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WELL Health Technologies Corp. , 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 preliminary results for Q2-2022 ending June 30, 2022.
WELL expects1 to report strong financial results underpinned by significant growth in patient visits. The Company is pleased to report preliminary results for Q2-2022 with revenue expected to exceed C$130 million, operating Adjusted EBITDA3 exceeding C$23 million, and Shareholder Free Cash Flow4 of approximately C$15 million.
WELL achieved a total of 839,698 omni-channel patient visits2 in Q2-2022, representing a year-over-year increase of 50% compared to Q2-2021, and a 7% increase compared to Q1-2022. In addition, MyHealth conducted 179,880 diagnostic visits in Q2-2022, while Wisp completed 152,398 asynchronous patient consultations. Combining WELL’s omni-channel patient visits2, MyHealth’s diagnostic visits and Wisp’s asynchronous patient consultations, WELL achieved a total of 1,172,849 patient interactions in Q2-2022, representing an annual run-rate of 4.69 million patient interactions.
“Our patient visit figures have historically been an excellent leading indicator of our overall operational and financial performance. To that end, we’re very pleased to report another record quarter of patient visits delivered by our more than 2,200 healthcare provider partners systemwide.”, said Hamed Shahbazi, Chairman and CEO of WELL. “WELL’s business model of ‘caring for the care providers’ by supporting them in all aspects of running their operations and allow them to focus on providing care is working. Now more than ever, at a time when healthcare workers are under duress, WELL is applying all of its talents and resources to help them focus on what matters, providing the best patient care available and delivering optimal health outcomes. We look forward to reporting Q2 results.”
WELL’s US-based virtual patient services businesses, which includes Circle Medical and Wisp, continued to demonstrate robust growth in Q2-2022. Based on June 2022 preliminary results, the combined businesses generated positive Adjusted EBITDA3 with their revenue run-rate exceeding C$115 million on a combined basis in June 2022. Circle Medical’s YoY growth in Q2-2022 was driven by patient visits increasing almost 400%. The number of practitioners working with Circle Medical in Q2-2022 increased by 169% over the same period. Similarly, Wisp’s growth in Q2-2022 was driven by an 60% YoY increase in asynchronous patient consultations.
WELL’s wholly owned subsidiary, CRH, whose business is predominantly in the US also had a record quarter for cases in Q2-2022 of 125,160, driven by solid organic growth. There are now more than 1,100 CRH credentialed healthcare practitioners providing services as part of CRH’s fully managed services in 93 medical facilities.
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1 Expectations noted are based on preliminary results recorded to date. These results may be subject to change as they are prepared for financial disclosure. |
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2 Omni-channel patient visits is defined by all patient visits generated by all sources and channels. This includes any patient visits delivered by a WELL healthcare practitioner (inclusive of in-person or virtual) or a non-WELL practitioner but facilitated by WELL’s virtual care tools. This figure does not include visits for diagnostic testing consultations or any asynchronous physician consultations. |
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3 Adjusted EBITDA is a non-GAAP metric and defined by 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, and (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. |
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4 Shareholder Free Cash Flow is a non-GAAP metric and defined by Adjusted EBITDA attributable to shareholders less cash taxes, cash interest and capital expenditures |
Per: “Hamed Shahbazi”
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.
