American Well Corporation reports developments for Amwell, a SaaS-based software platform for technology-enabled healthcare used by payers and health systems. Company updates center on quarterly and annual operating results, business reviews, investor conference participation, and equity-compensation actions such as inducement-plan grants.
The Amwell platform combines software and services that support virtual care programs across the care continuum, including virtual primary care, urgent care, clinical partner programs, scheduling, provider workflows, prescribing, and treatment-guideline reference tools. News about AMWL commonly connects these platform capabilities with payer and health system relationships, partner clinical programs, and management commentary on technology-enabled care delivery.
On August 8, 2022, Amwell (NYSE: AMWL) received the 2022 North America Customer Value Leadership Award from Frost & Sullivan for its Converge platform. This recognition highlights Amwell’s commitment to improving digital healthcare delivery through comprehensive technology solutions for healthcare organizations. The Converge platform aims to enhance operational efficiency, improve patient-provider interactions, and address staffing shortages. The integration of AI through partnerships, including with Google Cloud, further elevates its service offerings, ensuring flexible and effective digital care.
Amwell (NYSE: AMWL) reported its Q2 2022 financial results, achieving $64.5 million in total revenue, a 7% increase from Q2 2021. Subscription revenue rose 10% to $29.6 million, while AMG visit revenue grew 8% to $29.7 million. Gross margin was reported at 43.4%, and adjusted EBITDA improved to ($42.8) million. Active providers surged 46% to 103,500, with total visits increasing 19% to 1.5 million. Amwell expects 2022 revenue between $275 and $285 million.
Amwell (NYSE: AMWL), a leader in digital care delivery, will report its second quarter results for the period ending June 30, 2022, on Thursday, August 4, 2022. The management team will host a live conference call and webcast at 5:00 p.m. Eastern Time to discuss the results and provide updates. Investors can access the webcast on the Amwell website or listen via phone. Amwell connects providers, insurers, and patients to enhance access to affordable healthcare, serving over 2,000 hospitals and 55 health plans worldwide.
Amwell (NYSE: AMWL) has appointed Dr. Carrie Nelson as its new Chief Medical Officer, bringing over 28 years of experience in Family Medicine and population health. Dr. Nelson aims to enhance clinical and operational outcomes for provider and payer organizations through Amwell's digital care delivery platform, Converge™. Previously, she served as Senior Vice President and CMO at Advocate Aurora Health. COO Kurt Knight emphasized her clinical background will be instrumental in advancing Amwell's sales, implementation, and quality metrics within the hybrid healthcare landscape.
Amwell (NYSE: AMWL) has announced a deal to shorten the earnout period from its August 2021 acquisition of SilverCloud Health, a digital mental health company. This restructuring leads to the issuance of 4,959,856 shares of Class A common stock to SilverCloud's former stockholders. The move aims to expedite the integration of SilverCloud into Amwell’s platform, which Dr. Ido Schoenberg highlights as pivotal for enhancing cultural and operational efficiency in delivering behavioral health solutions. The partnership expects to address the significant demand in behavioral health care exacerbated by recent global events.
Amwell reported Q1 2022 revenue of $64.2 million, up from $57.6 million year-over-year. Gross margin improved to 42.8% from 38.0%. Active providers increased to ~102,000, and total visits rose to ~1.8 million. However, the net loss widened to ($70.3 million), compared to ($39.8 million) last year, while adjusted EBITDA was (47.1 million), up from (26.4 million). Amwell maintains its 2022 revenue guidance of $275 - $285 million.
Amwell (NYSE: AMWL) has appointed Susan Worthy as Chief Marketing Officer. With over 25 years in healthcare marketing, her role involves leading Amwell’s overall marketing strategy to enhance market position and shareholder value. Worthy previously led marketing at Optum, and her expertise is expected to drive growth during a transformative period for the company. She succeeds Mary Modahl, who retires after over a decade at Amwell. The company aims to improve healthcare access via technology and support over 80 million lives through its telehealth platform.
Amwell (NYSE: AMWL), a leader in telehealth, announced participation in key investor conferences. On May 11, 2022, Dr. Ido Schoenberg, CEO, and CFO Bob Shepardson will present at the BofA Healthcare Conference in Las Vegas. They will also participate in the RBC Capital Markets Healthcare Conference in New York City on May 17, 2022, at 2:05 p.m. ET, and at the Needham Virtual Tech and Media Conference on May 19, 2022, at 10:15 a.m. ET. Audio webcasts will be available on their investor relations website.
Amwell (NYSE: AMWL) has expanded its virtual specialty care offerings, introducing Musculoskeletal (MSK) and Dermatology programs. These initiatives cater to healthcare challenges affecting approximately 50% of U.S. adults, focusing on costly musculoskeletal conditions and the shortage of dermatologists. The MSK program aims to improve access to physical therapy and enhance treatment adherence through digital tools. Meanwhile, the Dermatology program provides quick access to care, reducing the average wait time for in-person visits from 35 days to 24 hours for diagnoses.
Amwell (NYSE: AMWL), a leader in telehealth, will report its first-quarter operating results for the period ending March 31, 2022, on May 9, 2022. Following the earnings release, the management team will host a live conference call at 5:00 p.m. ET to discuss results and provide a business update. Investors can access the webcast on the company's website and call in using provided numbers. Amwell connects providers and patients to enhance healthcare delivery, supporting over 80 million lives through partnerships with 2,000 hospitals and 55 health plans.