WELL Health Reports Record FY2025 Results; Canadian Patient Services Adjusted EBITDA Up 43% with Record Free Cash Flow
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WELL achieved record annual revenue of
$1.40 billion 52% compared to the prior year. This growth was mainly driven by acquisitions, organic growth and the inclusion of HEALWELL results in WELL’s consolidated financial reporting. WELL achieved record Adjusted EBITDA(1) of$203.7 million 336% compared to$46.7 million 14.5% . -
Excluding Circle Medical (“CM”) and CRH Medical Corporation (“CRH”) related one-time events from both FY 2025 and 2024, normalized(2) revenue would have reached
$1.35 billion 34% increase compared to the previous year, while Adjusted EBITDA(1) would have been$148.6 million 17% YoY growth. -
Canadian Patient Services revenue increased
39% to$444.3 million 43% to$58.1 million 13% for the Canadian Patient Services business. -
WELL achieved record Operating Free Cash Flow Attributable to Shareholders or “FCFA2S”⁽¹⁾ in 2025 of
$58.2 million 19% as compared to$48.9 million -
WELL is pleased to provide a positive outlook for 2026 with annual guidance for revenue of between
$1.55 billion $1.65 billion $175 million $185 million $17.6 million 10% annual growth in Adjusted EBITDA(1) and free cashflow growth, including acquisitions.
Hamed Shahbazi, Chairman and CEO of WELL commented, “2025 was a defining year for WELL. We achieved
Mr. Shahbazi further adds, “We are also very excited with the progress of our WELLSTAR subsidiary which continues to play a central role in digitally enabling healthcare providers across
Eva Fong, WELL’s Chief Financial Officer, commented, “In 2026, we expect our acquisition pipeline in
Fiscal 2025 Annual Financial Highlights:
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WELL achieved record annual revenue of
$1.40 billion 52% compared to revenue of$919.7 million $1.35 billion 34% increase compared to$1.00 billion -
Adjusted Gross Margin(1) percentage was
44.2% in 2025 compared to Adjusted Gross Margin(1) percentage of39.5% in 2024. The increase in Adjusted Gross Margin(1) percentage was primarily driven by revenue mix and the addition of higher margin HEALWELL revenue. -
Adjusted EBITDA(1) was
$203.7 million 336% compared to Adjusted EBITDA(1) of$46.7 million 14.5% in 2025, compared to5.1% in 2024. Excluding CM & CRH impacts from both 2025 & 2024, normalized(2) Adjusted EBITDA(1) would have been$148.6 million 17% YoY growth compared to$127.0 million -
Adjusted EBITDA(1) attributable to WELL shareholders was
$149.0 million 275% compared to Adjusted EBITDA(1) to WELL shareholders of$39.8 million -
Adjusted Net Income(1) was
$126.5 million $0.50 $8.0 million $0.03 -
Operating Adjusted Free Cashflow(1) available to shareholders (or FCFA2S) was
$58.2 million $48.9 million
Segmented Revenue:
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Canadian Patient Services revenue was
$444.3 million 39% compared to$319.1 million -
U.S. Patient and Provider Services revenue was$763.5 million 43% compared to$532.2 million -
WELLSTAR, the Company’s pure-play SaaS technology subsidiary, achieved revenue of
$68.1 million 59% compared to$42.9 million
Annual 2025 Key Metrics:
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WELL achieved over 6.9 million patient visits in 2025, including
Canada and the US, representing an increase of21% compared to 5.7 million patient visits in 2024. -
Canadian Patient Services visits increased to 4.3 million patient visits in 2025, an increase of
37% over the past year primarily driven by acquisitions as well as10% organic growth, including the clinic absorption program. -
As of the end of 2025, WELL reported 252 clinics across
Canada , including primary care, diagnostics, allied health, specialty and executive health clinics.
