WELL Health Reports Record Results for Q2-2024 Driven by an Acceleration in Organic Growth and Raises Annual Guidance
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.
WELL Health ha annunciato risultati record per il Q2-2024, con ricavi che hanno raggiunto $243,1 milioni, un incremento del 42% rispetto al Q2-2023, trainato da una crescita organica del 21%. L'EBITDA rettificato è cresciuto dell'11% a $30,9 milioni. L'azienda ha registrato 1,4 milioni di visite di pazienti, un aumento del 38% su base annua. I ricavi digitali negli Stati Uniti sono aumentati del 40% a $56,3 milioni. WELL ha innalzato le previsioni di ricavi annuali per il 2024 a $970 milioni a $990 milioni e ha mantenuto le indicazioni per l'EBITDA rettificato a $125 milioni a $130 milioni. L'azienda ha generato $35,2 milioni di flusso di cassa operativo e ha ripagato $14 milioni di debito.
I punti salienti dei segmenti includono: ricavi dei servizi per pazienti canadesi in aumento del 42%, ricavi dei servizi SaaS e tecnologici in aumento del 27%, e ricavi dei servizi per pazienti e fornitori statunitensi in aumento del 45%. Il profitto lordo rettificato è stato di $107,4 milioni (in aumento del 18%), ma il margine di profitto lordo rettificato è diminuito al 44,2% dal 53,1%. L'utile netto rettificato è sceso a $12,3 milioni ($0,05 per azione) rispetto a $14,4 milioni ($0,06 per azione).
Sviluppi degni di nota includono una collaborazione quinquennale con Microsoft e il lancio di nuovi strumenti di intelligenza artificiale. Nonostante l'aumento dei costi, WELL punta a mantenere una crescita robusta e una redditività positiva.
WELL Health anunció resultados récord para el Q2-2024, con ingresos que alcanzaron $243.1 millones, un aumento del 42% con respecto al Q2-2023, impulsado por un crecimiento orgánico del 21%. El EBITDA ajustado creció un 11% a $30.9 millones. La compañía registró 1.4 millones de visitas de pacientes, un aumento del 38% interanual. Los ingresos digitales en EE.UU. aumentaron un 40% a $56.3 millones. WELL elevó su pronóstico de ingresos anuales para 2024 a $970 millones a $990 millones y mantuvo su guía de EBITDA ajustado en $125 millones a $130 millones. La empresa generó $35.2 millones en flujo de efectivo operativo y pagó $14 millones en deudas.
Los aspectos destacados de los segmentos incluyen: ingresos de servicios para pacientes canadienses en aumento del 42%, ingresos de servicios de SaaS y tecnología en aumento del 27%, y ingresos de servicios para pacientes y proveedores en EE.UU. en aumento del 45%. La ganancia bruta ajustada fue de $107.4 millones (aumento del 18%), pero el margen bruto ajustado disminuyó al 44.2% desde el 53.1%. La ganancia neta ajustada disminuyó a $12.3 millones ($0.05 por acción) desde $14.4 millones ($0.06 por acción).
Desarrollos dignos de mención incluyen una colaboración de cinco años con Microsoft y el lanzamiento de nuevas herramientas de IA. A pesar del aumento de costos, WELL aspira a mantener un crecimiento sólido y una rentabilidad.
WELL Health는 2024년 2분기 동안 기록적인 결과를 발표했으며, 수익이 $243.1 백만에 도달하여 2023년 2분기 대비 42% 증가했습니다. 이는 21%의 유기적 성장에 의해 주도되었습니다. 조정된 EBITDA는 11% 증가하여 $30.9 백만에 이르렀습니다. 회사는 140만명의 환자 방문을 기록했으며, 이는 전년 대비 38% 증가한 수치입니다. 미국의 디지털 수익은 40% 증가하여 $56.3 백만에 도달했습니다. WELL은 2024년 연간 수익 전망을 $970 백만에서 $990 백만으로 높였으며, 조정된 EBITDA 가이던스는 $125 백만에서 $130 백만으로 유지했습니다. 회사는 $35.2 백만의 운영 현금 흐름을 생성했으며 $14 백만의 부채를 상환했습니다.
