Latest news with #WELLSTAR
National Post
3 days ago
- Business
- National Post
WELL Health Subsidiary WELLSTAR Provides Corporate Update Reflecting Improved Guidance and a Strong Acquisition Pipeline
Article content WELLSTAR continues to demonstrate strong growth and business momentum through its sustained organic growth and strong acquisition pipeline. The business is ahead of its internal expectations and has updated its guidance to $74 million (1) in total revenue and $22 million (1) in Adjusted EBITDA (2) for fiscal 2025, ending the year with total ARR of $62 million and an exit ARR (3) of approximately $80 million. WELLSTAR has executed three LOIs for acquisitions that will drive approximately $15 million in ARR, $16 million in revenues and over $5 million in Adjusted EBITDA on an annualized basis. WELLSTAR's recently launched Nexus AI™ solution has generated significant early momentum. As a pre-qualified vendor for Canada Health Infoway's AI Scribe Program, eligible primary care clinicians can now receive a fully-funded Nexus AI license for 12 months. Article content VANCOUVER, British Columbia & TORONTO — 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 momentum across its majority-owned subsidiary, WELLSTAR Technologies Corp. (' WELLSTAR '). WELLSTAR is tracking ahead of internal expectations, supported by robust organic growth, a strong acquisition pipeline, and accelerating adoption of its Nexus AI solution. Article content WELLSTAR continues to demonstrate strong growth and execution, fueled by accelerating demand for its digital health solutions and steady progress across its platform. The business is tracking ahead of internal expectations and has updated its guidance for fiscal 2025 to over $74 million (1) in revenue and $22 million (1) in Adjusted EBITDA (2). WELLSTAR is also expected to end the year with total annual recurring revenue (ARR) of approximately $62 million and an exit ARR (3) of approximately $80 million, supported by robust organic expansion, continued adoption of its AI-powered tools, and inclusive of completing three acquisitions that are currently in signed LOI stage. Article content Amir Javidan, CEO of WELLSTAR commented, 'We've had an excellent first half to 2025 as both our organic and inorganic growth engines are levelling up and are poised to deliver an outstanding, breakout performance for WELLSTAR in 2025. At the beginning of the year, we set an ambitious goal of reaching $100M in revenues on a run-rate basis in the next couple of years and based on the latest forecasts, we believe we may be approaching that goal a few quarters earlier than previously anticipated. Our current goal for year-end exit ARR for fiscal 2025 is $80 million which would represent a 50% increase over last year's exit ARR figure. Article content Darren Hoegler, CFO of WELLSTAR commented, 'This upward revision reflects stronger-than-expected traction across WELLSTAR's core product suite as well as strong execution in the company's capital allocation program. We currently have three signed LOIs with targets that all deliver high-margin SaaS solutions and would be highly accretive to our business. I'm also pleased to report that the two acquisitions that were completed in Q4 2024 are both operating well and tracking in alignment with or ahead of our plan. Our objective is to ensure disciplined execution and that the company continues to be positioned as a category leader in Canadian digital health, delivering durable, capital-efficient growth with significant operating leverage over time.' Article content Three LOIs Executed as WELLSTAR Executes on Deep Acquisition Pipeline Article content WELLSTAR has executed three letters of intent (LOIs) for acquisitions that are expected to contribute approximately $15 million in ARR, $16 million in revenue, and over $5 million in Adjusted EBITDA on an annualized run-rate basis. These prospective additions reflect WELLSTAR's continued focus on disciplined, accretive growth through the acquisition of complementary digital health assets that strengthen its core platform and expand its national footprint. Article content The acquisitions are aligned with WELLSTAR's long-term strategy to build a technology-enabled healthcare infrastructure that is efficient, scalable, and outcomes-driven. Each target adds strategic value by extending WELLSTAR's clinician enablement capabilities. The integrated nature of WELLSTAR's platform enables smooth onboarding and operational alignment, allowing new assets to benefit from shared infrastructure and drive incremental impact across the broader business. Article content WELLSTAR continues to advance a deep and well-qualified acquisition pipeline, with additional opportunities under review. Article