WELL Health Reports Record Revenue, Record Adjusted EBITDA, and Record Adjusted Net Income in Q3-2025 Driven by Strong Performance in Core Canadian Businesses

• WELL achieved record quarterly revenues of $364.6 million in Q3-2025, an increase of 56% compared to Q3-2024 driven by organic growth and acquisitions. Excluding the impact of Circle Medical’s deferred revenue adjustments or “CM Deferrals”⁽¹⁾, revenue would have been $347.0 million in Q3-2025, representing 48% YoY growth.
• WELL achieved record Adjusted EBITDA⁽¹⁾ of $59.9 million in Q3-2025, an increase of 296% compared to $15.1 million in Q3-2024, representing Adjusted EBITDA⁽¹⁾ margin of 16.4%. Excluding the impact from CM Deferrals, Adjusted EBITDA⁽¹⁾ would have been $42.3 million in Q3-2025, representing 180% YoY growth.
• Canadian Patient Services revenue and Adjusted EBITDA⁽¹⁾ was $110.1 million and $14.1 million respectively in Q3-2025, an increase of 41% and 47%, driven by acquisitions and organic growth of 16% for the Canadian Patient Services business.
• WELL’s majority owned subsidiary, WELLSTAR Technologies Corp. announced a financing for $62 million at a 50% increase in share price relative to its prior December 2024 financing, reflecting approximately $535 million post-money fully-diluted transaction valuation for WELLSTAR, with some of Canada’s most prominent fund investors providing the company with sufficient capital to continue to invest in organic growth initiatives and new acquisitions.
• WELL reaffirms its previously provided guidance for annual revenue between $1.40 billion to $1.45 billion with Adjusted EBITDA⁽¹⁾ between $190 million to $210 million. Excluding the impact of CM Deferrals annual revenue would be equivalent to $1.36 billion to $1.41 billion, while its annual Adjusted EBITDA⁽¹⁾ would be between $150 million to $170 million.

VANCOUVER, British Columbia--(BUSINESS WIRE)-- WELL Health Technologies Corp. (TSX: WELL, OTCQX: WHTCF) (the “Company” or “WELL”), 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 its interim consolidated financial results for the quarter ended September 30, 2025.

Hamed Shahbazi, Chairman and CEO of WELL commented, “We had an excellent quarter driven by strong performance network-wide but especially in our core Canadian businesses. We’re seeing our technology enabled approach, which is increasingly AI-enabled, drive real business results across the enterprise. We’re also very proud to deliver another quarter of record revenue, record EBITDA and record patient visits, reflecting the strength of our platform and the growing trust our patients place in us. We’ve already surpassed $1 billion in revenues and $137 million in Adjusted EBITDA⁽¹⁾ in just the first nine months of the year. This quarter we demonstrated healthy Adjusted EBITDA⁽¹⁾ margins of 16.4% an improvement of 990 bps from the previous year and 250 bps better than last quarter, highlighting the Company’s improving margin profile and success of our clinic digitization and transformation program.”

“I am also pleased to announce that revenue and Adjusted EBITDA⁽¹⁾ growth aren’t the only demonstration of our success. We had important operational and productivity metrics improve in our Canadian clinic business such as the number of patient visits per WELL provider as well as the ratio of billable to non-billable providers reflecting improved efficiency in our clinical operations. These are key lynchpin operational metrics that demonstrate that our core business objective of efficiency and tech-enablement is working. Operating free cash flow attributable to shareholders was $15.1 million in Q3-2025; however, total cash flow attributable to shareholders was $30.2 million when including the cash proceeds from the divestment of an asset within our CRH business.”

Mr. Shahbazi further adds, “We are also very excited with the progress of our WELLSTAR subsidiary who delivered another strong better than ‘Rule of 40’ quarter reflecting strong organic revenue growth and healthy Adjusted EBITDA⁽¹⁾ margins. Last week, WELLSTAR announced a $62 million financing at a post money value of $535 million providing WELLSTAR with the capital necessary to execute on additional acquisition opportunities, prepare for its IPO listing and achieve its goal to exceed $100 million in revenues next year.”

