shares and 30.8 million Class B Multiple Voting shares of HEALWELL, representing approximately 37% of the economic interest and approximately 69% of the voting rights in HEALWELL on a non-diluted basis. As a result, the Company obtained control of HEALWELL under IFRS, and accordingly, began consolidating the financial results of HEALWELL as a subsidiary of the Company effective April 1, 2025. On May 6, 2025, the Company announced the rebranding of its cybersecurity division as CYBERWELL and the appointment of Jeffrey Engle as CEO. CYBERWELL consolidates four firms: Source44, SeekIntoo, Cycura, and Proack Security into a unified cybersecurity company. The division will focus on recurring revenue, acquisitions, and international expansion. WELL noted plans for CYBERWELL to potentially be spun out in the future and serve as another growth engine. On May 7, 2025, the Company announced the launch of Nexus AI, a new AI-powered clinical documentation solution available across Canada. The product is initially focused on AI scribing and will expand through partnerships across the WELL ecosystem. Nexus AI is supported by government funding for up to 10,000 providers through Canada Health Infoway's AI Scribe pilot program. Outlook: WELL intends to continue its focus on maintaining strong performance, while strategically enhancing operations in the pursuit of organic growth and profitability. WELL is expecting its strong performance in the first quarter to continue across all its business units throughout the 2025 fiscal year. WELL's objective is to invest in and achieve significant growth while effectively managing its costs and delivering cashflow to shareholders. Management is pleased to provide its guidance for 2025 (Annual guidance only includes announced acquisitions): Annual revenue between $1.40 billion to $1.45 billion Annual Adjusted EBITDA (1) between $190 million and $210 million. Excluding the impact of the Circle Medical deferred revenue adjustment, the Company's guidance for 2025 would be as follows: Annual Revenue between $1.35 billion to $1.40 billion. Annual Adjusted EBITDA (1) between $140 million and $160 million. WELL is expecting a greater focus on leveraging product and corporate synergies in 2025, with an emphasis on the depth of product and technology offerings from WELLSTAR and HEALWELL AI. The Company also continues to focus the majority of its M&A and capital allocation activity in Canada where it is experiencing its strongest returns. Management will continue to pursue its focus on optimizing its operations for organic growth and profitability. Conference Call: WELL will release its First Quarter 2025 financial results for the period ended March 31, 2025, on Wednesday, May 14, 2025. The Company will hold a conference call and simultaneous webcast to discuss its results on the same day at 1:00 pm ET (10:00 am PT). Please use the following dial-in numbers: 1-800-717-1738 (Toll Free) 1-289-514-5100 (International). The conference call will also be simultaneously webcast and can be accessed at the following audience URL: Please see SEDAR for complete copies of the Company's condensed interim consolidated financial statements and interim MD&A for the quarter ended March 31, 2025. Footnotes: Non-GAAP financial measures and ratios. In addition to results reported in accordance with IFRS, the Company uses certain non-GAAP financial measures as supplemental indicators of its financial and operating performance. These non-GAAP financial measures include Adjusted Net Income, Adjusted Net Income Per Share, Adjusted EBITDA, Adjusted Gross Profit, Adjusted Gross Margin, and Adjusted Free Cash Flow. The Company believes these supplementary financial measures reflect the Company's ongoing business in a manner that allows for meaningful period-to-period comparisons and analysis of trends in its business. Adjusted Net Income and Adjusted Net Income per Share The Company defines Adjusted Net Income as net income (loss), after excluding the effects of stock-based compensation expense, amortization of acquired intangible assets, time-based earnout expense, change in fair value of investments, non-controlling interests, and revenue precluded from recognition under IFRS 15 that relates to certain patient services revenue that the Company believes should be recognized as revenue based on its contractual relationships. Adjusted Net Income Per Share is Adjusted Net Income divided by weighted average number of shares outstanding. The Company believes that these non-GAAP financial measures provide useful information to analyze our results, enhance a reader's understanding of past financial performance and allow for greater understanding with respect to key metrics used by management in decision making. More specifically, the Company believes Adjusted Net Income is a financial metric that tracks the earning power of the business that is available to WELL shareholders. EBITDA and Adjusted EBITDA EBITDA and Adjusted EBITDA are non-GAAP measures. EBITDA represents net income (loss) before interest, taxes, depreciation, and amortization. The Company defines Adjusted EBITDA as EBITDA (i) less net rent expense on premise leases considered to be finance leases under IFRS and (ii) before transaction, restructuring, and integration costs, time-based earn-out expense, change in fair value of investments, share of loss of associates, foreign exchange gain/loss, and stock-based compensation expense, (iii) revenue precluded from recognition under IFRS 15 that relates to certain patient services revenue that the Company believes should be recognized as revenue based on its contractual relationships, and (iv) gains/losses that are not reflective of ongoing operating performance. The Company considers Adjusted EBITDA a financial metric that measures cash that the Company can use to fund working capital requirements, service future interest and principal debt repayments and fund future growth initiatives. EBITDA and Adjusted EBITDA should not be considered alternatives to net income (loss), cash flow from operating activities or other measures of financial performance in accordance with IFRS. Adjusted EBITDA Attributable to WELL Shareholders/Non-Controlling Interests The Company defines Adjusted EBITDA attributable to WELL Shareholders (or Shareholder EBITDA) and Adjusted EBITDA attributable to Non-controlling interests as the sum of