WELL Health Reports Record Patient Visits and Interactions for Q1-2023 Driven by Strong Organic Growth

Rhea-AI Summary

WELL Health Technologies Corp. expects to announce another record performance for total patient interactions in Q1-2023, reflecting a YoY increase of approximately 27%. The company achieved combined 975,500 patient visits in Canada and the United States, an increase of 25% compared to Q1-2022. WELL's Canadian Patient Services business accounted for a total of 503,735 patient visits in Q1-2023, representing a 14% increase. The company achieved 471,765 patient visits in its US Patient Services business, an increase of 40% compared to Q1-2022.

Positive

• WELL Health Technologies Corp. expects to announce another record performance for total patient interactions in Q1-2023, reflecting a YoY increase of approximately 27%. The company achieved combined 975,500 patient visits in Canada and the United States, an increase of 25% compared to Q1-2022. WELL's Canadian Patient Services business accounted for a total of 503,735 patient visits in Q1-2023, representing a 14% increase. The company achieved 471,765 patient visits in its US Patient Services business, an increase of 40% compared to Q1-2022.

Negative

• None.

• WELL expects to announce another record performance for total patient interactions¹ of ~1.4 million in Q1-2023 reflecting a YoY increase of approximately 27%, primarily driven by organic growth.
• WELL also achieved combined 975,500 patient visits² in Canada and the United States for Q1-2023, an increase of 25% as compared to Q1-2022.
• WELL's patient interactions¹ and patient visits² metrics are an important leading indicator to demonstrate the health of WELL's operational and financial performance.

VANCOUVER, BC, May 4, 2023 /PRNewswire/ - WELL Health Technologies Corp. (TSX: WELL) (OTCQX: WHTCF) ("WELL" or the "Company"), a digital health company focused on positively impacting health outcomes by leveraging technology to empower healthcare practitioners and their patients globally, is pleased to provide a preview of the volume of its patient visit and interactions in Q1-2023.

WELL achieved a total of 1,397,353 patient interactions¹ in Q1-2023, a year-over-year increase of 27% compared to Q1-2022 and representing 5.6 million patient interactions on an annualized run-rate basis. This was primarily driven by strong organic growth across all of WELL's business units.

	Q1-2022	Q4-2022	Q1-2023
Canada Patient Visits3	441,445	491,148	503,735
US Patient Visits3	337,465	450,335	471,765
Technology Interactions	318,797	411,765	421,853
Total Patient Interactions	1,097,707	1,353,248	1,397,353

WELL's Canadian Patient Services business which includes primary care, specialty, allied care, executive health, and diagnostic care accounted for a total of 503,735 patient visits² across Canada in Q1-2023, representing an increase of 14% as compared to Q1-2022.

WELL achieved 471,765 patient visits² in the Company's US Patient Services business in Q1-2023, an increase of 40% compared to Q1-2022. WELL's US Patient Services businesses include CRH Medical, Circle Medical and Wisp. Growth in US Patient Visits was primarily driven by organic growth in Circle Medical and Wisp businesses, in addition to acquisitions by CRH over the past year.

Hamed Shahbazi, Founder and CEO of WELL commented, "Our impressive care provider and technology teams turned in another outstanding performance in Q1, collectively delivering another record quarter of results of exceptional care as evidenced by our industry leading high NPS scores. Organic growth continues to be a significant contributor to our overall growth, with Q1 being the 5th consecutive quarter of double-digit organic growth. We are now on a run-rate of 5.6 million synchronous and asynchronous patient interactions which reflects truly impressive scale and reach."

Footnotes

1. Patient Interactions are defined as Patient Visits plus Technology Interactions.
2. Patient visits are defined by any interaction a patient has with a WELL practitioner through all sources and channels. This includes also diagnostic testing consultations or any asynchronous physician consultations.
3. Patient visit metrics for prior periods, Q1-2022 and Q4-2022, have been restated to align with new segmentation based on Canadian Patient Services and US Patient Services operating segments. Diagnostic patient visits performed by MyHealth and False Creek Wellness are now included in Canadian Patient visits, while Wisp's asynchronous patient visits are now included in US Patient visits. Patient bookings only conducted by various technology providers such as OceanMD, Adracare, and Insig are now reported under Technology Interactions. Technology Interactions does not include the many millions of patient interactions supported by WELL's EMR Group or family of digital health apps such as the OceanMD patient engagement platform.

WELL HEALTH TECHNOLOGIES CORP.

Per: "Hamed Shahbazi"

Hamed Shahbazi

Chief Executive Officer, Chairman and Director

About WELL Health Technologies Corp.

WELL is a practitioner-focused digital healthcare company. WELL's overarching mission is to positively impact health outcomes by leveraging technology to empower healthcare practitioners and their patients globally. WELL exists to enable healthcare practitioners with best-in-class technology and services. WELL has built the most comprehensive end-to-end healthcare system across Canada including the nation's largest network of clinics supporting primary care, specialized care, and diagnostics services. In the United States, WELL provides omni-channel healthcare services and solutions targeting specialized markets such as the gastrointestinal market, women's health, primary care, and mental disorders. In addition to providing patient services, WELL develops, integrates, and sells its own suite of technology software and solutions to medical clinics and healthcare practitioners. WELL's practitioner enablement platform includes: Electronic Medical Records ("EMR"), telehealth platforms, practice management, billing, Revenue Cycle Management ("RCM"), digital health apps and data protection solutions. 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: www.well.company.

Forward-Looking Information

This news release may contain "Forward-Looking Information" within the meaning of applicable Canadian securities laws, including without limitation WELL's expectations to report strong financial results. Forward-Looking Information is based upon several 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 involves 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 such Forward Looking Information and, which are not guarantees of future performance. WELL's statements expressed or implied by Forward Looking Information are subject to several risks, uncertainties, and conditions, many of which are outside of WELL 's control, and undue reliance should not be placed on such statements. Forward-Looking Information is qualified in their entirety by inherent risks and uncertainties, including: direct and indirect material adverse effects from the COVID-19 pandemic; adverse market conditions; risks inherent in the primary healthcare sector in general; 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 www.sedar.com, 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.

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SOURCE WELL Health Technologies Corp.

FAQ

What is the expected increase in total patient interactions for Q1-2023?

WELL Health Technologies Corp. expects a YoY increase of approximately 27% in total patient interactions for Q1-2023.

How much did the company's patient visits increase in Canada and the United States?

The company achieved a 25% increase in patient visits in Canada and the United States compared to Q1-2022.

What was the increase in patient visits for WELL's Canadian Patient Services business in Q1-2023?

WELL's Canadian Patient Services business saw a 14% increase in patient visits in Q1-2023 compared to Q1-2022.

What was the increase in patient visits for WELL's US Patient Services business in Q1-2023?

WELL's US Patient Services business achieved a 40% increase in patient visits in Q1-2023 compared to Q1-2022.