content Strong Early Traction for Nexus AI with Clinicians Nationwide Article content Since its launch on May 7, 2025, Nexus AI has seen strong adoption, with over 2,400 providers signed up across primary care clinics, hospitals, and regional health authorities. Nexus AI's first feature, an ambient medical scribe for real-time clinical documentation, is already demonstrating meaningful value for providers by reducing administrative burden and cognitive load. AI medical scribe technology has been shown to save providers up to two hours per day in charting and documentation (4). Article content Nexus AI serves as the central platform for WELLSTAR's expanding suite of AI-powered capabilities, including disease detection, medical coding and billing automation, and clinical decision support. Its compatibility with Canada's leading EMRs positions it as a scalable infrastructure layer for modern, intelligent healthcare delivery. Article content Clinician engagement with Nexus AI is expected to contribute to WELLSTAR's recurring SaaS revenue and margin profile as deployments scale. Just as importantly, the platform's ability to orchestrate complex clinical workflows in an intuitive and context-aware way supports broader system-level efficiency and provider satisfaction. As a pre-qualified vendor of the Canada Health Infoway AI Scribe Program, eligible primary care clinicians across Canada will receive a fully-funded license for 12 months of Nexus AI. WELLSTAR recognizes this as a transformative opportunity to advance Canada's vision of connected care, where AI-enabled technologies reduce physician burnout, improve patient experience, and allow providers to focus more on engagement and less on documentation. By delivering accurate, secure documentation at the point of care, Nexus AI empowers providers to reclaim meaningful patient connections and supports a broader effort to integrate AI technologies that promote more connected, patient-centred care. Footnotes: Article content WELLSTAR's guidance of $74 million in revenue and $22 million in Adjusted EBITDA in fiscal 2025 includes the impact from the three LOIs noted herein which will contribute approximately $4 million in revenue and $1 million in Adjusted EBITDA for inclusion in fiscal 2025. Note that this figure does not include certain shared services that are provided by WELL Health to WELLSTAR. 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. Exit ARR or Annual Recurring Revenue is based on the Company's revenue run-rate or ARR as annualized based on the last quarter of the year. The projected Exit ARR of approximately $80 million includes contribution from the three LOIs noted herein. Source: OntarioMD, AI scribes show promising results in helping family doctors and nurse practitioners spend more time with patients and less time on paperwork, September 11, 2024. Article content WELL HEALTH TECHNOLOGIES CORP. Article content Per: 'Hamed Shahbazi' Article content Hamed Shahbazi Article content Chief Executive Officer, Chairman and Director Article content About WELL Health Technologies Corp. Article content 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: Article content Forward-Looking Statements Article content 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, and the expected pipeline of future acquisition targets (and the associated run-rate revenue). 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 continue to offer its products and services, complete the acquisitions, and the acquisition companies having the expected revenue and Adjusted EBITDA profiles based on WELL's diligence. Article content 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 losing customers to competitors, cybersecurity threats which prevent WELLSTAR from being able to continually offer its products, not completing the three acquisitions discussed above, 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 and WELLSTAR's business. The risk factors are not intended to represent a complete list of the factors that could affect WELL or WELLSTAR 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. Article content Article content Article content Article content Contacts Article content For more information: Article content Article content Tyler Baba Article content Article content Article content
Business Wire
3 days ago
- Business
- Business Wire
WELL Health Subsidiary WELLSTAR Provides Corporate Update Reflecting Improved Guidance and a Strong Acquisition Pipeline
