Latest news with #CircleMedical
National Post
14-05-2025
- Business
- National Post
WELL Health Reports Record Revenue in Q1-2025 with 32% YoY Growth and Record Quarterly EBITDA in Canadian Business
Article content WELL achieved record quarterly revenues of $294.1 million in Q1-2025, an increase of 32% (2) as compared to Q1-2024 driven by organic growth and acquisitions. Revenue was negatively impacted by a net of $6.5 million related to the delay of revenue recognition for Circle Medical. Excluding this impact, quarterly revenue was $300.7 million. WELL achieved Adjusted EBITDA (1) of $27.6 million in Q1-2025, an increase of 36% (2) as compared to Q1-2024. This figure was negatively impacted by a net of $6.5 million related to the delay of revenue recognition for Circle Medical. Excluding this impact, quarterly Adjusted EBITDA was $34.1 million. WELL achieved a total of 1.6 million patient visits in Q1-2025, an increase of 23% as compared to Q1-2024, driven by the growth of Canadian patient services visits which grew by 29% YoY, with strong organic growth of 13% in Canada. WELL Canada which includes our Canadian Clinics, WELLSTAR, and CYBERWELL enterprises grew Four wall Adjusted EBITDA (1) by 29% YoY to a record $18.7 million in Q1-2025. Our positive outlook reflects continued strong organic growth from our Canadian operations as well as the addition of HEALWELL AI's results starting in Q2 2025, which is expected to contribute revenue of approximately $120 million in 2025 with positive Adjusted EBITDA. Article content Article content VANCOUVER, British Columbia — WELL Health Technologies Corp. (TSX: WELL, OTCQX: WHTCF) (the ' Company ' or ' WELL '), 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 its interim consolidated financial results for the quarter ended March 31, 2025. Article content Hamed Shahbazi, Chairman and CEO of WELL, commented, 'We are very pleased to report a solid start to 2025, with strong performance in the first quarter which saw our revenue run rate approach the $1.2 billion per year mark. Our Canadian business inclusive of Canadian clinics and WELLSTAR continued to drive our growth, achieving a revenue run rate of slightly below half a billion dollars per year and achieving 32% year-over-year revenue growth, including 13.4% organic growth. We're particularly proud of our Canadian operations, which posted an impressive 29% YoY increase in Adjusted EBITDA (1) an acceleration over the previous year's growth rate of 23% YoY. These results demonstrate the growing strength of our platform and our ability to help support healthcare providers with our unique tech enabled platform. WELL is quickly becoming a valued and trusted place for administratively burdened physicians who want to focus on providing care and not on running operations.' Article content Mr. Shahbazi further added, ' Looking ahead, we are pleased to confirm that starting in Q2 2025, as per IFRS control requirements relating to our majority position with HEALWELL AI, we will be expecting to add another approximately $40 million in quarterly revenue in 2025 with positive Adjusted EBITDA (1) contribution. Overall, both of our growth engines are executing extremely well, as we expect to maintain elevated organic growth while executing on our M&A pipeline which currently includes 11 signed LOIs worth $65M in revenues. With a solid operational foundation and an unwavering commitment to excellence, we are confident that 2025 will be another exceptional year for WELL.' Article content Eva Fong, WELL's Chief Financial Officer, commented, 'We are off to a strong start in 2025, maintaining a solid financial position. We ended Q1 with a healthy balance sheet improved by our continued generation of free cashflow and prudent management of our credit lines where we continue to be in good standing. We remain well-positioned to continue funding our growth through cash flow from operations and based on the strength of our business, I am pleased to confirm that we will be re-initiating our share buyback program shortly after reporting our Q1 results. We believe our shares are undervalued and we will continue to improve our cashflow and demonstrate the power of our platform by returning value to our shareholders. Our continued focus on enhancing operational efficiency, coupled with our strategic initiatives, positions WELL for another successful year of growth and value creation for our shareholders.' Article content First Quarter 2025 Financial Highlights: Article content WELL achieved record quarterly revenue of $294.1 million in Q1-2025, an increase of 32% (2) as compared to revenue of $223.5 million generated in Q1-2024. This growth was mainly driven by organic growth and acquisitions that have occurred over the last twelve months. Excluding the impact from Circle Medical's deferred revenue adjustments, revenue would have reached $300.7 million. Adjusted Gross Profit (1) was $117.5 million in Q1-2025, an increase of 25% as compared to Adjusted Gross Profit (1) of $94.1 million in Q1-2024. Excluding the impact from Circle Medical's deferred revenue adjustments, Adjusted Gross Profit (1) was $124.0 million. Adjusted Gross Margin (1) percentage was 39.9% during Q1-2025 compared to Adjusted Gross Margin (1) percentage of 42.1% in Q1-2024. The decline in Adjusted Gross Margin (1) percentage is mainly attributed to revenue mix due to the addition of Provider Staffing revenue from the acquisition of Harmony Anesthesia in January 2025, which has lower margins compared to other Patient Services and SaaS and Technology Services revenue. Excluding the impact from Circle Medical's deferred revenue adjustments, Adjusted Gross Margin (1) was 41.2%. Adjusted EBITDA (1) was $27.6 million in Q1-2025, an increase of 36% (2) as compared to Adjusted EBITDA (1) of $20.2 million in Q1-2024. Excluding the impact of Circle Medical's deferred revenue adjustments, Adjusted EBITDA (1) would have reached $34.1 million. Adjusted EBITDA to WELL Shareholders (1) was $20.3 million in Q1-2025, an increase of 29% as compared to Adjusted EBITDA to WELL Shareholders (1) of $15.7 million in Q1-2024. Excluding the impact from Circle Medical's deferred revenue adjustments, Adjusted EBITDA to WELL Shareholders (1) would have reached $24.9 million. Adjusted Net Income (1) was $7.5 million, or $0.03 per share in Q1-2025, as compared to Adjusted Net Income (1) of $17.2 million, or $0.07 per share in Q1-2024. The decline in Adjusted Net Income (1) is mainly attributed to $11.3 million gain on sale of Intrahealth in Q1 2024. Excluding the impact from Circle Medical's deferred revenue adjustments, Adjusted Net Income (1) would have been $10.8 million. Adjusted Free Cash Flow Attributable to Shareholders ('FCFA2S')⁽¹⁾ was $11.8 million for Q1-2025, a decrease of 6.0%, as compared to FCFA2S of $12.6 million for Q1-2024 which benefited from a number of one-time payments to physicians. Q1-2025 FCFA2S was also impacted by higher capital expenditures and cash taxes. Article content Segmented Revenue: Article content Canadian Patient Services revenue was $99.7 million in Q1-2025, an increase of 32% as compared to $75.7 million in Q1-2024. U.S. Patient Services revenue was $173.6 million in Q1-2025, an increase of 31% as compared to $132.4 million in Q1-2024. SaaS and Technology Services revenue was $20.9 million in Q1-2025, an increase of 36% as compared to $15.4 million in Q1-2024. Article content First Quarter 2025 Patient Visit Metrics: Article content WELL achieved a total of 1.6 million patient visits in Q1-2025, an increase of 23% as compared to 1.3 million patient visits in Q1-2024. Canadian Patient Services visits increased 29% while US Patient Services visits increased 16%, on a year-over-year basis. Growth in patient visits over the past year was primarily driven by organic growth, including