- WELL's US based businesses continue to experience significant growth delivering their best performance ever with more than 105,000 patient visits in the month of January 2022 delivered by more than 1,100 healthcare practitioners.
- Circle Medical and Wisp are now exceeding US$70M USD in combined run-rate ARR based on January 2022 results. Both assets are exceeding 100% in combined YoY organic growth.
- WELL's wholly owned subsidiary, CRH Medical ("CRH"), opened its first Hemorrhoid banding clinic in the Chicago, IL. The clinic is performing ahead of plan and expected to generate positive cash flow in its first year. CRH expects to open seven more banding clinics across the United States this year.
- CRH has acquired Greater Connecticut Anesthesia Associates ("GCAA") in an all-cash deal. GCAA expects to generate annual revenue near US$6M, and EBITDA of more than US$3M.
VANCOUVER, BC, March 15, 2022 /CNW/ - WELL Health Technologies Corp. (TSX: WELL) ("WELL" or the "Company"), a company focused on positively impacting health outcomes by leveraging technology to empower healthcare practitioners and their patients globally, is pleased to provide an update for its US operations. The growth and momentum realized in 2021 continues to progress well into 2022, with WELL's US businesses, delivering over 105,000 omni-channel patient visits (1), serviced by over 1,100 practitioners in January 2022. This sets new records for both the number of practitioners enabled by WELL's platform and patients treated in a single month in the US.
"We are extremely pleased with the performance of our US assets," said Hamed Shahbazi, Chairman, CEO and Founder of WELL, "Our operators continue to deliver high quality care to patients and exceptional financial results that create value for our shareholders. Our business has never been stronger as we continue to grow organically and inorganically in a disciplined and measured manner."
Circle Medical and Wisp Update
Circle Medical and Wisp, WELL's US-based virtual service businesses continue to demonstrate strong growth in 2022. The combined revenue of these two businesses is now exceeding US$70 million in run-rate ARR and is expected to cross the US$100M threshold this year. Circle Medical achieved a record high 24,565 patient visits in January, while Wisp achieved 47,950 asynchronous consultations. These achievements are record highs for the respective businesses.
WELL's wholly owned subsidiary, CRH, continues to execute its tuck-in M&A strategy in 2022. CRH recently acquired 100% of Greater Connecticut Anesthesia Associates, a Connecticut based anesthesia group, which is expected to generate more than US$3M in shareholder EBITDA. Furthermore, WELL continues to demonstrate network effects from its CRH acquisition, and opened a new hemorrhoid banding clinic in Chicago (the "Banding Clinic"). This Banding Clinic is the first of many planned by CRH and its parent company WELL, to drive patient access to CRH's O'Regan patented and outcome-leading device. The Banding Clinic is operating ahead of plan as it relates to patient visits and revenues. CRH and WELL plan to open at least seven more hemorrhoid banding clinics in the US this year and continue the growth in future years. WELL operates two similar clinics in Canada and is anticipating the opening of several more clinics in Canada also this year.
The total hemorrhoid spending market in the United States is several billion dollars and growing. CRH and its parent WELL are collaboratively positioned to grow and build market share given their significant structural advantages including the ownership of the O'Regan device and clinical expertise.
Omni-channel patient visits includes in-clinic, telephone and virtual patient consultations.
WELL HEALTH TECHNOLOGIES CORP.
Per: "Hamed Shahbazi"
Chief Executive Officer, Chairman and Director
WELL is a practitioner focused digital healthcare company whose overarching objective is to positively impact health outcomes to empower and support healthcare practitioners and their patients. WELL has built an innovative practitioner enablement platform that includes comprehensive end to end practice management tools inclusive of virtual care and digital patient engagement capabilities as well as Electronic Medical Records (EMR), Revenue Cycle Management (RCM) and data protection services. WELL uses this platform to power healthcare practitioners both inside and outside of WELL's own omni-channel patient services offerings. As such, WELL owns and operates Canada's largest network of outpatient medical clinics serving primary and specialized healthcare services and is the provider of a leading multi-national, multi-disciplinary telehealth offering. WELL is publicly traded on the Toronto Stock Exchange under the symbol "WELL" and is part of the TSX Composite Index. To learn more about the Company, please visit: www.well.company.
This news release may contain "Forward-Looking Information" within the meaning of applicable Canadian securities laws, including, without limitation: information regarding the Company's goals, strategies and growth plans;, including but not limited to Circle Medical and Wisp revenues exceeding US$70M in annualized revenue run-rate on a combined basis and to exceed US$100M US later in 2022, Wisp and Circle Medical's future revenue run-rate forecasts and the expected benefits and synergies of completed acquisitions; and WELL's plans to open several new hemorrhoid banding clinics in the US over the next few months. Forward-Looking Information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, and contingencies. Forward-looking generally can be identified by the use of forward-looking words such as "may", "should", "will", "could", "intend", "estimate", "plan", "anticipate", "expect", "believe" or "continue", or the negative thereof or similar variations. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause future results, performance or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by that forward-looking information and the Forward-Looking Information is not a guarantee of future performance. WELL's statements expressed or implied by this Forward-Looking Information is subject to a number of risks, uncertainties, and conditions, many of which are outside of WELL 's control, and undue reliance should not be placed on such statements. Forward-Looking Information is qualified in its entirety by inherent risks and uncertainties, including: direct and indirect material adverse effects from the COVID-19 pandemic; adverse market conditions; risks inherent in the primary healthcare sector in general; regulatory and legislative changes; that future results may vary from historical results; inability to obtain any requisite future financing on suitable terms; any inability to realize the expected benefits and synergies of acquisitions; that market competition may affect the business, results and financial condition of WELL and other risk factors identified in documents filed by WELL under its profile at www.sedar.com, including its most recent Annual Information Form. Except as required by securities law, WELL does not assume any obligation to update or revise any forward-looking information, whether as a result of new information, events or otherwise.
This news release contains future-oriented financial information and financial outlook information (collectively, "FOFI") about estimated annual run-rate revenue and Adjusted EBITDA, all of which are subject to the same assumptions, risk factors, limitations, and qualifications as set out in the above paragraph. The actual financial results of WELL may vary from the amounts set out herein and such variation may be material. WELL and its management believe that the FOFI has been prepared on a reasonable basis, reflecting management's best estimates and judgments. However, because this information is subjective and subject to numerous risks, it should not be relied on as necessarily indicative of future results. Except as required by applicable securities laws, WELL undertakes no obligation to update such FOFI. FOFI contained in this news release was made as of the date hereof and was provided for the purpose of providing further information about WELL's anticipated future business operations on an annual basis. Readers are cautioned that the FOFI contained in this news release should not be used for purposes other than for which it is disclosed herein.
SOURCE WELL Health Technologies Corp.
For further information: Tyler Baba, Investor Relations, Manager, [email protected], 604-628-7266