- WELL expects1 to announce strong financial results
for Q2-2022 with another record performance as revenues are
expected to be greater than C$130
million in the quarter.
- Total omni-channel patient visits2 in Q2-2022
increased by 50% YoY and a 7% increase when compared sequentially
to the previous quarter.
- WELL's US focused virtual patient services businesses continue
to grow rapidly, with Circle Medical and Wisp exceeding
C$115 million in annualized revenue
run-rate on a combined basis in June
2022, reflecting over 150% YoY growth and delivering
positive Adjusted EBITDA3.
- CRH Medical's 1,100+ credentialed practitioners delivered a
record quarterly performance of 125,160 completed patient cases
fuelled by solid organic growth.
VANCOUVER, BC, July 21,
2022 /CNW/ - 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 provide
preliminary results for Q2-2022 ending June 30, 2022.
WELL expects1 to report strong financial results
underpinned by significant growth in patient visits. The Company is
pleased to report preliminary results for Q2-2022 with revenue
expected to exceed C$130 million, operating Adjusted
EBITDA3 exceeding C$23 million, and Shareholder
Free Cash Flow4 of approximately C$15
million.
WELL achieved a total of 839,698 omni-channel patient
visits2 in Q2-2022, representing a year-over-year
increase of 50% compared to Q2-2021, and a 7% increase compared to
Q1-2022. In addition, MyHealth conducted 179,880 diagnostic visits
in Q2-2022, while Wisp completed 152,398 asynchronous patient
consultations. Combining WELL's omni-channel patient
visits2, MyHealth's diagnostic visits and Wisp's
asynchronous patient consultations, WELL achieved a total of
1,172,849 patient interactions in Q2-2022, representing an annual
run-rate of 4.69 million patient interactions.
"Our patient visit figures have historically been an excellent
leading indicator of our overall operational and financial
performance. To that end, we're very pleased to report
another record quarter of patient visits delivered by our more than
2,200 healthcare provider partners systemwide.", said Hamed
Shahbazi, Chairman and CEO of WELL. "WELL's business model of
'caring for the care providers' by supporting them in all aspects
of running their operations and allow them to focus on providing
care is working. Now more than ever, at a time when
healthcare workers are under duress, WELL is applying all of its
talents and resources to help them focus on what matters, providing
the best patient care available and delivering optimal health
outcomes. We look forward to reporting Q2 results."
US Business Update
WELL's US-based virtual patient services businesses, which
includes Circle Medical and Wisp, continued to demonstrate robust
growth in Q2-2022. Based on June 2022 preliminary
results, the combined businesses generated positive Adjusted
EBITDA3 with their revenue run-rate
exceeding C$115 million on a combined basis in June
2022. Circle Medical's YoY growth in Q2-2022 was driven
by patient visits increasing almost 400%. The number of
practitioners working with Circle Medical in Q2-2022 increased by
169% over the same period. Similarly, Wisp's growth in
Q2-2022 was driven by an 60% YoY increase in asynchronous patient
consultations.
WELL's wholly owned subsidiary, CRH, whose business is
predominantly in the US also had a record quarter for cases in
Q2-2022 of 125,160, driven by solid organic growth. There are
now more than 1,100 CRH credentialed healthcare practitioners
providing services as part of CRH's fully managed services in 93
medical facilities.
Footnotes:
1 Expectations noted are based on
preliminary results recorded to date. These results may be
subject to change as they are prepared for financial
disclosure.
|
2 Omni-channel patient visits is
defined by all patient visits generated by all sources and
channels. This includes any patient visits delivered by a WELL
healthcare practitioner (inclusive of in-person or virtual) or a
non-WELL practitioner but facilitated by WELL's virtual care
tools. This figure does not include visits for diagnostic
testing consultations or any asynchronous physician
consultations.
|
3 Adjusted EBITDA is a non-GAAP
metric and defined by 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, and (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.
|
4
Shareholder Free Cash Flow is a non-GAAP metric and defined by
Adjusted EBITDA attributable to shareholders less cash taxes, cash
interest and capital expenditures
|
WELL HEALTH TECHNOLOGIES
CORP.
Per: "Hamed
Shahbazi"
Hamed Shahbazi
Chief Executive Officer, Chairman and
Director
About WELL Health Technologies
Corp.
WELL is a practitioner focused digital healthcare company whose
overarching objective is to positively impact health outcomes to
empower and support healthcare practitioners and their patients.
WELL has built an innovative practitioner enablement platform that
includes comprehensive end to end practice management tools
inclusive of virtual care and digital patient engagement
capabilities as well as Electronic Medical Records (EMR), Revenue
Cycle Management (RCM) and data protection services. WELL uses this
platform to power healthcare practitioners both inside and outside
of WELL's own omni-channel patient services offerings. As such,
WELL owns and operates Canada's
largest network of outpatient medical clinics serving primary and
specialized healthcare services and is the provider of a leading
multi-national, multi-disciplinary telehealth offering. WELL is
publicly traded on the Toronto Stock Exchange under the symbol
"WELL" and on OTCQX under the symbol "WHTCF". To learn more about
the Company, please visit: www.well.company.
Forward-Looking
Information
This news release may contain "Forward-Looking Information"
within the meaning of applicable Canadian securities laws,
including without limitation WELL's expectations to report strong
financial results. Forward-Looking Information is 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
involves known and unknown risks, uncertainties and other factors
that may cause future results, performance or achievements to be
materially different from the estimated future results, performance
or achievements expressed or implied by such Forward Looking
Information and, which are not guarantees of future
performance. WELL's statements expressed or implied by
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
statements. Forward-Looking Information is qualified in their
entirety by inherent risks and uncertainties, including: direct and
indirect material adverse effects from the COVID-19 pandemic;
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 www.sedar.com, 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.
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SOURCE WELL Health Technologies Corp.