Latest news with #HEALWELL
National Post
3 days ago
- Business
- National Post
WELL Health Reports HEALWELL AI and WELLSTAR Subsidiaries Are Selected for Canada Health Infoway's Vendor Innovation Program
Article content WELL Health is pleased to report that HEALWELL's wholly owned subsidiary Intrahealth, non-wholly owned subsidiary Pentavere along with WELLSTAR's subsidiary OceanMD have been selected by Canada Health Infoway as recipients for the 2025 Vendor Innovation Program. The Vendor Innovation Program is designed to accelerate the development, clinical implementation and adoption of interoperability in healthcare settings across Canada. Intrahealth, Pentavere and OceanMD are engaging in projects that accelerate the adoption of interoperability by improving data quality, enhancing care coordination, and expanding access to standardized, actionable health information for patients and clinicians across Canada. Their projects were selected not only based on technical merit, but for their demonstrated potential to deliver real, lasting impact on Canada's digital health priorities. Three out of the eight winners of the Vendor Innovation Program are from the WELL Health and HEALWELL families. This achievement highlights the group's leadership and innovation in the digital health sector, further solidifying its role in transforming healthcare in Canada. Article content Article content 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 that HEALWELL AI Inc. (TSX: AIDX, OTCQX: HWAIF)(' HEALWELL '), and WELLSTAR Technologies Inc. (' WELLSTAR '), subsidiaries, Intrahealth Systems Limited ('Intrahealth'), (non-wholly owned) Pentavere Research Group Inc. ('Pentavere'), and 2355581 Ontario Inc. dba OceanMD ('OceanMD'), have been selected by Canada Health Infoway (' Infoway '), as recipients of the 2025 Vendor Innovation Program (VIP), recognizing integrated, forward-looking solutions that will help advance connected care, improve patient access to their health information, and enhance care coordination across the Canadian health system. Article content Infoway's Vendor Innovation Program (VIP) is designed to accelerate the development and clinical implementation of real-world interoperability innovations that are aligned with the Shared Pan-Canadian Interoperability Roadmap. The program empowers selected vendors to develop and implement innovations that accelerate the adoption of interoperability. This year's winning projects exemplify how innovation can accelerate the adoption of interoperability by improving data quality, enhancing care coordination, and expanding access to standardized, actionable health information for patients and clinicians. Article content 'The Vendor Innovation Program is a critical component in mobilizing Canada's digital health industry,' says Abhi Kalra, Executive Vice President, Connected Care at Canada Health Infoway. 'By supporting the implementation of real-world solutions in clinical settings, we are helping to demonstrate what's possible when innovation is aligned with national priorities and focused on the needs of patients and care teams.' Article content Dr. Alexander Dobranowski, CEO of HEALWELL, said, 'Intrahealth and Pentavere's recognition through the Vendor Innovation Program demonstrates the tremendous impact HEALWELL companies are having in the digital health landscape. Both companies are at the forefront of transforming healthcare delivery with innovative solutions that enhance data-driven care coordination, streamline workflows, and empower clinicians to deliver better patient outcomes. We remain committed to improving patient care and supporting healthcare providers with actionable insights, while also focusing on addressing the needs of underserved and rural communities, where our technology can make the most meaningful difference.' Article content Amir Javidan, CEO of WELLSTAR, said, 'We are incredibly proud to see OceanMD, as part of WELLSTAR, recognized for its innovation in improving healthcare outcomes through digital technologies. This recognition is a testament to the exceptional work our team is doing in transforming patient care, and we are excited to see the impact this will have in clinical settings across Canada. In total, WELL Health and HEALWELL companies have earned significant recognition in this prestigious program, with three out of the eight winners coming from the WELL Health family. This achievement highlights our leadership and innovation in the digital health sector, further solidifying our role in transforming healthcare across Canada.' Article content Selected from more than 40 applications across the country, the 2025 VIP cohort reflects the breadth of Canada's healthcare landscape, including solutions targeting primary care, acute care, and Indigenous and rural communities. The three recipient