Well Health Posts Q4 Revenues Of $115.7 Million, Positive Net Income

Well Health (TSX: WELL) this morning reported its fourth quarter financial results, posting Q4 revenues of $115.7 million, while barely squeaking out a positive net income figure. The results pointed to continued topline growth for the firm as it looks to continue the buildout of its operation.

Revenues for the quarter came in at $115.7 million, as compared to $99.3 million in the prior quarter. Cost of sales meanwhile amounted to $52.2 million on an adjusted basis, which excluded depreciation and amortization, resulting in an adjusted gross profit of $63.5 million, as compared to an adjusted gross profit of $50.0 million in the prior quarter.

Net income meanwhile came in at just $0.7 million, a notable improvement over the prior quarters net loss of $10.4 million. Adjusted EBITDA hit $24.7 million, compared to $22.3 million in the third quarter.

For the full fiscal year, the company saw revenues jump from $50.24 million in 2020 to $302.3 million in 2021, thanks largely in part due to Well’s inorganic growth strategy, which saw large transactions such as the purchase of MyHealth and CRH Medical. Adjusted gross profit comparatively jumped from $21.2 million to $153.7 million on a year over year basis.

All told, the company posted a net loss of $30.9 million and adjusted EBITDA of $60.4 million for the year, compared to a net loss of $3.2 million and adjusted EBITDA of $0.2 million in 2020.

Little additional additional detail was provided on the quarterly results, with full financial results yet to be filed.

In terms of its outlook for 2022, the company expects its revenue to exceed $500 million for the fiscal year, while the company expects to be profitable on an adjusted net income basis.

Well Health last traded at $4.92 on the TSX.

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