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WELL Health';s Circle Medical Provides Corporate Update, Exceeds $100M USD Revenue Run Rate with Profitability and Positions for Further Growth

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Circle Medical, majority-owned by WELL Health Technologies Corp. (TSX: WELL, OTCQX: WHTCF), has surpassed a $100M USD revenue run rate. In July 2024, Circle Medical reported $8.87M in revenue, reflecting a 65% year-over-year increase. The company has maintained profitability on an Adj EBITDA basis for over 2.5 years with strong gross margins of approximately 55%.

Circle Medical has retained JP Morgan as exclusive financial advisor to explore strategic options for future growth. The company has made strategic leadership hires and formed key partnerships in artificial intelligence (AI) to enhance patient care and operational efficiency. WELL Health will discuss Circle Medical's performance in its quarterly earnings call on August 14, 2024.

Circle Medical, di proprietà maggioritaria di WELL Health Technologies Corp. (TSX: WELL, OTCQX: WHTCF), ha superato un fatturato annuo di 100 milioni di dollari USD. A luglio 2024, Circle Medical ha riportato 8,87 milioni di dollari in fatturato, mostrando un aumento del 65% rispetto all’anno precedente. L'azienda ha mantenuto la redditività su base Adj EBITDA per oltre 2,5 anni con margini lordi solidi di circa il 55%.

Circle Medical ha mantenuto JP Morgan come consulente finanziario esclusivo per esplorare opzioni strategiche per la crescita futura. L’azienda ha effettuato assunzioni strategiche nel leadership e ha formato partnership chiave nell'intelligenza artificiale (AI) per migliorare l'assistenza ai pazienti e l'efficienza operativa. WELL Health discuterà le performance di Circle Medical nella sua chiamata sugli utili trimestrali il 14 agosto 2024.

Circle Medical, de propiedad mayoritaria de WELL Health Technologies Corp. (TSX: WELL, OTCQX: WHTCF), ha superado un ingreso anual de 100 millones de dólares USD. En julio de 2024, Circle Medical reportó 8,87 millones de dólares en ingresos, lo que refleja un aumento del 65% interanual. La compañía ha mantenido la rentabilidad en una base de EBITDA ajustado durante más de 2,5 años, con márgenes brutos sólidos de aproximadamente 55%.

Circle Medical ha contratado a JP Morgan como asesor financiero exclusivo para explorar opciones estratégicas para el crecimiento futuro. La empresa ha realizado contrataciones estratégicas de liderazgo y ha formado alianzas clave en inteligencia artificial (IA) para mejorar la atención al paciente y la eficiencia operativa. WELL Health discutirá el desempeño de Circle Medical en su llamada de ganancias del tercer trimestre el 14 de agosto de 2024.

서클 메디컬은 WELL Health Technologies Corp. (TSX: WELL, OTCQX: WHTCF)이 대주주인 기업으로, 1억 달러 USD의 연 매출률을 돌파했습니다. 2024년 7월, 서클 메디컬은 887만 달러의 매출을 보고하며 전년 대비 65% 증가를 기록했습니다. 이 회사는 조정 EBITDA 기준으로 2.5년 이상 수익성을 유지하며, 약 55%의 강력한 총 이익률을 보이고 있습니다.

서클 메디컬은 향후 성장을 위한 전략적 옵션을 탐색하기 위해 JP 모건을 독점 재무 자문사로 선정했습니다. 또한 전략적 리더십 인재를 영입하고 인공지능(AI) 분야에서 핵심 파트너십을 형성하여 환자 치료와 운영의 효율성을 강화하고 있습니다. WELL Health는 2024년 8월 14일 분기 실적 발표에서 서클 메디컬의 성과를 논의할 예정입니다.

Circle Medical, majoritairement détenue par WELL Health Technologies Corp. (TSX: WELL, OTCQX: WHTCF), a dépassé un taux de revenus annuels de 100 millions de dollars USD. En juillet 2024, Circle Medical a rapporté 8,87 millions de dollars de revenus, ce qui représente une augmentation de 65% par rapport à l'année précédente. L'entreprise a maintenu la rentabilité sur une base d'EBITDA ajusté pendant plus de 2,5 ans avec de solides marges brutes d'environ 55%.