projects from the WELL Health family are as follows: Article content Pentavere: Integrating its DARWEN™ AI system with EMRs to generate clinician-facing patient summaries, reducing chart review time and improving provider efficiency. OceanMD: Enhancing its eReferral system with open APIs and AI automation to streamline referral workflows and support real-time clinical decision-making. Intrahealth: Developing standardized FHIR-based tools to enable seamless, accurate transfer of full patient records between EMR systems across Canada. Article content These projects were selected not only for their technical merit, but for their demonstrated potential to deliver real, lasting impact on Canada's digital health priorities. These three initiatives will be deployed in live clinical environments, across Alberta, British Columbia, Ontario, New Brunswick, and Nova Scotia, providing tangible value to patients, clinicians, and health system leaders. Article content WELL HEALTH TECHNOLOGIES CORP. Article content Per: 'Hamed Shahbazi' Hamed Shahbazi Chief Executive Officer, Chairman and Director WELL Health Technologies Inc. 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 210 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 Canada Health Infoway (Infoway) is an independent, not-for-profit organization funded by the federal government and accountable to its Board of Directors and Members of the Corporation (Canada's 14 federal, provincial and territorial deputy ministers of health). Infoway is led by a team of seasoned professionals who are specialists in their respective fields, including health care, administration, information technology and privacy. Learn more online at Article content Certain statements in this press release, constitute 'forward-looking information' and 'forward looking statements' (collectively, 'forward looking statements') within the meaning of applicable Canadian securities laws, including the Company's, WELLSTAR's, and HEALWELL's plan to further develop and deploy technologies in clinical environments. Forward-looking statements are often, but not always, identified by words or phrases such as 'building', 'scaling', 'to become', 'opportunity', 'burgeoning', 'continue to', 'focus', 'believe', 'pursue', 'entering', 'growth', 'expect', 'intend', 'anticipate' or variations of such words and phrases or statements that certain future conditions, actions, events or results 'will', 'may', 'could', 'would', 'should', 'might' or 'can' be taken, occur or be achieved, or the negative of any of these terms. Forward-looking statements are necessarily based upon management's perceptions of historical trends, current conditions and expected future developments, as well as a number of specific factors and assumptions that, while considered reasonable by the Company, HEALWELL, and WELLSTAR as of the date of such statements, are outside of their control and are inherently subject to significant business, economic and competitive uncertainties and contingencies which could result in the forward-looking statements ultimately being entirely or partially incorrect or untrue. Forward looking statements contained in this press release are based on various assumptions, including, but not limited to: WELL's, HEALWELL's and WELLSTAR's ability to further develop the technologies identified above, and identifying customers interested in deploying such technologies in a clinical environment; the continued adoption of the software, tools and solutions created by WELL, WELLSTAR and HEALWELL; sufficiency of working capital and access to financing; WELL's, WELLSTAR's and HEALWELL's ability to comply with applicable laws and regulations; technologies working as intended or at all; trends in customer growth and the adoption of new technologies in the industry; and that the risk factors noted below, collectively, do not have a material impact on HEALWELL's business, operations, revenues and/or results. By their nature, forward-looking statements are subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections, or conclusions will not prove to be accurate, that assumptions may not be correct, and that objectives, strategic goals and priorities will not be achieved. Article content Known and unknown risk factors, many of which are beyond the control of WELL and HEALWELL, could cause the actual results of WELL and HEALWELL to differ materially from the results, performance, achievements, or developments expressed or implied by such forward-looking statements. Such risk factors include but are not limited to those factors which are discussed under the section entitled 'Risk Factors' in WELL's most recent annual information form dated April 15, 2025, which is available under WELL's SEDAR+ profile, and HEALWELL's most recent annual information form dated March 31, 2025, which