Latest news with #WELLHealthTechnologiesCorp
Business Wire
a day ago
- Business
- Business Wire
WELL Health Reports Record Revenue, Adjusted EBITDA, and Adjusted Net Profit in Q2-2025, Upgrades Guidance, and Delivers First-Ever Quarter With More Than 1 Million Patient Visits in Canada
VANCOUVER, British Columbia--(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 June 30, 2025. Hamed Shahbazi, Chairman and CEO of WELL commented, 'I am very proud of our performance this quarter as it reflects a very significant milestone in our history with best-ever performances across most of our key financial metrics. We delivered record performances across Revenue, Adjusted EBITDA, Adjusted Net Income, and patient visits. Furthermore, we would have reported best-ever Free Cash Flow Available to Shareholders had we not had elevated cash taxes and capital expenditures due to new investments made in our Canadian clinics, executive health and longevity health portfolios, which have historically delivered excellent returns on capital invested (ROIC). Importantly, we also delivered $17M in IFRS net profit for the quarter demonstrating our ability to deliver on all key adjusted and non-adjusted metrics. I'm also very pleased to commemorate that we delivered more than 1 million patient visits in Canada during the quarter for the first time ever reflecting 38% YoY growth; approximately a third of which came from organic growth. It's important to remember the significance of each of those visits and how vital it can be to a person's health and wellness. This awareness, along with our growing scale and relevance in the healthcare ecosystem, is top of mind for us. We think about it every day as we are committed to making the investments that are designed to help healthcare providers deliver the best care and patient outcomes possible. One positive by-product of our investments is the growing productivity of our providers. The average provider at WELL grew its number of patient visits by 22%. While there are many contributors to this improvement, we believe improved tooling and technology to be one of those key reasons.' Mr. Shahbazi further added, "We are also very pleased to report our first quarter with the inclusion of HEALWELL AI, a company that we helped launch and incubate almost two years ago and in which we took a majority voting control position this past April. Yesterday HEALWELL reported record financial performance along with its first profitable quarter on an Adjusted EBITDA basis and signalled its intent to become a pure-play SaaS and Services company now that it has achieved significant scale in delivering data science and healthcare software expertise to large enterprise customers in 11 countries globally. In parallel, we continue to evaluate strategic alternatives for our U.S. assets to simplify our business and sharpen our focus on our core Canadian operations. Across the WELL ecosystem, our teams are focused on driving sustainable, profitable growth and delivering meaningful impact through technology, innovation, and operational excellence.' Eva Fong, WELL's Chief Financial Officer, commented, 'Our second quarter results demonstrate the strength of our operating model and disciplined approach to capital allocation. Year to date, we have completed fourteen transactions and are pleased to report fifteen signed LOIs representing approximately $134 million in revenues. Our high-quality pipeline of acquisition opportunities mostly includes targets across Canadian Clinics and WELLSTAR. Also, notably our WELLSTAR platform delivered another strong 'Rule of 40' performance with strong organic revenue growth and healthy Adjusted EBITDA margins, while executing on its M&A pipeline. WELLSTAR's goal is to exceed $100 million in revenues next year with continued strong margins and growth metrics. Overall, we remain committed to improving margin profile and operating leverage across the organization, while evaluating strategic opportunities to streamline and optimize our portfolio. With a strong balance sheet and increasing cash generation, we are well-positioned to support long-term growth and return value to shareholders.' Second Quarter 2025 Financial Highlights: WELL achieved record quarterly revenue of $356.7 million in Q2-2025, an increase of 57% compared to revenue of $227.3 million generated in Q2-2024. This growth was mainly driven by organic growth, acquisitions that have occurred over the last twelve months and the addition of $40.5 million of revenue in Q2-2025 from the inclusion of HEALWELL, as per IFRS reporting requirements following the company's execution of a call option to acquire voting shares of HEALWELL on April 1, 2025, relating to our majority voting position with HEALWELL. Excluding the impact of 'CM Deferrals', revenue would have reached $347.0 million, representing a 53% increase compared to the previous year. Adjusted Gross Profit (1) was $158.7 million in Q2-2025, an increase of 73% compared to Adjusted Gross Profit of $91.5 million in Q2-2024. Adjusted Gross