- WELL achieved record quarterly revenues of $170.9 million and record Adjusted
EBITDA(1) of $27.8
million in Q2-2023. This was WELL's 18th
consecutive quarter of record revenue performance.
- WELL surpassed a total of 1 million patient
visits(2) for the first time in Q2-2023. The
Company also almost achieved 1.5 million total patient
interactions(2) representing approximately 5.9 million
patient interactions on an annualized run-rate basis.
- Today WELL also announced that its OceanMD subsidiary has
signed a multi-year $38.5 million
contract to provide eReferral and eOrder technology services to
providers and patients in the Province of British Columbia.
- WELL is upgrading its guidance with the expectation that 2023
revenue will be in the upper half of its annual guidance of
$740 million to $760 million reflecting improved organic growth
expectations for the balance of the year.
VANCOUVER, BC, Aug. 10,
2023 /PRNewswire/ - 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, 2023.
Hamed Shahbazi,
Founder and CEO of WELL commented, "We had a great quarter, our
record revenue, Adjusted EBITDA(1) and
patient visits are a testament to the Company's continued focus on
tech enabling healthcare providers and supporting them in
simplifying their work lives, modernizing, and digitizing their
clinical practices and delivering the best healthcare possible.
WELL exited Q2-2023 with over 3,200 providers and clinicians
representing more than 40% growth in providers and delivering a
milestone of over 1 million quarterly patient visits delivered by
our own team of providers for the first time in the Company's
history. During the past few months, we also launched several key
initiatives related to Artificial Intelligence ("AI"), including
WELL AI Voice and the WELL AI Investment Program which includes a
recent investment in AI-enabled disease detection capabilities.
This is only the beginning as we have a compelling pipeline of
opportunities, we are pursuing that leverage the power of AI to
give healthcare providers clinical decision support tools that will
give them their time back, enhance clinic productivity and provide
better patient outcomes. We are determined to faithfully support
healthcare professionals with the very best technology available
which now includes significant investments in AI-based products and
services."
Mr. Shahbazi further added, "The recently
announced acquisitions of CarePlus and the clinical assets of MCI
OneHealth, coupled with OceanMD's momentous contract win in the
Province of British Columbia gives
us confidence in increasing our expectations for 2023 revenue to be
over $750 million and pave the way
for our push to surpass $1 billion in
revenues within a couple of years."
Eva Fong, WELL's
Chief Financial Officer, added, "Our profitability and cashflow
profile continue to be robust. I am also pleased to announce that
we have further reduced our leverage ratio(3)
of net bank debt to shareholder Adjusted EBITDA from 3.0x at the
end of Q2-2022 to 2.3x as of the end of Q2-2023. Our organic
growth profile remains strong, and the M&A pipeline continues
to be active, allowing us to provide a positive outlook for the
remainder of 2023 and beyond."
Second Quarter 2023 Financial Highlights:
- WELL achieved record quarterly revenue of $170.9 million in Q2-2023, an increase of 21.8%
as compared to revenue of $140.3
million generated in Q2-2022. Year-to-date, WELL has
achieved organic growth(4) of 15%.
- Canadian Patient Services revenue was $54.2 million in Q2-2023, an increase of 23.9% as
compared to $43.7 million in Q2-2022,
with both Primary Care and MyHealth Specialized Care Clinics
achieving record revenue in the quarter.
- WELL Health USA Patient
Services revenue was $103.5 million
in Q2-2023, an increase of 29.9% as compared to $79.6 million in Q2-2022, driven by growth in the
WELL Health USA's Wisp, Circle
Medical and CRH lines of business.
- SaaS and Technology Services revenue was $13.3 million in Q2-2023, a decrease of 21.8% as
compared to $17.0 million in Q2-2022.
This decline was due to timing of contracts in the Company's
cybersecurity related business. SaaS and Technology outside of
Cybersecurity was $11.3 million in
Q2-2023 an increase of 29% as compared to $8.8 million in Q2-2022.
- Adjusted Gross Profit(1) was $90.8 million in Q2-2023, an increase of 20.3% as
compared to Adjusted Gross Profit(1) of
$75.5 million in Q2-2022.
- Adjusted Gross Margin(1) percentage was
53.1% during Q2-2023 compared to Adjusted Gross
Margin(1) percentage of 53.8% in
Q2-2022.
- Adjusted EBITDA(1) was $27.8 million in Q2-2023, an increase of 5.1% as
compared to Adjusted EBITDA(1) of
$26.4 million in Q2-2022.
- Adjusted EBITDA(1) to WELL shareholders was
$22.3 million in Q2-2023, an increase
of 16.2% as compared to Adjusted EBITDA(1) to WELL
shareholders of $19.2 million in
Q2-2022.