Circle Medical a retenu JP Morgan comme conseiller financier exclusif pour explorer des options stratégiques pour la croissance future. L’entreprise a effectué des recrutements stratégiques dans son leadership et a formé des partenariats clés dans le domaine de l'intelligence artificielle (IA) pour améliorer les soins aux patients et l'efficacité opérationnelle. WELL Health discutera des performances de Circle Medical lors de son appel trimestriel sur les bénéfices le 14 août 2024.

Circle Medical, mehrheitlich im Besitz von WELL Health Technologies Corp. (TSX: WELL, OTCQX: WHTCF), hat einen Jahresumsatz von über 100 Millionen USD überschritten. Im Juli 2024 berichtete Circle Medical von 8,87 Millionen USD Umsatz, was einem 65%igen Anstieg im Vergleich zum Vorjahr entspricht. Das Unternehmen hat seit über 2,5 Jahren Rentabilität auf Basis des Adjustierten EBITDA aufrechterhalten und weist starke Bruttogewinnmargen von etwa 55% auf.

Circle Medical hat JP Morgan als exklusiven Finanzberater beauftragt, um strategische Optionen für zukünftiges Wachstum zu erkunden. Das Unternehmen hat strategische Führungskräfte eingestellt und wichtige Partnerschaften im Bereich Künstliche Intelligenz (KI) gebildet, um die Patientenversorgung und die betriebliche Effizienz zu verbessern. WELL Health wird die Leistung von Circle Medical in seiner vierteljährlichen Ergebnisbesprechung am 14. August 2024 diskutieren.

Positive
  • Circle Medical surpassed $100M USD revenue run rate with 65% year-over-year growth
  • Maintained profitability on Adj EBITDA basis for over 2.5 years
  • Strong gross margins of approximately 55%
  • Retained JP Morgan to explore strategic growth options
  • Investing in AI technologies to enhance patient care and operational efficiency
  • Made strategic leadership hires to support rapid growth
Negative
  • None.
  • In July 2024, San Francisco based Circle Medical which is majority owned by WELL Health reported $8.87M in sales reflecting 65% year-over-year organic growth, surpassing an annualized revenue run rate of over $100M USD for the first time.
  • Circle Medical has been profitable on an Adj EBITDA basis for more than 2.5 years now and continues to maintain strong gross margins of approximately 55%.
  • Circle Medical has established key AI partnerships and made strategic leadership hires to drive future expansion.
  • Circle Medical has retained JP Morgan as exclusive financial advisor to explore strategic options to fuel its next phase of growth.

SAN FRANCISCO and VANCOUVER, BC, Aug. 13, 2024 /PRNewswire/ - WELL Health Technologies Corp. (TSX: WELL) (OTCQX: WHTCF) ("WELL" or the "Company"), a digital healthcare company focused on positively impacting health outcomes by leveraging technology to empower healthcare practitioners and their patients globally, is pleased to announce that its majority-owned subsidiary, Circle Medical, the leading digital-first primary care practice in the United States has surpassed a $100M USD revenue run rate, underscoring the company's impressive growth and continued profitability.

In July 2024, Circle Medical reported $8.87M in revenue, reflecting a remarkable 65% year-over-year increase. This growth has been achieved while maintaining a 99% patient satisfaction rating as measured by industry standard CSAT surveys, highlighting Circle Medical's dedication to delivering exceptional patient care. Circle Medical has been able to maintain a strong gross margin of approximately 55% and has generally operated profitably on and adjusted EBITDA basis for the last 2.5 years. Circle Medical has retained JP Morgan as exclusive financial advisor to explore strategic options to fuel its next phase of growth.

"Our growth and success is the result of our continued commitment to delivering high-quality medical care while continuing to innovate on patient experience," said George Favvas, Co-founder and CEO of Circle Medical. "We are proud of this important milestone and look forward to working with the JP Morgan team to help identify the appropriate partners as we continue to grow towards $1 billion in revenue."

Circle Medical's majority shareholder, WELL, will discuss Circle Medical's record revenue run-rate in its quarterly earnings call on August 14, 2024. WELL has previously indicated it would pursue strategic alternatives for its majority stake in Circle Medical, which has grown its revenue run-rate from $5M to over $100M USD in less than four years since WELL acquired its stake.

