- WELL expects to announce another record performance with over 1
million total patient visits1 and almost 1.5 million
total patient interactions2 in Q2-2023. This is the
first quarter where WELL has exceeded 1 million patient visits,
setting a remarkable record for the Company.
- Driven by the record patient volumes, WELL also expects to
announce record revenues for Q2-2023, with strong performances from
its Canadian Primary Care and MyHealth Specialized Care Clinics, as
well as WELL Health USA's Wisp and
CRH lines of businesses.
- This will be the 18th quarter in a row where WELL
will release record quarterly revenues.
- WELL will announce its Second Quarter 2023 Financial Results on
August 10, 2023. Conference call
details are provided below.
VANCOUVER, BC, Aug. 3, 2023
/PRNewswire/ - WELL Health Technologies Corp. (TSX: WELL) (OTCQX:
WHTCF) ("WELL" or the "Company"), a digital health
company focused on positively impacting health outcomes by
leveraging technology to empower healthcare practitioners and their
patients globally, is pleased to announce it has achieved over 1
million patient visits in a single quarter for the first time, and
this achievement has driven record revenues for Q2-2023. WELL will
also announce its Second Quarter 2023 Financial Results on
August 10, 2023.
"We are delighted to announce another record quarter for patient
visits and achieving a historic milestone in which WELL delivered
care to 1 million patients in the quarter not counting technology
driven patient interactions volume," said Hamed Shahbazi, Founder and CEO of WELL. "The
reason for this continued growth and momentum is simple, our value
proposition is resonating with healthcare providers, and they are
increasingly trusting WELL to not only tech enable their practices
but also provide them with extensive front and back-office
operating support. We know that we cannot be successful without
taking care of healthcare providers and we continue to be laser
focused on doing this. As of late, we are excited to be rolling out
advanced tools that leverage the power of Artificial Intelligence
to further alleviate administrative burdens for our care
providers."
WELL's patient visits1 and patient
interactions2 metrics are an important leading indicator
to demonstrate the health of WELL's operational and financial
performance. With this robust patient metric growth, WELL is
expecting to report record revenue for Q2-2023 and an improvement
in Adj. EBITDA3 from Q1-2023. This financial performance
is underpinned by record revenue achievements from our Canadian
Primary Care and MyHealth Specialized Care Clinics, as well as WELL
Health USA's Wisp and CRH lines of
business all to report record revenues for the quarter.
|
Q2-23
|
Q1-23
|
Q2-22
|
Canada Patient
Visits4
|
537,241
|
503,735
|
491,148
|
US Patient
Visits4,5
|
478,034
|
471,765
|
450,335
|
Technology
Interactions
|
453,259
|
421,853
|
317,771
|
Total
Interactions
|
1,468,534
|
1,397,353
|
1,259,254
|
WELL's Canadian Patient Services business which includes primary
care, specialty, allied care, executive health, and diagnostic care
accounted for a total of 537,241 patient visits2 across
Canada in Q2-2023. WELL Health
USA achieved 478,034 patient
visits2 in Q2-2023. WELL Health USA includes CRH Medical, Circle Medical and
Wisp. Growth in US Patient Visits was primarily driven by organic
growth in Circle Medical and Wisp businesses, in addition to
acquisitions by CRH Medical over the past year.
WELL achieved a total of 1,468,534 patient
interactions1 in Q2-2023, a year-over-year increase of
~17% compared to Q2-2022 and representing 5.9 million patient
interactions on an annualized run-rate basis. This was primarily
driven by strong organic growth across a number of WELL's key
business units.
The achievement of facilitating 1 million patient visits in a
single quarter underscores the effectiveness of WELL's strategy to
support and tech enable healthcare providers across the healthcare
landscape. Collectively, these accomplishments reflect WELL's
consistent growth and commitment to innovation, reinforcing its
position as a leader in healthcare technology.