- Adjusted Net Income(1) was $14.4 million, or $0.06 per share in Q2-2023, as compared to
Adjusted Net Income(1) of $17.5 million, or $0.08 per share in Q2-2022.
Second Quarter 2023 Business Highlights:
On April 26, 2023,
WELL Ventures announced the launch of its AI Investment program,
focused on artificial intelligence and its applications in helping
support healthcare providers with next-generation tools. The WELL
AI Investment Program will provide investees with capital as well
as extensive support from WELL's ecosystem to help develop, test,
refine, secure, de-risk and integrate the most promising such
technologies into the Canadian healthcare ecosystem at scale.
On May 10, 2023,
the Company launched WELL AI Voice, a transformational ambient
scribe product that leverages generative AI to dramatically reduce
a provider's administrative burden by privately and securely
capturing a patient encounter conversation and automatically
generating a succinct and medically relevant chart note for the
patient interaction. Since its launch, WELL AI Voice has been
integrated in thousands of patient visits.
On June 1, 2023,
the Company completed the acquisition of five multi-disciplinary
primary care clinics based in Calgary,
Alberta from MCI Medical Clinics Inc., a subsidiary of MCI
Onehealth Technologies Inc. (TSX: DRDR) ("MCI"), offering a
range of primary care services, including family medicine, women's
health, and other specialties. This acquisition marks a significant
milestone in WELL's expansion into Alberta and supports the Company's national
clinic expansion strategy.
On June 22, 2023,
the Company announced that CRH Medical has made a strategic
investment in Graphium Health a leading EMR or Electronic Medical
Records company focused on Anesthesia Practices. The investment is
part of a Strategic Alliance designed to further digitize and
modernize CRH's billing and back-office processes. Based on a
recent pilot project with Graphium Health, CRH had demonstrated
that it improved its time to capture billable charges by 58% or 5.6
days and reduced its overall accounts receivable ("AR") balance at
the pilot project sites by 24%.
Events Subsequent to June 30,
2023:
On July 1, 2023,
the Company through its subsidiary CRH, acquired a 100% interest in
CarePlus Medical Corporation ("CarePlus").
On July 19, 2023,
the Company entered into an agreement to acquire clinic assets
located in Southern Ontario from
MCI and a subscription agreement for a convertible debenture
financing in MCI which is now strategically focused on its leading
AI, Data Science and Rare & Complex Disease Detection
platform.
On July 27, 2023,
the Company announced that it has re-branded CRH Medical
Corporation as WELL Health USA.
WELL Health USA's goal is to
mirror WELL's mission of tech enabling care providers in
the United States while digitizing
and modernizing healthcare businesses. In addition, WELL Health
USA will leverage its deep US
based healthcare expertise and structural advantages to create a
whole new category of shared services that will benefit and deliver
improved integration with WELL's US based lines of business. WELL
USA will be used henceforth to
reflect WELL's total US based financial activity which includes
lines of business such as CRH, Radar, Circle Medical and Wisp.
On August 10, 2023,
WELL announced that it had signed a $38.5
million contract with British
Columbia's Public Health Services Authority to provide an
array of digital services such as eReferrals, eConsults and eOrders
to help further empower providers with best-in-class
interoperability tools. This is the third Canadian province, in
addition to Ontario and
Nova Scotia, that has materially
partnered with OceanMD.
Outlook:
WELL is expecting its strong performance to
continue into the second half of 2023 across all its business units
and for the entire Company as a whole. WELL's objective is to
invest in and achieve significant growth while effectively managing
its costs and delivering strong growth and sustained cashflow to
shareholders. Management is pleased to provide the following update
to its 2023 annual guidance:
- Annual revenue is expected to be in the upper half of the
guidance range of $740 million to
$760 million. Annual guidance only
includes announced acquisitions.
- Annual Adjusted EBITDA(1) is expected to increase by
more than 10% over 2022 levels allowing the company to invest in
growth and continue to acquire market share.
WELL expects to continue to grow its Canadian
Patient Services business both organically and inorganically and
increase its market leadership as the country's first pan-Canadian
clinical network with a highly integrated network of tech-enabled
outpatient healthcare clinics across the country. Meanwhile, growth
in the Company's WELL Health USA
Patient Services business is expected to be primarily driven by
organic growth, augmented by the Company's recent acquisition of
CarePlus.
As a company with deep tech experience and
capabilities, WELL has also made investments in AI technologies a
key priority within the Company and expects to develop compelling
new products and enhancements to roll out to WELL's vast provider
network.
WELL's strong organic growth and robust cash flow
profile allows the Company to continue to successfully execute on
its acquisition plans. Management expects additional cash flows
generated by the Company will be re-invested in the business and
allocated in a disciplined manner.