VANCOUVER, British Columbia & TORONTO--(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 momentum across its majority-owned subsidiary, WELLSTAR Technologies Corp. (' WELLSTAR '). WELLSTAR is tracking ahead of internal expectations, supported by robust organic growth, a strong acquisition pipeline, and accelerating adoption of its Nexus AI solution. WELLSTAR continues to demonstrate strong growth and execution, fueled by accelerating demand for its digital health solutions and steady progress across its platform. The business is tracking ahead of internal expectations and has updated its guidance for fiscal 2025 to over $74 million (1) in revenue and $22 million (1) in Adjusted EBITDA (2). WELLSTAR is also expected to end the year with total annual recurring revenue (ARR) of approximately $62 million and an exit ARR (3) of approximately $80 million, supported by robust organic expansion, continued adoption of its AI-powered tools, and inclusive of completing three acquisitions that are currently in signed LOI stage. Amir Javidan, CEO of WELLSTAR commented, 'We've had an excellent first half to 2025 as both our organic and inorganic growth engines are levelling up and are poised to deliver an outstanding, breakout performance for WELLSTAR in 2025. At the beginning of the year, we set an ambitious goal of reaching $100M in revenues on a run-rate basis in the next couple of years and based on the latest forecasts, we believe we may be approaching that goal a few quarters earlier than previously anticipated. Our current goal for year-end exit ARR for fiscal 2025 is $80 million which would represent a 50% increase over last year's exit ARR figure. Darren Hoegler, CFO of WELLSTAR commented, 'This upward revision reflects stronger-than-expected traction across WELLSTAR's core product suite as well as strong execution in the company's capital allocation program. We currently have three signed LOIs with targets that all deliver high-margin SaaS solutions and would be highly accretive to our business. I'm also pleased to report that the two acquisitions that were completed in Q4 2024 are both operating well and tracking in alignment with or ahead of our plan. Our objective is to ensure disciplined execution and that the company continues to be positioned as a category leader in Canadian digital health, delivering durable, capital-efficient growth with significant operating leverage over time.' Three LOIs Executed as WELLSTAR Executes on Deep Acquisition Pipeline WELLSTAR has executed three letters of intent (LOIs) for acquisitions that are expected to contribute approximately $15 million in ARR, $16 million in revenue, and over $5 million in Adjusted EBITDA on an annualized run-rate basis. These prospective additions reflect WELLSTAR's continued focus on disciplined, accretive growth through the acquisition of complementary digital health assets that strengthen its core platform and expand its national footprint. The acquisitions are aligned with WELLSTAR's long-term strategy to build a technology-enabled healthcare infrastructure that is efficient, scalable, and outcomes-driven. Each target adds strategic value by extending WELLSTAR's clinician enablement capabilities. The integrated nature of WELLSTAR's platform enables smooth onboarding and operational alignment, allowing new assets to benefit from shared infrastructure and drive incremental impact across the broader business. WELLSTAR continues to advance a deep and well-qualified acquisition pipeline, with additional opportunities under review. Strong Early Traction for Nexus AI with Clinicians Nationwide Since its launch on May 7, 2025, Nexus AI has seen strong adoption, with over 2,400 providers signed up across primary care clinics, hospitals, and regional health authorities. Nexus AI's first feature, an ambient medical scribe for real-time clinical documentation, is already demonstrating meaningful value for providers by reducing administrative burden and cognitive load. AI medical scribe technology has been shown to save providers up to two hours per day in charting and documentation (4). Nexus AI serves as the central platform for WELLSTAR's expanding suite of AI-powered capabilities, including disease detection, medical coding and billing automation, and clinical decision support. Its compatibility with Canada's leading EMRs positions it as a scalable infrastructure layer for modern, intelligent healthcare delivery. Clinician engagement with Nexus AI is expected to contribute to WELLSTAR's recurring SaaS revenue and margin profile as deployments scale. Just as importantly, the platform's ability to orchestrate complex clinical workflows in an intuitive and context-aware way supports broader system-level efficiency and provider satisfaction. As a pre-qualified vendor of the Canada Health Infoway AI Scribe Program, eligible primary care clinicians across Canada will receive a fully-funded license for 12 months of Nexus AI. WELLSTAR recognizes this as a transformative opportunity to advance