the clinic absorption program. Article content In addition, WELL achieved over 2.6 million patient interactions (3) in Q1-2025, representing approximately 10.4 million patient interactions on an annualized run-rate. Article content First Quarter 2025 Business Highlights: Article content On January 1, 2025, the Company acquired a 65% interest in Harmony Anesthesia, LLC (' Harmony ') for aggregate consideration at $30.5 million (US$21.2 million). The purchase agreement also includes contingent consideration of $1.2 million (US$0.8 million) dependent on meeting a performance target. Article content On January 21, 2025, the Company subscribed for 0.5 million subscription receipts in HEALWELL for an aggregate subscription price of $1,000 which entitled the Company to receive, upon satisfaction of certain release conditions, 0.5 million Class A Subordinate Voting shares of HEALWELL and 0.25 million share purchase warrants with each warrant exercisable into one Class A Subordinate Voting share at $2.50 per share for a period of 36 months. Article content On March 26, 2025, WELL exercised its 20 million share purchase warrants to acquire an aggregate of 20 million Class A Subordinate Voting Shares of HEALWELL (each, a ' SVS ') at a price of $0.20 per share and 0.3 million share purchase warrants to acquire an aggregate of 0.3 million SVSs at a price of $1.20 per share and has converted all of its convertible debentures and interest accrued thereon into an aggregate of 23.0 million SVSs at a conversion price of $0.20 per share. Article content Events Subsequent to March 31, 2025: Article content On April 1, 2025, the Company and the HEALWELL founders amended the terms of the conditional call option held by the Company to acquire up to 30.8 million Class A Subordinate Voting Shares of HEALWELL at $0.125 per share and 30.8 million Class B Multiple Voting shares of HEALWELL at $0.0001 per share such that it became exercisable, and the Company exercised the call option to acquire such shares for total consideration of $3.9 million. On April 1, 2025, the release conditions were satisfied related to the Company's January 21, 2025 subscription for HEALWELL shares and the Company received 0.5 million Class A voting shares and 0.25 million share purchase warrants with each warrant exercisable into one Class A Subordinate Voting share at $2.50 per share for a period of 36 months in accordance with the terms of the subscription agreement. Article content As of April 1, 2025, the Company held 97.2 million Class A Subordinate Shares and 30.8 million Class B Multiple Voting shares of HEALWELL, representing approximately 37% of the economic interest and approximately 69% of the voting rights in HEALWELL on a non-diluted basis. As a result, the Company obtained control of HEALWELL under IFRS, and accordingly, began consolidating the financial results of HEALWELL as a subsidiary of the Company effective April 1, 2025. Article content On May 6, 2025, the Company announced the rebranding of its cybersecurity division as CYBERWELL and the appointment of Jeffrey Engle as CEO. CYBERWELL consolidates four firms: Source44, SeekIntoo, Cycura, and Proack Security into a unified cybersecurity company. The division will focus on recurring revenue, acquisitions, and international expansion. WELL noted plans for CYBERWELL to potentially be spun out in the future and serve as another growth engine. Article content On May 7, 2025, the Company announced the launch of Nexus AI, a new AI-powered clinical documentation solution available across Canada. The product is initially focused on AI scribing and will expand through partnerships across the WELL ecosystem. Nexus AI is supported by government funding for up to 10,000 providers through Canada Health Infoway's AI Scribe pilot program. Article content WELL intends to continue its focus on maintaining strong performance, while strategically enhancing operations in the pursuit of organic growth and profitability. WELL is expecting its strong performance in the first quarter to continue across all its business units throughout the 2025 fiscal year. WELL's objective is to invest in and achieve significant growth while effectively managing its costs and delivering cashflow to shareholders. Management is pleased to provide its guidance for 2025 (Annual guidance only includes announced acquisitions): Article content Annual revenue between $1.40 billion to $1.45 billion Annual Adjusted EBITDA (1) between $190 million and $210 million. Article content Excluding the impact of the Circle Medical deferred revenue adjustment, the Company's guidance for 2025 would be as follows: Article content Annual Revenue between $1.35 billion to $1.40 billion. Annual Adjusted EBITDA (1) between $140 million and $160 million. Article content WELL is expecting a greater focus on leveraging product and corporate synergies in 2025, with an emphasis on the depth of product and technology offerings from WELLSTAR and HEALWELL AI. The Company also continues to focus the majority of its M&A and capital allocation activity in Canada where it is experiencing its strongest returns. Management will continue to pursue its focus on optimizing its operations for organic growth and profitability. Article content Conference Call: Article content WELL will release its First Quarter 2025 financial results for the period ended March 31, 2025, on Wednesday, May 14, 2025. 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). Article content Please use the following dial-in numbers: Article content 1-289-514-5100 (International). Article content Quarter ended March 31, 2025 December 31, 2024 March 31, 2024 (Restated) $'000 $'000 $'000 Revenue 294,137 234,758 223,483 Cost of sales (excluding depreciation and amortization) (176,665) (152,082) (129,342) Adjusted Gross Profit (1) 117,472 82,676 94,141 Adjusted Gross Margin (1) 39.9% 35.2% 42.1% Adjusted EBITDA (1) 27,577 (3,749) 20,235 Net (loss) income (41,886) (1,835) 13,783 Adjusted Net Income (loss) (1) 7,508 (17,354) 17,207 (Loss) earnings per share, basic (in $) (0.19) 0.03 0.05 (Loss) earnings per share, diluted (in $) (0.19) 0.03 0.04 Adjusted Net Income (loss) per share, basic (in $) 0.03 (0.07) 0.07 Adjusted Net income (loss) per share, diluted (in $) 0.03 (0.07) 0.07 Reconciliation of net income (loss) to Adjusted EBITDA (1): Net (loss) income for the period (41,886) (1,835) 13,783 Depreciation and amortization 19,546 20,963 16,560 Income tax recovery (1,229) (7,429) (2,440) Interest income (519) (500) (238) Interest expense 11,406 9,283 9,541 Rent expense on finance leases (4,688) (3,594) (4,114) Stock-based compensation 2,465 2,887 5,477 Foreign exchange loss (gain) 84 (528) (32) Time-based earnout expense 215 3,502 2,112 Change in fair value of investments 35,235 (48,292) (13,957) Gain on disposal of assets and investments (24) (500) (11,284) Share of net loss of associates 2,380 1,622 1,064 Transaction, restructuring & integration costs expensed 3,870 1,924 3,482 Legal settlements and defense (recovery) costs (31) 18,748 281 Other items 753 – – Adjusted EBITDA (1) 27,577 (3,749) 20,235 Attributable to WELL shareholders 20,293 (479) 15,705 Attributable to Non-controlling interests 7,284 (3,270) 4,530 Adjusted EBITDA (1) WELL Corporate (6,519) (5,403) (4,767) Canada and others 18,671 14,771 14,474 US operations 15,425 (13,117) 10,528 Adjusted EBITDA (1) attributable to WELL shareholders WELL Corporate (6,519) (5,403) (4,767) Canada and others 17,209 14,209 14,247 US operations 9,603 (9,285) 6,225 Adjusted EBITDA (1) attributable to Non-controlling interests Canada and others 1,462 562 227 US operations 5,822 (3,832) 4,303 Reconciliation of net income (loss) to Adjusted Net income (1): Net (loss) income for the period (41,886) (1,835) 13,783 Amortization of acquired intangible assets 13,034 14,885 