Fourth Quarter 2025 Business Highlights:
On November 3, 2025, the Company announced that it completed a series of strategic transactions with its subsidiary, HEALWELL, to streamline operations, accelerate clinical research, and focus on high-growth AI and software initiatives. The transactions included (i) the sale of HEALWELL’s Polyclinic Family Medicine and Specialty Clinics Group (“Polyclinic”) to WELL, (ii) the formation of a 50/50 clinical research joint venture between HEALWELL and WELL, (iii) combining the businesses of Bio Pharma Services Inc. and Canadian Phase Onward Inc. within the joint venture, and (iv) the sale of HEALWELL’s interest in Mutuo Health Solutions Inc. (“Mutuo”) to WELLSTAR.
On November 13, 2025, the Company announced that WELLSTAR’s OceanMD business unit was awarded a material provincial eReferral contract following a competitive procurement process. With this strategic contract, WELLSTAR now facilitates over 1.7 million eReferrals annually across four Canadian provinces with participation from more than 20,000 physicians across 3,800 clinics nationwide.
On December 8, 2025, the Company announced that WELLSTAR had completed its Series B Preferred Share investment in the aggregate amount of approximately
Events Subsequent to December 31, 2025:
On February 1, 2026, WELL completed the acquisition of a leading technology-enabled e-consult platform in
On February 4, 2026, the Company announced that it had expanded and extended its senior secured credit facility to
On March 17, 2026, WELLSTAR announced it has completed the acquisition of two medical billing assets: PatientSERV, closed on December 1, 2025, is Ontario’s leading uninsured and third‑party medical billing platform; Lambert Médico Factures, closed on February 1, 2026, is one of Québec’s most established medical billing providers. These acquisitions significantly expand WELLSTAR’s presence in Canada’s largest provincial markets and extend its billing coverage to six provinces nationwide.
Outlook:
WELL is expecting strong operational performance to continue into 2026 with a greater emphasis on leveraging the depth of the Company’s product and technology offerings from WELLSTAR and HEALWELL. The Company also continues to focus the majority of its M&A and capital allocation activity in
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Annual revenue for 2026 is expected to be in the range of
$1.55 billion $1.65 billion -
Annual Adjusted EBITDA⁽¹⁾ for 2026 is expected to be in the range of
$175 million $185 million
WELL’s 2026 guidance assumes, among other things, the following: approximately
For WELL Canada, which includes Canadian Clinics, WELLSTAR and CyberWELL, the Company is targeting over
We remain resolutely committed to completing the sale of our US care delivery assets. Active processes are underway for all three of Wisp, Circle Medical, and CRH, and our objective is to announce transactions that unlock value for shareholders.
Conference Call:
WELL will hold a conference call and simultaneous webcast to discuss its fourth quarter and annual audited consolidated financial results, on Thursday, March 19, 2026 at 1:00 pm ET (10:00 am PT). The call will be hosted by Hamed Shahbazi, Chairman and Chief Executive Officer, and Eva Fong, Chief Financial Officer. Please dial in 10 minutes prior to the start of the call.
Please use the following dial-in numbers: 1-800-717-1738 (Toll Free) or 1-289-514-5100 (International).
The conference call will also be simultaneously webcast and can be accessed at the following audience URL: https://well.company/events.
Selected Unaudited Financial Highlights:
Please see SEDAR for complete copies of the Company’s audited annual consolidated financial statements and annual MD&A for the year ended December 31, 2025.
