- WELL Health's US-based Virtual Services businesses, which
includes Circle Medical and WISP, experienced sequential organic
growth in revenues of 38% for the trailing three months ending
November 2021 and now exceeds an
annualized revenue run rate of US$64
million.
- Circle Medical exceeded US$28
million in annualized revenue run rate in the month of
November, which reflects greater than 195% in organic growth from
the previous year and 70% sequential growth for the trailing
three-month period ending November
2021.
- WISP exceeded US$36 million in
annualized revenue run rate in the month of November, which
reflects greater than 117% in organic growth from the previous year
and 20% sequential growth for the trailing three-month period
ending November 2021.
- Circle Medical looks to continue its growth through assisting
its patients with primary care and behavioral health concerns.
WISP's continued growth in 2022 is intended to come in part from
the launch of its services in Canada where the company looks to launch its
industry leading women's reproductive and sexual health-related
products and services.
VANCOUVER, BC and SAN FRANCISCO, Dec. 9,
2021 /PRNewswire/ - WELL Health Technologies Corp.
(TSX: WELL) (the "Company" or "WELL"), a company
focused on positively impacting health outcomes by leveraging
technology to empower healthcare practitioners and their patients
globally, today shares an update on the organic growth progress of
its US-based virtual services line of business, including Circle
Medical Technologies, Inc. ("Circle Medical") and Wisp Inc.
("WISP").
"WELL's US-based virtual services businesses have performed
exceptionally well in the past few months," said Hamed Shahbazi, CEO and Founder of WELL. "Both
Circle Medical and WISP have proven to be high organic growth
investments, and exemplary additions to the WELL portfolio.
Exceptional leadership and differentiating business models
makes each of these virtual care businesses uniquely positioned to
continue to win market share in the US and beyond. Based on
trends to date, and our near-term forecasts, we believe Circle
Medical and WISP combined may exceed US$100
million in terms of an annualized revenue run-rate at some
point in 2022. This achievement would purely be as a result
of their combined organic growth."
Silicon Valley-based Circle Medical, one of the first truly
digital-first primary care platforms in the United States, exceeded US$28 million in annualized revenue run rate in
the month of November, which reflects a 195% increase from
November 2020, the month in which
WELL acquired Circle Medical. Circle Medical expects to exceed
US$30 million annualized revenue run
rate as it exits 2021, with an objective to continue its rapid
growth in 2022. Circle Medical's full stack primary care business
continues to grow as it focuses its growth plan on assisting
patients with mental health challenges. Circle Medical has seen its
number of healthcare providers increase 262% YoY with 134 providers
currently active on the platform.
George Favvas, co-Founder and CEO of Circle Medical commented,
"2021 was a pivotal year for Circle Medical as we were able to lock
down our product/market fit and substantially scale the patient and
practitioner elements of our telemedicine business. We are
very pleased with our ability to grow the business while
maintaining industry leading NPS scores. A big part of our
growth and success continues to be underpinned by the success of
our patients."
WISP, an online telehealth platform that focuses on reproduction
and sexual health medication and treatment for women, has
experienced considerable growth since WELL announced the completion
of its acquisition in October. In August 2021, WISP's annualized revenue run-rate
was US$30 million, which has
sequentially increased by 20% organically in the last three months
to a run rate of US$36 million in
November. WISP is looking to maintain its rapid growth trajectory
in 2022, in part fueled by the expansion of its services into
Canada.
"Since joining the WELL family on October
1, 2021, WISP remains dedicated to delivering exceptional
service and driving growth," said Matthew
Swartz, founder and CEO of WISP. "As we move into 2022, we
look to continue our growth through a commitment to our authentic
approach to care and entry into new markets, backed by WELL's
infrastructure, capital, technology solutions and scale."
Both Circle Medical and WISP are Silicon Valley-based and are
supported by strong management teams who are focused on leveraging
technology to reach and support more patients as quickly as
possible. Each business has an industry-leading Net Promoter
Score (NPS), with Circle Medical boasting an NPS fluctuating in the
75-85 range, and WISP reporting an NPS score of 79 on a scale of
-100 to +100.
WELL HEALTH TECHNOLOGIES CORP.
Per: "Hamed
Shahbazi"
Hamed Shahbazi
Chief Executive Officer, Chairman and Director
About WELL Health Technologies Corp.
WELL is a technology enabled 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 is part of the TSX Composite Index. To learn
more about the Company, please visit: www.well.company.
About Circle Medical:
Circle Medical, a UCSF Health affiliate, is a digital-first
primary care provider currently serving patients in its central hub
in San Francisco and via
telemedicine in a growing number of states. Its family
medicine doctors build lasting relationships with patients and
provide both preventive and chronic treatment, including ordering
blood tests, imaging, specialist referrals and prescriptions.
The practice is in network with most US-based insurance
carriers. The practice runs on top of the Circle Medical
technology platform, which uses technology and artificial
intelligence to scale a better patient experience, improve outcomes
and maintain a lower cost than traditional primary care models. The
company is headquartered in San
Francisco, CA, with a significant product, engineering and
operations office in Montreal,
Canada. For more information:
www.circlemedical.com
About WISP:
Founded in 2018, WISP offers budget-friendly telehealth access
for primary care, prescription medication and natural remedies to
all humans regardless of health insurance. WISP specializes in
women focused online reproduction and sexual health
treatment. WISP offers an easier, more accessible, and more
satisfying sexual healthcare experience to its customers. WISP
began by offering discreet sexual health treatment and has grown to
offer a comprehensive menu of online products and services,
including primary care consultations & prescription treatment
& over-the-counter prevention for UTI, Bacterial Vaginosis,
Yeast Infections, Herpes, Contraception d, and more, visit:
www.hellowisp.com.
Forward-Looking Information
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; Circle Medical's
future growth plans. WISP's future expansion plans to Canada and wisp and Circle Medical's future
revenue run-rate forecasts and the expected benefits and synergies
of completed acquisitions. 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 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 those forward-looking
statements and the forward-looking statements are not guarantees of
future performance. WELL's statements expressed or implied by
these forward-looking statements 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 its
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.
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.
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SOURCE WELL Health Technologies Corp.