WELL Health Reports Record Patient Visits and Total Care Interactions in FY 2024
Rhea-AI Summary
WELL Health Technologies (TSX: WELL, OTCQX: WHTCF) has reported record patient visits for fiscal year 2024, achieving 5.7 million total patient visits, representing a significant 32% year-over-year growth, with organic growth accounting for 30%.
The company's Canadian patient services business demonstrated exceptional performance, recording 3.125 million patient visits, marking a 35% year-over-year increase. The organic growth in Canadian operations was particularly strong at 32%, comprised of 26% same clinic sales growth and 6% absorption growth.
These preliminary operational results highlight WELL's success in leveraging its technology-enabled care model to drive strong organic growth across its enterprise, particularly in its Canadian Clinics division.
Positive
- Record 5.7M total patient visits with 32% YoY growth
- Strong 30% organic growth in total patient visits
- Canadian operations achieved 35% YoY growth with 3.125M visits
- Impressive 26% same clinic sales growth in Canadian operations
Negative
- None.
News Market Reaction 1 Alert
On the day this news was published, WHTCF declined 16.74%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
- WELL delivered more than 5.7 million patient visits in fiscal 2024 representing YoY growth of
32% driven mostly by organic growth of30% - WELL
Canada 's patient services business led its overall growth with 3.125 million patient visits representing YoY growth of35% growth and organic growth of32% - WELL
Canada 's organic growth for patient services was comprised of26% same clinic sales growth and6% in absorption growth
Hamed Shahbazi, CEO of WELL, commented "Our Canadian Clinics underpinned by our technology enabled care model continues to lead the way in driving strong organic growth for the Company enterprise wide. We are very proud of and grateful to the healthcare providers and technologists working together to drive the best patient outcomes possible."
2024 | 2023 | Y/Y | Organic | |
Canada Patient Visits | 3,125,011 | 2,312,799 | 35 % | 32 % |
US Patient Visits | 2,576,557 | 2,013,613 | 28 % | 28 % |
Total Visits | 5,701,568 | 4,326,412 | 32 % | 30 % |
Technology Interactions(1) | 2,660,911 | 1,881,114 | 41 % | 41 % |
Billed Provider Hours(2) | 354,402 | 164,719 | 115 % | 115 % |
Total Interactions | 8,716,881 | 6,372,245 | 37 % | 34 % |
WELL Canada Clinics Annual Growth Breakdown
Y/Y | |
Same Clinic | +26 % |
Absorption | +6 % |
Total Organic | +32 % |
Inorganic Growth | +3 % |
Total Growth | +35 % |
Footnotes:
- Technology Interactions means the total number of bookings facilitated by certain technology platforms including OceanMD, Insig, and Adracare.
- Billed Provider Hours means the hours that providers bill under RADAR Healthcare Providers which is owned and operated by WELL's CRH Medical Subsidiary.
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 41,000 healthcare providers between the US and Canada and power the largest owned and operated healthcare ecosystem in Canada with more than 200 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, and mental health. 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 contains "Forward-Looking Information" within the meaning of applicable Canadian securities laws, including, without limitation the expectation that patient visits and Total Interactions will continue to lead the way in driving strong organic growth for the Company enterprise wide. Forward-Looking Information is based on a number of estimates and assumptions are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond WELL's control, which could cause actual results and events to differ materially from those disclosed in this news release. 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", "goal" or "continue", or the negative thereof or similar variations. Forward-Looking Information involves 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 is not a guarantee of future results or 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, but not limited to: new technologies functioning as expected; customers adopting and using new technologies and services as expected; the need to develop increasingly innovative products and services; competition in the industry; the stability of general economic and market conditions; WELL's ability to comply with applicable laws and regulations; WELL's continued compliance with third party intellectual property rights; direct and indirect material adverse effects from adverse market conditions; risks inherent in the primary healthcare sector in general; regulatory and legislative changes; litigation risk; that future results may vary from historical results; 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.ca, including its most recent Annual Information Form and its most recent 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.
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SOURCE WELL Health Technologies Corp.
FAQ
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