Well Health Sees Patient Visits Post Continued Growth In Q3

Well Health (TSX: WELL) this morning released preliminary third quarter results as it looks to boost investor enthusiasm for its equity. The firm continues to see steady growth within its patient visits, posting healthy quarter over quarter growth figures for the data point.

Omni-channel patient visits increased to 892,966 in the third quarter, a 7% improvement over the second quarter’s figure of 835,078, and an improvement of 53% compared to the firms year ago performance. When performance from the firms MyHealth and Wisp subsidiaries are included into the figures, the company indicates it conducted 1,249,212 patient interactions during the quarter, a 6% improvement versus the second quarter.

The company also highlighted that patient interactions have now achieved a run rate of 5.0 million per year.

“Our strong Q3 patient visits and interactions were driven by healthy growth in our US-based virtual services businesses, Circle Medical and Wisp, which now exceed an annual revenue run-rate of US$100M on a combined basis, reflecting 124% YoY organic growth and are operating profitably on an Adjusted EBITDA³ basis,” commented CFO Eva Fong.

The company indicated that as a result of improving patient visits it expects to post “another record revenue performance.”

Separately, the firm also confirmed that it has now completed the purchase of certain assets from CloudMD (TSXV: DOC), which included EMR, billing, and clinical assets that were acquired for $5.7 million, which was paid in cash. The purchase is expected to drive $9.0 million in topline revenues, while the assets will reportedly “operate profitably.”

Full financial results for the third quarter are slated to be released by Well on November 10.

Well Health last traded at $3.01 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.