Margin (1) percentage was 44.5% during Q2-2025 compared to Adjusted Gross Margin percentage of 40.3% in Q2-2024. The increase in Adjusted Gross Margin percentage was primarily driven by revenue mix and the addition of higher margin HEALWELL revenue, while being offset by the addition of lower margin Provider Staffing revenue from the acquisition of Harmony in January 2025. Adjusted EBITDA (1) was $49.7 million in Q2-2025, an increase of 231% compared to Adjusted EBITDA of $15.0 million in Q2-2024. Excluding the impact of CM Deferrals, Adjusted EBITDA would have reached $40.0 million, representing a 166% increase compared to the previous year. Adjusted EBITDA Attributable to WELL shareholders was $37.5 million in Q2-2025, an increase of 215% compared to Adjusted EBITDA Attributable to WELL shareholders of $11.9 million in Q2-2024. Adjusted Net Income (1) was $25.8 million, or $0.10 per share in Q2-2025, compared to Adjusted Net Income of $4.1 million, or $0.02 per share in Q2-2024. Free Cash Flow Available to Shareholders (or FCFA2S) was $11.7 million in Q2-2025 an increase of 34% compared to FCFA2S of $8.7 million in Q2-2024. Note that FCFA2S was impacted by elevated cash taxes and capital expenditures which were focused on investments in upgrading our clinical portfolio. Segmented Revenue: Canadian Patient Services revenue was $114.5 million in Q2-2025, an increase of 49% compared to $76.7 million in Q2-2024. U.S. Patient Services revenue was $184.8 million in Q2-2025, an increase of 38% compared to $133.7 million in Q2-2024. WELLSTAR, the Company's pure-play SaaS technology subsidiary, achieved revenue of $15.2 million in Q2-2025, an increase of 49% compared to $10.2 million in Q2-2024. WELLSTAR's growth was driven by healthy organic growth and acquisitions. Second Quarter 2025 Patient Visit Metrics: WELL achieved a total of 1.7 million patient visits in Q2-2025, an increase of 21% compared to 1.4 million patient visits in Q2-2024. Canadian Patient Services visits increased 38% while US Patient Services visits decreased 1%, on a year-over-year basis. Notably, the Company achieved over 1 million patient visits across its Canadian operations, a new quarterly milestone. Growth in patient visits over the past year was primarily driven by acquisitions as well as double-digit organic growth, including the clinic absorption program. In addition, WELL achieved over 2.7 million Care Interactions (2) in Q2-2025, representing approximately 10.8 million patient interactions on an annualized run-rate basis. Second Quarter 2025 Business Highlights: On April 1, 2025, the Company and the pre-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 to consolidate 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 a key growth engine. On May 7, 2025, WELLSTAR 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. On May 28, 2025, the Company announced that subsidiaries of HEALWELL and WELLSTAR, Intrahealth, Pentavere, and OceanMD, were selected as recipients of Canada Health Infoway's 2025 Vendor Innovation Program. The program supports the development and implementation of real-world interoperability solutions aligned with national digital health priorities. The selected projects aim to enhance data quality, care coordination, and access to standardized health information across Canada, with deployments planned in five provinces. Three of the eight recipients are affiliated with the WELL and HEALWELL group. On June 24, 2025, the Company announced the availability of over 45,000 new primary care patient openings across its clinic network in Ontario, Alberta, and Manitoba. The expansion is enabled by investments in physician recruitment, including the onboarding of internationally trained medical graduates, and the implementation of digital infrastructure powered by WELLSTAR Technologies. The Company's National Patient Registration system, supported by OceanMD's eForms, online booking, and automated triage tools, is streamlining access and enabling clinics to accelerate the creation of new patient panels. Events Subsequent to June 30, 2025: On July 8, 2025, the Company announced the completion of two clinic acquisitions in British Columbia, effective July 1, 2025. The acquired clinics include a personalized health clinic in Vancouver and a multidisciplinary clinic in Burnaby, expanding the Company's presence in preventative health and specialty care. On July 8, 2025, the Company announced an expansion and extension of its senior secured credit facility, led by Royal Bank of Canada, increasing total capacity to approximately $200 million and extending the maturity to 2027. The revised facility converts the accordion feature into a revolving credit line, enhancing the Company's financial flexibility to support continued growth. On July 15, 2025, the Company announced that its majority-owned subsidiary, WELLSTAR Technologies Corp., executed three letters of intent for acquisitions expected to contribute approximately $15 million in ARR, $16 million in annual revenue, and over $5 million in Adjusted