the Adjusted EBITDA for each relevant legal entity multiplied by WELL's or the non-controlling interests' equity ownership, respectively. Adjusted Gross Profit and Adjusted Gross Margin The Company defines Adjusted Gross Profit as revenue less cost of sales (excluding depreciation and amortization) and Adjusted Gross Margin as adjusted gross profit as a percentage of revenue. Adjusted gross profit and adjusted gross margin should not be construed as an alternative for revenue or net income (loss) determined in accordance with IFRS. The Company does not present gross profit in its consolidated financial statements as it is a non-GAAP financial measure. The Company believes that adjusted gross profit and adjusted gross margin are meaningful metrics that are often used by readers to measure the Company's efficiency of selling its products and services. Adjusted Free Cash Flow Attributable to Shareholders The Company defines Adjusted Free Cash Flow Attributable to Shareholders as Adjusted EBITDA Attributable to Shareholders, less cash interest, less cash taxes and less capital expenditures, and before the impacts of the revenue deferral at Circle Medical and the revenue impact at CRH Medical resulting from impaired revenue cycle management services after the Change Healthcare cyberattack. Adjusted Net income, Adjusted Net Income per Share, Adjusted EBITDA, Adjusted Gross Profit, Adjusted Gross Margin, and Adjusted Free Cash Flow Available to Shareholders are not recognized measures for financial statement presentation under IFRS and do not have standardized meanings. As such, these measures may not be comparable to similar measures presented by other companies and should be considered as supplements to, and not as substitutes for, or superior to, the corresponding measures calculated in accordance with IFRS. These growth rates are comparing periods between Q1 2025 and Q1 2024 where both periods have been impacted by the CM Deferred revenue adjustments. Excluding the impact from Circle Medical deferred revenue adjustments in both Q1-2025 and Q1-2024, WELL achieved revenue of $300.7 million in Q1-2025, an increase of 30% compared to $231.6 million in Q1-2024. Similarly, Adjusted EBITDA in Q1-2025 would have been $34.1 million, an increase of 21% compared to $28.3 million in Q1 2024. Total Care Interactions are defined as Total Visits plus Technology Interactions plus Billed Provider Hours. WELL HEALTH TECHNOLOGIES CORP. Per: 'Hamed Shahbazi' Hamed Shahbazi Chief Executive Officer, Chairman and Director 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 200 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 This news release may contain 'Forward-Looking Information' within the meaning of applicable Canadian securities laws, including, without limitation: information regarding the Company's goals, strategies and growth plans; expectations regarding continued revenue and EBITDA growth; the expected benefits and synergies of completed acquisitions; capital allocation plans in the form of more acquisitions or share repurchases along with their expected revenue contributions; expected patient encounters; the expected financial performance as well as information in the 'Outlook' section herein. Forward-Looking Information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, and contingencies. Forward-Looking Information generally can be identified by the use of forward-looking words such as 'may', 'should', 'will', 'could', 'intend', 'estimate', 'plan', 'anticipate', 'expect', 'believe' or 'continue', or the negative thereof or similar variations. Forward-Looking Information involve known and unknown risks, uncertainties and other factors that may cause future results, performance, or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by the Forward-Looking Information and the Forward-Looking Information are not guarantees of future performance. WELL's comments expressed or implied by such Forward-Looking Information are subject to a number of risks, uncertainties, and conditions, many of which are outside of WELL 's control, and undue reliance should not be placed on such information. Forward-Looking Information are qualified in their entirety by inherent risks and uncertainties, including: adverse market conditions and the ability to complete acquisitions; risks inherent in the primary healthcare sector in general; continued patient and consumer demand for WELL's products and services; regulatory and legislative changes; that future results may vary from historical results; inability to obtain any requisite future financing on suitable terms; any inability to realize the expected benefits and synergies of acquisitions; that market competition may affect the business, results and financial condition of WELL and other risk factors identified in documents filed by WELL under its profile at including its most recent Annual Information Form. Except as required by securities law, WELL does not assume any obligation to update or revise any forward-looking information, whether as a result of new information, events or otherwise. This news release contains future-oriented financial information and financial outlook information (collectively, 'FOFI') about estimated annual run-rate revenue and Adjusted EBIDTA, all of which are subject to the same assumptions, risk factors, limitations, and qualifications as set out in the above paragraph. The actual financial results of WELL may vary from the amounts set out herein and such variation may be material. WELL and its management believe that the FOFI has been prepared on a reasonable basis, reflecting management's best estimates and judgments. However, because this information is subjective and subject to numerous risks, it should not be relied on as necessarily indicative of future results. Except as required by applicable securities laws, WELL undertakes no obligation to update such FOFI. FOFI contained in this news release was made as of the date hereof and was provided for the purpose of providing further information about WELL's anticipated future business operations on an annual basis. Readers are cautioned that the FOFI contained in this news release should not be used for purposes other than for which it is disclosed herein. Neither the TSX nor its Regulation Services Provider (as that term is defined in policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.