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Year ended |
Quarter ended |
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December 31, |
December 31, |
December 31, |
September 30, |
December 31, |
|
2025 |
2024 |
2025 |
2025 |
2024 |
Revenue |
1,400,179 |
919,688 |
384,770 |
364,599 |
234,758 |
Cost of sales (excluding depreciation and amortization) |
(781,335) |
(556,677) |
(207,908) |
(198,828) |
(152,082) |
Adjusted Gross Profit(1) |
618,844 |
363,011 |
176,862 |
165,771 |
82,676 |
Adjusted Gross Margin(1) |
|
|
|
|
|
Adjusted EBITDA(1) |
203,682 |
46,665 |
66,453 |
59,917 |
(3,749) |
Net income (loss) |
4,462 |
29,096 |
32,003 |
(2,653) |
(1,835) |
Adjusted net income (loss)(1) |
126,453 |
8,007 |
52,177 |
40,997 |
(17,354) |
(Loss) earnings per share, basic (in $) |
(0.03) |
0.13 |
0.09 |
0.02 |
0.03 |
(Loss) earnings per share, diluted (in $) |
(0.03) |
0.13 |
0.09 |
0.02 |
0.03 |
Adjusted net income (loss) per share, basic (in $)(1) |
0.50 |
0.03 |
0.21 |
0.16 |
(0.07) |
Adjusted net income (loss) per share,diluted (in $) (1) |
0.49 |
0.03 |
0.20 |
0.16 |
(0.07) |
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|
|
|
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Reconciliation of net income (loss) to adjusted EBITDA(1): |
|
|
|
|
|
Net income (loss) for the period |
4,462 |
29,096 |
32,003 |
(2,653) |
(1,835) |
Depreciation and amortization |
93,762 |
72,306 |
22,301 |
26,520 |
20,963 |
Income tax expense (recovery) |
846 |
(20,104) |
(13,410) |
9,562 |
(7,429) |
Interest expense |
57,878 |
37,616 |
17,335 |
16,228 |
9,283 |
Interest income |
(1,715) |
(1,272) |
(391) |
(342) |
(500) |
Rent expense on finance leases |
(20,398) |
(16,512) |
(5,368) |
(4,935) |
(3,594) |
Share-based payments |
22,691 |
15,270 |
8,462 |
5,949 |
2,887 |
Foreign exchange loss (gain) |
2,614 |
(570) |
1,828 |
1,734 |
(528) |
Time-based earnout expense |
7,799 |
7,458 |
864 |
1,583 |
3,502 |
Change in fair value of investments |
21,709 |
(101,484) |
(1,086) |
311 |
(48,292) |
Change in fair value of derivative liability |
(4,376) |
— |
(2,734) |
488 |
— |
Gain on disposal of assets and investments |
(11,361) |
(11,817) |
(387) |
(10,950) |
(500) |
Share of net income of associates |
2,750 |
4,341 |
107 |
146 |
1,622 |
Transaction, restructuring and integration costs expensed |
15,241 |
10,247 |
4,628 |
3,946 |
1,924 |
Legal settlements and defense (recovery) costs |
174 |
21,337 |
1,955 |
1,823 |
18,748 |
Impairment charge and other items |
11,606 |
753 |
346 |
10,507 |
— |
Adjusted EBITDA(1) |
203,682 |
46,665 |
66,453 |
59,917 |
(3,749) |
Attributable to WELL shareholders |
149,011 |
39,786 |
48,035 |
43,225 |
(479) |
Attributable to Non-controlling interests |
54,671 |
6,879 |
18,418 |
16,692 |
(3,270) |
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|
|
|
|
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Year ended |
Quarter ended |
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December 31, |
December 31, |
December 31, |
September 30, |
December 31, |
|
2025 |
2024 |
2025 |
2025 |
2024 |
Adjusted EBITDA(1) |
|
|
|
|
|
WELL Corporate |
(34,736) |
(20,858) |
(10,905) |
(8,767) |
(5,403) |
|
86,692 |
56,313 |
20,481 |
22,388 |
14,771 |
US operations |
151,726 |
11,210 |
56,877 |
46,296 |
(13,117) |
Adjusted EBITDA(1) attributable to WELL shareholders |
|
|
|
|
|
WELL Corporate |
(34,736) |
(20,858) |
(10,905) |
(8,767) |
(5,403) |
|
78,312 |
54,844 |
18,190 |
20,135 |
14,209 |
US operations |
105,435 |
5,800 |
40,750 |
31,857 |
(9,285) |
Adjusted EBITDA(1) attributable to Non-controlling interests |
|
|
|
|
|
|
8,380 |
1,469 |
2,291 |
2,253 |
562 |
US operations |
46,291 |
5,410 |
16,127 |
14,439 |
(3,832) |
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|
|
|
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Reconciliation of net income (loss) to Adjusted Net Income(1): |
|
|
|
|
|
Net income (loss) for the period |
4,462 |
29,096 |
32,003 |
(2,653) |
(1,835) |
Amortization of acquired intangible assets |
62,677 |
49,060 |
14,370 |
17,841 |
14,885 |
Interest accretion |
8,957 |
— |
8,957 |
— |
— |
Time-based earnout expense |
7,799 |
7,458 |
864 |
1,583 |
3,502 |
Share-based payments |
22,691 |
15,270 |
8,462 |
5,949 |
2,887 |
Change in fair value of investments |
21,709 |
(101,484) |
(1,086) |
311 |
(48,292) |
Change in fair value of derivative liability |
(4,376) |
— |
(2,734) |
488 |
— |
Share of net income of associates |
2,750 |
4,341 |
107 |
146 |
1,622 |
Impairment charge and other items |
11,606 |
753 |
346 |
10,507 |
— |
Non-controlling interest included in net (loss) income |
(11,822) |
3,513 |
(9,112) |
6,825 |
9,877 |
Adjusted net income (loss) (1) |
126,453 |
8,007 |
52,177 |
40,997 |
(17,354) |
Footnotes:
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Non-GAAP financial measures and ratios.