is available under HEALWELL's SEDAR+ profile. The risk factors are not intended to represent a complete list of the factors that could affect WELL and HEALWELL and the reader is cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking statements. There can be no assurance that forward looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management's expectations and plans relating to the future. WELL and HEALWELL disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law. All of the forward-looking statements contained in this press release are qualified by these cautionary statements. Article content Article content Article content Contacts Article content For more information: Article content Article content Article content
Business Wire
3 days ago
- Business
- Business Wire
WELL Health Reports HEALWELL AI and WELLSTAR Subsidiaries Are Selected for Canada Health Infoway's Vendor Innovation Program
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 that HEALWELL AI Inc. (TSX: AIDX, OTCQX: HWAIF)(' HEALWELL '), and WELLSTAR Technologies Inc. (' WELLSTAR '), subsidiaries, Intrahealth Systems Limited ("Intrahealth"), (non-wholly owned) Pentavere Research Group Inc. ("Pentavere"), and 2355581 Ontario Inc. dba OceanMD ("OceanMD"), have been selected by Canada Health Infoway (' Infoway '), as recipients of the 2025 Vendor Innovation Program (VIP), recognizing integrated, forward-looking solutions that will help advance connected care, improve patient access to their health information, and enhance care coordination across the Canadian health system. Infoway's Vendor Innovation Program (VIP) is designed to accelerate the development and clinical implementation of real-world interoperability innovations that are aligned with the Shared Pan-Canadian Interoperability Roadmap. The program empowers selected vendors to develop and implement innovations that accelerate the adoption of interoperability. This year's winning projects exemplify how innovation can accelerate the adoption of interoperability by improving data quality, enhancing care coordination, and expanding access to standardized, actionable health information for patients and clinicians. 'The Vendor Innovation Program is a critical component in mobilizing Canada's digital health industry,' says Abhi Kalra, Executive Vice President, Connected Care at Canada Health Infoway. 'By supporting the implementation of real-world solutions in clinical settings, we are helping to demonstrate what's possible when innovation is aligned with national priorities and focused on the needs of patients and care teams.' Dr. Alexander Dobranowski, CEO of HEALWELL, said, 'Intrahealth and Pentavere's recognition through the Vendor Innovation Program demonstrates the tremendous impact HEALWELL companies are having in the digital health landscape. Both companies are at the forefront of transforming healthcare delivery with innovative solutions that enhance data-driven care coordination, streamline workflows, and empower clinicians to deliver better patient outcomes. We remain committed to improving patient care and supporting healthcare providers with actionable insights, while also focusing on addressing the needs of underserved and rural communities, where our technology can make the most meaningful difference.' Amir Javidan, CEO of WELLSTAR, said, 'We are incredibly proud to see OceanMD, as part of WELLSTAR, recognized for its innovation in improving healthcare outcomes through digital technologies. This recognition is a testament to the exceptional work our team is doing in transforming patient care, and we are excited to see the impact this will have in clinical settings across Canada. In total, WELL Health and HEALWELL companies have earned significant recognition in this prestigious program, with three out of the eight winners coming from the WELL Health family. This achievement highlights our leadership and innovation in the digital health sector, further solidifying our role in transforming healthcare across Canada.' Selected from more than 40 applications across the country, the 2025 VIP cohort reflects the breadth of Canada's healthcare landscape, including solutions targeting primary care, acute care, and Indigenous and rural communities. The three recipient projects from the WELL Health family are as follows: Pentavere: Integrating its DARWEN™ AI system with EMRs to generate clinician-facing patient summaries, reducing chart review time and improving provider efficiency. OceanMD: Enhancing its eReferral system with open APIs and AI automation to streamline referral workflows and support real-time clinical decision-making. Intrahealth: Developing standardized FHIR-based tools to enable seamless, accurate transfer of full patient records between EMR systems across Canada. These projects were selected not only for their technical merit, but for their demonstrated potential to deliver real, lasting impact on Canada's digital health priorities. These three initiatives will be deployed in live clinical environments, across Alberta, British Columbia, Ontario, New Brunswick, and Nova Scotia, providing tangible value to patients, clinicians, and health system leaders. WELL HEALTH TECHNOLOGIES CORP. Per: 'Hamed Shahbazi' Hamed Shahbazi Chief Executive Officer, Chairman and Director WELL Health Technologies Inc. 