WELL Health Technologies Corp. (TSX: WELL) reported today its financial performance for the quarter ending September 30, 2021. The results highlighted a quarterly revenue of $99.3 million, up from Q2 2021’s revenue of $61.8 million and Q3 2020’s revenue of $12.2 million.
The company attributes the increase in revenue to the acquisition of CRH Medical Corporation and MyHealth Partners, contributing $48.7 million and $19.2 million of the quarterly revenue, respectively. Corollary, the gross margin for the quarter also increased to 50.3% from 48.9% last quarter and 41.2% last year.
However, the firm still incurred a net loss of $10.4 million compared to last quarter’s net loss of $14.1 million and last year’s net loss of $3.6 million. The quarterly loss translates to $0.06 per share.
On the other hand, adjusted EBITDA came in at $22.3 million, a climb from both last quarter’s earnings of $11.9 million and last year’s loss of $0.2 million. The adjustment is mainly driven by $16.3 million in depreciation and amortization and $9.4 million in stock-based compensation.
The healthcare firm also relayed its expectations of annualized revenue run-rate approaching $450 million and an adjusted EBITDA run-rate approaching $100 million. In October 2021, the firm announced the streamlining of the organization with two key business lines: Omni-Channel Patient Services and Virtual Services. For Q3 2021, revenues from virtual services increased to $18.0 million from $2.6 million for the same comparable period last year.
WELL Health Technologies last traded at $6.94 on the TSX.
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