세그먼트 하이라이트에는 캐나다 환자 서비스 수익 42% 증가, SaaS 및 기술 서비스 수익 27% 증가, 미국 환자 및 제공자 서비스 수익 45% 증가가 포함됩니다. 조정된 총 이익은 $107.4 백만 (18% 증가)이지만, 조정된 총 마진은 53.1%에서 44.2%로 감소했습니다. 조정된 순이익은 $12.3 백만 ($0.05 per 주)에서 $14.4 백만 ($0.06 per 주)으로 감소했습니다.
주목할만한 발전에는 Microsoft와의 5년 협력 및 새 AI 도구의 출시가 포함됩니다. 증가된 비용에도 불구하고 WELL은 강력한 성장과 수익성을 유지할 계획입니다.
WELL Health a annoncé des résultats record pour le Q2-2024, avec des revenus atteignant $243,1 millions, soit une augmentation de 42% par rapport au Q2-2023, soutenue par une croissance organique de 21%. L'EBITDA ajusté a augmenté de 11% pour atteindre $30,9 millions. L'entreprise a enregistré 1,4 million de visites de patients, soit une augmentation de 38% d'une année sur l'autre. Les revenus numériques aux États-Unis ont augmenté de 40% pour atteindre $56,3 millions. WELL a relevé ses prévisions de revenus annuels pour 2024 entre $970 millions et $990 millions et a maintenu ses prévisions d'EBITDA ajusté entre $125 millions et $130 millions. L'entreprise a généré $35,2 millions de flux de trésorerie opérationnel et a remboursé $14 millions de dettes.
Les faits saillants des segments comprennent : des revenus de services aux patients canadiens en hausse de 42%, des revenus des services SaaS et technologiques en hausse de 27%, et des revenus des services aux patients et aux fournisseurs américains en hausse de 45%. Le bénéfice brut ajusté s'est élevé à $107,4 millions (en hausse de 18%), mais la marge brute ajustée a diminué à 44,2% contre 53,1%. Le bénéfice net ajusté a diminué à $12,3 millions ($0,05 par action) contre $14,4 millions ($0,06 par action).
Parmi les développements notables figure une collaboration de cinq ans avec Microsoft et le lancement de nouveaux outils d'IA. Malgré l'augmentation des coûts, WELL vise à maintenir une forte croissance et une rentabilité.
WELL Health hat rekordverdächtige Ergebnisse für das Q2-2024 bekannt gegeben, mit einem Umsatz von $243,1 Millionen, was einem Anstieg von 42% im Vergleich zum Q2-2023 entspricht, untermauert von einem organischen Wachstum von 21%. Das bereinigte EBITDA wuchs um 11% auf $30,9 Millionen. Das Unternehmen verzeichnete 1,4 Millionen Patientenbesuche, was einem Anstieg von 38% im Jahresvergleich entspricht. Die digitalen Einnahmen in den USA stiegen um 40% auf $56,3 Millionen. WELL erhöhte seine Umsatzprognose für 2024 auf $970 Millionen bis $990 Millionen und hielt die Prognose für das bereinigte EBITDA bei $125 Millionen bis $130 Millionen. Das Unternehmen generierte $35,2 Millionen an operativem Cashflow und tilgte $14 Millionen an Schulden.
Zu den Höhepunkten der Segmente gehören: Einnahmen aus kanadischen Patientenservices stiegen um 42%, Einnahmen aus SaaS- und Technologieservices stiegen um 27% und Einnahmen aus US-Patienten- und Anbieterleistungen stiegen um 45%. Der bereinigte Bruttogewinn betrug $107,4 Millionen (ein Anstieg von 18%), aber die bereinigte Bruttomarge fiel auf 44,2% von 53,1%. Der bereinigte Nettogewinn fiel auf $12,3 Millionen ($0,05 pro Aktie) von $14,4 Millionen ($0,06 pro Aktie).
