WELL Health Technologies Corp (TSX:WELL, OTCQX:WHTCF) released first-quarter results revealing record revenue and upwardly revised guidance.
The largest clinic owner and operator in Canada posted revenue of $169.4 million, up 34% year-over-year, driven by organic growth of 21%. Adjusted net income was $14.1 million, $0.06 per share, compared $8.9 million, $0.04 per share, in the same period of 2022.
"Q1-2023 was an exceptional quarter that exceeded all expectations and demonstrated the strength, depth and quality of our technology enabled care delivery platforms,” CEO Hamed Shahbazi said in a statement.
“This quarter also marks our 17th consecutive quarter of record revenue,” he added.
WELL also bolstered its guidance for the fifth consecutive quarter, upping its 2023 revenue range to between $690 million and $710 million. The company also reiterated its guidance for 10% adjusted EBITDA growth in 2023.
"At the heart of our culture, is our purpose to passionate care and support healthcare providers,” Shahbazi said. “WELL exited Q1 2023 with over 3,000 providers and clinicians delivering care in our physical and virtual clinics and more than 28,000 providers supported by our SaaS and Technology Services. We are determined to faithfully support and 'tech enable' healthcare professionals with the very best technology available which now includes significant investments in artificial intelligence, or AI, based products and services that enhance provider productivity and effectiveness."
WELL saw a total of 1.4 million patient interactions in the quarter, which represents approximately 5.6 million patient interactions on an annualized run-rate. The company achieved 975,500 patient visits in the period, an increase of 25% from 778,910 patient visits in 2022.
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