Canada's vision of connected care, where AI-enabled technologies reduce physician burnout, improve patient experience, and allow providers to focus more on engagement and less on documentation. By delivering accurate, secure documentation at the point of care, Nexus AI empowers providers to reclaim meaningful patient connections and supports a broader effort to integrate AI technologies that promote more connected, patient-centred care. Footnotes: WELLSTAR's guidance of $74 million in revenue and $22 million in Adjusted EBITDA in fiscal 2025 includes the impact from the three LOIs noted herein which will contribute approximately $4 million in revenue and $1 million in Adjusted EBITDA for inclusion in fiscal 2025. Note that this figure does not include certain shared services that are provided by WELL Health to WELLSTAR. 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. Exit ARR or Annual Recurring Revenue is based on the Company's revenue run-rate or ARR as annualized based on the last quarter of the year. The projected Exit ARR of approximately $80 million includes contribution from the three LOIs noted herein. Source: OntarioMD, AI scribes show promising results in helping family doctors and nurse practitioners spend more time with patients and less time on paperwork, September 11, 2024. WELL HEALTH TECHNOLOGIES CORP. Per: 'Hamed Shahbazi' Chief Executive Officer, Chairman and Director WELL Health Technologies Inc. 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, and the expected pipeline of future acquisition targets (and the associated run-rate revenue). 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 continue to offer its products and services, complete the acquisitions, and the acquisition companies having the expected revenue and Adjusted EBITDA profiles based on WELL's diligence. 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 losing customers to competitors, cybersecurity threats which prevent WELLSTAR from being able to continually offer its products, not completing the three acquisitions discussed above, 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 and WELLSTAR's business. The risk factors are not intended to represent a complete list of the factors that could affect WELL or WELLSTAR 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.
National Post
24-06-2025
- Health
- National Post
WELL Health Announces Availability for 45,000 New Primary Care Patients Across 3 Provinces Enabled by Investments in Physician Recruitment and Digital Transformation
Article content WELL Health has added over 45,000 new primary care patient openings across its national clinic network, providing immediate relief in high-demand regions including Ontario, Alberta, and Manitoba. Patients would require their valid provincial health card (1) to be eligible and can sign up through our national patient registration website at The expansion is made possible through investments made by WELL in the recruitment and onboarding of physicians including a number of internationally trained physicians, who are rapidly building full patient panels in digitally enabled, team-based care environments. WELL has also made extensive upgrades to ensure its clinics are equipped with advanced digital workflows and automation infrastructure powered by WELLSTAR Technologies, creating a more attractive and sustainable environment for physicians while accelerating access to care for patients. WELLSTAR's Ocean MD platform, including eForms, online booking and automated triage, is being utilized by WELL Clinics to power its National Patient Registration system. Article content VANCOUVER, British Columbia & TORONTO — 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: Article content Article content 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). Article content Interested patients can visit Article content to express their interest. Submissions will be prioritized in the order they are received. Article content 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.' Article content 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. Article content 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. Article content 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.' Article content Enabling Better Care Through Clinic Transformation and Technology Article content 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. Article content 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. Article content 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. Article content 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. Article content Bolstering the Front Lines Through IMG Recruitment Article content 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. Article