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 210 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: About Canada Health Infoway Canada Health Infoway (Infoway) is an independent, not-for-profit organization funded by the federal government and accountable to its Board of Directors and Members of the Corporation (Canada's 14 federal, provincial and territorial deputy ministers of health). Infoway is led by a team of seasoned professionals who are specialists in their respective fields, including health care, administration, information technology and privacy. Learn more online at Forward Looking Statements Certain statements in this press release, constitute "forward-looking information" and "forward looking statements" (collectively, "forward looking statements") within the meaning of applicable Canadian securities laws, including the Company's, WELLSTAR's, and HEALWELL's plan to further develop and deploy technologies in clinical environments. Forward-looking statements are often, but not always, identified by words or phrases such as "building', 'scaling', 'to become', 'opportunity', 'burgeoning', 'continue to', 'focus', 'believe', 'pursue', 'entering', 'growth', 'expect', 'intend', 'anticipate' or variations of such words and phrases or statements that certain future conditions, actions, events or results "will", "may", "could", "would", "should", "might" or "can" be taken, occur or be achieved, or the negative of any of these terms. Forward-looking statements are necessarily based upon management's perceptions of historical trends, current conditions and expected future developments, as well as a number of specific factors and assumptions that, while considered reasonable by the Company, HEALWELL, and WELLSTAR as of the date of such statements, are outside of their control and are inherently subject to significant business, economic and competitive uncertainties and contingencies which could result in the forward-looking statements ultimately being entirely or partially incorrect or untrue. Forward looking statements contained in this press release are based on various assumptions, including, but not limited to: WELL's, HEALWELL's and WELLSTAR's ability to further develop the technologies identified above, and identifying customers interested in deploying such technologies in a clinical environment; the continued adoption of the software, tools and solutions created by WELL, WELLSTAR and HEALWELL; sufficiency of working capital and access to financing; WELL's, WELLSTAR's and HEALWELL's ability to comply with applicable laws and regulations; technologies working as intended or at all; trends in customer growth and the adoption of new technologies in the industry; and that the risk factors noted below, collectively, do not have a material impact on HEALWELL's business, operations, revenues and/or results. By their nature, forward-looking statements are subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections, or conclusions will not prove to be accurate, that assumptions may not be correct, and that objectives, strategic goals and priorities will not be achieved. Known and unknown risk factors, many of which are beyond the control of WELL and HEALWELL, could cause the actual results of WELL and HEALWELL to differ materially from the results, performance, achievements, or developments expressed or implied by such forward-looking statements. Such risk factors include but are not limited to those factors which are discussed under the section entitled "Risk Factors" in WELL's most recent annual information form dated April 15, 2025, which is available under WELL's SEDAR+ profile, and HEALWELL's most recent annual information form dated March 31, 2025, which is available under HEALWELL's SEDAR+ profile. The risk factors are not intended to represent a complete list of the factors that could affect WELL and HEALWELL and the reader is cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking statements. There can be no assurance that forward looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management's expectations and plans relating to the future. WELL and HEALWELL disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law. All of the forward-looking statements contained in this press release are qualified by these cautionary statements.
