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.

Leave a Reply

Video Articles

Endeavour Mining Q1 Earnings: Cash Flow Is King

G Mining Oko West Feasibility: Move Fast, Break.. Nothing?

New Gold Q1 Earnings: What’s Behind The Market’s Surprising Reaction?

Recommended

First Majestic Posts Record Cash Flows In Q1 As Production Costs Fall

Brazil Potash Secures Funding In Support Of US$2.5 Billion Autozales Project

Related News

Well Health To Acquire CRH Medical For US$369.2 Million

Well Health Technologies (TSX: WELL) this morning continued with its strategy of acquiring medical-related assets,...

Monday, February 8, 2021, 07:24:11 AM

Well Health Provides Vague Preliminary Q4 Results, Announces Return Of Buyback Program

Well Health (TSX: WELL) is looking to boost its share price. The firm this morning...

Thursday, January 20, 2022, 08:04:51 AM

Well Health: Canaccord Reiterates Ratings Following Recent Acquisition

Last week WELL Health Technologies (TSX: WELL) announced their latest acquisition, a majority stake in...

Friday, September 10, 2021, 03:29:00 PM

WELL Health To Acquire Backoffice Service Provider

WELL Health Technologies (TSX: WELL) this morning elected to close the trading week out with...

Friday, April 30, 2021, 07:19:31 AM

WELL Health Provides Corporate and COVID-19 Update

WELL Health Technologies Corp (TSX: WELL) has released its corporate update, in addition to providing a...

Friday, March 13, 2020, 02:03:52 PM