- WELL experienced record revenues in May
2022 driven by a 40% YoY increase in total omni-channel
patient visits(1) for the month
- WELL's US focused virtual patient services businesses continue
to grow rapidly, with Circle Medical and Wisp exceeding $110
million in annualized revenue run-rate on a combined basis in
May 2022, reflecting over 150% YoY
growth and delivering positive Adjusted EBITDA(2)
- WELL provides progress update on its recent CognisantMD
acquisition which continues to grow profitably and exceed plan
expectations
- WELL reaffirms its expectation to exceed $525 million in revenue for 2022, as well as
approaching $100 million in Adjusted
EBITDA(2)
- WELL will be releasing its inaugural ESG report on June 17th, and has committed to
achieving at least 33% female representation on its Board of
Directors by the end of 2022
VANCOUVER, BC, June 10,
2022 /CNW/ - WELL Health Technologies Corp.
(TSX: WELL) ("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 provide a business update for
May 2022.
WELL achieved a total of 260,337 omni-channel patient
visits(1) in May 2022, representing a year-over-year increase
of 40% compared to May 2021.
Combining WELL's omni-channel patient
visits(1), MyHealth's diagnostic
visits and Wisp's asynchronous patient consultations, WELL achieved
a total of 311,739 patient interactions in May 2022, a record month for the Company.
WELL also reaffirms the Company is on track to meet the
previously stated guidance of over $525
million in revenue and approaching $100 million in Adjusted
EBITDA(2) for the full year
2022.
"Both April and May have thus far reflected record revenue
performances for WELL and setting the stage for a strong fiscal Q2
performance. Our revenue growth continues to be resilient while we
leverage structural advantages in our business as the largest owner
operator of outpatient clinics in Canada and one of the largest providers of
virtual care services in Canada
and a rapidly emerging provider in the
United States.", said Hamed
Shahbazi, Chairman and CEO of WELL. "Patient visits continue
to be a strong leading indicator for WELL's business, and we
continue to see significant growth on a sequential and
year-over-year basis. Between our balanced focus on growth and
profitability and the additional cash on our balance sheet, we are
in a fantastic position to be opportunistic in the market and
generate long term value for our shareholders."
Circle Medical and Wisp
Update
WELL's US-based virtual patient services businesses, which
includes Circle Medical and Wisp, continued to demonstrate robust
growth in May 2022. Preliminary
results of the two businesses generated positive Adjusted
EBITDA(2) and a combined revenue run-rate exceeding
$110 million. It is expected that the
combined businesses will exceed $130
million on a run-rate basis later this year. Circle Medical's
YoY growth in May 2022 was driven by
patient visits increasing 484%. Similarly, Wisp's growth in
May 2022 was driven by a 55% YoY
increase in asynchronous patient consultations, driving significant
incremental e-pharmacy revenue.
Ocean by CognisantMD
Update
WELL's subsidiary CognisantMD (or "Ocean" platform) has
experienced impressive growth with significant uptake in eReferrals
and eConsults, addressing the strong provincial demand for
solutions to surgical wait time increases driven by COVID. The
platform is now supporting over 45,000 monthly patient referrals
and consults in Ontario and
Nova Scotia, with additional
expansion expected in the coming months. Additional highlights are
as follows:
- 1800+ physicians are using online booking on Ocean which
equates to about 2.6M
Canadians having access to online booking.
- 5800+ physicians are using secure patient messaging on
Ocean, making it easier for patients to connect with their
healthcare provider.
- 640,000+ eReferrals and eConsults have been sent on
Ocean, with real-time updates for patients. This improves
transparency and reduces wait times for patient care.
These figures are expected to accelerate as Ocean continues to
become the preferred e-referral tool for public health authorities
seeking a robust and proven solution.
ESG and Governance
Update
WELL is also pleased to announce that the Company will be
launching its inaugural ESG report in time for the Annual
Shareholder's meeting that is taking place June 17th, 2022. This report, created
with thought leadership from its internal team supported by its
professional consultants, will provide details regarding ESG
initiatives that WELL undertook in 2021, with a view into 2022 and
beyond. The report will also provide further evidence of WELL's
commitment to positively impacting the healthcare sector and
creating societal value for patients, practitioners, and team
members overall.
Diversity is highlighted in the ESG report and is an invaluable
strength at WELL. Currently WELL has 70% of our Senior Executive
team representing a visible minority. Furthermore, WELL is
committed to achieving at least 33% female representation on its
board by the end of 2022.
Footnotes:
- 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.
- 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.
|
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 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: information regarding the Company's
goals, strategies and growth plans; including but not limited to
Circle Medical and Wisp revenues exceeding $110
million in annualized revenue run-rate on a combined basis and
to exceed $130 million later in 2022 and the Company's
expectation to exceed $525 million in
revenue for 2022, as well as approaching $100 million in Adjusted EBITDA.
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 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.