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
31-03-2025
- Business
- Yahoo
HEALWELL Gives Notice of Imminent Exercise of Call Option by WELL Health
Toronto, Ontario--(Newsfile Corp. - March 31, 2025) - HEALWELL AI Inc. (TSX: AIDX) (OTCQX: HWAIF) ("HEALWELL" or the "Company"), a healthcare artificial intelligence company focused on preventative care, announced today that it understands WELL Health Technologies Corp. ("WELL") intends to exercise its right to acquire 30,800,000 Class A Subordinate Voting Shares ("SVS") and 30,800,000 Class B Multiple Voting Shares ("MVS") of the Company from certain of its existing shareholders (the "Call Right") pursuant to the call option agreement between HEALWELL, WELL, certain founding shareholders of HEALWELL and their permitted transferees dated October 1, 2023 (the "Call Option Agreement"). The Call Right is expected to be exercised concurrently with the closing of the acquisition by the Company of Orion Health Holdings Limited ("Orion Health"), which is anticipated to be completed on April 1, 2025. The parties intend to enter into an amendment to the Call Option Agreement on the same date to facilitate and streamline the mechanics of the exercise of the Call Right. Exercise of the Call Right It is anticipated that HEALWELL will have approximately 261,547,371 SVSs issued and outstanding on HEALWELL's acquisition of Orion Health, following the issuance of 35,643,478 SVSs to the vendor in the Orion Health acquisition, 12,737,500 SVSs in connection with the conversion of 12,737,500 subscription receipts as part of the $25.5 million equity financing used to partially finance the purchase price of Orion Health, and the exercise or conversion of certain outstanding warrants and convertible debentures. Following the exercise of the Call Right, it is anticipated that WELL will own 97,223,161 SVSs and 30,800,000 MVSs or approximately 37.3% of the economic interest and approximately 69.6% of the voting rights in HEALWELL on a non-diluted basis. Each MVS has nine votes per share and each SVS has one vote per share. Under the previously disclosed investor rights agreement between HEALWELL and WELL dated October 1, 2023 (the "Investor Rights Agreement"), upon the exercise of the Call Right, WELL will also have the ability to nominate a majority of the directors to the Board of Directors of the Company. Additional Information WELL was approved as a control person of HEALWELL by resolutions of the shareholders of HEALWELL, on a disinterested basis, on September 21, 2023. The TSX subsequently approved WELL as a control person of HEALWELL on October 6, 2023. Additional information with respect to the Call Option Agreement and the Investor Rights Agreement and their material terms can be found in HEALWELL's Notice of Meeting and Management Information Circular dated August 21, 2023, which is available under the Company's profile on SEDAR+ at Additional information on WELL's intention to exercise the Call Right and its anticipated ownership and control of the Company are set out in WELL's press release issued today and available under WELL's profile on SEDAR+ at Dr. Alexander DobranowskiChief Executive OfficerHEALWELL AI Inc. About HEALWELL AI HEALWELL is a healthcare artificial intelligence company focused on preventative care. Its mission is to improve healthcare and save lives through early identification and detection of disease. Using its own proprietary technology, the Company is developing and commercializing advanced clinical decision support systems that can help healthcare providers detect rare and chronic diseases, improve efficiency of their practice and ultimately help improve patient health outcomes. HEALWELL is executing a strategy centered around developing and acquiring technology and clinical sciences capabilities that complement the Company's road map. HEALWELL is publicly traded on the Toronto Stock Exchange under the symbol "AIDX" and on the OTC Exchange under the symbol "HWAIF". To learn more about HEALWELL, please visit Forward-Looking Statements Certain statements in this press release, constitute "forward-looking information" and "forward looking statements" (collectively, "forward looking statements") within the meaning of applicable Canadian securities laws, including statements about the Company's anticipated acquisition of Orion Health; the anticipated timing of completing the acquisition of Orion Health; the anticipated amendment of the Call Option Agreement and exercise of the Call Right by WELL; and the Company's anticipated issued and outstanding securities following completion of the Orion Health acquisition; and are based on assumptions, expectations, estimates and projections as of the date of this press release. Forward-looking statements are often, but not always, identified by words or phrases such as "expect", "intend", "anticipate" or variations of such words and phrases or statements that certain future conditions, actions, events or results "will", "may", "could", "would", "should", "might" or "can" be taken, occur or be achieved, or the negative of any of these terms . Forward-looking statements are necessarily based upon management's perceptions of historical trends, current conditions and expected future developments, as well as a number of specific factors and assumptions that, while considered reasonable by HEALWELL as of the date of such statements, are outside of HEALWELL's control and are inherently subject to significant business, economic and competitive uncertainties and contingencies which could result in the forward-looking statements ultimately being entirely or partially incorrect or untrue. Forward looking statements contained in this press release are