WELL HEALTH TECH CORP ORD - WHTCF STOCK NEWS

WELL Health Technologies Corp. reported record quarterly revenue of $140.3 million for Q2-2022, marking a 127% year-over-year increase. Adjusted EBITDA reached $26.4 million, compared to $11.9 million in Q2-2021. The company achieved an adjusted net income of $17.2 million, a significant turnaround from a net loss of $1.2 million last year. Total omni-channel patient visits were 833,819, reflecting a 49% increase. The annual revenue guidance for 2022 has been raised to exceed $550 million due to strong organic growth.

Wisp has launched an affordable telehealth medical abortion service, initially available in California and expanding to New York, Illinois, and Colorado. The service is priced at $200, which is 30% lower than the national average, and does not require insurance. Wisp aims to enhance accessibility to sexual and reproductive healthcare. The company also offers 24/7 virtual support for patients. Additionally, Wisp is committed to donating 1% of sales from emergency contraception and birth control to partner organizations until the end of August.

WELL Health Technologies Corp. (OTCQX: WHTCF) has appointed Sybil Lau to its board of directors, bringing 25 years of investment experience to the company. Lau's background includes roles at Credit Suisse and Goldman Sachs, and she is involved in healthcare philanthropy in South East Asia. The board expects her expertise in capital allocation and market development to benefit WELL's future endeavors. Additionally, WELL will release its Q2 2022 financial results on August 11, 2022, followed by a conference call at 1:00 PM ET.

WELL Health Technologies Corp. (OTCQX: WHTCF) anticipates strong Q2-2022 results, projecting revenues exceeding C$130 million, with over 839,000 patient visits, a 50% YoY increase. The company's US-focused virtual services, including Circle Medical and Wisp, report a combined revenue run-rate exceeding C$115 million and 150% YoY growth. Well's operating Adjusted EBITDA is expected to surpass C$23 million, with Free Cash Flow around C$15 million. This growth reflects WELL's effective support for healthcare practitioners amidst challenges in the sector.

WELL Health Technologies Corp. (OTCQX: WHTCF) has established a new entity called WELL Health Canada Clinics Inc. to consolidate its outpatient clinic businesses in Canada, enhancing its 'hybrid' care model. The company secured $200 million in senior secured credit facilities, led by RBC, extended until 2026, enabling further clinic expansion. Recently, WELL opened clinics in Ontario and British Columbia, aiming to exceed $160 million in revenue from its clinics, which collectively support 1,300 practitioners and 1.87 million patient visits annually.

WELL Health Technologies Corp. (OTCQX: WHTCF) announced a significant business update on its cybersecurity unit, revealing a record revenue and EBITDA growth of 240% year-over-year in Q2 2022. The company appointed Iain Paterson as the Chief Information Security Officer and Peter Giannoulis as the new CEO of Cycura, enhancing leadership in cybersecurity. WELL's cybersecurity initiatives are being ramped up to protect healthcare data, given that healthcare faced 48% of all security breaches in Canada in 2021. Additionally, CEO Hamed Shahbazi transferred 6 million shares for family trust purposes, reaffirming his commitment to the company.

WELL Health Technologies Corp. (WHTCF) announced the participation of CEO Hamed Shahbazi in the 1st Annual Stifel GMP Muskoka Institutional Investor Conference, scheduled from July 13 to 15, 2022, at the JW Marriott The Rosseau Muskoka Resort & Spa, Minett, ONT. Mr. Shahbazi will hold one-on-one meetings with institutional investors on July 14. WELL is dedicated to enhancing health outcomes through technology, operating Canada's largest outpatient medical clinic network and a leading telehealth service. For details, refer to the official announcement.

WELL Health Technologies Corp. has announced its first acquisition in Alberta, acquiring INLIV, a healthcare provider in Calgary focusing on primary care and executive health services. The acquisition, valued at approximately $1.61 million, is expected to enhance WELL's portfolio, bringing in over 1,000 customers and annual revenues nearing $20 million. INLIV reported revenues of $7.3 million for the year ending April 30, 2022, with more than 85% from recurring fees. This transaction will further expand WELL's presence in the corporate health sector.