EBITDA on a run-rate basis. The targets deliver high-margin SaaS solutions that expand WELLSTAR's clinician enablement platform and support its strategy of disciplined, accretive growth. On July 16, 2025 HEALWELL acquired the remaining 49% of Pentavere Research Group Inc. ('Pentavere'), by exercising a call option that it had previously negotiated at the time of its original acquisition of a majority interest in Pentavere in 2023. Pursuant to the call option, HEALWELL acquired all of the remaining issued and outstanding shares of Pentavere for an aggregate purchase price of $13,978 which was satisfied with the issuance of 10,161,562 HEALWELL Class A Subordinate Voting Shares. With 100% ownership of Pentavere, HEALWELL intends to deepen integration between its AI businesses and accelerate commercialization of AI products across healthcare offerings. 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 momentum to continue in the second half of the year across its key business units. WELL's objective is to invest in and achieve significant growth while effectively managing its costs and delivering cash flow to shareholders. Management is pleased to reaffirm its 2025 annual guidance for revenue to be between $1.40 billion to $1.45 billion, representing 52% to 58% annual growth compared to 2024. Excluding the impact of the CM Deferrals, the Company's annual revenue guidance would be between $1.35 billion to $1.40 billion. This annual revenue guidance only includes announced acquisitions; however, WELL expects to be in the upper half of this guidance range with the inclusion of planned acquisitions in the second half of the year. Furthermore, management is pleased to increase its guidance for annual Adjusted EBITDA to be in the upper half of its previously provided guidance of $190 million to $210 million. Excluding the impact of CM Deferrals, the Company is similarly improving its guidance for annual Adjusted EBITDA to be in the upper half of its previously provided guidance of $140 million to $160 million. This improvement of the Company's annual Adjusted EBITDA guidance only includes announced acquisitions. WELL continues to allocate capital thoughtfully in order to activate both organic and inorganic growth. The Company expects to continue to fund its acquisitions from its own cash flow as well as planned divestitures ensuring compounding gains over time on a per share basis. The Company also continues to focus most of its M&A and capital allocation activity in Canada where it is experiencing its strongest returns. Conference Call: WELL will release its Second Quarter 2025 financial results for the period ended June 30, 2025, on Thursday, August 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) or 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 June 30, 2025. Footnotes: 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 share-based payments, amortization of acquired intangible assets, time-based earnout expense, change in fair value of investments, change in fair value of derivative liability, 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, change in fair value of derivative liability, share of loss of associates, foreign exchange gain/loss, and share-based payments, (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 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 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. Adjusted Net income, Adjusted Net Income per Share, Adjusted EBITDA, Adjusted Gross Profit, Adjusted Gross Margin, and Adjusted Free Cash Flow 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. Total Care Interactions are defined as Total Patient Visits plus Technology Interactions plus Billed Provider Hours. 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 34,000 healthcare providers between the US and Canada and power the largest owned and operated healthcare ecosystem in Canada with more than 165 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 WELL, 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, including expected acquisitions and divestitures Company and HEALWELL; expectations regarding continued revenue and EBITDA growth; the Company's expectations pertaining to annual guidance for annual revenue and Adjusted EBITDA; the expected benefits and synergies of completed acquisitions; capital allocation plans in the form of more acquisitions or share repurchases; expected patient visits; and 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: risks regarding the timing and amount of recognition or revenue and earnings; direct and indirect material adverse effects from adverse market conditions; risks inherent in the primary healthcare sector in general; 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 and its 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. This news release contains future-oriented financial information and financial outlook information (collectively, 'FOFI') about estimated annual run-rate revenue and Adjusted EBITDA, 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.