based on various assumptions, including, but not limited to, the following: the Company's ability to satisfy any remaining conditions precedent to completion of the Orion acquisition; HEALWELL's ability to complete the acquisition on the timelines and terms contemplated; WELL's ability to satisfy any remaining conditions to exercising its Call Right; WELL's ability to complete the exercise of the Call Right on the timelines and terms contemplated; the potential exercise or conversion of outstanding warrants, equity incentives and other securities convertible into securities of HEALWELL; the stability of general economic and market conditions; HEALWELL's ability to comply with applicable laws and regulations; and that the risk factors noted below, collectively, do not have a material impact on HEALWELL's business, operations, revenues and/or results. By their nature, forward-looking statements are subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections, or conclusions will not prove to be accurate, that assumptions may not be correct, and that objectives, strategic goals and priorities will not be achieved. Known and unknown risk factors, many of which are beyond the control of HEALWELL, could cause the actual results of HEALWELL to differ materially from the results, performance, achievements, or developments expressed or implied by such forward-looking statements. Such risk factors include but are not limited to those factors which are discussed under the section entitled "Risk Factors" in HEALWELL's most recent annual information form dated April 1, 2024, which is available under HEALWELL's SEDAR+ profile at The risk factors are not intended to represent a complete list of the factors that could affect HEALWELL and the reader is cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking statements. There can be no assurance that forward looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management's expectations and plans relating to the future. HEALWELL disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law. All of the forward-looking statements contained in this press release are qualified by these cautionary statements. For more information: Pardeep S. SanghaInvestor Relations, HEALWELL AI 604-572-6392ir@ To view the source version of this press release, please visit Sign in to access your portfolio
Yahoo
10-02-2025
- Business
- Yahoo
HEALWELL Receives Regulatory Approval from Overseas Investment Office of New Zealand to Acquire Orion Health
HEALWELL receives consent from the Overseas Investment Office of New Zealand (the "OIO") for HEALWELL to acquire all of the shares (the "Orion Shares") of Orion Health Holdings Limited ("Orion Health"), as contemplated in the previously disclosed share purchase agreement dated December 16, 2024. Orion Health is a leader in global healthcare technology, with over 70 customers worldwide in 11 countries and approximately 400 team members. Orion Health generates revenues via subscription license and services by serving marquee public sector clients globally with data interoperability and healthcare navigation products and services. The acquisition of Orion Health will provide opportunities for global health systems to access HEALWELL's best-in-class AI technology to deliver actionable insights and drive better healthcare outcomes. Following receipt of OIO consent, HEALWELL will commence closing process and anticipates it will close the transaction and acquire 100% of Orion's Shares on or before April 1, 2025. Toronto, Ontario--(Newsfile Corp. - February 10, 2025) - HEALWELL AI Inc. (TSX: AIDX) (OTCQX: HWAIF) ("HEALWELL" or the "Company"), a healthcare artificial intelligence company focused on preventative care, is pleased to announce that the Company has received consent from the Overseas Investment Office of New Zealand (the "OIO") for HEALWELL to acquire all of the ordinary shares (the "Orion Shares") of Auckland, New Zealand-based Orion Health Holdings Limited ("Orion Health"), as contemplated in the share purchase agreement dated December 16, 2024, among the Company, Orion Health and McCrae Limited, as sole vendor, after the concurrent divestiture of Orion Health's non-strategic divisions, for total consideration of NZD$175 million plus a performance based earnout of up to a further NZD$25 million. Orion Health is a global leader in developing and deploying healthcare information exchange and intelligence platforms with over 70 customers in 11 countries worldwide and approximately 400 team members, including marquee public sector clients. HEALWELL and Orion Health are well-positioned to harvest significant revenue and cost synergies and with the combined mission to revolutionize healthcare through AI and data-driven innovation. The acquisition of Orion Health brings forth over 150 million covered lives globally, which will materially expand HEALWELL's footprint to execute against its mission of early disease detection. It also significantly scales HEALWELL's platform by deepening its penetration into the public sector, supported by Orion Health's long-standing government relationships and broader customer base. Orion Health further positions HEALWELL as a global leader in healthcare technology and artificial intelligence, unlocking new opportunities in population health management, clinical research and preventative care. The OIO consent is subject to certain standard conditions that apply to all overseas persons who are granted consent to acquire significant New Zealand business assets, in addition to the requirement for HEALWELL to acquire the Orion Shares on or before February 28, 2026. Following receipt of OIO consent, HEALWELL will commence closing process and anticipates that it