11,520 Time-based earnout expense 215 3,502 2,112 Stock-based compensation 2,465 2,887 5,477 Change in fair value of investments 35,235 (48,292) (13,957) Share of net loss of associates 2,380 1,622 1,064 Other items 753 – – Non-controlling interest included in net income (loss) (4,688) 9,877 (2,792) Adjusted Net Income (loss) (1) 7,508 (17,354) 17,207 Article content Footnotes: Article content Non-GAAP financial measures and ratios. In addition to results reported in accordance with IFRS, the Company uses certain non-GAAP financial measures as supplemental indicators of its financial and operating performance. These non-GAAP financial measures include Adjusted Net Income, Adjusted Net Income Per Share, Adjusted EBITDA, Adjusted Gross Profit, Adjusted Gross Margin, and Adjusted Free Cash Flow. The Company believes these supplementary financial measures reflect the Company's ongoing business in a manner that allows for meaningful period-to-period comparisons and analysis of trends in its business. Adjusted Net Income and Adjusted Net Income per Share The Company defines Adjusted Net Income as net income (loss), after excluding the effects of stock-based compensation expense, amortization of acquired intangible assets, time-based earnout expense, change in fair value of investments, non-controlling interests, and 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. Adjusted Net Income Per Share is Adjusted Net Income divided by weighted average number of shares outstanding. The Company believes that these non-GAAP financial measures provide useful information to analyze our results, enhance a reader's understanding of past financial performance and allow for greater understanding with respect to key metrics used by management in decision making. More specifically, the Company believes Adjusted Net Income is a financial metric that tracks the earning power of the business that is available to WELL shareholders. EBITDA and Adjusted EBITDA 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 (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, (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 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. Adjusted EBITDA Attributable to WELL Shareholders/Non-Controlling Interests The Company defines Adjusted EBITDA attributable to WELL Shareholders (or Shareholder EBITDA) and Adjusted EBITDA attributable to Non-controlling interests as the sum of the Adjusted EBITDA for each relevant legal entity multiplied by WELL's or the non-controlling interests' equity ownership, respectively. Adjusted Gross Profit and Adjusted Gross Margin The Company defines Adjusted Gross Profit as revenue less cost of sales (excluding depreciation and amortization) and Adjusted Gross Margin as adjusted gross profit as a percentage of revenue. Adjusted gross profit and adjusted gross margin should not be construed as an alternative for revenue or net income (loss) determined in accordance with IFRS. The Company does not present gross profit in its consolidated financial statements as it is a non-GAAP financial measure. The Company believes that adjusted gross profit and adjusted gross margin are meaningful metrics that are often used by readers to measure the Company's efficiency of selling its products and services. Adjusted Free Cash Flow Attributable to Shareholders The Company defines Adjusted Free Cash Flow Attributable to Shareholders as Adjusted EBITDA Attributable to Shareholders, less cash interest, less cash taxes and less capital expenditures, and before the impacts of the revenue deferral at Circle Medical and the revenue impact at CRH Medical resulting from impaired revenue cycle management services after the Change Healthcare cyberattack. Adjusted Net income, Adjusted Net Income per Share, Adjusted EBITDA, Adjusted Gross Profit, Adjusted Gross Margin, and Adjusted Free Cash Flow Available to Shareholders are not recognized measures for financial statement presentation under IFRS and do not have standardized meanings. As such, these measures may not be comparable to similar measures presented by other companies and should be considered as supplements to, and not as substitutes for, or superior to, the corresponding measures calculated in accordance with IFRS. These growth rates are comparing periods between Q1 2025 and Q1 2024 where both periods have been impacted by the CM Deferred revenue adjustments. Excluding the impact from Circle Medical deferred revenue adjustments in both Q1-2025 and Q1-2024, WELL achieved revenue of $300.7 million in Q1-2025, an increase of 30% compared to $231.6 million in Q1-2024. Similarly, Adjusted EBITDA in Q1-2025 would have been $34.1 million, an increase of 21% compared to $28.3 million in Q1 2024. Total Care Interactions are defined as Total Visits plus Technology Interactions plus Billed Provider Hours. Article content WELL HEALTH TECHNOLOGIES CORP. Per: 'Hamed Shahbazi' Hamed Shahbazi Chief Executive Officer, Chairman and Director Article content 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 42,000 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: Article content Forward-Looking Statements Article content This news release may contain 'Forward-Looking Information' within the meaning of applicable Canadian securities laws, including, without limitation: information regarding the Company's goals, strategies and growth plans; expectations regarding continued revenue and EBITDA growth; the expected benefits and synergies of completed acquisitions; capital allocation plans in the form of more acquisitions or share repurchases along with their expected revenue contributions; expected patient encounters; the expected financial performance as well as information in the 'Outlook' section herein. Forward-Looking Information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, and contingencies. 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' or 'continue', or the negative thereof or similar variations. Forward-Looking Information involve 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 are not guarantees of future 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: adverse market conditions and the ability to complete acquisitions; risks inherent in the primary healthcare sector in general; continued patient and consumer demand for WELL's products and services; regulatory and legislative changes; that future results may vary from historical results; inability to obtain any requisite future financing on suitable terms; any inability to realize the expected benefits and synergies of acquisitions; 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 including its most recent Annual Information Form. 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. Article content This news release contains future-oriented financial information and financial outlook information (collectively, 'FOFI') about estimated annual run-rate revenue and Adjusted EBIDTA, all of which are subject to the same assumptions, risk factors, limitations, and qualifications as set out in the above paragraph. The actual financial results of WELL may vary from the amounts set out herein and such variation may be material. WELL and its management believe that the FOFI has been prepared on a reasonable basis, reflecting management's best estimates and judgments. However, because this information is subjective and subject to numerous risks, it should not be relied on as necessarily indicative of future results. Except as required by applicable securities laws, WELL undertakes no obligation to update such FOFI. FOFI contained in this news release was made as of the date hereof and was provided for the purpose of providing further information about WELL's anticipated future business operations on an annual basis. Readers are cautioned that the FOFI contained in this news release should not be used for purposes other than for which it is disclosed herein. Article content Article content Article content Article content Article content Contacts Article content Article content Article content