Eva Fong, WELL’s Chief Financial Officer, commented, “Our third quarter results highlight the scalability of our operating model as well as the results of our disciplined approach to capital deployment. Our pace of Canadian clinical acquisitions has picked up in 2025, as we’ve completed 12 Canadian clinical transactions in the first nine months of the year, representing $67.0 million of acquired revenue. We remain focused on enhancing our margin profile and driving greater operating leverage across the organization, while pursuing strategic initiatives to streamline and optimize our portfolio. With a strong balance sheet and growing cash generation, we are well positioned to sustain long-term growth and deliver value to our shareholders.”

Third Quarter 2025 Financial Highlights:

• WELL achieved record quarterly revenue of $364.6 million in Q3-2025, an increase of 56% compared to revenue of $234.1 million generated in Q3-2024. This growth was mainly driven by organic growth, acquisitions completed over the last twelve months and the inclusion of HEALWELL results in WELL’s consolidated financial reporting. Excluding the impact of “CM Deferrals”, revenue would have reached $347.0 million, representing a 48% increase compared to the previous year.
• Adjusted Gross Profit⁽¹⁾ was $165.8 million in Q3-2025, an increase of 75% compared to Adjusted Gross Profit⁽¹⁾ of $94.6 million in Q3-2024.
• Adjusted Gross Margin⁽¹⁾ percentage was 45.5% during Q3-2025 compared to Adjusted Gross Margin⁽¹⁾ percentage of 40.4% in Q3-2024. 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 $59.9 million in Q3-2025, an increase of 296% compared to Adjusted EBITDA⁽¹⁾ of $15.1 million in Q3-2024. Adjusted EBITDA⁽¹⁾ margin was 16.4% in Q3-2025, compared 6.5% in Q3-2024. Excluding the impact of CM Deferrals, Adjusted EBITDA⁽¹⁾ would have been $42.3 million, representing a 180% increase compared to the previous year.
• Adjusted EBITDA⁽¹⁾ attributable to WELL shareholders was $43.2 million in Q3-2025, an increase of 238% compared to Adjusted EBITDA⁽¹⁾ to WELL shareholders of $12.8 million in Q3-2024.
• Adjusted Net Income⁽¹⁾ was $41.0 million, or $0.16 per share in Q3-2025, compared to Adjusted Net Income⁽¹⁾ of $4.1 million, or $0.02 per share in Q3-2024.
• Operating Adjusted Free Cashflow⁽¹⁾ available to shareholders (or FCFA2S) was $15.1 million in Q3-2025 compared to FCFA2S of $16.2 million in Q3-2024. FCFA2S was impacted by elevated capital expenditures focused on upgrading our clinical portfolio.

Segmented Revenue:

• Canadian Patient Services revenue was $110.1 million in Q3-2025, an increase of 41% compared to $78.0 million in Q3-2024.
• U.S. Patient and Provider Services revenue was $197.4 million in Q3-2025, an increase of 40% compared to $140.6 million in Q3-2024.
• WELLSTAR, the Company’s pure-play SaaS technology subsidiary, achieved revenue of $17.3 million in Q3-2025, an increase of 68% compared to $10.3 million in Q3-2024. WELLSTAR’s growth was driven by healthy organic growth and acquisitions.

Third Quarter 2025 Key Metrics:

• WELL achieved over 1.7 million patient visits in Q3-2025, an increase of 19% compared to 1.46 million patient visits in Q3-2024.
• Canadian Patient Services visits increased 38% over the past year primarily driven by acquisitions as well as 9% organic growth, including the clinic absorption program.
• As of the end of the third quarter, WELL reported 227 clinics across Canada, including primary care, diagnostics, allied health, specialty and executive health clinics.

Third Quarter 2025 Business Highlights:

On July 8, 2025, the Company announced the completion of two clinic acquisitions in British Columbia, effective July 1, 2025. The acquired clinics include a personalized health clinic in Vancouver and a multidisciplinary clinic in Burnaby, expanding the Company’s presence in preventative health and specialty care.

On July 8, 2025, the Company announced an expansion and extension of its senior secured credit facility, led by Royal Bank of Canada, increasing total capacity to approximately $200 million and extending the maturity to 2027. The revised facility converts the accordion feature into a revolving credit line, enhancing the Company’s financial flexibility to support continued growth.