content 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. Article content 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: Article content 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. Article content WELL HEALTH TECHNOLOGIES CORP. Article content Per: 'Hamed Shahbazi' Hamed Shahbazi Chief Executive Officer, Chairman and Director WELL Health Technologies Inc. Article content About WELL Health Technologies Corp. Article content 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: Article content Forward-Looking Statements Article content 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. Article content 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. Article content Article content Article content Article content Contacts Article content For more information: Article content Article content Tyler Baba Article content Article content Article content
Business Wire
28-05-2025
- Business
- Business Wire
WELL Health Reports HEALWELL AI and WELLSTAR Subsidiaries Are Selected for Canada Health Infoway's Vendor Innovation Program
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 that HEALWELL AI Inc. (TSX: AIDX, OTCQX: HWAIF)(' HEALWELL '), and WELLSTAR Technologies Inc. (' WELLSTAR '), subsidiaries, Intrahealth Systems Limited ("Intrahealth"), (non-wholly owned) Pentavere Research Group Inc. ("Pentavere"), and 2355581 Ontario Inc. dba OceanMD ("OceanMD"), have been selected by Canada Health Infoway (' Infoway '), as recipients of the 2025 Vendor Innovation Program (VIP), recognizing integrated, forward-looking solutions that will help advance connected care, improve patient access to their health information, and enhance care coordination across the Canadian health system. Infoway's Vendor Innovation Program (VIP) is designed to accelerate the development and clinical implementation of real-world interoperability innovations that are aligned with the Shared Pan-Canadian Interoperability Roadmap. The program empowers selected vendors to develop and implement innovations that accelerate the adoption of interoperability. This year's winning projects exemplify how innovation can accelerate the adoption of interoperability by improving data quality, enhancing care coordination, and expanding access to standardized, actionable health information for patients and clinicians. 'The Vendor Innovation Program is a critical component in mobilizing Canada's digital health industry,' says Abhi Kalra, Executive Vice President, Connected Care at Canada Health Infoway. 'By supporting the implementation of real-world solutions in clinical settings, we are helping to demonstrate what's possible when innovation is aligned with national priorities and focused on the needs of patients and care teams.' Dr. Alexander Dobranowski, CEO of HEALWELL, said, 'Intrahealth and Pentavere's recognition through the Vendor Innovation Program demonstrates the tremendous impact HEALWELL companies are having in the digital health landscape. Both companies are at the forefront of transforming healthcare delivery with innovative solutions that enhance data-driven care coordination, streamline workflows, and empower clinicians to deliver better patient outcomes. We remain committed to improving patient care and supporting healthcare providers with actionable insights, while also focusing on addressing the needs of underserved and rural communities, where our technology can make the most meaningful difference.' Amir Javidan, CEO of WELLSTAR, said, 'We are incredibly proud to see OceanMD, as part of WELLSTAR, recognized for its innovation in improving healthcare outcomes through digital technologies. This recognition is a testament to the exceptional work our team is doing in transforming patient care, and we are excited to see the impact this will have in clinical settings across Canada. In total, WELL Health and HEALWELL companies have earned significant recognition in this prestigious program, with three out of the eight winners coming from the WELL Health family. This achievement highlights our leadership and innovation in the digital health sector, further solidifying our role in transforming healthcare across Canada.' Selected from more than 40 applications across the country, the 2025 VIP cohort reflects the breadth of Canada's healthcare landscape, including solutions targeting primary care, acute care, and Indigenous and rural communities. The three recipient projects from the WELL Health family are as follows: Pentavere: Integrating its DARWEN™ AI system with EMRs to generate clinician-facing patient summaries, reducing chart review time and improving provider efficiency. OceanMD: Enhancing its eReferral system with open APIs and AI automation to streamline referral workflows and