To support this rapid growth, Circle Medical has made strategic leadership hires and formed key partnerships in artificial intelligence (AI). The company is heavily investing in AI technologies that enhance patient care and operational efficiency, including AI-powered scribes for documentation and compliance tools for clinical reviews.

Circle Medical recently appointed Miguel Jetté as its first Head of AI. With over 20 years of experience in the field, Miguel will spearhead the company's AI strategy. His previous roles include VP of AI at Rev and speech scientist at Nuance. Miguel will also lead Circle Medical's collaboration with the Mila – Quebec Artificial Intelligence Institute, the world's largest academic research center for deep learning.

Additionally, Circle Medical has welcomed back Brent LaRue as VP of Product and Patient Experience. As one of the original co-founders, Brent's return signals a renewed focus on product design to drive patient engagement and satisfaction. Brent brings a wealth of experience in healthcare startup design and innovation, further strengthening Circle Medical's leadership team.

The exploration of strategic alternatives for Circle Medical reflects WELL Health's ongoing efforts to demonstrate sum of parts value for shareholders and position both WELL Health and Circle Medical for long-term success in the digital healthcare landscape.

Non-GAAP financial measures
The Company uses Adjusted EBITDA, a non-GAAP financial measure, as an indicator of its financial and operating performance. The Company believes this financial measure reflects the Company's ongoing business in a manner that allows for meaningful period-to-period comparisons and analysis of trends in its business.

WELL HEALTH TECHNOLOGIES CORP. 

Per: "Hamed Shahbazi" 
Hamed Shahbazi
Chief Executive Officer, Chairman and Director 

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 34,000 healthcare providers between the US and Canada and power the largest owned and operated healthcare ecosystem in Canada with more than 165 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

Forward-Looking Statements

This news release may contain "Forward-Looking Information" within the meaning of applicable Canadian securities laws, including, without limitation: information regarding the Company's Adjusted EBITDA; its run-rates; its plans for future partners and expansion plans; and revenue expectations. Forward-Looking Information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, and contingencies. Forward-Looking Information involve known and unknown risks, uncertainties and other factors that may cause future results, performance, or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by the Forward-Looking Information and the Forward-Looking Information are not guarantees of future performance. WELL's comments expressed or implied by such Forward-Looking Information are subject to a number of risks, uncertainties, and conditions, many of which are outside of WELL's control, and undue reliance should not be placed on such information. Forward-Looking Information are qualified in their entirety by inherent risks and uncertainties, including: direct and indirect material adverse effects from adverse market conditions; risks inherent in the telehealth sector; regulatory and legislative changes; that future results may vary from historical results; inability to identify a suitable partner; and other risk factors identified in its most recent Annual Information Form filed by WELL under its profile at www.sedarplus.ca. Except as required by securities law, WELL does not assume any obligation to update or revise any forward-looking information, whether as a result of new information, events or otherwise. 

Neither the TSX nor its Regulation Services Provider (as that term is defined in policies of the TSX) accepts responsibility for the adequacy or accuracy of this release. 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/well-healths-circle-medical-provides-corporate-update-exceeds-100m-usd-revenue-run-rate-with-profitability-and-positions-for-further-growth-302220742.html

SOURCE WELL Health Technologies Corp.

FAQ

What was Circle Medical's revenue in July 2024?

Circle Medical reported revenue of $8.87M in July 2024, reflecting a 65% year-over-year increase.

How long has Circle Medical been profitable on an Adj EBITDA basis?

Circle Medical has been profitable on an Adjusted EBITDA basis for more than 2.5 years.

What is Circle Medical's gross margin percentage?

Circle Medical maintains strong gross margins of approximately 55%.

Who has Circle Medical retained as a financial advisor?

Circle Medical has retained JP Morgan as exclusive financial advisor to explore strategic options for future growth.

When will WELL Health (WHTCF) discuss Circle Medical's performance in its earnings call?

WELL Health will discuss Circle Medical's record revenue run-rate in its quarterly earnings call on August 14, 2024.

WELL HEALTH TECH CORP ORD

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