Mr. Hamed Shahbazi reports

WELL HEALTH REPORTS RECORD RESULTS FOR Q3 2023, RAISES GUIDANCE FOR BALANCE OF 2023 AND PROVIDES GUIDANCE OF OVER $900 MILLION IN REVENUE FOR 2024

Well Health Technologies Corp. has released its interim consolidated financial results for the quarter ended Sept. 30, 2023.

Hamed Shahbazi, Founder and CEO of Well commented, "Q3 was an outstanding quarter for us, as we achieved record patient visits, Adjusted EBITDA(1) and posted our first quarter ever with more than $200M in revenues. While all our business units are executing extremely well, our Canadian business grew its Adjusted EBITDA by 24 per cent and shows no signs of slowing down. We are expecting to have strong performance for the remainder of 2023 and into next year. We are ahead of our plan for reaching one billion in revenue and feel confident in introducing our guidance for 2024 of achieving over $900-million in annual revenue driven by organic growth. The backbone of our success has been the company's continued focus on tech enabling health care providers and supporting them in simplifying their work lives, modernizing, and digitizing their clinical practices and delivering the best health care possible."

Mr. Shahbazi further added, "Our commitment to ensuring that we support our health care providers with the most advanced technology has led us to significant investments in Artificial Intelligence. During the quarter, we led an investment that resulted in the re-launch of a new senior listed public company called, Healwell AI, a health care AI technology and data science company focused on preventative care where we are the largest securityholder. We subsequently entered into a strategic alliance agreement with Healwell that enabled us to launch Well AI Decision Support to our network of clinics and doctors. This is only the beginning as we have a compelling pipeline of opportunities that leverage the power of AI to give health care 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 health care professionals with the very best technology available which now includes significant investments in AI-based products and services."

Eva Fong, Well's Chief Financial Officer, added, "In Q3 we achieved record revenue in both our Canadian and US patient services businesses. Furthermore, we've had a great year so far on our organic growth as we have delivered year-to-date vs year over year organic growth of 16 per cent. I am also pleased to report that our leverage ratio( 3) of net bank debt to shareholder Adjusted EBITDA reduced from 2.9x at the end of Q3 2022 to 2.6x as of the end of Q3 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."

Third Quarter 2023 Financial Highlights:

• Well achieved record quarterly revenue of $204.5-million in Q3 2023, an increase of 40.2 per cent as compared to revenue of $145.8-million generated in Q3 2022. Year-to-date, Well has achieved organic growth(4) of 16 per cent.
• Canadian Patient Services revenue was $57.8-million in Q3 2023, an increase of 27.0 per cent as compared to $45.5-million in Q3 2022, with Primary Care achieving record revenue in the quarter, boosted by organic growth and expansion into Alberta.
• Well Health USA Patient Services revenue was $130.7-million in Q3 2023, an increase of 52.3 per cent as compared to $85.8-million in Q3 2022, driven by the CarePlus acquisition and growth in Well USA's virtual businesses, Circle Medical and Wisp.
• SaaS and Technology Services revenue was $15.9-million in Q3 2023, an increase of 10.3 per cent as compared to $14.5-million in Q3 2022.
• Adjusted Gross Profit was $94.2-million in Q3 2023, an increase of 20.5 per cent as compared to Adjusted Gross Profit of $78.2-million in Q3 2022.
• Adjusted Gross Margin percentage was 46.1 per cent in Q3 2023 compared to Adjusted Gross Margin percentage of 53.6 per cent in Q3 2022.
• Adjusted EBITDA was $28.2-million in Q3 2023, an increase of 2.6 per cent as compared to Adjusted EBITDA of $27.5-million in Q3 2022.
• Adjusted EBITDA to Well shareholders was $22.9-million in Q3 2023, an increase of 13.2 per cent as compared to Adjusted EBITDA to Well shareholders of $20.2-million in Q3 2022.
• Adjusted Net Income was $12.8-million, or $0.05 per share in Q3 2023, as compared to Adjusted Net Income of $14.8-million, or $0.07 per share in Q3 2022.