Yahoo
14-05-2025
- Business
- Yahoo
WELL Health Reports Record Revenue in Q1-2025 with 32% YoY Growth and Record Quarterly EBITDA in Canadian Business
WELL achieved record quarterly revenues of $294.1 million in Q1-2025, an increase of 32%(2) as compared to Q1-2024 driven by organic growth and acquisitions. Revenue was negatively impacted by a net of $6.5 million related to the delay of revenue recognition for Circle Medical. Excluding this impact, quarterly revenue was $300.7 million. WELL achieved Adjusted EBITDA(1) of $27.6 million in Q1-2025, an increase of 36%(2) as compared to Q1-2024. This figure was negatively impacted by a net of $6.5 million related to the delay of revenue recognition for Circle Medical. Excluding this impact, quarterly Adjusted EBITDA was $34.1 million. WELL achieved a total of 1.6 million patient visits in Q1-2025, an increase of 23% as compared to Q1-2024, driven by the growth of Canadian patient services visits which grew by 29% YoY, with strong organic growth of 13% in Canada. WELL Canada which includes our Canadian Clinics, WELLSTAR, and CYBERWELL enterprises grew Four wall Adjusted EBITDA(1) by 29% YoY to a record $18.7 million in Q1-2025. Our positive outlook reflects continued strong organic growth from our Canadian operations as well as the addition of HEALWELL AI's results starting in Q2 2025, which is expected to contribute revenue of approximately $120 million in 2025 with positive Adjusted EBITDA. VANCOUVER, British Columbia, May 14, 2025--(BUSINESS WIRE)--WELL Health Technologies Corp. (TSX: WELL, OTCQX: WHTCF) (the "Company" or "WELL"), 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 its interim consolidated financial results for the quarter ended March 31, 2025. Hamed Shahbazi, Chairman and CEO of WELL, commented, "We are very pleased to report a solid start to 2025, with strong performance in the first quarter which saw our revenue run rate approach the $1.2 billion per year mark. Our Canadian business inclusive of Canadian clinics and WELLSTAR continued to drive our growth, achieving a revenue run rate of slightly below half a billion dollars per year and achieving 32% year-over-year revenue growth, including 13.4% organic growth. We're particularly proud of our Canadian operations, which posted an impressive 29% YoY increase in Adjusted EBITDA(1) an acceleration over the previous year's growth rate of 23% YoY. These results demonstrate the growing strength of our platform and our ability to help support healthcare providers with our unique tech enabled platform. WELL is quickly becoming a valued and trusted place for administratively burdened physicians who want to focus on providing care and not on running operations." Mr. Shahbazi further added, " Looking ahead, we are pleased to confirm that starting in Q2 2025, as per IFRS control requirements relating to our majority position with HEALWELL AI, we will be expecting to add another approximately $40 million in quarterly revenue in 2025 with positive Adjusted EBITDA(1) contribution. Overall, both of our growth engines are executing extremely well, as we expect to maintain elevated organic growth while executing on our M&A pipeline which currently includes 11 signed LOIs worth $65M in revenues. With a solid operational foundation and an unwavering commitment to excellence, we are confident that 2025 will be another exceptional year for WELL." Eva Fong, WELL's Chief Financial Officer, commented, "We are off to a strong start in 2025, maintaining a solid financial position. We ended Q1 with a healthy balance sheet improved by our continued generation of free cashflow and prudent management of our credit lines where we continue to be in good standing. We remain well-positioned to continue funding our growth through cash flow from operations and based on the strength of our business, I am pleased to confirm that we will be re-initiating our share buyback program shortly after reporting our Q1 results. We believe our shares are undervalued and we will continue to improve our cashflow and demonstrate the power of our platform by returning value to our shareholders. Our continued focus on enhancing operational efficiency, coupled with our strategic initiatives, positions WELL for another successful year of growth and value creation for our shareholders." First Quarter 2025 Financial Highlights: WELL achieved record quarterly revenue of $294.1 million in Q1-2025, an increase of 32%(2) as compared to revenue of $223.5 million generated in Q1-2024. This growth was mainly driven by organic growth and acquisitions that have occurred over the last twelve months. Excluding the impact from Circle Medical's deferred revenue adjustments, revenue would have reached $300.7 million. Adjusted Gross Profit(1) was $117.5 million in Q1-2025, an increase of 25% as compared to Adjusted Gross Profit(1) of $94.1 million in Q1-2024. Excluding the impact from Circle Medical's deferred revenue adjustments, Adjusted Gross Profit(1) was $124.0 million. Adjusted Gross Margin(1) percentage was 39.9% during Q1-2025 compared to Adjusted Gross Margin(1) percentage of 42.1% in Q1-2024. The decline in Adjusted Gross Margin(1) percentage is mainly attributed to revenue mix due to the addition of Provider Staffing revenue from the acquisition of Harmony Anesthesia in January 2025, which has lower margins compared to other Patient Services and SaaS and Technology Services revenue. Excluding the impact from Circle Medical's deferred revenue adjustments, Adjusted Gross Margin(1) was 41.2%. Adjusted EBITDA(1) was $27.6 million in Q1-2025, an increase of 36%(2) as compared to Adjusted EBITDA(1) of $20.2 million in Q1-2024. Excluding the impact of Circle Medical's deferred revenue adjustments, Adjusted EBITDA(1) would have reached $34.1 million. Adjusted EBITDA to WELL Shareholders(1) was $20.3 million in Q1-2025, an increase of 29% as compared to Adjusted EBITDA to WELL Shareholders(1) of $15.7 million in Q1-2024. Excluding the impact from Circle Medical's deferred revenue adjustments, Adjusted EBITDA to WELL Shareholders(1) would have reached $24.9 million. Adjusted Net Income(1) was $7.5 million, or $0.03 per share in Q1-2025, as compared to Adjusted Net Income(1) of $17.2 million, or $0.07 per share in Q1-2024. The decline in Adjusted Net Income(1) is mainly attributed to $11.3 million gain on sale of Intrahealth in Q1 2024. Excluding the impact from Circle Medical's deferred revenue adjustments, Adjusted Net Income(1) would have been $10.8 million. Adjusted Free Cash Flow Attributable to Shareholders ("FCFA2S")⁽¹⁾ was $11.8 million for Q1-2025, a decrease of 6.0%, as compared to FCFA2S of $12.6 million for Q1-2024 which benefited from a number of one-time payments to physicians. Q1-2025 FCFA2S was also impacted by higher capital expenditures and cash taxes. Segmented Revenue: Canadian Patient Services revenue was $99.7 million in Q1-2025, an increase of 32% as compared to $75.7 million in Q1-2024. U.S. Patient Services revenue was $173.6 million in Q1-2025, an increase of 31% as compared to $132.4 million in Q1-2024. SaaS and Technology Services revenue was $20.9 million in Q1-2025, an increase of 36% as compared to $15.4 million in Q1-2024. First Quarter 2025 Patient Visit Metrics: WELL achieved a total of 1.6 million patient visits in Q1-2025, an increase of 23% as compared to 1.3 million patient visits in Q1-2024. Canadian Patient Services visits increased 29% while US Patient Services visits increased 16%, on a year-over-year basis. Growth in patient visits over the past year was primarily driven by organic growth, including the clinic