will close the transaction and acquire the Orion Shares on or before April 1, 2025. For more information on the terms of the transaction, please see the Company's news releases dated December 16, 2024, December 17, 2024, January 14, 2025, January 21, 2025 and January 28, 2025 available on SEDAR+. Dr. Alexander DobranowskiChief Executive OfficerHEALWELL AI Inc. About HEALWELL HEALWELL is a healthcare artificial intelligence company focused preventative care. Its mission is to improve healthcare and save lives through early identification and detection of disease. Using its own proprietary technology, the Company is developing and commercializing advanced clinical decision support systems that can help healthcare providers detect rare and chronic diseases, improve efficiency of their practice and ultimately help improve patient health outcomes. HEALWELL is executing a strategy centered around developing and acquiring technology and clinical sciences capabilities that complement the Company's road map. HEALWELL is publicly traded on the TSX under the symbol "AIDX" and on the OTC Exchange under the symbol "HWAIF". To learn more about HEALWELL, please visit About ORION HEALTH Orion Health is a global healthcare technology company focused on reimagining healthcare for all. Orion Health is leading the change in digital health with health and care organizations to improve the wellbeing of every individual with our world leading Unified Healthcare Platform. Made up of a Virtuoso digital front door, Amadeus digital care record, and Orchestral health intelligence platform - each underpinned by extensive health and social data sets, machine learning, and 30 years of innovation focused purely on improving global well-being. Forward-Looking Statements Certain statements in this press release, constitute "forward-looking information" and "forward looking statements" (collectively, "forward looking statements") within the meaning of applicable Canadian securities laws and are based on assumptions, expectations, estimates and projections as of the date of this press release. Forward-looking statements in this press release include statements with respect to, among other things, the closing of the transaction and the anticipated closing date thereof; the anticipated future financial performance and growth of Orion Health and HEALWELL; and the potential opportunities for synergies between the product and service offerings of HEALWELL and Orion Health and the markets they serve. Forward-looking statements are often, but not always, identified by words or phrases such as "to acquire", "position", "opportunity", "expected", "creating", "transform", "anticipate" or variations of such words and phrases or statements that certain future conditions, actions, events or results "will", "may", "could", "would", "should", "might" or "can" be taken, occur or be achieved, or the negative of any of these terms . Forward-looking statements are necessarily based upon management's perceptions of historical trends, current conditions and expected future developments, as well as a number of specific factors and assumptions that, while considered reasonable by HEALWELL as of the date of such statements, are outside of HEALWELL's control and are inherently subject to significant business, economic and competitive uncertainties and contingencies which could result in the forward-looking statements ultimately being entirely or partially incorrect or untrue. Forward looking statements contained in this press release are based on various assumptions, including, but not limited to, the following: the parties' ability to satisfy the conditions precedent to completion of the transaction, including HEALWELL's ability to complete the transaction and the financings required to fund the purchase price; HEALWELL's ability to successfully integrate and scale Orion Health's business, products and services with its own; HEALWELL's ability to comply with applicable laws and regulations; HEALWELL's ability to meet and continue to meet the additional conditions set by the OIO consent; and that the risk factors noted below, collectively, do not have a material impact on HEALWELL's business, operations, revenues and/or results. By their nature, forward-looking statements are subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections, or conclusions will not prove to be accurate, that assumptions may not be correct, and that objectives, strategic goals and priorities will not be achieved. Known and unknown risk factors, many of which are beyond the control of HEALWELL, could cause the actual results of HEALWELL to differ materially from the results, performance, achievements, or developments expressed or implied by such forward-looking statements. Such risk factors include but are not limited to those factors which are discussed under the section entitled "Risk Factors" in HEALWELL's most recent annual information form dated April 1, 2024, which is available under HEALWELL's SEDAR+ profile at The risk factors are not intended to represent a complete list of the factors that could affect HEALWELL and the reader is cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking statements. There can be no assurance that forward looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management's expectations and plans relating to the future. HEALWELL disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law. All of the forward-looking statements contained in this press release are qualified by these cautionary statements. For more information:Pardeep S. SanghaInvestor Relations, HEALWELL AI 604-572-6392ir@ To view the source version of this press release, please visit Sign in to access your portfolio