Bemerkenswerte Entwicklungen umfassen eine fünfjährige Zusammenarbeit mit Microsoft und die Einführung neuer KI-Tools. Trotz gestiegener Kosten strebt WELL eine starke Wachstums- und Rentabilitätsstrategie an.
- Record quarterly revenue of $243.1 million, a 42% increase YoY.
- Adjusted EBITDA increased by 11% to $30.9 million.
- 1.4 million patient visits, a 38% increase YoY.
- U.S. digital revenues rose by 40% to $56.3 million.
- Raised annual revenue forecast to $970 million to $990 million.
- Generated $35.2 million in operating cash flow.
- Paid down $14 million in debt.
- Adjusted Gross Margin declined to 44.2% from 53.1%.
- Adjusted Net Income decreased to $12.3 million from $14.4 million.
- Free cash flow attributable to shareholders decreased to $8.7 million from $9.4 million.
- WELL achieved record quarterly revenues of
$243.1 million 42% as compared to Q2-2023 driven by acquisitions and overall organic growth(3) of21% . - WELL achieved record Adjusted EBITDA(1) of
$30.9 million 11% as compared to Q2-2023. - WELL achieved a record total of 1.4 million patient visits in Q2-2024 an increase of
38% compared to Q2-2023 and representing 5.6 million patient visits on an annualized run-rate basis. - WELL's US digital revenues attributable to Circle Medical and Wisp grew organically by
40% to$56.3M $3.5 million $5.3 million - WELL is raising its guidance range for 2024 annual revenue to be between
$970 million $990 million $125 million $130 million $55 million
Hamed Shahbazi, Founder and CEO of WELL, commented, "The second quarter of 2024 exceeded expectations, showcasing the strength of our technology-driven care platforms. We are very pleased to report
Mr. Shahbazi further added, "As of the end of Q2-2024, WELL proudly supported a network of over 3,900 providers and clinicians delivering care through our physical and virtual clinics. Our Canadian clinic transformation program continues to drive efficiencies in our clinics systemwide while driving enhanced organic growth. The clinics that have recently joined our network under our M&A or absorption programs are improving in terms of their overall operations and profitability. This success is driven by our focus on cost optimization, digital workflow integration, patient engagement technologies, and the implementation of advanced AI tools such as the ambient AI scribe and various co-pilot technologies powered by our partner HEALWELL AI. We remain committed to empowering healthcare professionals with the latest in cutting-edge technology."
Eva Fong, WELL's Chief Financial Officer, added, "I am proud to announce that during Q2 2024 we paid down
Second Quarter 2024 Financial Highlights:
- WELL achieved record quarterly revenue of
$243.1 million 42% as compared to revenue of$170.9 million 21% including clinic absorptions and16% without absorptions. - Adjusted Gross Profit(1) was
$107.4 million 18% as compared to Adjusted Gross Profit(1) of$90.8 million - Adjusted Gross Margin(1) percentage was
44.2% during Q2-2024 compared to Adjusted Gross Margin(1) percentage of53.1% in Q2-2023. The decline in Adjusted Gross Margin percentage is mainly attributed to the acquisition of businesses in the past year that had lower gross margin percentage. - Adjusted EBITDA(1) was
$30.9 million 11% as compared to Adjusted EBITDA(1) of$27.8 million - Adjusted EBITDA to WELL shareholders was
$23.0 million 3% as compared to Adjusted EBITDA to WELL shareholders of$22.3 million - Adjusted Net Income(1) was
$12.3 million $0.05 $14.4 million $0.06 - Net Income was
$117.0 million $0.45 - Free cashflow attributable to WELL shareholders(1) was
$8.7 million $9.4 million
Second Quarter 2024 Segmented Results
- Canadian Patient Services revenue was
$76.7 million 42% as compared to$54.2 million - SaaS and Technology Services revenue was