Third Quarter 2023 Business Highlights:

On July 1, 2023, the company through its subsidiary CRH, acquired a 100 per cent interest in CarePlus Medical Corporation ("CarePlus"). The acquisition of CarePlus provides CRH with a platform for provider recruitment and locum tenens staffing. The acquisition also expands CRH's US geographical footprint of Anesthesia providers and adds revenue cycle management (RCM) services.

On July 19, 2023, the company advanced $3-million to MCI OneHealth Technologies Inc. (TSX: DRDR) ("MCI") as a secured promissory note, which was later credited and settled on October 1 st.

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 health care businesses. 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 1, 2023, Well completed the acquisition of Seekintoo, a provider of Cybersecurity Operations Center services to enterprise clients, equipping them with a managed detection responder service that assures 24/7 vigilant protection against threats.

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.

Events Subsequent to Sept. 30, 2023:

On October 1, 2023, the company completed its transaction with MCI that was previously announced on July 19, 2023 (the "Healwell Transaction"). MCI changed its name to Healwell AI Inc. (TSX: AIDX) ("Healwell") and re-launched as a health care technology company focused on AI and data science. As part of the Healwell Transaction, the company acquired clinical assets in Ontario, obtained representation on Healwell's board of directors and acquired a call option to purchase up to approximately 30 million Class A Subordinate Voting shares and Class B Multiple Voting shares in Healwell over time, subject to the achievement of certain performance metrics.

On October 1, 2023, the company acquired a 100 per cent interest in Proack Security Inc. ("Proack"), a leading provider of offensive security assessments, offering services such as penetration testing, red teaming, and social engineering to proactively identify and mitigate cybersecurity threats. Proack enhances Well's capabilities in safeguarding sensitive data and maintaining robust security across health care and corporate networks.

On October 18, 2023, the company announced the launch of Well AI Decision Support. Well AI Decision Support is a solution that utilizes artificial intelligence to aid health care providers in early disease diagnosis and preventative health, particularly in identifying over 110 complex or rare diseases. Developed by Healwell AI, this technology has been validated in both Canadian and U.S. health care systems. It aims to bridge the gap in health care diagnostics and patient care, ensuring more accurate and timely diagnoses, and is available through Well's digital marketplace for EMR tools and applications.

On November 9, 2023, the company announced the launch of the Well Longevity+ Program, enhancing preventative health with advanced precision diagnostics and AI technologies for the early detection of serious health conditions. Expansion plans include rolling out Well Longevity+ services through Well Health's network of preventative health clinics throughout Canada.

Outlook

Well is expecting its strong performance to continue into the fourth quarter of 2023 and into 2024. 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 revenue guidance, which only includes announced acquisitions:

• Annual revenue for 2023 is expected to be in the range of $755-million to $765-million;
• Annual revenue for 2024 is expected to be over $900-million.

Well is focused on growing and acquiring as much market share as possible while delivering solid and sustained Adjusted EBITDA and cashflow growth each year. This is part of our management team's approach to providing shareholders with sustained profitable growth and industry leadership.

Well is the largest owner and operator of health care Clinics in Canada. Well expects to continue to grow its industry leading Canadian Patient Services business both organically and inorganically and enhance its market leadership as the country's first pan-Canadian clinical network with a highly integrated network of tech-enabled outpatient health care 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.

Conference Call:

Well will hold a conference call to discuss its 2023 Third Quarter financial results on Tuesday, November 14, 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 Sept. 30, 2023.

About Well Health Technologies Corp.

Well's mission is to tech-enable health care providers. We do this by developing the best technologies, services, and support available, which ensures health care providers are empowered to positively impact patient outcomes. Well's comprehensive health care 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 33,000 health care providers between the US and Canada and power the largest owned and operated health care ecosystem in Canada with more than 150 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, mental health, revenue cycle management, and practitioner recruiting. 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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