WELL Health Technologies Corp. (TSX: WELL) reported today its financial performance for Q1 2022. The results highlighted a quarterly revenue of $126.5 million, as the company previously said that it would end the quarter with more than $120 million.
The topline figure is an increase from both Q4 2021’s revenue of $115.7 million and Q1 2021’s revenue of $25.6 million.
“Our impressive results were driven by strong patient visits in the quarter,” said CEO Hamed Shahbazi. “During Q1-2022 WELL delivered more than one million combined omni-channel, diagnostic and asynchronous patient interactions.”
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In October 2021, the firm announced the streamlining of the organization with two key business lines: Omni-Channel Patient Services and Virtual Services. Omni-channel services contributed $88.4 million to the quarterly revenue while virtual services added $38.1 million. These are significant jumps from year-ago counterparts of $11.7 million and $13.9 million, respectively.
However, the firm still incurred a net loss of $2.3 million compared to last quarter’s net loss of $4.2 million and last year’s net loss of $7.5 million. The quarterly loss translates to $0.04 per share.
On the other hand, adjusted EBITDA came in at $23.5 million, down from last quarter’s $25.7 million but up from last year’s $0.5 million. The adjustment is mainly driven by $12.7 million in depreciation and amortization and $5.1 million in stock-based compensation.
Given the quarterly performance, the healthcare firm is increasing its 2022 revenue guidance beyond $525 million from the previously announced $500 million. This comes after the quarter contributed to the firm’s current $500 million annualized revenue run-rate.
Adjusted EBITDA for the year is also expected to reach $100 million. This contributes to the firm’s expectation of becoming “profitable for the full year of 2022” based on its adjusted net income.
“Our outlook for the remainder of 2022 remains very positive. Despite the current geo-political, inflationary, and turbulent economic environment, the Company does not see any material influences or challenges that would impair its ability to deliver strong results in 2022,” Shahbazi added.
The company said in April 2022 that is looking to renew its normal course issuer bid, despite hardly utilizing the last such program it had in place.
WELL Health Technologies last traded at $3.99 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.