absorption program. In addition, WELL achieved over 2.6 million patient interactions(3) in Q1-2025, representing approximately 10.4 million patient interactions on an annualized run-rate. First Quarter 2025 Business Highlights: On January 1, 2025, the Company acquired a 65% interest in Harmony Anesthesia, LLC ("Harmony") for aggregate consideration at $30.5 million (US$21.2 million). The purchase agreement also includes contingent consideration of $1.2 million (US$0.8 million) dependent on meeting a performance target. On January 21, 2025, the Company subscribed for 0.5 million subscription receipts in HEALWELL for an aggregate subscription price of $1,000 which entitled the Company to receive, upon satisfaction of certain release conditions, 0.5 million Class A Subordinate Voting shares of HEALWELL and 0.25 million share purchase warrants with each warrant exercisable into one Class A Subordinate Voting share at $2.50 per share for a period of 36 months. On March 26, 2025, WELL exercised its 20 million share purchase warrants to acquire an aggregate of 20 million Class A Subordinate Voting Shares of HEALWELL (each, a "SVS") at a price of $0.20 per share and 0.3 million share purchase warrants to acquire an aggregate of 0.3 million SVSs at a price of $1.20 per share and has converted all of its convertible debentures and interest accrued thereon into an aggregate of 23.0 million SVSs at a conversion price of $0.20 per share. Events Subsequent to March 31, 2025: On April 1, 2025, the Company and the HEALWELL founders amended the terms of the conditional call option held by the Company to acquire up to 30.8 million Class A Subordinate Voting Shares of HEALWELL at $0.125 per share and 30.8 million Class B Multiple Voting shares of HEALWELL at $0.0001 per share such that it became exercisable, and the Company exercised the call option to acquire such shares for total consideration of $3.9 million. On April 1, 2025, the release conditions were satisfied related to the Company's January 21, 2025 subscription for HEALWELL shares and the Company received 0.5 million Class A voting shares and 0.25 million share purchase warrants with each warrant exercisable into one Class A Subordinate Voting share at $2.50 per share for a period of 36 months in accordance with the terms of the subscription agreement. As of April 1, 2025, the Company held 97.2 million Class A Subordinate Shares and 30.8 million Class B Multiple Voting shares of HEALWELL, representing approximately 37% of the economic interest and approximately 69% of the voting rights in HEALWELL on a non-diluted basis. As a result, the Company obtained control of HEALWELL under IFRS, and accordingly, began consolidating the financial results of HEALWELL as a subsidiary of the Company effective April 1, 2025. On May 6, 2025, the Company announced the rebranding of its cybersecurity division as CYBERWELL and the appointment of Jeffrey Engle as CEO. CYBERWELL consolidates four firms: Source44, SeekIntoo, Cycura, and Proack Security into a unified cybersecurity company. The division will focus on recurring revenue, acquisitions, and international expansion. WELL noted plans for CYBERWELL to potentially be spun out in the future and serve as another growth engine. On May 7, 2025, the Company announced the launch of Nexus AI, a new AI-powered clinical documentation solution available across Canada. The product is initially focused on AI scribing and will expand through partnerships across the WELL ecosystem. Nexus AI is supported by government funding for up to 10,000 providers through Canada Health Infoway's AI Scribe pilot program. Outlook: WELL intends to continue its focus on maintaining strong performance, while strategically enhancing operations in the pursuit of organic growth and profitability. WELL is expecting its strong performance in the first quarter to continue across all its business units throughout the 2025 fiscal year. WELL's objective is to invest in and achieve significant growth while effectively managing its costs and delivering cashflow to shareholders. Management is pleased to provide its guidance for 2025 (Annual guidance only includes announced acquisitions): Annual revenue between $1.40 billion to $1.45 billion Annual Adjusted EBITDA(1) between $190 million and $210 million. Excluding the impact of the Circle Medical deferred revenue adjustment, the Company's guidance for 2025 would be as follows: Annual Revenue between $1.35 billion to $1.40 billion. Annual Adjusted EBITDA(1) between $140 million and $160 million. WELL is expecting a greater focus on leveraging product and corporate synergies in 2025, with an emphasis on the depth of product and technology offerings from WELLSTAR and HEALWELL AI. The Company also continues to focus the majority of its M&A and capital allocation activity in Canada where it is experiencing its strongest returns. Management will continue to pursue its focus on optimizing its operations for organic growth and profitability. Conference Call: WELL will release its First Quarter 2025 financial results for the period ended March 31, 2025, on Wednesday, May 14, 2025. 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). Please use the following dial-in numbers: 1-800-717-1738 (Toll Free) 1-289-514-5100 (International). The conference call will also be simultaneously webcast and can be accessed at the following audience URL: Selected Unaudited Financial Highlights: Please see SEDAR for complete copies of the Company's condensed interim consolidated financial statements and interim MD&A for the quarter ended March 31, 2025. Quarter ended March 31,2025 December 31,2024 March 31,2024 (Restated) $'000 $'000 $'000 Revenue 294,137 234,758 223,483 Cost of sales (excluding depreciation and amortization) (176,665) (152,082) (129,342) Adjusted Gross Profit(1) 117,472 82,676 94,141 Adjusted Gross Margin(1) 39.9% 35.2% 42.1% Adjusted EBITDA(1) 27,577 (3,749) 20,235 Net (loss) income (41,886) (1,835) 13,783 Adjusted Net Income (loss) (1) 7,508 (17,354) 17,207 (Loss) earnings per share, basic (in $) (0.19) 0.03 0.05 (Loss) earnings per share, diluted (in $) (0.19) 0.03 0.04 Adjusted Net Income (loss) per share, basic (in $) 0.03 (0.07) 0.07 Adjusted Net income (loss) per share, diluted (in $) 0.03 (0.07) 0.07 Reconciliation of net income (loss) to Adjusted EBITDA(1): Net (loss) income for the period (41,886) (1,835) 13,783 Depreciation and amortization 19,546 20,963 16,560 Income tax recovery (1,229) (7,429) (2,440) Interest income (519) (500) (238) Interest expense 11,406 9,283 9,541 Rent expense on finance leases (4,688) (3,594) (4,114) Stock-based compensation 2,465 2,887 5,477 Foreign exchange loss (gain) 84 (528) (32) Time-based earnout expense 215 3,502 2,112 Change in fair value of investments 35,235 (48,292) (13,957) Gain on disposal of assets and investments (24) (500) (11,284) Share of net loss of associates 2,380 1,622 1,064 Transaction, restructuring & integration costs expensed 3,870 1,924 3,482 Legal settlements and defense (recovery) costs (31) 18,748 281 Other items 753 - - Adjusted EBITDA(1) 27,577 (3,749) 20,235 Attributable to WELL shareholders 20,293 (479) 15,705 Attributable to Non-controlling interests 7,284 (3,270) 4,530 Adjusted EBITDA(1) WELL Corporate (6,519) (5,403) (4,767) Canada and others 18,671 14,771 14,474 US operations 15,425 (13,117) 10,528 Adjusted EBITDA(1) attributable to WELL shareholders WELL Corporate (6,519) (5,403) (4,767) Canada and others 17,209 14,209 14,247 US operations 9,603 (9,285) 6,225 Adjusted EBITDA(1) attributable to Non-controlling interests Canada and others 1,462 562 227 US operations 5,822 (3,832) 4,303 Reconciliation of net income (loss) to Adjusted Net income(1): Net (loss) income for the period (41,886) (1,835) 13,783 Amortization of acquired intangible assets 13,034 14,885 11,520 