On July 16, 2025 HEALWELL acquired the remaining 49% of Pentavere Research Group Inc. (“Pentavere”), by exercising a call option that it had previously negotiated at the time of its original acquisition of a majority interest in Pentavere in 2023. Pursuant to the call option, HEALWELL acquired all of the remaining issued and outstanding shares of Pentavere for an aggregate purchase price of $13,978 which was satisfied with the issuance of 10,161,562 HEALWELL Class A Subordinate Voting Shares. With 100% ownership of Pentavere, HEALWELL intends to deepen integration between its AI businesses and accelerate commercialization of AI products across healthcare offerings.

Events Subsequent to September 30, 2025:

On October 30, WELLSTAR entered into agreements to complete a Series B preferred share investment (each, a “Series B Share”) in the aggregate amount of $62 million at an offering price of C$1.50 per Series B Share (the “Series B Financing”). The Series B Financing is supported by three of Canada’s most prominent fund investors, Mawer Investment Management Ltd., Edgepoint Wealth Management Inc. and Picton Mahoney and is expected to close in early December 2025. The financing included management of both WELLSTAR and WELL who subscribed for $3 million of Series B shares in total.

On November 3, HEALWELL announced that it has completed a series of strategic transactions to streamline operations, accelerate clinical research, and focus on high-growth AI and software initiatives. The transactions include the sale of HEALWELL’s Polyclinic Family Medicine and Specialty Clinics Group (“Polyclinic”), the formation of a 50/50 clinical research joint venture with WELL, combining the businesses of Bio Pharma Services Inc. and Canadian Phase Onward Inc., and the sale of HEALWELL’s interest in Mutuo Health Solutions Inc. (“Mutuo”) to WELLSTAR. These transactions accelerate HEALWELL’s evolution into becoming a pure-play, high-margin AI and SaaS software and services business.

Outlook:

WELL intends to maintain strong performance while strategically enhancing operations in pursuit of organic growth, margin expansion, and profitability. WELL is expecting its momentum to continue into Q4 and next year across its key business units with an emphasis on its core Canadian businesses. WELL’s objective is to invest in and achieve significant growth while effectively managing its costs and delivering cashflow to shareholders.

Management is pleased to reaffirm its 2025 annual guidance, as follows:

• Annual revenue to be between $1.40 billion to $1.45 billion, representing 52% to 58% annual growth compared to 2024.
• Annual Adjusted EBITDA to be in the upper half of its guidance of $190 million to $210 million.

Excluding the impact of the CM Deferrals, the Company’s annual revenue guidance would be between $1.36 billion to $1.41 billion, while its annual Adjusted EBITDA⁽¹⁾ would be between $150 million to $170 million.

Our present guidance for the balance of the year is sensitive to a number of factors including the timing of additional M&A and/or divestitures which may cause these figures to be re-issued or updated accordingly.

Conference Call:

WELL will release its Third Quarter 2025 financial results for the period ended September 30, 2025, on Thursday, November 6, 2025. The Company will hold a conference call and simultaneous webcast to discuss its results on the same day at 1:00 pm ET (10:00 am PT).

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 condensed interim consolidated financial statements and interim MD&A for the quarter ended September 30, 2025.