Business Wire
28-07-2025
- Business
- Business Wire
WELL Health to Announce Second Quarter 2025 Financial Results on August 14, 2025
VANCOUVER, British Columbia--(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 the Company will release its Fiscal Second Quarter 2025 financial results for the period ended June 30, 2025, before the market opens on Thursday, August 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). 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: Thursday, August 14, 2025 Time: 1:00 PM ET / 10:00 AM PT International Toll: 289-514-5100 North American Toll Free: 1-800-717-1738 To attend the webcast, register now or visit for details. WELL HEALTH TECHNOLOGIES CORP. Per: 'Hamed Shahbazi' Hamed Shahbazi Chief Executive Officer, Chairman and Director WELL Health Technologies Corp. 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 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:
Business Wire
15-07-2025
- Business
- Business Wire
WELL Health Subsidiary WELLSTAR Provides Corporate Update Reflecting Improved Guidance and a Strong Acquisition Pipeline
VANCOUVER, British Columbia & TORONTO--(BUSINESS WIRE)--WELL Health Technologies Corp. (TSX: WELL) (' WELL ' or the ' Company '), a company focused on positively impacting health outcomes by leveraging technology to empower healthcare providers and their patients, is pleased to provide a corporate update highlighting continued momentum across its majority-owned subsidiary, WELLSTAR Technologies Corp. (' WELLSTAR '). WELLSTAR is tracking ahead of internal expectations, supported by robust organic growth, a strong acquisition pipeline, and accelerating adoption of its Nexus AI solution. WELLSTAR continues to demonstrate strong growth and execution, fueled by accelerating demand for its digital health solutions and steady progress across its platform. The business is tracking ahead of internal expectations and has updated its guidance for fiscal 2025 to over $74 million (1) in revenue and $22 million (1) in Adjusted EBITDA (2). WELLSTAR is also expected to end the year with total annual recurring revenue (ARR) of approximately $62 million and an exit ARR (3) of approximately $80 million, supported by robust organic expansion, continued adoption of its AI-powered tools, and inclusive of completing three acquisitions that are currently in signed LOI stage. Amir Javidan, CEO of WELLSTAR commented, 'We've had an excellent first half to 2025 as both our organic and inorganic growth engines are levelling up and are poised to deliver an outstanding, breakout performance for WELLSTAR in 2025. At the beginning of the year, we set an ambitious goal of reaching $100M in revenues on a run-rate basis in the next couple of years and based on the latest forecasts, we believe we may be approaching that goal a few quarters earlier than previously anticipated. Our current goal for year-end exit ARR for fiscal 2025 is $80 million which would represent a 50% increase over last year's exit ARR figure. Darren Hoegler, CFO of WELLSTAR commented, 'This upward revision reflects stronger-than-expected traction across WELLSTAR's core product suite as well as strong execution in the company's capital allocation program. We currently have three signed LOIs with targets that all deliver high-margin SaaS solutions and would be highly accretive to our business. I'm also pleased to report that the two acquisitions that were completed in Q4 2024 are both operating well and tracking in alignment with or ahead of our plan. Our objective is to ensure disciplined execution and that the company continues to be positioned as a category leader in Canadian digital health, delivering durable, capital-efficient growth with significant operating leverage over time.' Three LOIs Executed as WELLSTAR Executes on Deep Acquisition Pipeline WELLSTAR has executed three letters of intent (LOIs) for acquisitions that are expected to contribute approximately $15 million in ARR, $16 million in revenue, and over $5 million in Adjusted EBITDA on an annualized run-rate basis. These prospective additions reflect WELLSTAR's continued focus on disciplined, accretive growth through the acquisition of complementary digital health assets that strengthen its core platform and expand its national footprint. The acquisitions are aligned with WELLSTAR's long-term strategy to build a technology-enabled healthcare infrastructure that is efficient, scalable, and outcomes-driven. Each target adds strategic value by extending WELLSTAR's clinician enablement capabilities. The integrated nature of WELLSTAR's platform enables smooth onboarding and operational alignment, allowing new assets to benefit from shared infrastructure and drive incremental impact across the broader business. WELLSTAR continues to advance a deep and well-qualified acquisition pipeline, with