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Revenue: $294.1 million in Q1 2025, a 32% increase year-over-year.
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Adjusted EBITDA: $27.6 million in Q1 2025, a 36% increase year-over-year.
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Net Loss: $41.9 million or negative $0.19 per share in Q1 2025.
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Adjusted Net Income: $7.5 million or $0.03 per share in Q1 2025.
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Canadian Revenue: $120.6 million in Q1 2025, a 32% increase year-over-year.
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Canadian Adjusted EBITDA: $18.7 million in Q1 2025, a 29% increase year-over-year.
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Patient Visits: Over 1.6 million in Q1 2025, a 24% increase year-over-year.
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Cash and Cash Equivalents: $103.2 million as of March 31, 2025.
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Clinic Network Expansion: Acquired over 11 clinics generating $31.5 million in annual revenue in Q1 2025.
Release Date: May 14, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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WELL Health Technologies Corp (WHTCF) achieved record quarterly revenues of $294.1 million in Q1 2025, marking a 32% increase year-over-year.
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The company reported a 36% increase in adjusted EBITDA to $27.6 million compared to the previous year.
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WELL Health Technologies Corp is focusing on expanding its Canadian clinics network, aiming to reach a 10% market share in Canada.
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The company plans to resume its stock buyback program, indicating confidence in its undervalued stock.
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WELL Health Technologies Corp's Canadian business continues to show strong momentum with 32% year-over-year revenue growth.
Negative Points
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WELL Health Technologies Corp reported a net loss of $41.9 million in Q1 2025, compared to a net income of $13.8 million in Q1 2024.
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The company is in the process of divesting its US care delivery businesses, which could introduce transitional challenges.
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WELL Health Technologies Corp's adjusted net income decreased to $7.5 million from $17.2 million in the previous year.
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The company faces uncertainties related to the regulatory inquiry affecting the sale process of Circle Medical.
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Wisp's EBITDA margins fell to under 2% in Q1 2025, partly due to increased marketing and compliance costs.
Q & A Highlights
Q: Can you explain WELL Health's strategy to achieve a 10% market share of Canadian clinics and any potential risks involved? A: Hamed Shahbazi, CEO, explained that the primary care market in Canada is fragmented with few networks, which positions WELL Health advantageously. The company excels in acquiring and improving small clinic operations. They have scaled their clinic transformation team to support this growth. The focus is on acquiring both small and larger clinic networks, with divestments in the US being a priority to redirect capital to Canada.