WELL HEALTH TECH CORP ORD - WHTCF STOCK NEWS

WELL Health Technologies has announced the acquisition of Jack Nathan Medical's Canadian clinical assets, including 16 owned and operated clinics generating over $10 million in revenue, and 62 licensee clinics contributing $2.2 million in annual revenue. The deal includes rights to operate medical clinics in Walmart Canada stores, providing access to over 400 potential locations. The owned clinics are expected to be profitable on an adjusted EBITDA basis by 2025. The acquisition introduces WELL's new 'Affiliate Clinic' business model, where physicians own and operate smaller clinics with WELL's technology support.

WELL Health Technologies and HEALWELL AI have expanded their multi-year strategic alliance to launch and manage clinical trial sites across WELL's network of over 180 Canadian clinics. The partnership combines WELL's healthcare infrastructure with HEALWELL's AI technology and Contract Research Organization capabilities to create an end-to-end clinical trials service. The collaboration will leverage WELL's extensive network of primary and specialty care clinics, including diagnostic centers specializing in cardiology, radiology, sleep medicine, and endocrinology, to enhance patient recruitment and trial execution while opening new revenue streams.

WELL Health Technologies Corp.'s subsidiary Wisp, the largest dedicated women's telehealth provider in the U.S., has launched a new weight care vertical. This expansion includes:

• Personalized online consultations with access to four weight care solutions, including GLP-1 medications
• Introduction of Wisp's first exclusive over-the-counter weight-loss supplement
• Support for women struggling with hormonal conditions such as perimenopause, menopause, PCOS, and endometriosis

Wisp now serves over 1.2 million patients and offers GLP-1 medications and supplements via pharmacy pickup or free delivery. The program includes educational content and monthly check-ins. Wisp has also strengthened its menopause solutions, addressing the healthcare gap for over 2 million women experiencing menopause annually.

WELL Health Technologies Corp. (TSX: WELL) (OTCQX: WHTCF) announces positive findings from an AI Scribe Evaluation Study conducted by OntarioMD. The study, which included WELL's AI Voice solution, revealed:

• Over 70% reduction in time spent on patient encounter documentation
• 82.3% of primary care providers expressed desire to continue using AI scribes long-term
• Average 3.5-minute reduction in administrative tasks per patient encounter

Key benefits include improved workflow efficiency, reduced after-hours documentation, and enhanced patient care. The study involved 152 primary care providers across Ontario, testing various AI scribes. WELL plans to further integrate its AI Voice solution with EMR software to maximize efficiency and reduce administrative tasks.

WELL Health Technologies Corp. (TSX: WELL) (OTCQX: WHTCF), a digital healthcare company, has announced its participation in the upcoming Cantech Letter Investment Conference on October 9, 2024, in Toronto, Ontario. The company's Founder and CEO, Hamed Shahbazi, will deliver an investor presentation and engage in one-on-one meetings with investors during the event.

Additionally, Mr. Shahbazi will participate in a panel discussion titled 'Growth Through Acquisition in the Canadian Capital Markets' at 12:30 PM. The conference will take place at the Arcadian Loft, 8th floor, 401 Bay Street, Toronto, ON. Interested parties can register for the event by contacting tara@cantechletter.com. More information about the conference can be found on the Cantech Letter website.

WELL Health's OceanMD and HEALWELL's Intrahealth have announced a strategic partnership to integrate OceanMD's eReferral system across Intrahealth's global network. This collaboration aims to enhance digital interoperability, streamline healthcare processes, and improve patient access to care. OceanMD's platform currently handles over 120,000 eReferrals and eConsults monthly and has secured contracts with Ontario, British Columbia, and Nova Scotia for provincial deployments.

The integration will allow healthcare providers to send, receive, and manage eReferrals directly from their EMR, simplifying workflows and improving patient care. This partnership is expected to reduce administrative burdens, enhance provider efficiency, and offer patients better access to their health data.

WELL Health announced record results for Q2-2024, with revenue reaching $243.1 million, a 42% increase from Q2-2023, driven by a 21% organic growth. Adjusted EBITDA grew by 11% to $30.9 million. The company recorded 1.4 million patient visits, an increase of 38% YoY. U.S. digital revenues rose by 40% to $56.3 million. WELL raised its 2024 annual revenue forecast to $970 million to $990 million and maintained Adjusted EBITDA guidance at $125 million to $130 million. The company generated $35.2 million in operating cash flow and paid down $14 million in debt.

Segment highlights include: Canadian Patient Services revenue up 42%, SaaS and Technology Services revenue up 27%, and U.S. Patient and Provider Services revenue up 45%. Adjusted Gross Profit was $107.4 million (up 18%), but Adjusted Gross Margin declined to 44.2% from 53.1%. Adjusted Net Income decreased to $12.3 million ($0.05 per share) from $14.4 million ($0.06 per share).

Noteworthy developments include a five-year collaboration with Microsoft and the launch of new AI tools. Despite increased costs, WELL aims to maintain robust growth and profitability.

Circle Medical, majority-owned by WELL Health Technologies Corp. (TSX: WELL, OTCQX: WHTCF), has surpassed a $100M USD revenue run rate. In July 2024, Circle Medical reported $8.87M in revenue, reflecting a 65% year-over-year increase. The company has maintained profitability on an Adj EBITDA basis for over 2.5 years with strong gross margins of approximately 55%.

Circle Medical has retained JP Morgan as exclusive financial advisor to explore strategic options for future growth. The company has made strategic leadership hires and formed key partnerships in artificial intelligence (AI) to enhance patient care and operational efficiency. WELL Health will discuss Circle Medical's performance in its quarterly earnings call on August 14, 2024.

WELL Health Technologies Corp. (TSX: WELL) (OTCQX: WHTCF) has announced that it will release its Fiscal Second Quarter 2024 financial results on August 14, 2024. The company, which focuses on leveraging technology to improve healthcare outcomes, will hold a conference call and webcast to discuss the results on the same day at 1:00 pm ET (10:00 am PT). The call will be hosted by Hamed Shahbazi, Chairman and CEO, and Eva Fong, CFO. Participants can join via phone or webcast, with dial-in details provided for Toronto, Vancouver, North America (toll-free), and international callers.