Time-based earnout expense 215 3,502 2,112 Stock-based compensation 2,465 2,887 5,477 Change in fair value of investments 35,235 (48,292) (13,957) Share of net loss of associates 2,380 1,622 1,064 Other items 753 - - Non-controlling interest included in net income (loss) (4,688) 9,877 (2,792) Adjusted Net Income (loss) (1) 7,508 (17,354) 17,207 Footnotes: Non-GAAP financial measures and addition to results reported in accordance with IFRS, the Company uses certain non-GAAP financial measures as supplemental indicators of its financial and operating performance. These non-GAAP financial measures include Adjusted Net Income, Adjusted Net Income Per Share, Adjusted EBITDA, Adjusted Gross Profit, Adjusted Gross Margin, and Adjusted Free Cash Flow. The Company believes these supplementary financial measures reflect the Company's ongoing business in a manner that allows for meaningful period-to-period comparisons and analysis of trends in its Net Income and Adjusted Net Income per ShareThe Company defines Adjusted Net Income as net income (loss), after excluding the effects of stock-based compensation expense, amortization of acquired intangible assets, time-based earnout expense, change in fair value of investments, non-controlling interests, and 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. Adjusted Net Income Per Share is Adjusted Net Income divided by weighted average number of shares outstanding. The Company believes that these non-GAAP financial measures provide useful information to analyze our results, enhance a reader's understanding of past financial performance and allow for greater understanding with respect to key metrics used by management in decision making. More specifically, the Company believes Adjusted Net Income is a financial metric that tracks the earning power of the business that is available to WELL and Adjusted EBITDAEBITDA 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 (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, (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 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 EBITDA Attributable to WELL Shareholders/Non-Controlling InterestsThe Company defines Adjusted EBITDA attributable to WELL Shareholders (or Shareholder EBITDA) and Adjusted EBITDA attributable to Non-controlling interests as the sum of the Adjusted EBITDA for each relevant legal entity multiplied by WELL's or the non-controlling interests' equity ownership, Gross Profit and Adjusted Gross MarginThe Company defines Adjusted Gross Profit as revenue less cost of sales (excluding depreciation and amortization) and Adjusted Gross Margin as adjusted gross profit as a percentage of revenue. Adjusted gross profit and adjusted gross margin should not be construed as an alternative for revenue or net income (loss) determined in accordance with IFRS. The Company does not present gross profit in its consolidated financial statements as it is a non-GAAP financial measure. The Company believes that adjusted gross profit and adjusted gross margin are meaningful metrics that are often used by readers to measure the Company's efficiency of selling its products and Free Cash Flow Attributable to ShareholdersThe Company defines Adjusted Free Cash Flow Attributable to Shareholders as Adjusted EBITDA Attributable to Shareholders, less cash interest, less cash taxes and less capital expenditures, and before the impacts of the revenue deferral at Circle Medical and the revenue impact at CRH Medical resulting from impaired revenue cycle management services after the Change Healthcare Net income, Adjusted Net Income per Share, Adjusted EBITDA, Adjusted Gross Profit, Adjusted Gross Margin, and Adjusted Free Cash Flow Available to Shareholders are not recognized measures for financial statement presentation under IFRS and do not have standardized meanings. As such, these measures may not be comparable to similar measures presented by other companies and should be considered as supplements to, and not as substitutes for, or superior to, the corresponding measures calculated in accordance with IFRS. These growth rates are comparing periods between Q1 2025 and Q1 2024 where both periods have been impacted by the CM Deferred revenue adjustments. Excluding the impact from Circle Medical deferred revenue adjustments in both Q1-2025 and Q1-2024, WELL achieved revenue of $300.7 million in Q1-2025, an increase of 30% compared to $231.6 million in Q1-2024. Similarly, Adjusted EBITDA in Q1-2025 would have been $34.1 million, an increase of 21% compared to $28.3 million in Q1 2024. Total Care Interactions are defined as Total Visits plus Technology Interactions plus Billed Provider Hours. WELL HEALTH TECHNOLOGIES "Hamed Shahbazi"Hamed ShahbaziChief 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 42,000 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: Forward-Looking Statements This news release may contain "Forward-Looking Information" within the meaning of applicable Canadian securities laws, including, without limitation: information regarding the Company's goals, strategies and growth plans; expectations regarding continued revenue and EBITDA growth; the expected benefits and synergies of completed acquisitions; capital allocation plans in the form of more acquisitions or share repurchases along with their expected revenue contributions; expected patient encounters; the expected financial performance as well as information in the "Outlook" section herein. Forward-Looking Information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, and contingencies. 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" or "continue", or the negative thereof or similar variations. Forward-Looking Information involve 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 are not guarantees of future 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: adverse market conditions and the ability to complete acquisitions; risks inherent in the primary healthcare sector in general; continued patient and consumer demand for WELL's products and services; regulatory and legislative changes; that future results may vary from historical results; inability to obtain any requisite future financing on suitable terms; any inability to realize the expected benefits and synergies of acquisitions; 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 including its most recent Annual Information Form. 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. This news release contains future-oriented financial information and financial outlook information (collectively, "FOFI") about estimated annual run-rate revenue and Adjusted EBIDTA, all of which are subject to the same assumptions, risk factors, limitations, and qualifications as set out in the above paragraph. The actual financial results of WELL may vary from the amounts set out herein and such variation may be material. WELL and its management believe that the FOFI has been prepared on a reasonable basis, reflecting management's best estimates and judgments. However, because this information is subjective and subject to numerous risks, it should not be relied on as necessarily indicative of future results. Except as required by applicable securities laws, WELL undertakes no obligation to update such FOFI. FOFI contained in this news release was made as of the date hereof and was provided for the purpose of providing further information about WELL's anticipated future business operations on an annual basis. Readers are cautioned that the FOFI contained in this news release should not be used for purposes other than for which it is disclosed herein. Neither the TSX nor its Regulation Services Provider (as that term is defined in policies of the TSX) accepts responsibility for the adequacy or accuracy of this release. View source version on Contacts For further information: Tyler BabaInvestor Relations, Managerinvestor@ 604-628-7266 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
