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WELL Health Technologies Corp. Announces Strong Financial Results for Q3 2023
Record Revenue and Adjusted EBITDA Driven by Organic Growth and Acquisitions
Toronto, Ontario – November 15, 2023 – WELL Health Technologies Corp. (WELL) today announced its financial results for the third quarter ended September 30, 2023. The Company reported record revenue and adjusted EBITDA, driven by strong organic growth and strategic acquisitions.
Financial Highlights:
- Revenue increased 45% year-over-year to $122.1 million.
- Organic revenue growth was 15% year-over-year.
- Adjusted EBITDA increased 50% year-over-year to $31.2 million.
- Net income was $14.3 million, compared to a net loss of $2.4 million in the prior year period.
Operational Highlights:
- The Company completed four strategic acquisitions during the quarter, including Circle Medical, WISP, and Lumino Health.
- WELL continues to expand its digital health platform, offering virtual care, electronic medical records, and other healthcare technology solutions.
- The Company has a strong pipeline of growth opportunities, including potential acquisitions and new product launches.
“We are very pleased with our strong financial performance in the third quarter,” said Hamed Shahbazi, CEO and Founder of WELL Health Technologies Corp. “Our organic growth is a testament to the strength of our business model, while our acquisitions are strategically enhancing our capabilities and expanding our reach. We remain confident in our ability to drive continued growth and deliver value to our shareholders.”
WELL Health Technologies Corp. will host a conference call to discuss its financial results on November 15, 2023, at 8:00 AM EST. The dial-in number is 1-800-319-4610. A replay of the call will be available on the Company's website.
About WELL Health Technologies Corp.:
WELL is a practitioner-focused digital healthcare company in Canada and the United States. The Company offers a comprehensive suite of healthcare technology solutions, including virtual care, electronic medical records, and practice management software. WELL is a leader in the digital health space, with a mission to empower healthcare practitioners and improve patient outcomes.