Second Quarter 2023 Financial
Results Conference Call
WELL will release its Second Quarter 2023 financial results for
the period ended June 30, 2023, on
Thursday, August 10, 2023. The
Company will hold a conference call and simultaneous webcast to
discuss its results on the same day at 1:00
pm ET (10:00 am PT). The call
will be hosted by Hamed Shahbazi,
Chairman and Chief Executive Officer and Eva Fong, Chief Financial Officer. Please dial
in 10 minutes prior to the start of the call.
Date: Thursday, August 10,
2023
Time: 1:00 PM ET /
10 AM PT
Local: Toronto:
416-764-8650 Vancouver:
778-383-7413
North American Toll-Free: +1-888-664-6383
International: +1-416-764-8650
Webcast URL:
https://www.well.company/for-investors/events/
Footnotes:
|
1. Patient visits are
defined by any interaction a patient has with a WELL practitioner
through all sources and channels. This includes also diagnostic
testing consultations or any asynchronous physician
consultations.
|
2. Patient Interactions
are defined as Patient Visits plus Technology
Interactions.
|
3. EBITDA and Adjusted
EBITDA are non-GAAP measures. EBITDA represents net income (loss)
before interest, taxes, depreciation, and amortization. The Company
defines Adjusted EBITDA as EBITDA (i) less net rent expense on
premise leases considered to be finance leases under IFRS and
before (ii) transaction, restructuring, and integration costs,
time-based earn-out expense, change in fair value of investments,
share of income (loss) of associates, foreign exchange gain/loss,
and stock-based compensation expense, (iii) revenue precluded from
recognition under IFRS 15 that relates to certain patient services
revenue that the Company believes should be recognized as revenue
based on its contractual relationships, and (iv) gains/losses that
are not reflective of ongoing operating performance. The Company
considers Adjusted EBITDA to be a financial metric that measures
cash that the Company can use to fund working capital requirements,
service future interest and principal debt repayments and fund
future growth initiatives. EBITDA and Adjusted EBITDA should not be
considered alternatives to net income (loss), cash flow from
operating activities or other measures of financial performance in
accordance with IFRS.
|
4. Patient visit
metrics for the prior period, Q2-2022, has been restated to align
with new segmentation based on Canadian Patient Services and US
Patient Services operating segments. Diagnostic patient visits
performed by MyHealth and False Creek Wellness are now
included in Canadian Patient visits, while Wisp's asynchronous
patient visits are now included in US Patient visits. Patient
bookings only conducted by various technology providers such as
OceanMD, Adracare, and Insig are now reported under Technology
Interactions. Technology Interactions does not include the many
millions of patient interactions supported by WELL's EMR Group or
family of digital health apps such as the OceanMD patient
engagement platform.
|
5. US Patient Visits
include all patient visits, as defined in Footnote 1, facilitated
by WELL Health USA and its subsidiaries.
|
WELL HEALTH TECHNOLOGIES CORP.
Per: "Hamed Shahbazi"
Hamed Shahbazi
Chief Executive Officer, Chairman and Director
About WELL Health Technologies
Corp.
WELL's mission is to tech-enable healthcare providers. We do
this by developing the best technologies, services, and support
available, which ensures healthcare providers are empowered to
positively impact patient outcomes. WELL's comprehensive healthcare
and digital platform includes extensive front and back-office
management software applications that help physicians run and
secure their practices. WELL's solutions enable more than 28,000
healthcare providers between the US and Canada and power the largest owned and
operated healthcare ecosystem in Canada with more than 130 clinics supporting
primary care, specialized care and diagnostic services. In
the United States WELL's solutions
are focused on specialized markets such as the gastrointestinal
market, women's health, primary care, and mental health. WELL is
publicly traded on the Toronto Stock Exchange under the symbol
"WELL" and on the OTC Exchange under the symbol "WHTCF". To learn
more about the Company, please visit: www.well.company.
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SOURCE WELL Health Technologies Corp.