Today's News

Vancouver, BC, January 24, 2022--(T-Net)--WELL Health Technologies Corp. (TSX: WELL), announced preliminary results for Q4-2021 ending December 31, 2021 are expected to demonstrate strong financial performance underpinned by significant growth in patient visits.

The Company ended Q4 and 2021 with an annualized revenue run-rate exceeding C$450 million and annualized operating Adjusted EBITDA run-rate approaching C$100 million.

The Company's revenue growth was better than the previously provided guidance of "approaching C$450 million annualized revenue run-rate". Q4-2021 results benefitted from strong organic growth in both the omni-channel patient services and virtual services segments of the business. In addition, WELL completed its control acquisition of Wisp a leading virtual care and e-pharmacy solution specializing in women's health, at the start of Q4-2021 which also contributed to the positive results in the quarter amongst other small tuck-in transactions.

WELL achieved a total of 692,913 omni-channel patient visits(1) in Q4-2021, representing a year-over-year increase of 121% compared to Q4-2020, and 19% increase compared to Q3-2021. In addition, MyHealth conducted 146,116 diagnostic visits in Q4-2021, while Wisp completed 126,265 asynchronous patient consultations. Combining WELL's omni-channel patient visits(1), MyHealth's diagnostic visits and Wisp's asynchronous patient consultations, WELL achieved a total of 965,294 patient interactions in Q4-2021, representing an annual run-rate of 3.86 million patient interactions.

Hamed Shahbazi, Chairman & Chief Executive Officer, WELL Health Technologies Corp.

"We are very pleased to provide this update to shareholders as WELL's business has never been stronger as evidenced by our solid patient visit metrics, a key leading indicator of our financial performance and profitability given the historically resilient per unit economics of our patient services business," said Hamed Shahbazi, Chairman and CEO of WELL Health.

"With our strong balance sheet and positive cash generation profile, WELL is favourably positioned to continue to grow both organically and inorganically. We believe revenue, Adjusted EBITDA and cashflow are key metrics to watch as we expected them to continue to rise on a per share basis. We are looking forward to reporting our Q4 and full year financials, which we believe will continue to demonstrate continued strong financial performance and cashflow generation metrics."

CRH Update

WELL's wholly owned subsidiary, CRH, continues to execute to plan and is on track to deliver approximately US$43 million in free cashflow before tax and leverage costs in 2021. During Q4-2021, CRH also completed the 100% acquisition of Utah Anaesthesia , a Utah based anaesthesia group, which is expected to generate approximately US$2.5 million in annual EBITDA. Furthermore, WELL continues to demonstrate network effects from its CRH acquisition and opened a new haemorrhoid treatment clinic in Toronto and completed the acquisition of another haemorrhoid treatment center in Surrey, BC. Both clinics are majority owned by WELL as 51% partnerships. WELL plans to open several additional de novo haemorrhoid treatment clinics in BC and Ontario as well as in the United States over the next few months.

Circle Medical and Wisp Update

WELL's US-based virtual services businesses, which includes Circle Medical and Wisp, continued to demonstrate strong growth in Q4-2021. The combined revenue run-rate of these two businesses was approaching US$70 million in Q4-2021 and is expected to cross the US$100M threshold later this year. In addition, Circle Medical demonstrated growth in Q4-2021 driven by patient visits increasing 144% in Q4-2021 compared to Q4-2020. The number of practitioners working with Circle Medical in Q4-2021 increased by 173% as compared to Q4-2020.

Normal Course Issuer Bid (Share buyback program)

Pursuant to the Normal Course Issuer Bid (NCIB) press release dated April 28, 2021, WELL announced its Board of Directors (the "Board") has authorized the Company to allocate capital and re-activate its share buy-back program subsequent to releasing its Q4 and 2021 Audited Consolidated Financial Statements, so long as the Company is unrestricted to make such purchases. The Board believes that the recent market prices of the Company's common shares (the "Shares") do not properly reflect the underlying value of such Shares. As a result, depending upon future price movements and other factors such as WELL's available budget, the Board believes that the purchase and cancellation of such Shares would be a desirable use of corporate funds in the best interests of the Company and its shareholders.

Eva Fong, WELL's Chief Financial Officer, commented, "WELL's balance sheet and cashflows are healthy and position the Company to accomplish a number of strategic objectives through our capital allocation program including: (i) buying back our stock through our approved NCIB program; (ii) continuing our M&A program through highly accretive tuck-in acquisitions; and (iii) investing in growth opportunities in our own portfolio of businesses which can generate a high rate of return. We are poised to demonstrate healthy organic growth, solid cashflows and strong financial position through our upcoming earnings announcements."

About WELL

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 is part of the TSX Composite Index. To learn more about the Company, please visit: www.well.company.

Footnotes:

1. Omni-channel patient visits: means 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.