$16.9 million 27% as compared to$13.3 million U.S. Patient and Provider Services revenue was$149.5 million 45% as compared to$103.5 million - Canadian Patient Services Adjusted EBITDA was
$9.0 million 2% as compared to$8.9 million - SaaS and Technology Services Adjusted EBITDA was
$4.0 million 94% as compared to$2.1 million U.S. Patient and Provider Services Adjusted EBITDA was$23.2 million 9% as compared to$21.3 million
Second Quarter 2024 Patient Visit Metrics:
WELL achieved a record 1.4 million patient visits in Q2-2024, an increase of
Total care interactions were 2.1 million in Q2-2024, a year-over-year increase of
Q2-24 | Q1-24 | Q2-23 | Q/Q | Y/Y | Y/Y Organic | |
Canada Patient Visits | 759,000 | 733,000 | 537,000 | 4 % | 41 % | 21 % |
US Patient Visits | 640,000 | 577,000 | 478,000 | 11 % | 34 % | 31 % |
Total Visits | 1,399,000 | 1,310,000 | 1,015,000 | 7 % | 38 % | 26 % |
Technology Interactions | 622,000 | 599,000 | 411,000 | 4 % | 51 % | 51 % |
Billed Provider Hours | 83,000 | 89,000 | 0 | -7 % | N/A | N/A |
Total Care Interactions(2) | 2,104,000 | 1,998,000 | 1,426,000 | 5 % | 48 % | 48 % |
Second Quarter 2024 Business Highlights:
On April 30, 2024, the Company announced a five-year collaboration with Microsoft to enhance digital healthcare across
On May 2, 2024, the Company announced the launch of the second generation WELL AI Decision Support ("WAIDS"), featuring advanced chronic disease screening for conditions like diabetes and hypertension. This enhanced WAIDS version facilitates patient risk stratification and expands its disease detection capabilities. Powered by HEALWELL AI, the technology aids clinicians in decision-making, addressing chronic diseases that significantly impact Canadians.
On June 1, 2024, the Company completed the purchase to acquire all primary care medical clinics operated by Shoppers Drug Mart Inc. ("Shoppers") under "The Health Clinic by Shoppers™" brand. The acquisition included 10 clinics, with over 35 physicians, located in
Events Subsequent to June 30, 2024:
On July 10, 2024, the Company announced the approval of a historic
On July 17, 2024, the Company announced the launch of its AI-powered co-pilot for cardiologists, powered by HEALWELL AI, to improve the detection of cardiovascular disease (CVD). This co-pilot, an extension of the WELL AI Decision Support (WAIDS) product offering, will be deployed in WELL Diagnostic Centers,
Outlook:
WELL anticipates maintaining its strong performance through the remainder of 2024, with a strategic focus on enhancing operations for organic growth and profitability. The Company aims to pursue capital-efficient growth opportunities while effectively managing costs to deliver robust growth and sustained cash flow to shareholders. The Company's strong organic growth and healthy cash flow position it well to continue executing its growth strategies while progressively reducing debt.
Management is pleased to improve its guidance, which includes only announced acquisitions, as follows:
- Annual revenue for 2024 is projected to be in the range of
$970 million $990 million - Adjusted EBITDA for 2024 is projected to be in the upper range of
$125 million $130 million - Free cashflow attributable to WELL shareholders is expected to be approximately
$55 million
WELL plans to advance its
Leveraging its deep technological expertise, WELL is prioritizing investments in AI technologies, with plans to continue to develop and launch innovative products and enhancements across its provider and clinic network.
Conference Call:
WELL will hold a conference call to discuss its 2024 Second Quarter financial results on Wednesday, August 14, 2024, at 1:00 pm ET (10:00 am PT). Please use the following dial-in numbers: 416-764-8650 (
The conference call will also be simultaneously webcast and can be accessed at the following audience URL: https://well.company/events.
