- WELL's US based businesses continue to experience significant
growth delivering their best performance ever with more than
105,000 patient visits in the month of January 2022 delivered by more than 1,100
healthcare practitioners.
- Circle Medical and Wisp are now exceeding US$70M USD in combined run-rate ARR based on
January 2022 results. Both assets are
exceeding 100% in combined YoY organic growth.
- WELL's wholly owned subsidiary, CRH Medical ("CRH"),
opened its first Hemorrhoid banding clinic in the Chicago, IL. The clinic is performing ahead of
plan and expected to generate positive cash flow in its first year.
CRH expects to open seven more banding clinics across the United States this year.
- CRH has acquired Greater Connecticut Anesthesia Associates
("GCAA") in an all-cash deal. GCAA expects to generate
annual revenue near US$6M, and EBITDA
of more than US$3M.
VANCOUVER, BC, March 15,
2022 /PRNewswire/ - WELL Health Technologies Corp.
(TSX: WELL) ("WELL" or the "Company"), a company
focused on positively impacting health outcomes by leveraging
technology to empower healthcare practitioners and their patients
globally, is pleased to provide an update for its US
operations. The growth and momentum realized in 2021
continues to progress well into 2022, with WELL's US businesses,
delivering over 105,000 omni-channel patient visits (1),
serviced by over 1,100 practitioners in January 2022. This
sets new records for both the number of practitioners enabled by
WELL's platform and patients treated in a single month in the
US.
"We are extremely pleased with the performance of our US
assets," said Hamed Shahbazi,
Chairman, CEO and Founder of WELL, "Our operators continue to
deliver high quality care to patients and exceptional financial
results that create value for our shareholders. Our business
has never been stronger as we continue to grow organically and
inorganically in a disciplined and measured manner."
Circle Medical and Wisp Update
Circle Medical and Wisp, WELL's US-based virtual service
businesses continue to demonstrate strong growth in 2022. The
combined revenue of these two businesses is now exceeding
US$70 million in run-rate ARR
and is expected to cross the US$100M threshold this year.
Circle Medical achieved a record high 24,565 patient visits
in January, while Wisp achieved 47,950 asynchronous
consultations. These achievements are record highs for the
respective businesses.
CRH Update
WELL's wholly owned subsidiary, CRH, continues to execute its
tuck-in M&A strategy in 2022. CRH recently acquired 100% of
Greater Connecticut Anesthesia Associates, a Connecticut based
anesthesia group, which is expected to generate more
than US$3M in shareholder EBITDA. Furthermore, WELL continues
to demonstrate network effects from its CRH acquisition, and opened
a new hemorrhoid banding clinic in Chicago (the "Banding
Clinic"). This Banding Clinic is the first of many planned by
CRH and its parent company WELL, to drive patient access to CRH's
O'Regan patented and outcome-leading device. The Banding
Clinic is operating ahead of plan as it relates to patient visits
and revenues. CRH and WELL plan to open at least seven more
hemorrhoid banding clinics in the US this year and continue
the growth in future years. WELL operates two similar clinics
in Canada and is anticipating the
opening of several more clinics in Canada also this year.
The total hemorrhoid spending market in the United States is several billion dollars
and growing. CRH and its parent WELL are collaboratively positioned
to grow and build market share given their significant structural
advantages including the ownership of the O'Regan device and
clinical expertise.
1.
|
Omni-channel patient
visits includes in-clinic, telephone and virtual patient
consultations.
|
WELL HEALTH TECHNOLOGIES CORP.
Per: "Hamed Shahbazi"
Hamed Shahbazi
Chief Executive Officer, Chairman and Director
About WELL
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 is part of the TSX Composite Index. 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: information regarding the Company's
goals, strategies and growth plans;, including but not limited to
Circle Medical and Wisp revenues exceeding US$70M in annualized revenue run-rate on a
combined basis and to exceed US$100M US later in 2022,
Wisp and Circle Medical's future revenue run-rate forecasts and the
expected benefits and synergies of completed acquisitions; and
WELL's plans to open several new hemorrhoid banding clinics
in the US over the next few months. 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 that forward-looking
information and the Forward-Looking Information is not a guarantee
of future performance. WELL's statements expressed or implied by
this Forward-Looking Information is 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.