02:09:33 EDT Sat 04 May 2024
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Well Health has 1.46 million patient interactions in Q2

2023-08-03 11:02 ET - News Release

Mr. Hamed Shahbazi reports

Well Health Technologies Corp. has achieved over one million patient visits in a single quarter for the first time, and this achievement has driven record revenues for Q2 2023. WELL will also announce its Second Quarter 2023 Financial Results on August 10, 2023.

"We are delighted to announce another record quarter for patient visits and achieving a historic milestone in which WELL delivered care to 1 million patients in the quarter not counting technology driven patient interactions volume," said Hamed Shahbazi, Founder and CEO of WELL. "The reason for this continued growth and momentum is simple, our value proposition is resonating with healthcare providers, and they are increasingly trusting WELL to not only tech enable their practices but also provide them with extensive front and back-office operating support. We know that we cannot be successful without taking care of healthcare providers and we continue to be laser focused on doing this. As of late, we are excited to be rolling out advanced tools that leverage the power of Artificial Intelligence to further alleviate administrative burdens for our care providers."

WELL's patient visits1 and patient interactions2 metrics are an important leading indicator to demonstrate the health of WELL's operational and financial performance. With this robust patient metric growth, WELL is expecting to report record revenue for Q2-2023 and an improvement in Adj. EBITDA3 from Q1-2023. This financial performance is underpinned by record revenue achievements from our Canadian Primary Care and MyHealth Specialized Care Clinics, as well as WELL Health USA's Wisp and CRH lines of business all to report record revenues for the quarter.

WELL's Canadian Patient Services business which includes primary care, specialty, allied care, executive health, and diagnostic care accounted for a total of 537,241 patient visits2 across Canada in Q2-2023. WELL Health USA achieved 478,034 patient visits2 in Q2-2023. WELL Health USA includes CRH Medical, Circle Medical and Wisp. Growth in US Patient Visits was primarily driven by organic growth in Circle Medical and Wisp businesses, in addition to acquisitions by CRH Medical over the past year.

WELL achieved a total of 1,468,534 patient interactions1 in Q2-2023, a year-over-year increase of ~17% compared to Q2-2022 and representing 5.9 million patient interactions on an annualized run-rate basis. This was primarily driven by strong organic growth across a number of WELL's key business units.

The achievement of facilitating 1 million patient visits in a single quarter underscores the effectiveness of WELL's strategy to support and tech enable healthcare providers across the healthcare landscape. Collectively, these accomplishments reflect WELL's consistent growth and commitment to innovation, reinforcing its position as a leader in healthcare technology.

Second Quarter 2023 Financial Results Conference Call

WELL will release its Second Quarter 2023 financial results for the period ended June 30, 2023, on Thursday, August 10, 2023. The Company will hold a conference call and simultaneous webcast to discuss its results on the same day at 1:00 pm ET (10:00 am PT). The call will be hosted by Hamed Shahbazi, Chairman and Chief Executive Officer and Eva Fong, Chief Financial Officer. Please dial in 10 minutes prior to the start of the call.

Date: Thursday, August 10, 2023

Time: 1:00 PM ET / 10 AM PT

Local: Toronto: 416-764-8650 Vancouver: 778-383-7413

North American Toll-Free: +1-888-664-6383

International: +1-416-764-8650

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 28,000 healthcare providers between the US and Canada and power the largest owned and operated healthcare ecosystem in Canada with more than 130 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".

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