WELL Provides Integration Update with Focus on Streamlining Business Operations for Improved Profitable Growth

Rhea-AI Summary

WELL Health Technologies Corp. announces integration update to streamline operations and drive profitable growth. The company restructures its business into three key components overseen by key leaders to enhance synergies and innovation. The PR highlights revenue forecasts, cost optimization programs, and strategic initiatives for growth.

• WELL continues to focus on integrating and streamlining its operating businesses and is pleased to provide a number of related updates that supports its goal of improved profitable growth.
• All of WELL's Canadian clinical operating businesses including primary care, executive health, allied health, Longevity+ and MyHealth Centre specialized care offerings are included as part of the WELL Clinics Corp Operating entity and will now have overall P&L ownership by Dr. Michael Frankel, WELL's Chief Medical Officer. This is a business that is forecasted to generate more than $300M in revenues in 2024 with strong EBITDA margins.
• All of WELL's Canadian platform technologies including WELL's Provider Solutions, Cybersecurity, Public Sector and Enterprise Solutions, and Direct to Consumer Technology offerings shall be integrated as part of a new Platform Solutions Group with P&L ownership by Amir Javidan, WELL's Chief Operating Officer. This is a business that is forecasted to generate more than $75M in revenues in 2024 with strong EBITDA margins.
• WELL's cost optimization program is currently being implemented with the goal of enhancing operational efficiency and profitability. Updates on our progress will be provided at our Q4 2023 earnings event in March.

VANCOUVER, BC, Feb. 22, 2024 /PRNewswire/ - WELL Health Technologies Corp. (TSX: WELL) (OTCQX: WHTCF) ("WELL" or the "Company"), a digital healthcare company focused on positively impacting health outcomes by leveraging technology to empower healthcare providers and their patients globally, is pleased to announce an integration update designed to streamline business operations and position the company for improved profitable growth

Hamed Shahbazi, Founder and CEO of WELL commented, "We're pleased to share the results of the latest phase of our integration activities as we refine our organizational structure and teams to deliver our next stage of innovation and profitable growth. WELL is now effectively comprised of three key components, our Canadian National Clinic Group overseen by Dr. Michael Frankel, our Canadian Platform Services Group overseen by Amir Javidan and our WELL Health USA Group overseen by Jay Kreger. These key strategic groups and their respective leaders are well positioned to execute on our long-term vision of tech enabling and supporting healthcare providers while realizing improved synergies from WELL's significant size and scale. With approximately 5000 team members across our operations and growing quickly, the women and men of WELL continue to be a positive force in healthcare across the communities in which we operate."

All of WELL's Canadian clinical operating businesses including primary care, executive health, allied health, Longevity+ and MyHealth specialized care offerings are included as part of WELL's National Clinics Group and will now have P&L ownership by Dr. Michael Frankel, WELL's Chief Medical Officer. This is a business that is forecasted to generate more than $300M in revenues in 2024 with strong EBITDA margins.

Another organizational change for WELL is the creation of a new Platform Solutions Group. This group will encompass WELL's Provider Solutions, Cybersecurity, Public Sector and Enterprise Solutions, and Direct to Consumer Technology offerings, including our Canadian telehealth platform. Under the leadership of Amir Javidan, WELL's Chief Operating Officer, the Platform Solutions Group is forecasted to significantly contribute to WELL's growth, with anticipated revenues exceeding $75M in 2024 comprised mainly of SaaS and services. This group will include WELL's newly deployed suite of AI powered products and services designed to enhance the physician experience. This strategic alignment underscores WELL's commitment to leveraging technology to enhance healthcare delivery and accessibility.

Also part of these strategic initiatives, WELL is implementing a cost optimization program to enhance operational efficiency and profitability. Updates on this program's progress will be shared during our Q4 2023 earnings event in March, reaffirming our commitment to demonstrating continued profitable growth.

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 33,000 healthcare providers between the US and Canada and power the largest owned and operated healthcare ecosystem in Canada with more than 165 clinics supporting primary care, specialized care, and diagnostic services. In the United States WELL's solutions are focused on specialized markets such as the gastrointestinal market, women's health, primary care, and mental health. 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 WELL, please visit: www.well.company.

 

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SOURCE WELL Health Technologies Corp.

FAQ

What is the forecasted revenue for WELL's Canadian clinical operating businesses in 2024?

WELL's Canadian clinical operating businesses are forecasted to generate more than $300M in revenues in 2024.

Who will have P&L ownership of WELL's Canadian clinical operating businesses?

Dr. Michael Frankel, WELL's Chief Medical Officer, will have P&L ownership of WELL's Canadian clinical operating businesses.

What is the revenue forecast for WELL's Platform Solutions Group in 2024?

WELL's Platform Solutions Group is forecasted to generate more than $75M in revenues in 2024.

Who will have P&L ownership of WELL's Platform Solutions Group?

Amir Javidan, WELL's Chief Operating Officer, will have P&L ownership of WELL's Platform Solutions Group.

What strategic initiative is WELL implementing to enhance operational efficiency and profitability?

WELL is implementing a cost optimization program to enhance operational efficiency and profitability.