Mr. Hamed Shahbazi reports

WELL HEALTH ANNOUNCES RECORD PATIENT VISITS AND TOTAL CARE INTERACTIONS FOR Q4-2023 AND PROJECTS RECORD REVENUE AND POSITIVE EPS FOR THE QUARTER

Well Health Technologies Corp. has released positive preliminary quarterly financial results for Q4 2023 ended Dec. 31, 2023, with projected record revenue and positive adjusted and non-adjusted EPS (earnings per share). Well's strong financial performance was driven by another record quarter in patient visits, which resulted in sequential quarter-over-quarter growth of 18 per cent and year-over-year growth of 30 per cent.

Hamed Shahbazi, founder and chief executive officer of Well, commented: "Based on our preliminary financial results and subject to finalizing our audit, I am extremely pleased to report that Well expects to announce record revenues and adjusted EBITDA [earnings before interest, taxes, depreciation and amortization], including positive adjusted and unadjusted EPS for Q4 2023. As discussed in our business update last week, Well's value proposition is resonating with the medical community across the country as the clear leader in helping clinic owners, administrators and care providers improve clinic operations. This is not only attracting an unprecedented number of new clinics and health care providers to Well, but it is also giving us an opportunity to grow in an extremely capital-efficient manner. Most of the clinics we add to our platform are profitable on day one and are hand-picked because of the opportunity for margin and profit expansion. All of this is made possible due to our talented staff, extensive operating experience, and trusted technology platform now features powerful and responsible use of artificial intelligence."

Mr. Shahbazi further added: "As we step into our year of enhanced efficiency, we are prioritizing profitability and capital efficiency in our own operating environment while maintaining elevated organic growth levels and a focus on quality delivery as noted by our industry-leading NPS scores. We recognize the tremendous need in the health care sector and are committed to serving all care providers on our platform with the best tools and technologies available. We are also seeing excellent initial results from our higher-margin Longevity+ offerings and look forward to rolling those out to the rest of the country."

Eva Fong, chief financial officer of Well, also remarked: "In Q4 2023, Well's financials reveal an exceptional growth trajectory, highlighted by a significant acceleration in patient visits. These visits are not only a key indicator for our business but also a clear sign of our effective scaling. This acceleration in patient visit growth supports our positive forecast for accelerated EBITDA growth in the coming year. A significant part of our success can be attributed to Well's work culture. Our status as a Great Place to Work certified independently by the Great Place to Work Institute Canada is a testament of our dedication to a workplace environment that fosters trust, inclusivity and well-being. This aligns perfectly with our healthy place to work ESG (environmental, social and governance] pillar, further enhancing our operational efficiency and ability to maintain a high performance team. Our financial position is strong and getting stronger as we will discuss at our upcoming earnings event, including more details on our recently kicked-off cost optimization program."

Patient visit metrics

Well's patient visits and total care interactions metrics are an important leading indicator to demonstrate the health of Well's operational and financial performance. With these robust care growth metrics, Well is expecting to report record revenue for Q4 2023 in both its Canadian and U.S. patient services businesses.

In Q4 2023, Well's Canadian patient services business, encompassing primary care, specialty, allied care, diagnostic care and executive health, including the company's new Longevity+ offering, logged a total of 678,000 patient visits across Canada, an increase of 38 per cent as compared with 491,000 patient visits in Q4 2022. The growth in patient visits was driven by the acquisition of clinical assets from MCI Onehealth Technologies (now known as Healwell AI) and one month of contribution from Well's first Manitoba clinic. The Manitoba clinic marks a key milestone for the company as Well now has a physical clinical presence in five provinces across Canada. As Well continues to expand and mature, the company anticipates that patient visits across Canada will progressively align more closely with Canada's demographic distribution.

Well Health USA achieved 544,000 patient visits in Q4 2023. Well Health USA figures include CRH Medical, Circle Medical and Wisp. Growth in U.S. 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, notably CarePlus, which was acquired in July, 2023. As part of the CarePlus acquisition, Well acquired Radar Healthcare Providers, a leading professional medical recruitment firm in the United States providing staffing and locum tenens services. Radar billed a total of 98,000 provider hours in Q4 2023.

Well achieved a total of 1,867,000 total care interactions in Q4 2023, a year-over-year increase of approximately 38 per cent compared with Q4 2022 and representing approximately 7.5 million total care interactions on an annualized run-rate basis.

A notable highlight in Q4 was a historic milestone for Well as Ontario surpassed British Columbia in patient visits for the first time. Ontario witnessed a 43-per-cent year-over-year increase in patient visits, mainly due to recent acquisitions and absorptions.

Well's industry-leading NPS (net promoter score)

Well's clinics in British Columbia have achieved a record NPS of 80 per cent in Q4 2023, compared with an industry average of 34 per cent for the Canadian health care sector. This score reflects Well's commitment to clinical management expertise and patient satisfaction. The company is now expanding the NPS survey initiative across its network of clinics in various provinces. This rollout is viewed as a critical integration step, ensuring a uniformly high-quality health care experience across the Well network, benefiting both patients and health care providers. This significance of measuring the NPS of Well's British Columbia clinics is due to the fact that these are the clinics that have been owned, operated, digitally transformed and under the oversight of Well's management team longer than any other clinics in the Well network, making them a more accurate reflection of Well's full capabilities in managing health care clinics effectively.

About Well Health Technologies Corp.

Well's mission is to tech-enable health care providers. The company does this by developing the best technologies, services and support available, ensuring health care providers are empowered to positively impact patient outcomes. Well's comprehensive health care and digital platform includes extensive front-office 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 United States and Canada and power the largest owned and operated health care ecosystem in Canada with more than 165 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 (over-the-counter) exchange under the symbol WHTCF.

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