Selected Unaudited Financial Highlights:
Please see SEDAR for complete copies of the Company's condensed interim consolidated financial statements and interim MD&A for the quarter ended June 30, 2024.
Quarter ended | Six months ended | |||||||
June 30, | March 31, | June 30, | June 30, | June 30, | ||||
$'000 | $'000 | $'000 | $'000 | $'000 | ||||
Revenue | 243,147 | 231,562 | 170,922 | 474,709 | 340,347 | |||
Cost of sales (excluding depreciation and amortization) | (135,766) | (129,342) | (80,099) | (265,108) | (163,355) | |||
Adjusted Gross Profit(1) | 107,381 | 102,220 | 90,823 | 209,601 | 176,992 | |||
Adjusted Gross Margin(1) | 44.2 % | 44.1 % | 53.1 % | 44.2 % | 52.0 % | |||
Adjusted EBITDA(1) | 30,880 | 28,314 | 27,789 | 59,194 | 54,472 | |||
Net income (loss) | 116,976 | 19,600 | (2,016) | 136,576 | (12,643) | |||
Adjusted Net Income (1) | 12,284 | 20,239 | 14,361 | 32,523 | 28,486 | |||
Earnings (loss) per share, basic (in $) | 0.45 | 0.06 | (0.03) | 0.52 | (0.09) | |||
Earnings (loss) per share, diluted (in $) | 0.43 | 0.06 | (0.03) | 0.48 | (0.09) | |||
Adjusted Net Income per share, basic and diluted (in $) (1) | 0.05 | 0.08 | 0.06 | 0.13 | 0.12 | |||
Reconciliation of net income (loss) to Adjusted EBITDA: | ||||||||
Net income (loss) for the period | 116,976 | 19,600 | (2,016) | 136,576 | (12,643) | |||
Depreciation and amortization | 17,307 | 16,560 | 14,041 | 33,867 | 28,563 | |||
Income tax expense (recovery) | (1,959) | (178) | 1,889 | (2,137) | 2,081 | |||
Interest income | (279) | (238) | (127) | (517) | (315) | |||
Interest expense | 9,689 | 9,541 | 7,828 | 19,230 | 15,602 | |||
Rent expense on finance leases | (4,129) | (4,114) | (2,581) | (8,243) | (5,071) | |||
Stock-based compensation | 4,765 | 5,477 | 6,134 | 10,242 | 12,733 | |||
Foreign exchange gain | (72) | (32) | (65) | (104) | (349) | |||
Time-based earnout expense | 15 | 2,112 | 1,476 | 2,127 | 12,330 | |||
Change in fair value of investments | (116,327) | (13,957) | - | (130,284) | - | |||
Gain on disposal of assets and investments | - | (11,284) | (1,517) | (11,284) | (1,517) | |||
Share of net (income) loss of associates | (177) | 1,064 | 91 | 887 | 188 | |||
Other items | 753 | - | 1,798 | 753 | 1,798 | |||
Transaction, restructuring and integration costs expensed | 4,318 | 3,763 | 838 | 8,081 | 1,072 | |||
Adjusted EBITDA(1) | 30,880 | 28,314 | 27,789 | 59,194 | 54,472 | |||
Attributable to WELL shareholders | 23,019 | 21,371 | 22,287 | 44,390 | 42,919 | |||
Attributable to Non-controlling interests | 7,861 | 6,943 | 5,502 | 14,804 | 11,553 | |||
Adjusted EBITDA(1) | ||||||||
WELL Corporate | (5,320) | (4,767) | (4,456) | (10,087) | (8,981) | |||
Canada and others | 13,032 | 14,474 | 10,942 | 27,506 | 22,747 | |||
US operations | 23,168 | 18,607 | 21,303 | 41,775 | 40,706 | |||
Adjusted EBITDA(1) attributable to WELL shareholders | ||||||||
WELL Corporate | (5,320) | (4,767) | (4,456) | (10,087) | (8,981) | |||
Canada and others | 12,645 | 14,247 | 10,798 | 26,892 | 22,308 | |||
US operations | 15,694 | 11,891 | 15,945 | 27,585 | 29,592 | |||
Adjusted EBITDA(1) attributable to Non-controlling interests | ||||||||
Canada and others | 387 | 227 | 144 | 614 | 439 | |||
US operations | 7,474 | 6,716 | 5,358 | 14,190 | 11,114 | |||
Reconciliation of net income (loss) to Adjusted Net income: | ||||||||
Net income (loss) for the period | 116,976 | 19,600 | (2,016) | 136,576 | (12,643) | |||