additional opportunities under review. Strong Early Traction for Nexus AI with Clinicians Nationwide Since its launch on May 7, 2025, Nexus AI has seen strong adoption, with over 2,400 providers signed up across primary care clinics, hospitals, and regional health authorities. Nexus AI's first feature, an ambient medical scribe for real-time clinical documentation, is already demonstrating meaningful value for providers by reducing administrative burden and cognitive load. AI medical scribe technology has been shown to save providers up to two hours per day in charting and documentation (4). Nexus AI serves as the central platform for WELLSTAR's expanding suite of AI-powered capabilities, including disease detection, medical coding and billing automation, and clinical decision support. Its compatibility with Canada's leading EMRs positions it as a scalable infrastructure layer for modern, intelligent healthcare delivery. Clinician engagement with Nexus AI is expected to contribute to WELLSTAR's recurring SaaS revenue and margin profile as deployments scale. Just as importantly, the platform's ability to orchestrate complex clinical workflows in an intuitive and context-aware way supports broader system-level efficiency and provider satisfaction. As a pre-qualified vendor of the Canada Health Infoway AI Scribe Program, eligible primary care clinicians across Canada will receive a fully-funded license for 12 months of Nexus AI. WELLSTAR recognizes this as a transformative opportunity to advance Canada's vision of connected care, where AI-enabled technologies reduce physician burnout, improve patient experience, and allow providers to focus more on engagement and less on documentation. By delivering accurate, secure documentation at the point of care, Nexus AI empowers providers to reclaim meaningful patient connections and supports a broader effort to integrate AI technologies that promote more connected, patient-centred care. Footnotes: WELLSTAR's guidance of $74 million in revenue and $22 million in Adjusted EBITDA in fiscal 2025 includes the impact from the three LOIs noted herein which will contribute approximately $4 million in revenue and $1 million in Adjusted EBITDA for inclusion in fiscal 2025. Note that this figure does not include certain shared services that are provided by WELL Health to WELLSTAR. Adjusted EBITDA is a non-GAAP financial measure. Please refer to WELL's most recent Management's Discussion and Analysis (MD&A), available under the Company's profile on SEDAR+ at for further details including definitions and reconciliations to the nearest IFRS measure. Exit ARR or Annual Recurring Revenue is based on the Company's revenue run-rate or ARR as annualized based on the last quarter of the year. The projected Exit ARR of approximately $80 million includes contribution from the three LOIs noted herein. Source: OntarioMD, AI scribes show promising results in helping family doctors and nurse practitioners spend more time with patients and less time on paperwork, September 11, 2024. WELL HEALTH TECHNOLOGIES CORP. Per: '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: 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 guidance related to revenue and adjusted EBITDA, and the expected pipeline of future acquisition targets (and the associated run-rate revenue). Forward-looking statements are necessarily based upon management's expectations, while considered reasonable by WELL as of the date of such statements, are outside of WELL's control and are inherently subject to business, economic and other 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 ability to continue to offer its products and services, complete the acquisitions, and the acquisition companies having the expected revenue and Adjusted EBITDA profiles based on WELL's diligence. Known and unknown risk factors, many of which are beyond the control of WELL could cause the actual plans to differ materially from the results implied by such forward-looking statements. Such risk factors include losing customers to competitors, cybersecurity threats which prevent WELLSTAR from being able to continually offer its products, not completing the three acquisitions discussed above, and the other risks discussed under the section entitled 'Risk Factors' in WELL's most recent annual information form, which is available under the Company's respective SEDAR+ profile at which could affect WELL's and WELLSTAR's business. The risk factors are not intended to represent a complete list of the factors that could affect WELL or WELLSTAR 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. Forward-looking statements are provided for the purpose of providing information about management's expectations and plans relating to the future. WELL 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.