In addition to results reported in accordance with IFRS, the Company uses certain non-GAAP financial measures as supplemental indicators of its financial and operating performance. These non-GAAP financial measures include Adjusted Net Income, Adjusted Net Income Per Share, Adjusted EBITDA, Adjusted Gross Profit, Adjusted Gross Margin, and Adjusted Free Cash Flow. The Company believes these supplementary financial measures reflect the Company’s ongoing business in a manner that allows for meaningful period-to-period comparisons and analysis of trends in its business.
Adjusted Net Income and Adjusted Net Income per Share
The Company defines Adjusted Net Income as net income (loss), after excluding the effects of share-based payments, amortization of acquired intangible assets, time-based earnout expense, change in fair value of investments, change in fair value of derivative liability, share of income (loss) of associates, impairment charge, gain/losses that are not reflective of ongoing operating performance and non-controlling interests, and revenue precluded from recognition under IFRS 15 that relates to certain patient services revenue that the Company believes should be recognized as revenue based on its contractual relationships. Adjusted Net Income Per Share is Adjusted Net Income divided by weighted average number of shares outstanding. The Company believes that these non-GAAP financial measures provide useful information to analyze our results, enhance a reader’s understanding of past financial performance and allow for greater understanding with respect to key metrics used by management in decision making. More specifically, the Company believes Adjusted Net Income is a financial metric that tracks the earning power of the business that is available to WELL shareholders.
EBITDA and Adjusted EBITDA
EBITDA and Adjusted EBITDA are non-GAAP measures. EBITDA represents net income (loss) before interest, taxes, depreciation, and amortization. The Company defines Adjusted EBITDA as EBITDA (i) less net rent expense on premise leases considered to be finance leases under IFRS and (ii) before transaction, restructuring, and integration costs, time-based earn-out expense, change in fair value of investments, change in fair value of derivative liability, share of loss of associates, impairment charge, foreign exchange gain/loss, and share-based payments, (iii) revenue precluded from recognition under IFRS 15 that relates to certain patient services revenue that the Company believes should be recognized as revenue based on its contractual relationships, and (iv) gains/losses that are not reflective of ongoing operating performance. The Company considers Adjusted EBITDA a financial metric that measures cash that the Company can use to fund working capital requirements, service future interest and principal debt repayments and fund future growth initiatives. EBITDA and Adjusted EBITDA should not be considered alternatives to net income (loss), cash flow from operating activities or other measures of financial performance in accordance with IFRS.
Adjusted Gross Profit and Adjusted Gross Margin
The Company defines Adjusted Gross Profit as revenue less cost of sales (excluding depreciation and amortization) and Adjusted Gross Margin as adjusted gross profit as a percentage of revenue. Adjusted gross profit and adjusted gross margin should not be construed as an alternative for revenue or net income (loss) determined in accordance with IFRS. The Company does not present gross profit in its consolidated financial statements as it is a non-GAAP financial measure. The Company believes that adjusted gross profit and adjusted gross margin are meaningful metrics that are often used by readers to measure the Company’s efficiency of selling its products and services.