support real-time clinical decision-making. Intrahealth: Developing standardized FHIR-based tools to enable seamless, accurate transfer of full patient records between EMR systems across Canada. These projects were selected not only for their technical merit, but for their demonstrated potential to deliver real, lasting impact on Canada's digital health priorities. These three initiatives will be deployed in live clinical environments, across Alberta, British Columbia, Ontario, New Brunswick, and Nova Scotia, providing tangible value to patients, clinicians, and health system leaders. WELL HEALTH TECHNOLOGIES CORP. Per: 'Hamed Shahbazi' Hamed Shahbazi Chief Executive Officer, Chairman and Director WELL Health Technologies Inc. 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: About Canada Health Infoway Canada Health Infoway (Infoway) is an independent, not-for-profit organization funded by the federal government and accountable to its Board of Directors and Members of the Corporation (Canada's 14 federal, provincial and territorial deputy ministers of health). Infoway is led by a team of seasoned professionals who are specialists in their respective fields, including health care, administration, information technology and privacy. Learn more online at 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 Company's, WELLSTAR's, and HEALWELL's plan to further develop and deploy technologies in clinical environments. Forward-looking statements are often, but not always, identified by words or phrases such as "building', 'scaling', 'to become', 'opportunity', 'burgeoning', 'continue to', 'focus', 'believe', 'pursue', 'entering', 'growth', 'expect', 'intend', 'anticipate' or variations of such words and phrases or statements that certain future conditions, actions, events or results "will", "may", "could", "would", "should", "might" or "can" be taken, occur or be achieved, or the negative of any of these terms. Forward-looking statements are necessarily based upon management's perceptions of historical trends, current conditions and expected future developments, as well as a number of specific factors and assumptions that, while considered reasonable by the Company, HEALWELL, and WELLSTAR as of the date of such statements, are outside of their control and are inherently subject to significant business, economic and competitive 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: WELL's, HEALWELL's and WELLSTAR's ability to further develop the technologies identified above, and identifying customers interested in deploying such technologies in a clinical environment; the continued adoption of the software, tools and solutions created by WELL, WELLSTAR and HEALWELL; sufficiency of working capital and access to financing; WELL's, WELLSTAR's and HEALWELL's ability to comply with applicable laws and regulations; technologies working as intended or at all; trends in customer growth and the adoption of new technologies in the industry; and that the risk factors noted below, collectively, do not have a material impact on HEALWELL's business, operations, revenues and/or results. By their nature, forward-looking statements are subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections, or conclusions will not prove to be accurate, that assumptions may not be correct, and that objectives, strategic goals and priorities will not be achieved. Known and unknown risk factors, many of which are beyond the control of WELL and HEALWELL, could cause the actual results of WELL and HEALWELL to differ materially from the results, performance, achievements, or developments expressed or implied by such forward-looking statements. Such risk factors include but are not limited to those factors which are discussed under the section entitled "Risk Factors" in WELL's most recent annual information form dated April 15, 2025, which is available under WELL's SEDAR+ profile, and HEALWELL's most recent annual information form dated March 31, 2025, which is available under HEALWELL's SEDAR+ profile. The risk factors are not intended to represent a complete list of the factors that could affect WELL and HEALWELL 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, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management's expectations and plans relating to the future. WELL and HEALWELL disclaim 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.
Yahoo
14-05-2025
- Business
- Yahoo
WELL Health Reports Record Revenue in Q1-2025 with 32% YoY Growth and Record Quarterly EBITDA in Canadian Business
