WELL Health Technologies Corp

Latest Results (18.04.2026):

WELL Health Technologies Corp. — Q1 2025 (three months ended March 31, 2025): WELL reported revenue of $294.1 million (up 32% year‑over‑year) and 1.6 million patient visits (up 24% year‑over‑year). The company recorded a net loss of $41.9 million (‑$0.19 per share) for Q1 2025, while Adjusted EBITDA was a positive $27.6 million and Adjusted Net Income was $7.5 million. Results were affected by Circle Medical revenue deferrals and prior-period impacts from a Change Healthcare cyberattack at CRH; WELL expects continued growth in 2025 and provided annual guidance.

Key financials

Revenue: $294.1M (Q1 2025), +32% vs Q1 2024. Net (loss): $(41.9)M (‑$0.19/sh). Adjusted EBITDA: $27.6M. Adjusted Gross Profit: $117.5M; Adjusted Gross Margin: 39.9% (down from 42.1% in Q1 2024).

Revenue mix

Patient Services drove 93% of revenue ($273.2M) and SaaS & Technology Services accounted for ~7% ($20.9M). Margin compression partly reflects addition of lower‑margin provider staffing (Harmony).

Operational metrics

1.6M patient visits in Q1 2025 (+24% YoY). Canadian footprint: 140 physical facilities; Canadian billable practitioners ~1,833. U.S. operations: CRH serves 149 ASCs/GI clinics; total practitioner network across WELL’s platform >42,000.

One‑time / presentation impacts

Circle Medical recorded customer cash of US$6.4M in Q1 but recognized it as deferred revenue under IFRS 15; cumulative deferred revenue at Circle Medical was $58.4M as at March 31, 2025. CRH also has ~$24.5M of 2023–2024 revenue not recognized due to collection uncertainty tied to the Change Healthcare cyberattack and related settlements.

Guidance for 2025

Full‑year revenue guidance: $1.40–1.45B (implying 52–58% growth). Full‑year Adjusted EBITDA: $190–210M. Excluding the impact of deferred Circle Medical revenue, WELL’s guidance: revenue $1.35–1.40B and Adjusted EBITDA $140–160M.

Segment and adjusted performance

Adjusted EBITDA by reporting areas: total $27.6M (attributable to WELL shareholders $20.3M; non‑controlling interests $7.3M). Canadian Patient Services showed continued growth; U.S. patient services benefited from CRH and acquisitions but had prior-period recognition effects; SaaS & Technology revenue grew ~36% YoY, bolstered by Microquest and Bluebird.

Corporate actions and consolidation

WELL exercised a call option and increased its HEALWELL ownership (approx. 37% economic / ~69% voting) and obtained control effective April 1, 2025; HEALWELL (and Orion Health acquired by HEALWELL) will be consolidated after Q1. WELL completed multiple tuck‑ins and clinic acquisitions adding ~$100M of annualized revenue (Dec 1, 2024 – Jan 1, 2025).

Management commentary / outlook

Management expects Q1 momentum to continue across business units and emphasizes leveraging WELLSTAR and HEALWELL AI products, focusing M&A and capital allocation primarily in Canada, and aiming to deliver cash flow and profitability improvements through 2025.