Amortization of acquired intangible assets | 11,361 | 11,520 | 10,720 | 22,881 | 21,750 | |||
Time-based earnout expense | 15 | 2,112 | 1,476 | 2,127 | 12,330 | |||
Stock-based compensation | 4,765 | 5,477 | 6,134 | 10,242 | 12,733 | |||
Change in fair value of investments | (116,327) | (13,957) | - | (130,284) | - | |||
Other items | 753 | - | 1,798 | 753 | 1,798 | |||
Non-controlling interest included in net income (loss) | (5,259) | (4,513) | (3,751) | (9,772) | (7,482) | |||
Adjusted Net Income (1) | 12,284 | 20,239 | 14,361 | 32,523 | 28,486 | |||
Footnotes:
- Non-GAAP financial measures and ratios.
In addition to results reported in accordance with IFRS, the Company uses certain non-GAAP financial measures as supplemental indicators of its financial and operating performance. These non-GAAP financial measures include Adjusted Net Income, Adjusted Net Income Per Share, Adjusted EBITDA, Adjusted Gross Profit, Adjusted Gross Margin, and Adjusted Free Cash Flow. The Company believes these supplementary financial measures reflect the Company's ongoing business in a manner that allows for meaningful period-to-period comparisons and analysis of trends in its business.
Adjusted Net Income and Adjusted Net Income per Share The Company defines Adjusted Net Income as net income (loss), after excluding the effects of stock-based compensation expense, amortization of acquired intangible assets, time-based earnout expense, change in fair value of investments, non-controlling interests, and revenue precluded from recognition under IFRS 15 that relates to certain patient services revenue that the Company believes should be recognized as revenue based on its contractual relationships. Adjusted Net Income Per Share is Adjusted Net Income divided by weighted average number of shares outstanding. The Company believes that these non-GAAP financial measures provide useful information to analyze our results, enhance a reader's understanding of past financial performance and allow for greater understanding with respect to key metrics used by management in decision making. More specifically, the Company believes Adjusted Net Income is a financial metric that tracks the earning power of the business that is available to WELL shareholders.
EBITDA and Adjusted EBITDA EBITDA and Adjusted EBITDA are non-GAAP measures. EBITDA represents net income (loss) before interest, taxes, depreciation, and amortization. The Company defines Adjusted EBITDA as EBITDA (i) less net rent expense on premise leases considered to be finance leases under IFRS and (ii) before transaction, restructuring, and integration costs, time-based earn-out expense, change in fair value of investments, share of loss of associates, foreign exchange gain/loss, and stock-based compensation expense, (iii) revenue precluded from recognition under IFRS 15 that relates to certain patient services revenue that the Company believes should be recognized as revenue based on its contractual relationships, and (iv) gains/losses that are not reflective of ongoing operating performance. The Company considers Adjusted EBITDA a financial metric that measures cash that the Company can use to fund working capital requirements, service future interest and principal debt repayments and fund future growth initiatives. EBITDA and Adjusted EBITDA should not be considered alternatives to net income (loss), cash flow from operating activities or other measures of financial performance in accordance with IFRS.