08-05-2025
- Business
- Business Wire
WELL Health Reports Record Patient Visits and Total Care Interactions in Q1 2025 and Provides Date for Earnings Event
VANCOUVER, British Columbia & TORONTO--(BUSINESS WIRE)--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. 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.' Q1 2025 Operational Results WELL Canada Clinics Annual Growth Breakdown Circle Medical Deferred Revenue Impact in 2025 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. Q1 2025 Earnings Announcement 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. Conference Call Participant Details Date: Wednesday, May 14, 2025 Time: 1:00 PM ET / 10:00 AM PT International Toll: 1-289-514-5100 North American Toll Free: 1-800-717-1738 To attend the webcast, register now or visit for details. Footnotes: 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. 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 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: Forward Looking Statements 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 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.
Tom's Guide
07-05-2025
- Health
- Tom's Guide
Not drinking enough water might be why you can't sleep through the night — experts explain why
A new survey looking at the hydration habits of 2,000 Americans revealed over a third of people, 34% to be exact, don't drink water until 3pm on a typical work day. Why are the Tom's Guide Sleep Team interested in this? Well, studies in the Oxford Academic Sleep Journal show a strong connection between sleep and hydration, with dehydration leading to poor sleep and poor sleep causing dehydration. Even if you're sleeping on one of our tried and tested best mattresses perfect for your sleep style, without ample water, your sleep will suffer. Whether that's headaches, cramps or even snoring interrupting your rest. You may like Ahead we'll explore the impact dehydration has on your sleep and hear from Dr. Nicole Tsang, clinician at online medical clinic Circle Medical, and physician at Prime IV Hydration and Wellness, Dr. Jeff Rosenberg about how we can best hydrate for a good night's sleep. There are many ways dehydration can impact the quality of your sleep and make you feel groggy come morning. Physical symptoms of dehydration like headaches and cramps can make you too uncomfortable to sleep. While increased heart rate, another symptom of dehydration, makes it difficult to relax. "Muscle cramps at night are often related to dehydration" Dr. Jeff Rosenberg What's more, dehydration gets in the way of the natural cooling process that happens in our bodies as we prepare to sleep. Get instant access to breaking news, the hottest reviews, great deals and helpful tips. To fall asleep peacefully and sleep through the night you need to be cool. This is because a drop in body temperature signals to your circadian rhythm that its time to wind down. "When you're dehydrated, your body struggles to regulate temperature and balance, making it harder to enter the deep, restorative sleep phases," explains Dr. Rosenberg. 3 ways dehydration ruins your sleep 1. You'll snore more You may have accepted your partner's snoring as a lifelong sleep disturbance when you signed the marriage papers, but there are things you can do to get more peaceful sleep without taking a sleep divorce. And one of them is suggesting they stay on top of their hydration game. 'Hydration helps keep the tissues in our throat and nasal passages moist and pliable," Dr. Tsang explains. "When we're dehydrated, these tissues can become stickier and more prone to vibration as we breathe, which can lead to snoring." Head pain is a common sign of dehydration and also a major disruptor of sleep. 'Dehydration headaches can feel like tension or migraine-type pain and often worsen with physical movement or prolonged periods without fluid intake," says Dr. Tsang. "If someone goes to bed dehydrated, they may wake in the night with a headache or find it difficult to fall asleep due to that low-grade discomfort." (Image credit: Getty Images) People may also try to 'sleep off' a dehydration headache, which can disrupt their sleep schedule, making it harder to fall and stay asleep at night and lead to morning tiredness. 3. It can also cause muscle cramps Cramps, especially in the legs, can be caused by dehydration. These sudden painful contractions can wake you up at night and make it difficult to fall back asleep. "Muscle cramps at night are often related to dehydration and electrolyte imbalances," says Dr. Rosenberg. "They cause sudden, painful awakenings that disrupt deep sleep cycles." Disturbing essential sleep stages fragments quality sleep, stopping us getting to the deep restorative stages. (Image credit: Getty Images) Poor sleep can make you dehydrated too As mentioned above, there is a two way relationship between dehydration and poor sleep. Research by scientists at Pennsylvania State University and doctors at Kailuan Hospital in China found 6 hours of sleep was associated with inadequate hydration compared to 8 hours sleep. Dr. Tsang verifies this. "Poor or shortened sleep can disrupt the body's natural regulation of hormones that control fluid balance, particularly vasopressin, which helps manage how much water the kidneys retain," she says. These hormones, like melatonin and cortisol, are keen to helping you get restorative, deep sleep. "When sleep is fragmented, vasopressin release may be affected, which can lead to increased water loss and mild dehydration the following day." How to stay hydrated for better sleep Drink plenty of water before 3pm (Image credit: Shutterstock) Many Americans need to kick their bad hydration habits and get sipping earlier in the day to benefit from this sleep tip. Reaching for a glass of water just after you get out of bed and cementing this habit in your morning routine is a good way to kick start your hydration early on. 'The key is steady hydration throughout the day rather than loading up on fluids right before bed," Dr. Tsang advises. "I usually advise patients to keep a water bottle with them and sip regularly, not just when they feel thirsty. Including foods with high water content, like fruits and vegetables, can also support hydration throughout the day." In the evening, it's wise to taper off fluid intake about 1–2 hours before sleep to reduce the likelihood of waking for the restroom. Limit your intake of caffeine and alcohol (Image credit: Getty Images) It's well known caffeine and alcohol are bad news for sleep. As well as being stimulants, these drinks have a diuretic effect. According to Dr. Tsang, poor sleepers' beverage choices contribute to dehydration. It's a cycle that can quickly become self-reinforcing if not addressed 'People who are sleep-deprived may also be less likely to notice or respond to thirst cues, or might reach for dehydrating drinks like caffeine or alcohol to cope with fatigue," she says. "It's a cycle that can quickly become self-reinforcing if not addressed.' Therefore, swapping out too much caffeine and alcohol for a refreshing glass of water can help you avoid dehydration slumps and sleep loss. Create a cool sleep set up (Image credit: Getty Images) Sleeping at a cool temperature is key to falling and staying asleep, and it also prevents excessive sweating during the night which contributes to dehydration. If you're a particularly hot sleeper we recommend investing in one of this year's top cooling mattresses to help you manage night sweats and avoid dehydration. Complete your sleep set up with cooling bedding and pillows and make sure you maintain good ventilation by sleeping with your windows open and blinds closed through warm days.
