WELL Health Technologies Corp (TSX:WELL, OTCQX:WHTCF) shares moved higher after the digital healthcare company posted record second quarter revenue and raised its full-year guidance.
For the quarter ended June 30, 2023, WELL reported revenue of $170.9 million, up 21.8% from $140.3 million in the year-ago quarter.
The company noted that this marked WELL’s 18th consecutive quarter of record revenue performance.
Its adjusted income was $14.4 million or $0.06 per share, compared to an adjusted net income of $17.5 million or $0.08 in 2Q 2022.
“WELL exited 2Q 2023 with over 3,200 providers and clinicians representing more than 40% growth in providers and delivering a milestone of over 1 million quarterly patient visits delivered by our own team of providers for the first time in the company's history,” WELL CEO Hamed Shahbazi said in a statement.
Shahbazi also highlighted the company’s recent artificial intelligence (AI) initiatives, including the WELL AI Voice and the WELL AI Investment Program, which includes a recent investment in AI-enabled disease detection capabilities.
“This is only the beginning as we have a compelling pipeline of opportunities, we are pursuing that leverage the power of AI to give healthcare providers clinical decision support tools that will give them their time back, enhance clinic productivity and provide better patient outcomes,” the CEO said.
WELL expects its strong performance to continue into the second half of 2023 and, as such, raised its annual revenue guidance to a range of $740 to $760 million from its prior expected range of $690 million to $710 million.
It expects its annual adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) to increase by more than 10% over 2022.
WELL shares had added 4.6% at C$4.60 on Thursday afternoon.
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