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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 reported $62.2 million in third-quarter revenue, a slight decrease from $62.6 million a year prior, with gross margins improving to 43.5% compared to 32.7% last year. The company saw an increase in total active providers to approximately 80,000 from 71,000 last quarter, and total visits rose to 1.4 million. The adjusted EBITDA loss was narrowed to ($31.5 million), down from ($26.2 million) year-over-year. Amwell adjusted its financial outlook for revenue to a range of $246 million to $253 million due to COVID-Delta impacts.
Amwell (NYSE: AMWL), a leader in telehealth, will report its third-quarter operating results for the period ending September 30, 2021, on November 10, 2021. Following the release, Amwell's management will host a live conference call and webcast at 5:00 p.m. ET to discuss the results and provide a business update. Interested parties can access the live audio via the Company's website or by calling designated numbers. Amwell connects over 80 million lives through its telehealth platform, offering comprehensive healthcare solutions.
Amwell (NYSE: AMWL) announces the general availability of Converge™, its telehealth platform with integrated EHR capabilities, now deployed in over 40 health systems. Recognized as the Best New Application in Telehealth by UCSF, Converge streamlines digital care delivery across physical, virtual, and automated environments. Significant support is evident, with 77% of healthcare leaders desiring a unified virtual care platform. Amwell's success is backed by positive client feedback and accolades from Chilmark Research and MassTLC, emphasizing its strong market position and innovative solutions.
The Clinic by Cleveland Clinic and Amwell (NYSE: AMWL) have announced a strategic partnership with RubiconMD to enhance access to medical expertise. This tech-enabled collaboration will allow primary care clinicians to obtain same-day guidance from specialists at Cleveland Clinic, improving patient care and potentially reducing costs. The initiative aims to streamline workflows and democratize specialty care, starting with advanced specialties such as endocrinology. The Clinic boasts 3,500 experts across 550 subspecialties.
Amwell has announced the appointment of Robert Shepardson as the new Chief Financial Officer (CFO), effective October 31. Shepardson brings over 30 years of experience in investment banking, having led significant financings in the healthcare sector. He will succeed Keith Anderson, who will transition to a full-time advisory role after three years in the CFO position. Amwell is projected to increase its revenue from $100 million in 2018 to over $300 million by 2022, reflecting strong business growth.
The Clinic by Cleveland Clinic and Amwell (NYSE: AMWL) have announced a partnership with ReviveHealth to provide online expert second opinions through a telehealth platform. This collaboration aims to enhance care delivery, improving outcomes while reducing costs. ReviveHealth members can access this service at no additional cost, addressing the growing demand for second opinions in healthcare, projected to reach $7 billion by 2024. The partnership aims to connect patients with over 3,500 world-renowned expert physicians.
Amwell (NYSE: AMWL), a leader in telehealth, announced its participation in the 19th Annual Morgan Stanley Global Healthcare Conference on September 13, 2021, at 8:45 a.m. ET. Chairman and Co-CEO Ido Schoenberg and CFO Keith Anderson will engage in a fireside chat during the event. A live audio webcast of the presentation will be available on Amwell’s investor website and archived for approximately 90 days. With a robust telehealth platform, Amwell partners with over 2,000 hospitals and 55 health plans, covering over 80 million lives, demonstrating a commitment to transforming healthcare access and delivery.
Amwell (NYSE: AMWL) has successfully closed its acquisitions of SilverCloud Health and Conversa Health, enhancing its digital care enablement platform. These acquisitions aim to integrate proven behavioral healthcare and longitudinal care capabilities, positioning Amwell to improve care delivery worldwide. Chairman Ido Schoenberg emphasized the goal of a robust digital platform comprising a vast clinical network and advanced technology, fostering growth through increased utilization of their Converge platform and strategic global expansion.
Amwell (AMWL) announced its Q2 2021 financial results, revealing total revenues of $60.2 million, up from $57.6 million. Subscription revenue increased to $26.8 million, while visit revenue slightly decreased to $27.5 million. Gross margin improved to 43.7%. The net loss narrowed to $38.1 million, and adjusted EBITDA improved to ($23.7) million. Looking ahead, Amwell adjusted its revenue guidance for 2021, expecting between $252 and $262 million, while reducing its visit volume forecast due to COVID-Delta variant impacts. A quarterly conference call is scheduled for August 11, 2021.
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