WELL Health Technologies Corp. — a practitioner focused digital health company that is positively impacting health outcomes by leveraging technology to empower healthcare practitioners and their patients globally, is pleased to provide several key business updates including updates on its US based businesses Circle Medical Inc. (“Circle Medical“), Wisp Inc. (“Wisp“) and CRH Medical Corp. (“CRH“).
Hamed Shahbazi, CEO and Founder of WELL said, “Despite an increasingly difficult macroeconomic backdrop, the team at WELL continues to execute on our disciplined growth strategy reflecting strong overall organic and inorganic growth achievements. While both our US and Canadian businesses are healthy and growing, we felt that especially in light of the strong US dollar currency, we would highlight the tremendous growth and success we are experiencing in the US market. We look forward to providing further information on our Q3 clinical patient visits for both our US and Canadian businesses in the coming weeks. Our business has never been stronger and more resilient as we remain committed to demonstrating sustained healthy operating Adjusted EBITDA and organic growth metrics for the entire enterprise. We continue to demonstrate that our efforts to tech-enable and support healthcare providers is working and generating real results.”
Circle Medical and Wisp, WELL’s US-based virtual service businesses continue to demonstrate strong organic growth in Q3 2022. The combined annualized run-rate revenue of these two businesses exceeded US$100 million as of the end of September 30, 2022, having achieved WELL’s previous guidance for annualized revenue run-rate of US$100 million by the end of 2022. Circle Medical achieved 116,989 patient visits in the third quarter, while Wisp achieved 186,952 asynchronous consultations in the same quarter. These achievements are record highs for the respective businesses and represents year-over-year growth rates of over 230% and over 50% respectively.
Eva Fong, CFO of WELL commented, “We are very pleased with the performances of our US virtual services businesses, Circle and Wisp, which achieved our previously provided guidance for annualized revenue run-rate of US$100 million, one quarter earlier than planned. Please keep in mind that we started the year in Q1 2022 at approximately US$70 million annualized revenue run rate. This is a major accomplishment, and I would like to recognize the outstanding effort, skill, and leadership by our teams at Circle Medical and Wisp to make this happen.”
WELL’s wholly owned subsidiary, CRH, continued to execute its tuck-in M&A strategy in Q3 2022. In September 2022, CRH completed the acquisition of Grand Canyon Anesthesia (“GCA“), a well-established group headquartered in Phoenix, Arizona and consisting of over 100 anesthesia providers supporting the delivery of anesthesia for more than 50,000 surgical cases annually. This acquisition marks CRH’s entry into its 18th state of service, further supporting its disciplined growth and diligent focus on the provision of services while staying in the ambulatory surgical setting. GCA is expected to generate more than US16 million in annual revenue and US$2 million in shareholder EBITDA.
Jay Kreger, CEO of CRH commented “We are very pleased to welcome the team at GCA. This is one of CRH’s largest single acquisitions ever, spanning over 7 sites and was in-line with our stringent capital allocation strategy. GCA also offers anesthesia services outside of the gastrointestinal procedures including orthopedic, spine, pain, dental, ENT and ophthalmology procedures. Furthermore, GCA expands CRH’s geographic presence into the western United States, potentially acting as a gateway for expansion to other parts of western United States.”
WELL HEALTH TECHNOLOGIES CORP.
Per: “Hamed Shahbazi”
Chief Executive Officer, Chairman and Director
WELL is a practitioner focused digital healthcare company whose overarching objective is to positively impact health outcomes to empower and support healthcare practitioners and their patients. WELL has built an innovative practitioner enablement platform that includes comprehensive end to end practice management tools inclusive of virtual care and digital patient engagement capabilities as well as Electronic Medical Records (EMR), Revenue Cycle Management (RCM) and data protection services. WELL uses this platform to power healthcare practitioners both inside and outside of WELL’s own omni-channel patient services offerings. As such, WELL owns and operates Canada’s largest network of outpatient medical clinics serving primary and specialized healthcare services and is the provider of a leading multi-national, multi-disciplinary telehealth offering. WELL is publicly traded on the Toronto Stock Exchange under the symbol “WELL” and on OTCQX under the symbol “WHTCF”. To learn more about the Company, please visit: www.well.company.