WELL HEALTH TECH CORP ORD - WHTCF STOCK NEWS

WELL Health Technologies Corp. (WHTCF) announces expectations for strong Q3-2022 financial results bolstered by a projected record in omni-channel patient visits. Total visits increased by 53% year-over-year to approximately 892,966, alongside a total of 1,249,212 patient interactions. The company completed a significant acquisition of Canadian EMR and billing assets from CloudMD for $5.7 million, expected to add over $9 million in revenue. WELL will report detailed financial results on November 10, 2022, highlighting continued growth and successful capital allocation strategies.

WELL Health Technologies Corp. reported a strong performance in fiscal Q3 2022, with its US-based virtual services, Circle Medical and Wisp, achieving 124% organic growth year-over-year and exceeding an annualized revenue run rate of US$100 million. The recent acquisition of Grand Canyon Anesthesia is projected to generate an additional US$16 million in revenue. CEO Hamed Shahbazi highlighted the resilience of WELL's business amid economic challenges, showcasing a commitment to sustained growth.

WELL Health Technologies is acquiring Cloud Practice Inc. and three clinics from CloudMD for approximately $5.75 million. This strategic acquisition includes Juno EMR and ClinicAid software, expanding WELL into Alberta and Saskatchewan markets and is expected to contribute over $9 million in topline revenues. The move aligns with WELL's goal of enhancing its digital health offerings for healthcare practitioners.

The transaction is expected to close in Q4 2022, subject to standard conditions.

WELL Health Technologies Corp. (OTCQX: WHTCF) will participate in the 22nd Annual Healthcare Summit on September 22-23, 2022 in Vancouver, BC. The event features over 50 experts in digital health and personalized medicine. WELL's CEO Hamed Shahbazi will deliver a keynote on improving Canada's health ecosystem on September 22 at 3:20 PM, while Jeremy Mickolwin, VP of Clinic Operations, will speak on the role of technology in primary care on September 23 at 10:45 AM. The summit focuses on supporting healthcare providers and enhancing care delivery.

WELL Health Technologies Corp. (OTCQX: WHTCF) has been included in the 2022 TSX30, an annual recognition for companies demonstrating exceptional shareholder returns over the past three years. This accolade underscores WELL's ability to innovate and adapt during challenging economic periods. Hamed Shahbazi, CEO of WELL, expressed pride in the recognition, emphasizing the hard work of the team in supporting healthcare practitioners. The TSX30 program highlights companies that drive growth and contribute positively to the Canadian economy.

WELL Health Technologies Corp. reported record quarterly revenue of $140.3 million for Q2-2022, marking a 127% year-over-year increase. Adjusted EBITDA reached $26.4 million, compared to $11.9 million in Q2-2021. The company achieved an adjusted net income of $17.2 million, a significant turnaround from a net loss of $1.2 million last year. Total omni-channel patient visits were 833,819, reflecting a 49% increase. The annual revenue guidance for 2022 has been raised to exceed $550 million due to strong organic growth.

Wisp has launched an affordable telehealth medical abortion service, initially available in California and expanding to New York, Illinois, and Colorado. The service is priced at $200, which is 30% lower than the national average, and does not require insurance. Wisp aims to enhance accessibility to sexual and reproductive healthcare. The company also offers 24/7 virtual support for patients. Additionally, Wisp is committed to donating 1% of sales from emergency contraception and birth control to partner organizations until the end of August.

WELL Health Technologies Corp. (OTCQX: WHTCF) has appointed Sybil Lau to its board of directors, bringing 25 years of investment experience to the company. Lau's background includes roles at Credit Suisse and Goldman Sachs, and she is involved in healthcare philanthropy in South East Asia. The board expects her expertise in capital allocation and market development to benefit WELL's future endeavors. Additionally, WELL will release its Q2 2022 financial results on August 11, 2022, followed by a conference call at 1:00 PM ET.

WELL Health Technologies Corp. (OTCQX: WHTCF) anticipates strong Q2-2022 results, projecting revenues exceeding C$130 million, with over 839,000 patient visits, a 50% YoY increase. The company's US-focused virtual services, including Circle Medical and Wisp, report a combined revenue run-rate exceeding C$115 million and 150% YoY growth. Well's operating Adjusted EBITDA is expected to surpass C$23 million, with Free Cash Flow around C$15 million. This growth reflects WELL's effective support for healthcare practitioners amidst challenges in the sector.