Business Wire
04-07-2025
- Business
- Business Wire
WELL Health Announces Voting Results for Election of Directors
VANCOUVER, British Columbia--(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 that at its annual general meeting held June 30, 2025 (the ' Meeting '), all of the nominees for election as directors of the Company referred to in its notice of meeting and information circular dated May 28, 2025 for the Meeting were elected. A total of 67,105,724 common shares representing 26.52% of the outstanding common shares of the Company were voted by proxy at the Meeting. Voting results for the election of directors at the Meeting were as follows: Resolution Vote Type Total Votes % Voted Kenneth Cawkell For Against Withheld 55,319,811 0 11,776,033 82.45% 0% 17.55% John Kim For Against Withheld 63,350,632 0 3,745,212 94.42% 0% 5.58% Sybil E Jen Lau For Against Withheld 65,493,814 0 1,602,030 97.61% 0% 2.39% Thomas Liston For Against Withheld 58,911,074 0 8,184,770 87.80% 0% 12.20% Tara McCarville For Against Withheld 58,713,637 0 8,382,207 87.51% 0% 12.49% Hamed Shahbazi For Against Withheld 49,082,859 0 18,012,985 73.15% 0% 26.85% Expand The results of other matters considered at the Meeting are reported in the Report of Voting Results as filed on SEDAR+ ( filed on July 4, 2025. 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 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:
Business Wire
24-06-2025
- Health
- Business Wire
WELL Health Announces Availability for 45,000 New Primary Care Patients Across 3 Provinces Enabled by Investments in Physician Recruitment and Digital Transformation
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 a major expansion in primary care capacity across its national clinic network. WELL clinics are accepting new patients at scale and have immediate capacity for more than 45,000 new patients across three provinces. These openings reflect the pace of physician onboarding and the company's proactive approach to panel development: These figures are expected to grow as additional physicians are onboarded, and new panels are activated in the coming months. This expanded access is part of WELL's broader effort to address Canada's growing access-to-care crisis by combining physician recruitment and advanced technology to deliver timely, high-quality care at scale. All patients would need in order to be eligible is to present their valid provincial health card (1). Interested patients can visit to express their interest. Submissions will be prioritized in the order they are received. Dr. Michael Frankel, Chief Medical Officer of WELL commented 'As a Canadian owned and operated company which owns and operates the largest network of outpatient medical clinics in Canada, we are very proud of this announcement as it is a clear demonstration that our team's hard work is helping improve access to care for Canadians. All this is made possible because of our investments and advancements which are helping providers with the tools and support they need to be successful, as well as investments we have made in recruiting and retaining physicians to ensure they are attracted to and stay in Canada. We are keenly focused on helping our providers achieve operational excellence while maintaining strict clinical autonomy as is the case in all WELL clinics. We are building a stronger foundation for long-term system capacity and helping our providers improve patient outcomes in the process.' Across Canada, millions of people continue to face barriers in accessing primary care. More than 6 million Canadians currently lack a regular family doctor (2), and in some regions, wait times to access a family doctor can range from several weeks to several months (3). The problem is systemic and multifactorial: a growing number of physicians are retiring or reducing hours, while too few new graduates are entering family medicine. At the same time, doctors are spending increasing amounts of their workday on administrative tasks rather than patient care. Some estimates suggest that up to 30 to 40 percent of clinicians' time is spent on documentation, managing referrals, and other non-clinical work illustrating the inefficiencies that exist in traditional practices. WELL is taking a direct and measurable approach to solving this crisis, combining IMG recruitment with industry-leading digital health solutions to expand and amplify care capacity. These efforts are already resulting in new patient panels being created across WELL's national clinic network. The panels are in varying stages of development, with some are already built, while others are actively ramping up as new physicians join the network. Jeremy Mickolwin, Vice President of Clinic Operations at WELL, commented 'At WELL, we are implementing sophisticated digital workflows that are highly effective in real clinical settings and that drastically reduce the time providers spend on administrative work. Our team brings years of hands-on experience and understands the complexity of change management in healthcare. Combining our experience with the operational scale required to lead clinic transformation in the digital age allows us to deliver results that matter. Physicians in WELL clinics are spending more time with patients and less time on paperwork, and that is exactly the kind of progress our healthcare system needs. WELL is proud to be able to offer family doctors to thousands of Canadians who are currently without access to longitudinal care. Ensuring a patient has a family doctor isn't a luxury, it's a foundation of equitable, effective healthcare.' Enabling Better Care Through Clinic Transformation and Technology Inside its clinics, WELL has implemented a powerful suite of tools powered by its subsidiary, WELLSTAR Technologies Corp. (' WELLSTAR '), that reduce physician burnout, increase efficiency, and improve documentation quality. Nexus AI™, WELLSTAR's proprietary ambient scribe, safely and compliantly listens to patient visits in real time and automatically generates accurate, structured medical notes. Recent studies indicate that physicians using AI-enabled ambient scribe