WELL Health Technologies Corp. (TSX: WELL) (OTCQX: WHTCF) (the “Company” or “WELL“), a digital healthcare company focused on positively impacting health outcomes by leveraging technology to empower healthcare practitioners and their patients globally, is pleased to announce its interim consolidated financial results for the quarter ended March 31, 2023.
Hamed Shahbazi, Founder and CEO of WELL commented, “Q1-2023 was an exceptional quarter that exceeded all expectations and demonstrated the strength, depth and quality of our technology enabled care delivery platforms. WELL achieved 34% Year-over-Year revenue growth, largely driven by our organic growth which accelerated to 21% in the first quarter, the highest level of organic growth we’ve had in several quarters. This quarter also marks our 17th consecutive quarter of record revenue. Our profitability and cashflow profile continue to be robust, as we achieved $10.8 million in Adjusted Free Cash Flow(1) to shareholders in Q1-2023, notwithstanding elevated interest fees. Given the strength of our outlook, we are pleased to increase revenue guidance again as we have for each of the past five quarters.”
Mr. Shahbazi further added, “At the heart of our culture, is our purpose to passionate care and support healthcare providers. WELL exited Q1 2023 with over 3,000 providers and clinicians delivering care in our physical and virtual clinics and more than 28,000 providers supported by our SaaS and Technology Services. We are determined to faithfully support and ‘tech enable’ healthcare professionals with the very best technology available which now includes significant investments in Artificial Intelligence, or AI, based products and services that enhance provider productivity and effectiveness.”
Eva Fong, WELL’s Chief Financial Officer, added, “WELL has continued to demonstrate continuous growth, can drive significant cashflow to shareholders and lower its leverage levels effectively. I am pleased to announce that we have reduced our leverage ratio(4) of net debt to shareholder Adjusted EBITDA from 3.5x at the end of Q1-2022 to 2.6x as of the end of Q1-2023. With our leadership position in the digital healthcare industry and continued cash flow generation, we are well positioned for continued success in 2023 and beyond.”
