Well Health Claims Record Revenues In May, Provides No Hard Details

Well Health Technologies (TSX: WELL) this morning attempted to rally its base amidst its endless slow selloff in the markets. The firm released data this morning on its performance during the month of May, stating that the firm experienced “record revenues” during the month.

The company has reported that it has completed a total of 260,337 omni-channel patient visits during the month of May, which is a 40% increase versus year ago levels. On a more comparable basis, the company in Q1 conducted 772,093 visits, which averages out to 257,364 on a monthly basis.

Patient interactions for the month meanwhile hit 311,739, which is said to be a record month for the firm. However, within its Q1 results the firm indicated that it achieved 1,064,987 such interactions throughout the first quarter, which shakes out to 354,996 per month, which doesn’t match the results stated today.

“Both April and May have thus far reflected record revenue performances for WELL and setting the stage for a strong fiscal Q2 performance. Our revenue growth continues to be resilient while we leverage structural advantages in our business,” commented CEO Hamed Shahbazi.

The company also confirmed that it remains on track for meeting its prior guidance of $525 million in revenues and “approaching” $100 million in adjusted EBITDA for the full fiscal year. Circle Medical and WISP are meanwhile said to be now exceeding $110 million on an annualized revenue run rate, up from a $100 million run rate at the end of the first quarter. That run rate is expected to surpass $130 million “later this year.” The two subsidiaries combined are believed to be posting positive adjusted EBITDA as well.

Hard data in terms of the “record revenue” recorded during the month were not provided.

Well Health last traded at $3.54 on the TSX.

Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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