WELL Health Technologies Announces Record Patient Visits for Q4-2023, Projects Record Revenue and Positive EPS for the QuarterWednesday, January 31, 2024
Vancouver, BC, January 29, 2024--(T-Net)--WELL Health Technologies Corp. (TSX: WELL), a digital healthcare company focused on positively impacting health outcomes by leveraging technology to empower healthcare practitioners and their patients globally, announced positive preliminary quarterly financial results for Q4-2023 ending December 31, 2023.
The company says it is projecting record revenue and positive adjusted and non-adjusted EPS or Earnings per Share. (1)
WELL says its strong financial performance was driven by another record quarter in patient visits which resulted in sequential QoQ growth of 18% and YoY growth of 30%. (2)
Hamed Shahbazi, Chairman & Chief Executive Officer, WELL Health Technologies Corp.
Hamed Shahbazi, Founder and CEO 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 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 healthcare 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 handpicked 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 healthcare 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, WELL Health Technologies Corp.
Eva Fong, CFO 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 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.2,3 With these robust care growth metrics, WELL is expecting to report record revenue for Q4-2023 in both their Canadian and US Patient Services businesses. (1)
In Q4-2023, WELL's Canadian Patient Services business, encompassing primary care, specialty, allied care, diagnostic care, and executive health including their new Longevity+ offering logged a total of 678,000 patient visits across Canada, an increase of 38% as compared to 491,000 patient visits in Q4-2022.2
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's 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 5 provinces across Canada. As WELL continues to expand and mature, we anticipate 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.2 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, notably CarePlus which was acquired in July 2023. As part of the CarePlus acquisition, WELL acquired Radar Healthcare Providers ("RADAR"), a leading professional medical recruitment firm in the United States providing staffing and locums tenens services. RADAR billed a total of 98,000 provider hours ("Billed Provider Hours") in Q4-2023.6
WELL achieved a total of 1,867,000 Total Care Interactions in Q4-2023, a year-over-year increase of ~38% compared to Q4-2022 and representing ~7.5 million Total Care Interactions on an annualized run-rate basis.3
WELL Total Patient Visits and Interactions
WELL Canadian Clinics Q4-23 Patient Visits
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% year-over-year increase in patient visits, mainly due to recent acquisitions and absorptions.
WELL's Industry Leading NPS Scores
WELL announced that its clinics in British Columbia have achieved a record Net Promoter Score (NPS) of 80% in Q4-2023 compared to an industry average of 34% for the Canadian healthcare sector.4,5 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 healthcare experience across the WELL network, benefiting both patients and healthcare providers. This significance of measuring the NPS of WELL's BC 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 healthcare clinics effectively.
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 33,000 healthcare providers between the US and Canada and power the largest owned and operated healthcare 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". To learn more about the Company, please visit: www.well.company.
Notice Regarding Forward Looking Information
Certain statements in this news release related to the Company are forward-looking statements and are prospective in nature. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. [ MORE ]
Notice Regarding Forward Looking Information
Certain statements in this news release related to the Company are forward-looking statements and are prospective in nature. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements.
These statements generally can be identified by the use of forward-looking words such as "may", "should", "could", "intend", "estimate", "plan", "anticipate", "expect", "believe" or "continue", or the negative thereof or similar variations. Forward-looking statements in this news release include statements regarding the prospective lead order and the intended use of proceeds of the Offering.
There are numerous risks and uncertainties that could cause actual results and WELL's plans and objectives to differ materially from those expressed in the forward-looking information, including: (i) adverse market conditions; (ii) risks inherent in the primary healthcare sector in general; (iii) that the proceeds of the Offering may need to be used other than as set out in this news release and other factors beyond the control of the Company. Actual results and future events could differ materially from those anticipated in such information.
These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company does not intend to update these forward-looking statements.
Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this release.
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