WELL Health Technologies Corp. (TSX: WELL) reported today its financial performance for the quarter ending June 30, 2021. The results highlighted a quarterly revenue of $61.8 million, up from Q1 2021’s revenue of $25.6 million and Q2 2020’s revenue of $10.6 million.
The company attributes the increase in revenue to the acquisition of CRH Medical Corporation, with the latter contributing $36.7 million of the quarterly revenue. Corollary, the gross margin for the quarter also increased to 48.9% from 39.3% last quarter and 40.0% last year.
However, the firm’s net losses dipped to $14.1 million for the quarter from last quarter’s net loss of $7.1 million and last year’s net loss of $3.4 million. The quarterly loss translates to $0.08 per share.
On the other hand, adjusted EBITDA came in at $11.9 million, a climb from both last quarter’s earnings of $0.5 million and last year’s loss of $0.5 million. Of this adjusted figure, $14.6 million came from the firm’s US operations while a loss of $2.8 million came from operations in Canada and other markets.
The healthcare firm has an optimistic outlook for the next quarter, citing the recent acquisition of MyHealth Partners. In a statement, WELL Health CEO Hamed Shahbazi said, “[The CRH Medical and My Health acquisitions] now puts us on track for a proforma annualized revenue run-rate of almost $400 million and an Adjusted EBITDA run-rate approaching $100 million.”
WELL Health Technologies last traded at $7.62 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.