Adjusted Free Cash Flow
The Company defines Adjusted Free Cash Flow Attributable to Shareholders as Adjusted EBITDA Attributable to Shareholders, less cash interest, less cash taxes and less capital expenditures. Adjusted Net income, Adjusted Net Income per Share, Adjusted EBITDA, Adjusted Gross Profit, Adjusted Gross Margin, and Adjusted Free Cash Flow are not recognized measures for financial statement presentation under IFRS and do not have standardized meanings. As such, these measures may not be comparable to similar measures presented by other companies and should be considered as supplements to, and not as substitutes for, or superior to, the corresponding measures calculated in accordance with IFRS. -
Normalized Revenue and Normalized Adjusted EBITDA
The Company’s Revenue and non-GAAP financial measures including Adjusted EBITDA, Adjusted Gross Profit, Adjusted Gross Margin, Adjusted Net Income and Adjusted Net Income per share (basic and diluted) were materially impacted by the revenue deferral at Circle Medical and the revenue impact at CRH Medical resulting from impaired revenue cycle management services due to the cybersecurity incident experienced by the Company’sU.S. billing provider. Since these one-time impact and deferred revenues do not significantly include added cashflow, management provides its key results and outlook including and excluding these one-time and deferred revenues to facilitate improved insights to WELL's financial results. -
Circle Medical Deferred Revenue Adjustments
Circle Medical’s deferred revenue adjustments or “CM Deferrals” refer to adjustments related to the deferred recognition of certain revenues at Circle Medical in accordance with IFRS 15. Since Deferred revenues do not include significant added cashflow, management provides its key results and outlook including and excluding deferred revenues to facilitate improved insights to WELL's financial results. For more details, please refer to the Overall Performance section of the Company’s 2025 Annual MD&A.
WELL HEALTH TECHNOLOGIES CORP.
Per: “Hamed Shahbazi”
Hamed Shahbazi
Chief Executive Officer, Chairman and Director
About WELL Health Technologies Corp.
WELL is building the infrastructure for a healthier
Forward-Looking Statements
This news release contains “Forward-Looking Information” within the meaning of applicable Canadian securities laws, including, without limitation: annual guidance for revenue and Adjusted EBITDA; information regarding the Company’s goals, strategies and growth plans, including expected acquisitions and divestitures Company and HEALWELL; expectations regarding continued revenue and EBITDA growth; the Company’s expectations pertaining to annual guidance for annual revenue and Adjusted EBITDA; the expected benefits and synergies of completed acquisitions; capital allocation plans in the form of more acquisitions or share repurchases; expected patient visits; the expected spin-out of WELLSTAR; and the expected financial performance as well as information in the “Outlook” section herein. 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 generally can be identified by the use of forward-looking words such as “may”, “should”, “will”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative thereof or similar variations. 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: risks regarding the timing and amount of recognition or revenue and earnings; direct and indirect material adverse effects from adverse market conditions; risks inherent in the primary healthcare sector in general; regulatory and legislative changes; that future results may vary from historical results; inability to obtain any requisite future financing on suitable terms; any inability to realize the expected benefits and synergies of acquisitions; that market competition may affect the business, results and financial condition of WELL and other risk factors identified in documents filed by WELL under its profile at www.sedarplus.com, including its most recent Annual Information Form and its Management, Discussion and Analysis. 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.
This news release contains financial outlook information about estimated annual run-rate revenue and Adjusted EBIDTA, all of which are subject to the same assumptions, risk factors, limitations, and qualifications as set out in the above paragraph. The actual financial results of WELL may vary from the amounts set out herein and such variation may be material. WELL and its management believe that the outlook information has been prepared on a reasonable basis, reflecting management’s best estimates and judgments. However, because this information is subjective and subject to numerous risks, it should not be relied on as necessarily indicative of future results. Except as required by applicable securities laws, WELL undertakes no obligation to update such financial outlook. The financial outlook information contained in this news release was made as of the date hereof and was provided for the purpose of providing further information about WELL’s anticipated future business operations on an annual basis. Readers are cautioned that the financial outlook information contained in this news release should not be used for purposes other than for which it is disclosed herein.
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260319954510/en/
For further information:
Pardeep Sangha
Vice President, Investor Relations
investor@well.company
604-628-7266
Source: WELL Health Technologies Corp.