Adjusted Gross Profit and Adjusted Gross Margin The Company defines Adjusted Gross Profit as revenue less cost of sales (excluding depreciation and amortization) and Adjusted Gross Margin as adjusted gross profit as a percentage of revenue. Adjusted gross profit and adjusted gross margin should not be construed as an alternative for revenue or net income (loss) determined in accordance with IFRS. The Company does not present gross profit in its consolidated financial statements as it is a non-GAAP financial measure. The Company believes that adjusted gross profit and adjusted gross margin are meaningful metrics that are often used by readers to measure the Company's efficiency of selling its products and services.
Adjusted Free Cashflow The Company defines Adjusted Free Cashflow as Adjusted EBITDA Attributable to Shareholders, less cash interest, less cash taxes and less capital expenditures. Adjusted Net income, Adjusted Net Income per Share, Adjusted EBITDA, Adjusted Gross Profit, Adjusted Gross Margin, and Adjusted Free Cashflow are not recognized measures for financial statement presentation under IFRS and do not have standardized meanings. As such, these measures may not be comparable to similar measures presented by other companies and should be considered as supplements to, and not as substitutes for, or superior to, the corresponding measures calculated in accordance with IFRS. - Total Care Interactions are defined as Total Visits plus Technology Interactions plus Billed Provider Hours.
- Organic growth includes growth attributable to "absorptions" which are characterized by clinics acquired for nominal consideration (ie. Less than 0.02x revenues). The overall organic growth inclusive of absorptions in Q2 was
21% but would have been16.% without absorptions.
WELL HEALTH TECHNOLOGIES CORP.
Per: "Hamed Shahbazi"
Hamed Shahbazi
Chief Executive Officer, Chairman and Director
About WELL Health Technologies Corp.
WELL's mission is to tech-enable healthcare providers. We do this by developing the best technologies, services, and support available, which ensures healthcare providers are empowered to positively impact patient outcomes. WELL's comprehensive healthcare and digital platform includes extensive front and back-office management software applications that help physicians run and secure their practices. WELL's solutions enable more than 37,000 healthcare providers between the US and
Forward-Looking Statements
This news release may contain "Forward-Looking Information" within the meaning of applicable Canadian securities laws, including, without limitation: information regarding the Company's goals, strategies and growth plans; annual revenue and patient-visit run rates; free cash-flow guidance; expectations regarding continued revenue and EBITDA growth; expectations surrounding the reduction in debt, share issuances and earn-out payments; expected annual savings from various cost cutting initiatives; the expected benefits and synergies of completed acquisitions ; and the expected financial performance as well as information in the "Outlook" section herein. Forward-Looking Information are necessarily based upon a number of 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 involve 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 the Forward-Looking Information and the Forward-Looking Information are not guarantees of future performance. WELL's comments expressed or implied by such Forward-Looking Information are subject to a number of risks, uncertainties, and conditions, many of which are outside of WELL 's control, and undue reliance should not be placed on such information. Forward-Looking Information are qualified in their entirety by inherent risks and uncertainties, including: direct and indirect material adverse effects from 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; the expected profitability of acquisition targets; the expected benefits from different commercial partnerships; 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.
This news release contains future-oriented financial information and financial outlook information (collectively, "FOFI") about estimated annual run-rate revenue and Adjusted EBIDTA, all of which are subject to the same assumptions, risk factors, limitations, and qualifications as set out in the above paragraph. The actual financial results of WELL may vary from the amounts set out herein and such variation may be material. WELL and its management believe that the FOFI has been prepared on a reasonable basis, reflecting management's best estimates and judgments. However, because this information is subjective and subject to numerous risks, it should not be relied on as necessarily indicative of future results. Except as required by applicable securities laws, WELL undertakes no obligation to update such FOFI. FOFI contained in this news release was made as of the date hereof and was provided for the purpose of providing further information about WELL's anticipated future business operations on an annual basis. Readers are cautioned that the FOFI contained in this news release should not be used for purposes other than for which it is disclosed herein.
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SOURCE WELL Health Technologies Corp.
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