tools save as much as 2 hours per day on charting and post-visit documentation, allowing them to focus more on care and reduce their end-of-day workload. Nexus AI is a pre-qualified vendor for the Canada Health Infoway AI Scribe Program. In addition, WELL Clinics is leveraging patient engagement tools from OceanMD, a WELLSTAR company, including eForms, online booking, and automated triage to power its National Patient Registration system. OceanMD operates one of Canada's most advanced referral and patient engagement platforms, processing over 140,000 referrals per month. OceanMD helps automate intake, reduce referral backlogs, and enable secure communication between primary care providers, specialists, and patients through comprehensive digital tools, including online appointment booking, streamlined patient consent management, and secure messaging capabilities. These patient engagement features are driving significant clinic transformation and digital enhancements, creating benefits for both providers and patients through reduced administrative burden and improved convenience. By coordinating care more effectively across various settings and providing patients with self-service tools for booking, consent, and communication, OceanMD is enhancing throughput and alleviating strain on the system. WELL's approach enables physicians to thrive in primary care settings and deliver high-quality, continuous care. This model has also become a key driver of recruitment success, particularly among internationally trained physicians seeking modern, digitally supported practices. Bolstering the Front Lines Through IMG Recruitment To address Canada's growing shortage of family doctors, WELL has made the recruitment and onboarding of internationally trained physicians a strategic priority. This effort was significantly strengthened by the Company's January 2025 control investment in Physicians For You, one of Canada's largest and most established physician recruitment platforms. Physicians For You specializes in identifying, qualifying, and placing internationally trained doctors who meet Canadian licensing standards, an essential capability as demand for primary care continues to outpace physician supply nationwide. Through this acquisition, WELL has added deep recruitment expertise, international reach, and a purpose-built platform that now serves as a central engine for its IMG hiring strategy. In the last 6 months alone, WELL has successfully placed 25 new IMGs across its clinic network, with a growing number of placements being sourced and supported through Physicians For You. These physicians are entering team-based care environments equipped with robust digital infrastructure, enabling them to begin practicing quickly and build full patient panels, sometimes in as little as 60 days. This IMG-led expansion has already unlocked thousands of new appointments in high-demand regions including Toronto, Durham Region, Ottawa, Calgary, and Winnipeg. By investing in both the pipeline as well as the practice environment, WELL is helping to close the access gap at its root and build a more sustainable foundation for primary care delivery in Canada. Looking ahead, WELL expects to onboard at least 20 additional internationally trained physicians through its IMG recruitment program in 2025. This continued growth, supported by Physicians For You, will extend WELL's reach into high-demand regions and help ensure its clinics are equipped to meet patient needs as demand continues to rise. Footnotes: The patient openings referred to in this announcement all relate to publicly funded visits and are covered under the applicable provincial health plan. There is no cost to a patient that presents a valid health card. In Ontario, visits are covered by the Ontario Health Insurance Plan (OHIP), in Alberta, visits are covered by 'Alberta Health Care Insurance Plan (AHCIP) and in Manitoba, visits are covered by Manitoba Health, Seniors and Active Living (MHSAL). Canadian Institute for Health Information (CIHI), Access to Primary Care: Many Canadians Face Challenges, December 2024. Available at: Source: Ontario Ministry of Health and Long-Term Care (2018–2021 data), visualized by CBC News. WELL HEALTH TECHNOLOGIES CORP. Per: 'Hamed Shahbazi' Hamed Shahbazi Chief Executive Officer, Chairman and Director WELL Health Technologies Inc. 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 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: 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 number of expected new patients WELL will be servicing and the expected number of new IMG recruits in 2025. Forward-looking statements are necessarily based upon management's expectations, while considered reasonable by WELL as of the date of such statements, are outside of WELL's control and are inherently subject to business, economic and other 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 ability to identify and recruit patients, recruit physicians, maintain the number of physicians working at WELL's clinics, and continuing to deploy technologies at WELL clinics which drive efficiencies at such locations. Known and unknown risk factors, many of which are beyond the control of WELL could cause the actual plans to differ materially from the results implied by such forward-looking statements. Such risk factors include not identifying appropriate IMG recruits, not being able to recruit additional physicians, not successfully recruiting new patients, not being able to deploy or integrate technologies at all of its clinics, and the other risks discussed under the section entitled 'Risk Factors' in WELL's most recent annual information form, which is available under the companies' respective SEDAR+ profile at which could affect WELL's business. The risk factors are not intended to represent a complete list of the factors that could affect WELL 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. Forward-looking statements are provided for the purpose of providing information about management's expectations and plans relating to the future. WELL 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.