Yahoo
16-04-2025
- Business
- Yahoo
WELL Health Technologies Corp (WHTCF) Q4 2024 Earnings Call Highlights: Record Revenue and ...
Annual Revenue: $919.7 million in 2024, a 19% increase compared to the prior year. Deferred Revenue: $56.6 million from Circle Medical and $24.5 million from CRH Medical due to revenue recognition delays. Adjusted EBITDA: $46.7 million in 2024, impacted by deferred revenue; would have been $127 million excluding impacts. Net Income: $29.1 million in 2024, a 75% increase from $16.6 million in 2023. Free Cash Flow: $49.3 million in 2024, a 16% increase from the prior year. Canadian Business Revenue Growth: 30% year-over-year growth, with 20% organic growth. Patient Visits: 5.7 million in 2024, a 32% year-over-year increase. Cash and Cash Equivalents: $131.7 million as of December 31, 2024. Debt: Approximately CAD292.4 million as of December 31, 2024. 2025 Revenue Guidance: Between $1.40 billion and $1.45 billion. 2025 Adjusted EBITDA Guidance: Between $190 million and $210 million. Warning! GuruFocus has detected 5 Warning Signs with PNC. Release Date: April 15, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. WELL Health Technologies Corp (WHTCF) achieved record annual revenue of $919.7 million in 2024, marking a 19% increase compared to the previous year. The company reported a net income of $29.1 million, representing a 75% year-over-year growth. WELL Health Technologies Corp (WHTCF) delivered 5.7 million patient visits in 2024, a 32% year-over-year increase, with strong organic growth of 30%. The Canadian business segment showed strong momentum with 30% year-over-year growth and 20% organic growth. WELL Health Technologies Corp (WHTCF) has a robust M&A pipeline with seven signed LOIs representing approximately $40 million in annualized revenue. Circle Medical faced regulatory scrutiny over billing practices, resulting in a revenue reduction of $56.6 million for fiscal 2024. CRH Medical experienced delayed billing and cash collections due to a cybersecurity attack on its billing partner, Change Healthcare, leading to a revenue deferral of CAD24.5 million. The company's adjusted EBITDA for 2024 was significantly impacted by revenue recognition delays, decreasing to $46.7 million from $113.4 million in 2023. Circle Medical's billing errors and subsequent revenue deferral have caused a temporary decline in growth, as the company focuses on compliance and transitioning to a new revenue cycle management vendor. The strategic review process for WISP did not yield satisfactory acquisition proposals, delaying the divestment of US digital assets. Q: Could you describe the service obligation under IFRS that Circle Medical didn't meet in order to qualify this revenue for recognition during 2024? A: Hamed Shahbazi, CEO: This is more of an administrative matter. We delivered the service and got paid, but in terms of compliance with the actual contract, we may not have met the IFRS requirement for recognizing revenue. We took a conservative step to defer this revenue. Q: Could you provide some color on how you estimated the settlement amounts related to the Circle Medical USAO investigation? A: Hamed Shahbazi, CEO: This was done with the help of advisors. It's a civil matter with a track record of how these things typically go. Specialized counsel provided advice, and auditors needed to feel comfortable that the settlements were reasonable. Q: Could you elaborate on the 70+ opportunities and the deal value of $300 million under the "buy Canadian" initiative? A: Hamed Shahbazi, CEO: The deal pipeline is conservatively estimated at $300 million to $500 million, involving technology implementations at the public sector level, mostly provincial. This does not include Orion, which already has significant installations in Canada. Q: Given the delayed revenue, have you made any changes to processes or operations at Circle Medical, and has it changed your thoughts on its growth potential? A: Hamed Shahbazi, CEO: We don't anticipate any long-term impact. In the short-term, growth may slow as we focus on compliance and transition to a new revenue cycle management vendor. This will position the company for the next phase of growth. Q: Can you dive deeper into the drivers and confidence in achieving the 2025 guidance? A: Hamed Shahbazi, CEO: Elevated organic growth and a deep M&A pipeline are key factors. We expect liquidity from US assets to help drive additional opportunities. We also see potential for larger deals alongside systematic pursuit of smaller opportunities. Q: Are there specific WELLSTAR products that scale better internationally? A: Hamed Shahbazi, CEO: OceanMD has tremendous international potential with its e-referral and e-order products. Orion's established relationships in countries like the UK, France, and Australia provide opportunities to resell our capabilities internationally. Q: Excluding HEALWELL contributions and Circle Medical deferrals, are margins expected to decrease from 2024 to 2025? A: Hamed Shahbazi, CEO: We're not expecting significant EBITDA from HEALWELL. As we grow organically and take on absorptions, there may be timing differences affecting profitability. Overall, margins should improve over time with higher margin revenues from WELLSTAR and HEALWELL. Q: What assumptions are behind the 2025 guidance range, and where do you see opportunities for outperformance? A: Hamed Shahbazi, CEO: The potential for outperformance comes from Canada, driven by capital allocation opportunities. As M&A is fulfilled, we could see performance at the top end or even exceeding the guidance range. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
