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American Well Corporation (NYSE: AMWL), commonly known as Amwell, is a pioneering force in the telehealth industry, delivering comprehensive digital healthcare solutions both in the United States and globally. Amwell integrates providers, insurers, patients, and innovators through its state-of-the-art hybrid care enablement platform, aimed at providing greater access to more affordable and high-quality care.
Amwell’s platform supports a wide range of telehealth needs, encompassing urgent care, acute and post-acute care, behavioral health, chronic care management, and healthy living. With nearly two decades of expertise, the company powers digital care solutions for over 2,000 hospitals and 55 health plan partners, collectively reaching over 100 million covered lives.
In recent developments, Amwell has showcased impressive growth and resilience. Their third quarter of 2023 revenue totaled $61.9 million, with notable achievements such as a net loss reduction and an improved Adjusted EBITDA. The company recently secured a significant contract to support the U.S. Defense Health Agency’s Digital First initiatives, underlining the robustness and scalability of their Converge™ platform.
Another milestone was the recognition of SilverCloud®, Amwell’s digital mental health platform, with three prestigious healthcare honors. SilverCloud continues to make a significant impact in mental health support globally, offering 24/7 access to therapeutic care.
In addition, Amwell is actively pursuing innovative partnerships, such as the collaboration with Amplar Health in Australia to expand digital care and chronic disease prevention programs. This partnership emphasizes Amwell’s dedication to proactive healthcare models that leverage patient-generated data for improved outcomes.
Despite challenges, including compliance with NYSE listing standards and competitive pressures, Amwell remains committed to evolving its platform capabilities and operational efficiencies. The company’s recent Corporate Responsibility Report underscores its dedication to environmental, social, and governance (ESG) goals, highlighting meaningful progress in diverse talent representation, health equity initiatives, and cybersecurity enhancements.
For more insights into Amwell’s operations, financial performance, and upcoming events, visit their investor relations page at https://investors.amwell.com.
Amwell, a telehealth leader (NYSE: AMWL), announced its Q3 2020 financial results, showing significant growth amid increased telehealth demand. Total active providers surged to ~62,000, with total visits reaching ~1.41 million, up from 255,000 YOY. Total revenue was $62.6 million, compared to $34.7 million last year, driven by strong subscription and visit revenues. However, gross margin declined to 32.7% from 45.1%, and the net loss expanded to $(64.6) million from $(24.1) million. The company expects full-year revenue between $235 and $239 million.
Amwell (NYSE: AMWL) has announced new telehealth products including Amwell Now, Touchpoint Tablet software, and the C500 telemedicine cart to enhance virtual care delivery amid the ongoing COVID-19 pandemic. These offerings aim to simplify and integrate telehealth services for healthcare providers and patients, improving accessibility and efficiency. Amwell Now provides quick video visit capabilities, while the Touchpoint software enables bedside video connectivity. The C500 cart features advanced technology for remote exams, supporting diverse healthcare specialties.
Amwell (NYSE: AMWL) has achieved full URAC Accreditation in Telemedicine, reinforcing its commitment to quality virtual care during the ongoing pandemic. This independent accreditation, awarded for the second time, showcases Amwell's adherence to URAC's rigorous standards for safety, privacy, and quality in healthcare delivery. Ido Schoenberg, Co-CEO of Amwell, emphasized that this accreditation ensures their clients and patients can trust in their telehealth services. URAC's President highlighted the significance of this achievement in promoting value-based care access amidst rapid changes in the telehealth industry.
Amwell (NYSE: AMWL) will report its Q3 operating results on November 12, 2020, following which a live conference call will take place at 5:00 p.m. ET. Investors can access the audio webcast through investors.amwell.com. Amwell is a leading telehealth provider, offering services to over 2,000 hospitals and 55 health plans, covering more than 80 million lives. The company believes in transforming healthcare through digital care delivery and provides comprehensive telehealth solutions.
Amwell (NYSE: AMWL) has announced the appointment of Ms. Deborah C. Jackson to its Board of Directors, effective immediately. With over 30 years of leadership experience, Jackson currently serves as President of Cambridge College and previously was CEO of the American Red Cross of Eastern Massachusetts. Ido Schoenberg, Co-CEO, expressed confidence in Jackson's ability to offer valuable insights as the company transitions into a new growth phase in digital health. Amwell, a leader in telehealth, connects providers and patients while aiming to expand access to affordable healthcare solutions.
Amwell (NYSE: AMWL) released its annual Physician and Consumer Survey on October 6, 2020, revealing a substantial increase in telehealth usage. In 2020, 22% of consumers and 80% of physicians reported having virtual visits, a rise from 8% and 22% in 2019. Key findings show a shift toward scheduled visits and a significant increase in virtual specialty care. However, challenges persist, with 72% of physicians citing technology issues as a barrier. The company emphasizes the importance of telehealth in future healthcare, integrating both virtual and physical care.
Amwell (NYSE: AMWL) has been recognized as the top telehealth provider for patient satisfaction in the J.D. Power 2020 U.S. Telehealth Satisfaction Study, scoring 885 compared to the industry average of 860. The study surveyed 4,302 patients and assessed factors such as customer service (42%), consultation (28%), enrollment (19%), and billing/payment (11%). This recognition underlines Amwell's commitment to enhancing virtual care experiences, especially in response to increased demand due to the COVID-19 pandemic. The company aims to provide seamless integration of telehealth with traditional care.
Amwell (NYSE: AMWL) is expanding its partnership with Tyto Care to improve remote medical exams. The collaboration will introduce new integrations and workflows, enhancing virtual care capabilities for providers. Amwell will also become a reseller of Tyto Care's examination devices, offering tools for comprehensive health assessments. The initiative aims to provide more holistic care, especially for urgent and primary needs, as telehealth adoption increases during the COVID-19 pandemic. Amwell services will reach thousands of clients, enhancing patient-provider interactions remotely.
Amwell announced the closing of its upsized initial public offering (IPO) on September 21, 2020, selling 47,405,555 shares of Class A common stock at $18.00 per share. This includes the underwriters' option to purchase an additional 6,183,333 shares, resulting in gross proceeds of approximately $922 million for Amwell. Additionally, a private placement with Google LLC raised $100 million through the sale of 5,555,555 shares of Class C common stock. The shares began trading on the NYSE under the symbol 'AMWL' on September 17, 2020.
Amwell, a telehealth leader, announced the pricing of its upsized IPO at $18.00 per share, raising approximately $742 million before expenses. The offering includes 41,222,222 shares, with an additional 30-day option for underwriters to purchase up to 6,183,333 shares. Shares will start trading on the NYSE under the symbol 'AMWL' on September 17, 2020, and the offering is expected to close on September 21, 2020. The SEC declared the registration statement effective on September 16, 2020.
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