	Quarter ended			Nine months ended
	September 30, 2025	June 30, 2025	September 30, 2024 Restated	September 30, 2025	September 30, 2024 Restated
	$'000	$'000	$'000	$'000	$'000
Revenue	364,599	356,673	234,135	1,015,409	684,930
Cost of sales (excluding depreciation and amortization)	(198,828)	(197,934)	(139,487)	(573,427)	(404,595)
Adjusted Gross Profit(1)	165,771	158,739	94,648	441,982	280,335
Adjusted Gross Margin(1)	45.5%	44.5%	40.4%	43.5%	40.9%
Adjusted EBITDA(1)	59,917	49,735	15,134	137,229	50,414
Net (loss) income	(2,653)	16,998	(88,426)	(27,541)	30,931
Adjusted Net Income (1)	40,997	25,771	4,074	74,276	25,361
Earnings (Loss) per share, basic (in $)	0.02	0.05	(0.36)	(0.12)	0.10
Earnings (Loss) per share, diluted (in $)	0.02	0.05	(0.36)	(0.12)	0.10
Adjusted Net Income per share, basic (in $)	0.16	0.10	0.02	0.29	0.11
Adjusted Net Income per share, diluted (in $)	0.16	0.10	0.02	0.29	0.11
Reconciliation of net income (loss) to Adjusted EBITDA:
Net (loss) income for the period	(2,653)	16,998	(88,426)	(27,541)	30,931
Depreciation and amortization	26,520	25,395	17,476	71,461	51,343
Income tax expense (recovery)	9,562	5,923	(3,843)	14,256	(12,675)
Interest income	(342)	(463)	(255)	(1,324)	(772)
Interest expense	16,228	12,909	9,103	40,543	28,333
Rent expense on finance leases	(4,935)	(5,407)	(4,675)	(15,030)	(12,918)
Share-based payments	5,949	5,815	2,141	14,229	12,383
Foreign exchange loss (gain)	1,734	(1,032)	62	786	(42)
Time-based earnout expense	1,583	5,137	1,829	6,935	3,956
Change in fair value of investments	311	(12,751)	77,092	22,795	(53,192)
Change in fair value of derivative liability	488	(2,130)	-	(1,642)	-
Gain on disposal of assets and investments	(10,950)	-	(33)	(10,974)	(11,317)
Share of net loss of associates	146	117	1,832	2,643	2,719
Transaction, restructuring and integration costs expensed	3,946	2,797	2,232	10,613	8,323
Legal settlements and defense (recovery) costs	1,823	(3,573)	599	(1,781)	2,589
Impairment charge and other items	10,507	-	-	11,260	753
Adjusted EBITDA(1)	59,917	49,735	15,134	137,229	50,414
Attributable to WELL shareholders	43,225	37,458	12,781	100,976	40,431
Attributable to Non-controlling interests	16,692	12,277	2,353	36,253	9,983
Adjusted EBITDA(1)
WELL Corporate	(8,767)	(8,544)	(5,368)	(23,831)	(15,455)
Canada and others	22,388	25,151	14,036	66,211	41,542
US operations	46,296	33,128	6,466	94,849	24,327
Adjusted EBITDA(1) attributable to WELL shareholders
WELL Corporate	(8,767)	(8,544)	(5,368)	(23,831)	(15,455)
Canada and others	20,135	22,777	13,743	60,122	40,635
US operations	31,857	23,225	4,406	64,685	15,251
Adjusted EBITDA(1) attributable to Non-controlling interests
Canada and others	2,253	2,374	293	6,089	907
US operations	14,439	9,903	2,060	30,164	9,076
Reconciliation of net income (loss) to Adjusted Net Income(1):
Net (loss) income for the period	(2,653)	16,998	(88,426)	(27,541)	30,931
Amortization of acquired intangible assets	17,841	17,432	11,294	48,307	34,175
Time-based earnout expense	1,583	5,137	1,829	6,935	3,956
Share-based payments	5,949	5,815	2,141	14,229	12,383
Change in fair value of investments	311	(12,751)	77,092	22,795	(53,192)
Change in fair value of derivative liability	488	(2,130)	-	(1,642)	-
Share of net loss of associates	146	117	1,832	2,643	2,719
Impairment charge and other items	10,507	-	-	11,260	753
Non-controlling interest included in net income (loss)	6,825	(4,847)	(1,688)	(2,710)	(6,364)
Adjusted Net Income (1)	40,997	25,771	4,074	74,276	25,361

Footnotes:

1. 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.
   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 added cashflow, management provides its key results and outlook including and excluding deferred revenues to facilitate improved insights to WELL's financial results.
2. Total Care Interactions are defined as Total Patient Visits plus Technology Interactions plus Billed Provider Hours.
3. Leverage ratio is defined as Net Debt divided by trailing twelve months (TTM) Shareholder Adjusted EBITDA, where Net Debt is calculated as Total Debt less cash and excluding convertible debt.

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 43,000 healthcare providers between the US and Canada and power the largest owned and operated healthcare ecosystem in Canada with more than 220 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 may contain “Forward-Looking Information” within the meaning of applicable Canadian securities laws, including, without limitation: 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; 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 future-oriented financial information and financial outlook information (collectively, “FOFI”) 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 FOFI 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 FOFI. FOFI 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 FOFI 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/20251106822314/en/

For further information:

Tyler Baba

Investor Relations, Manager

investor@well.company

604-628-7266

Source: WELL Health Technologies Corp.