- WELL expects to announce another record performance with over 1 million total patient visits(1) and almost 1.5 million total patient interactions(2) in Q2-2023. This is the first quarter where WELL has exceeded 1 million patient visits, setting a remarkable record for the Company.
- Driven by the record patient volumes, WELL also expects to announce record revenues for Q2-2023, with strong performances from its Canadian Primary Care and MyHealth Specialized Care Clinics, as well as WELL Health USA’s Wisp and CRH lines of businesses.
- This will be the 18th quarter in a row where WELL will release record quarterly revenues.
- WELL will announce its Second Quarter 2023 Financial Results on August 10, 2023. Conference call details are provided below.
VANCOUVER, BC, August 3, 2023 /– 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 announce it has achieved over 1 million patient visits in a single quarter for the first time, and this achievement has driven record revenues for Q2-2023. WELL will also announce its Second Quarter 2023 Financial Results on August 10, 2023.
“We are delighted to announce another record quarter for patient visits and achieving a historic milestone in which WELL delivered care to 1 million patients in the quarter not counting technology driven patient interactions volume,” said Hamed Shahbazi, Founder and CEO of WELL. “The reason for this continued growth and momentum is simple, our value proposition is resonating with healthcare providers, and they are increasingly trusting WELL to not only tech enable their practices but also provide them with extensive front and back-office operating support. We know that we cannot be successful without taking care of healthcare providers and we continue to be laser focused on doing this. As of late, we are excited to be rolling out advanced tools that leverage the power of Artificial Intelligence to further alleviate administrative burdens for our care providers.”
WELL’s patient visits(1) and patient interactions(2) metrics are an important leading indicator to demonstrate the health of WELL’s operational and financial performance. With this robust patient metric growth, WELL is expecting to report record revenue for Q2-2023 and an improvement in Adj. EBITDA(3) from Q1-2023. This financial performance is underpinned by record revenue achievements from our Canadian Primary Care and MyHealth Specialized Care Clinics, as well as WELL Health USA’s Wisp and CRH lines of business all to report record revenues for the quarter.
WELL’s Canadian Patient Services business which includes primary care, specialty, allied care, executive health, and diagnostic care accounted for a total of 537,24(1) patient visits(2) across Canada in Q2-2023. WELL Health USA achieved 478,034 patient visits(2) in Q2-2023. WELL Health USA includes 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 Medical over the past year.
WELL achieved a total of 1,468,534 patient interactions1 in Q2-2023, a year-over-year increase of ~17% compared to Q2-2022 and representing 5.9 million patient interactions on an annualized run-rate basis. This was primarily driven by strong organic growth across a number of WELL’s key business units.
The achievement of facilitating 1 million patient visits in a single quarter underscores the effectiveness of WELL’s strategy to support and tech enable healthcare providers across the healthcare landscape. Collectively, these accomplishments reflect WELL’s consistent growth and commitment to innovation, reinforcing its position as a leader in healthcare technology.
Second Quarter 2023 Financial Results Conference Call
WELL will release its Second Quarter 2023 financial results for the period ended June 30, 2023, on Thursday, August 10, 2023. The Company will hold a conference call and simultaneous webcast to discuss its results on the same day at 1:00 pm ET (10:00 am PT). The call will be hosted by Hamed Shahbazi, Chairman and Chief Executive Officer and Eva Fong, Chief Financial Officer. Please dial in 10 minutes prior to the start of the call.
Date: Thursday, August 10, 2023
Time: 1:00 PM ET / 10 AM PT
Local: Toronto: 416-764-8650 Vancouver: 778-383-7413
North American Toll-Free: +1-888-664-6383
International: +1-416-764-8650
Webcast URL: https://www.well.company/for-investors/events/
Footnotes:
- 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.
- Patient Interactions are defined as Patient Visits plus Technology Interactions.
- 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 before (ii) transaction, restructuring, and integration costs, time-based earn-out expense, change in fair value of investments, share of income (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 to be 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.
- Patient visit metrics for the prior period, Q2-2022, has 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.
- US Patient Visits include all patient visits, as defined in Footnote 1, facilitated by WELL Health USA and its subsidiaries.
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 28,000 healthcare providers between the US and Canada and power the largest owned and operated healthcare ecosystem in Canada with more than 130 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 the Company, please visit: www.well.company.
