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HEALWELL AI reported significant growth in Q1-2024, with revenue from continuing operations reaching $4.58 million, a 132% increase compared to $1.97 million in Q1-2023.
This growth is primarily attributed to the acquisition of Intrahealth on February 1, 2024. The company’s revenue run-rate has more than doubled to over $20 million, with SaaS and services forming the largest component.
The management projects potential to more than double the annual revenue to over $40 million with existing cash reserves. HEALWELL closed Q1-2024 with $11.3 million in cash, and an additional $20 million financing deal is expected to further strengthen its financial position.
Despite positive revenue growth, the company posted an adjusted EBITDA loss of $2.56 million. HEALWELL’s strategic alliance with WELL Health Technologies continues to flourish with new AI-driven tools for chronic disease detection.
HEALWELL AI Inc. will announce its Fiscal First Quarter 2024 financial results on May 14, 2024. The company focuses on preventative care and will hold a conference call and webcast to discuss the results, hosted by CEO Dr. Alexander Dobranowski and CFO Scott Nirenberski.
WELL and HEALWELL AI have launched the second-generation WELL AI Decision Support (WAIDS) with advanced chronic disease screening capabilities, aiding in patient risk stratification. The tool identifies over 100 diseases, providing actionable insights at the point of care. Chronic diseases affect 45.1% of Canadians, costing the economy $190 billion annually.