WELL achieved record quarterly revenues of $294.1 million in Q1-2025, an increase of 32%(2) as compared to Q1-2024 driven by organic growth and acquisitions. Revenue was negatively impacted by a net of $6.5 million related to the delay of revenue recognition for Circle Medical. Excluding this impact, quarterly revenue was $300.7 million. WELL achieved Adjusted EBITDA(1) of $27.6 million in Q1-2025, an increase of 36%(2) as compared to Q1-2024. This figure was negatively impacted by a net of $6.5 million related to the delay of revenue recognition for Circle Medical. Excluding this impact, quarterly Adjusted EBITDA was $34.1 million. WELL achieved a total of 1.6 million patient visits in Q1-2025, an increase of 23% as compared to Q1-2024, driven by the growth of Canadian patient services visits which grew by 29% YoY, with strong organic growth of 13% in Canada. WELL Canada which includes our Canadian Clinics, WELLSTAR, and CYBERWELL enterprises grew Four wall Adjusted EBITDA(1) by 29% YoY to a record $18.7 million in Q1-2025. Our positive outlook reflects continued strong organic growth from our Canadian operations as well as the addition of HEALWELL AI's results starting in Q2 2025, which is expected to contribute revenue of approximately $120 million in 2025 with positive Adjusted EBITDA. VANCOUVER, British Columbia, May 14, 2025--(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: 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. Quarter ended March 31,2025 December 31,2024 March 31,2024 (Restated) $'000 $'000 $'000 Revenue 294,137 234,758 223,483 Cost of sales (excluding depreciation and amortization) (176,665) (152,082) (129,342) Adjusted Gross Profit(1) 117,472 82,676 94,141 Adjusted Gross Margin(1) 39.9% 35.2% 42.1% Adjusted EBITDA(1) 27,577 (3,749) 20,235 Net (loss) income (41,886) (1,835) 13,783 Adjusted Net Income (loss) (1) 7,508 (17,354) 17,207 (Loss) earnings per share, basic (in $) (0.19) 0.03 0.05 (Loss) earnings per share, diluted (in $) (0.19) 0.03 0.04 Adjusted Net Income (loss) per share, basic (in $) 0.03 (0.07) 0.07 Adjusted Net income (loss) per share, diluted (in $) 0.03 (0.07) 0.07 Reconciliation of net income (loss) to Adjusted EBITDA(1): Net (loss) income for the period (41,886) (1,835) 13,783 Depreciation and amortization 19,546 20,963 16,560 Income tax recovery (1,229) (7,429) (2,440) Interest income (519) (500) (238) Interest expense 11,406 9,283 9,541 Rent expense on finance leases (4,688) (3,594) (4,114) Stock-based compensation 2,465 2,887 5,477 Foreign exchange loss (gain) 84 (528) (32) Time-based earnout expense 215 3,502 2,112 Change in fair value of investments 35,235 (48,292) (13,957) Gain on disposal of assets and investments (24) (500) (11,284) Share of net loss of associates 2,380 1,622 1,064 Transaction, restructuring & integration costs expensed 3,870 1,924 3,482 Legal settlements and defense (recovery) costs (31) 18,748 281 Other items 753 - - Adjusted EBITDA(1) 27,577 (3,749) 20,235 Attributable to WELL shareholders 20,293 (479) 15,705 Attributable to Non-controlling interests 7,284 (3,270) 4,530 Adjusted EBITDA(1) WELL Corporate (6,519) (5,403) (4,767) Canada and others 18,671 14,771 14,474 US operations 15,425 (13,117) 10,528 Adjusted EBITDA(1) attributable to WELL shareholders WELL Corporate (6,519) (5,403) (4,767) Canada and others 17,209 14,209 14,247 US operations 9,603 (9,285) 6,225 Adjusted EBITDA(1) attributable to Non-controlling interests Canada and others 1,462 562 227 US operations 5,822 (3,832) 4,303 Reconciliation of net income (loss) to Adjusted Net income(1): Net (loss) income for the period (41,886) (1,835) 13,783 Amortization of acquired intangible assets 13,034 14,885 11,520 Time-based earnout expense 215 3,502 2,112 Stock-based compensation 2,465 2,887 5,477 Change in fair value of investments 35,235 (48,292) (13,957) Share of net loss of associates 2,380 1,622 1,064 Other items 753 - - Non-controlling interest included in net income (loss) (4,688) 9,877 (2,792) Adjusted Net Income (loss) (1) 7,508 (17,354) 17,207 Footnotes: Non-GAAP financial measures and 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 Net Income and Adjusted Net Income per ShareThe 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 and Adjusted EBITDAEBITDA 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 EBITDA Attributable to WELL Shareholders/Non-Controlling InterestsThe 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, Gross Profit and Adjusted Gross MarginThe 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 Free Cash Flow Attributable to ShareholdersThe 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 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 "Hamed Shahbazi"Hamed ShahbaziChief 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. View source version on Contacts For further information: Tyler BabaInvestor Relations, Managerinvestor@ 604-628-7266 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
