2024 Prnewswire

WELL Health Technologies Reports Record Revenue, Adjusted EBITDA, and Net Income Results for Q4 and Full Year 2023 and Raises Revenue Guidance

2024 PRNewswire

WELL Health Technologies Corp (WHTCF)

VANCOUVER, BC, March 14, 2024 /PRNewswire/ -- WELL Health Technologies Corp. (TSX: WELL) ("WELL" or the "Company"), a provider of digital health solutions focused on primary care, announces its financial results for the fourth quarter and full year ended December 31, 2023.

Q4 and Full Year 2023 Financial Highlights

• Revenue increased 86% to $149.1 million in Q4 2023, compared to $80.1 million in Q4 2022.
• Adjusted EBITDA increased 133% to $32.5 million in Q4 2023, compared to $14.0 million in Q4 2022.
• Net income increased 186% to $18.3 million in Q4 2023, compared to $6.4 million in Q4 2022.
• Revenue increased 80% to $526.9 million in full-year 2023, compared to $292.8 million in full-year 2022.
• Adjusted EBITDA increased 131% to $115.9 million in full-year 2023, compared to $50.6 million in full-year 2022.
• Net income increased 246% to $62.2 million in full-year 2023, compared to $17.9 million in full-year 2022.

Outlook

WELL continues to expect strong growth in 2024, driven by the continued adoption of its digital health solutions by healthcare providers and patients. The Company reiterates its revenue guidance of $650-$700 million for 2024.

Conclusion

WELL Health Technologies continues to deliver impressive financial results, reflecting the strong demand for its digital health solutions. With its focus on primary care and its commitment to innovation, the Company is well-positioned to continue its growth trajectory in the years to come. WELL's solutions are making a real difference in the lives of healthcare providers and patients, and the Company is poised to capture a significant share of the rapidly growing digital health market.