WELL is a purpose-driven business that aims to
transform the world for the better, as such the Company has
embarked on an ongoing ESG (Environmental, Social and Governance)
program. On July 7, 2023, the Company
released its second ESG report titled "Taking Care of the Care
Providers", which highlights WELL's ESG strategy, reporting
initiatives and targeted actions. For more information on WELL's
ESG program, please visit: https://well.company/esg-report.
Conference Call:
WELL will hold a conference call to discuss its
2023 Second Quarter financial results on Thursday, August 10, 2023, at 1:00 pm ET (10:00 am
PT). Please use the following dial-in numbers: 416-764-8650
(Toronto local), 778-383-7413
(Vancouver local), 1-888-664-6383
(Toll-Free) or +1-416-764-8650 (International).
The conference call will also be simultaneously webcast and can
be accessed at the following audience URL:
https://well.company/events.
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, 2023.
|
Three months ended
|
|
Six months
ended
|
|
June 30,
|
March
31,
|
June
30,
|
|
June 30,
|
June
30,
|
2023
|
2023
|
2022
|
|
2023
|
2022
|
|
|
Restated
|
|
|
Restated
|
$'000
|
$'000
|
$'000
|
|
$'000
|
$'000
|
Revenue
|
170,922
|
169,425
|
140,326
|
|
340,347
|
266,834
|
Cost
of sales (excluding depreciation and amortization)
|
(80,099)
|
(83,256)
|
(64,852)
|
|
(163,355)
|
(121,972)
|
Adjusted
Gross Profit(1)
|
90,823
|
86,169
|
75,474
|
|
176,992
|
144,862
|
Adjusted
Gross Margin(1)
|
53.1 %
|
50.9 %
|
53.8 %
|
|
52.0 %
|
54.3 %
|
Adjusted
EBITDA(1)
|
27,789
|
26,683
|
26,433
|
|
54,472
|
49,926
|
Net loss
|
(2,016)
|
(10,627)
|
(1,244)
|
|
(12,643)
|
(4,020)
|
Adjusted
Net Income (1)
|
14,361
|
14,125
|
17,528
|
|
28,486
|
26,458
|
Loss per share, basic and diluted (in $)
|
(0.03)
|
(0.06)
|
(0.03)
|
|
(0.09)
|
(0.07)
|
Adjusted
Net Income per
share, basic and
diluted (in $)
(1)
|
0.06
|
0.06
|
0.08
|
|
0.12
|
0.12
|
|
|
|
|
|
|
|
Weighted
average number of
common shares outstanding, basic and
diluted
|
235,434,417
|
232,171,126
|
216,181,083
|
|
233,811,786
|
213,115,055
|
Reconciliation of net loss to Adjusted EBITDA:
|
|
|
|
|
|
|
Net loss for
the period
|
(2,016)
|
(10,627)
|
(1,244)
|
|
(12,643)
|
(4,020)
|
Depreciation
and amortization
|
14,041
|
14,522
|
13,810
|
|
28,563
|
27,185
|
Income
tax expense (recovery)
|
1,889
|
192
|
(2,398)
|
|
2,081
|
(445)
|
Interest
income
|
(127)
|
(188)
|
(109)
|
|
(315)
|
(211)
|
Interest
expense
|
7,828
|
7,774
|
5,254
|
|
15,602
|
10,408
|
Rent
expense on finance
leases
|
(2,581)
|
(2,490)
|
(2,227)
|
|
(5,071)
|
(4,379)
|
Stock-based
compensation
|
6,134
|
6,599
|
8,527
|
|
12,733
|
13,666
|
Foreign
exchange gain
|
(65)
|
(284)
|
(440)
|
|
(349)
|
(481)
|
Time-based
earnout expense
|
1,476
|
10,854
|
4,515
|
|
12,330
|
7,036
|
Change
in fair value
of investments
|
-
|
-
|
-
|
|
-
|
(602)
|
Gain
on disposal of
investments
|
(1,517)
|
-
|
-
|
|
(1,517)
|
-
|
Share of net loss
of associates
|
91
|
97
|
90
|
|
188
|
238
|
Transaction,
restructuring, integration and other
costs expensed
|
838
|
234
|
655
|
|
1,072
|
1,531
|
Other
items
|
1,798
|
-
|
-
|
|
1,798
|
-
|
Adjusted EBITDA(1)
|
27,789
|
26,683
|
26,433
|
|
54,472
|
49,926
|
|
|
|
|
|
|
|
Attributable
to WELL shareholders
|
22,287
|
20,632
|
19,186
|
|
42,919
|
35,282
|
Attributable
to Non-controlling interests
|
5,502
|
6,051
|
7,247
|
|
11,553
|
14,644
|
|
|
|
|
|
|
|
Adjusted EBITDA(1)
|
|
|
|
|
|
|
WELL
Corporate
|
(4,456)
|
(4,525)
|
(3,927)
|
|
(8,981)
|
(8,041)
|
Canada
and others
|
14,777
|
12,238
|
7,883
|
|
27,015
|
13,481
|
WELL
Health USA
Adjusted EBITDA(1) attributable to WELL shareholders
|
17,468
|
18,970
|
22,477
|
|
36,438
|
44,486
|
WELL
Corporate
|
(4,456)
|
(4,525)
|
(3,927)
|
|
(8,981)
|
(8,041)
|
Canada
and others
|
14,804
|
11,773
|
7,722
|
|
26,577
|
13,131
|
WELL
Health USA
Adjusted EBITDA(1) attributable to Non-controlling interests
|
11,939
|
13,384
|
15,391
|
|
25,323
|
30,192
