WELL Health Reports Record Patient Visits and Total Care Interactions in Q1 2025 and Provides Date for Earnings Event
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WELL delivered more than 1.6 million patient visits in Q1 2025 representing system-wide YoY growth of 24% driven by organic growth of 14%.
WELL Canada's patient services business led its overall growth with over 933,000 patient visits representing YoY growth of 30% growth and organic growth of 12%.
WELL to announce First Quarter Financial Results on May 14, 2025.
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VANCOUVER, British Columbia & TORONTO — 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 practitioners and their patients globally, is pleased to announce the Company will release its Fiscal First Quarter 2025 financial results for the period March 31, 2025, on Wednesday, May 14, 2025 and strong preliminary operational results for its Patient Services businesses for Q1 2025. These results include record patient visits and Total Care Interactions.
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Hamed Shahbazi, Founder and CEO of WELL, commented, 'We had excellent growth in our patient visits this past quarter underpinned by our Canadian clinics ecosystem. Canadian Clinics continued their rapid growth with 30% YoY growth which included 12% organic growth driven by our clinic absorption program. Our core fundamentals continue to be strong as we execute on both organic and inorganic growth consistently. We are now approaching 1 million patient visits per quarter just in Canada which we believe to be an important milestone. Our technology enabled care delivery model continues to benefit care providers who are seeing improved efficiency, reduced administrative burden and improved patient outcomes. We are very proud of and grateful to the healthcare providers and technologists working together to drive the best patient outcomes possible.'
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WELL Canada Clinics Annual Growth Breakdown
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Circle Medical Deferred Revenue Impact in 2025
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In connection with the previously disclosed requirement for the Company's subsidiary Circle Medical to defer the recognition of revenue under IFRS, the net impact to WELL's Q1-2025 revenue and Adjusted EBITDA is expected to be ($6.5M). As at March 31, 2025, the Company expects to record approximately $58.4 million in deferred revenue on its consolidated balance sheet, related to patient services that have been rendered and for which payment has already been billed and collected.
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Q1 2025 Earnings Announcement
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The Company will release its Q1 2025 earnings for the period March 31, 2025, on Wednesday, May 14, 2025, and 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.
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Conference Call Participant Details
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Date: Wednesday, May 14, 2025
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Time: 1:00 PM ET / 10:00 AM PT
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International Toll: 1-289-514-5100
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North American Toll Free: 1-800-717-1738
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Footnotes:
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Technology Interactions means the total number of bookings facilitated by certain technology platforms including OceanMD, Insig, and Adracare.
Billed Provider Hours means the hours that providers bill under RADAR Healthcare Providers which is owned and operated by WELL's CRH Medical Subsidiary.
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Per: 'Hamed Shahbazi'
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Hamed Shahbazi
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Chief Executive Officer, Chairman and Director
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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 41,000 healthcare providers between the US and Canada and power the largest owned and operated healthcare ecosystem in Canada with more than 200 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.
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Forward Looking Statements
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This news release contains 'Forward-Looking Information' within the meaning of applicable Canadian securities laws, including, without limitation the expectation that patient visits and Total Interactions will continue to lead the way in driving strong organic growth for the Company enterprise wide, and the anticipated impact of deferred revenue on the Company's Q1-2025 revenue and Adjusted EBITDA. Forward-Looking Information is based on a number of estimates and assumptions are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond WELL's control, which could cause actual results and events to differ materially from those disclosed in this news release. 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', 'goal' or 'continue', or the negative thereof or similar variations. Forward-Looking Information involves 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 is not a guarantee of future results or 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, but not limited to: continued demand for in-person and telehealth medical services; new technologies functioning as expected; customers adopting and using new technologies and services as expected; the need to develop increasingly innovative products and services; competition in the industry; the retention of patients; the stability of general economic and market conditions; WELL's ability to comply with applicable laws and regulations; WELL's continued compliance with third party intellectual property rights; direct and indirect material adverse effects from adverse market conditions; risks inherent in the primary healthcare sector in general; regulatory and legislative changes; litigation risk; that future results may vary from historical results; 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.sedarplus.ca, including its most recent Annual Information Form and its most recent Management, Discussion and Analysis. 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.
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