|
Canada
and others
|
(27)
|
465
|
161
|
|
438
|
350
|
WELL
Health USA
|
5,529
|
5,586
|
7,086
|
|
11,115
|
14,294
|
|
|
|
|
|
|
|
Reconciliation of net loss to Adjusted Net Income:
|
|
|
|
|
|
|
Net loss for
the period
|
(2,016)
|
(10,627)
|
(1,244)
|
|
(12,643)
|
(4,020)
|
Amortization
of intangible assets
|
10,720
|
11,030
|
10,841
|
|
21,750
|
21,198
|
Time-based
earnout expense
|
1,476
|
10,854
|
4,515
|
|
12,330
|
7,036
|
Stock-based
compensation
|
6,134
|
6,599
|
8,527
|
|
12,733
|
13,666
|
Change
in fair value
of investments
|
-
|
-
|
-
|
|
-
|
(602)
|
Other
items
|
1,798
|
-
|
-
|
|
1,798
|
-
|
Non-controlling
interest included in
net loss
|
(3,751)
|
(3,731)
|
(5,111)
|
|
(7,482)
|
(10,820)
|
Adjusted Net Income (1)
|
14,361
|
14,125
|
17,528
|
|
28,486
|
26,458
|
Adjusted Net Income per
share (1)
|
0.06
|
0.06
|
0.08
|
|
0.12
|
0.12
|
Footnotes:
|
|
(1)
|
This is
a non-GAAP financial measure and ratio.
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 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.
|
|
|
|
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.
|
|
|
(2)
|
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.
Patient Interactions are defined as Patient Visits plus Technology
Interactions. Patient Interactions are defined as Patient Visits
plus Technology Interactions.
|
|
|
(3)
|
Leverage ratio is
defined as Net Debt divided by trailing twelve months (TTM)
Shareholder Adjusted EBITDA, where Net Debt is calculated as Total
Debt less cash and excluding convertible debt.
|
|
|
(4)
|
Organic growth includes
the impact of USD/CAD exchange rates.
|
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 31,000 healthcare providers between the US and
Canada and power the largest owned
and operated healthcare ecosystem in Canada with more than 148 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.
Forward-Looking Statements
This news release may contain "Forward-Looking
Information" within the meaning of applicable Canadian securities
laws, including, without limitation: its patient interaction
run-rate and annual guidance; 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; 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: 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.sedarplus.ca, including its
most recent Annual Information Form. Except as required by
securities law, WELL does not assume any obligation to update or
revise any forward-looking information, whether as a result of new
information, events or otherwise.
This news release contains future-oriented
financial information and financial outlook information
(collectively, "FOFI") about estimated annual run-rate revenue and
Adjusted EBIDTA, all of which are subject to the same assumptions,
risk factors, limitations, and qualifications as set out in the
above paragraph. The actual financial results of WELL may vary from
the amounts set out herein and such variation may be material. WELL
and its management believe that the FOFI has been prepared on a
reasonable basis, reflecting management's best estimates and
judgments. However, because this information is subjective and
subject to numerous risks, it should not be relied on as
necessarily indicative of future results. Except as required by
applicable securities laws, WELL undertakes no obligation to update
such FOFI. FOFI contained in this news release was made as of the
date hereof and was provided for the purpose of providing further
information about WELL's anticipated future business operations on
an annual basis. Readers are cautioned that the FOFI contained in
this news release should not be used for purposes other than for
which it is disclosed herein.
Neither the TSX nor its Regulation Services
Provider (as that term is defined in policies of the TSX) accepts
responsibility for the adequacy or accuracy of this
release.
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SOURCE WELL Health Technologies Corp.