WELL HealthTechnologies Provides Business Updates on its US Based Businesses Reflecting Continued Growth
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, April 4, 2022--(T-Net)--WELL Health Technologies Corp. (TSX: WELL), 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, according to the company.
"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.
CRH Update
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.
About WELL
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.
1. Omni-channel patient visits includes in-clinic, telephone and virtual patient consultations.
Notice Regarding Forward Looking Information
Certain statements in this news release related to the Company are forward-looking statements and are prospective in nature. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. [ MORE ]
Certain statements in this news release related to the Company are forward-looking statements and are prospective in nature. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements.
These statements generally can be identified by the use of forward-looking words such as "may", "should", "could", "intend", "estimate", "plan", "anticipate", "expect", "believe" or "continue", or the negative thereof or similar variations. Forward-looking statements in this news release include statements regarding the prospective lead order and the intended use of proceeds of the Offering.
There are numerous risks and uncertainties that could cause actual results and WELL's plans and objectives to differ materially from those expressed in the forward-looking information, including: (i) adverse market conditions; (ii) risks inherent in the primary healthcare sector in general; (iii) that the proceeds of the Offering may need to be used other than as set out in this news release and other factors beyond the control of the Company. Actual results and future events could differ materially from those anticipated in such information.
These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company does not intend to update these forward-looking statements.
Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this release.
WELL Health Technologies Corp.
Vancouver (Other Tech Sectors)
Founded: 2010 | Revenues: $20-50 Million
WELL is an omni-channel digital health company whose overarching objective is to empower doctors to provide the best and most advanced care possible while leveraging the latest technology and trends in digital health.
WELL Health Technologies to Acquire EMR, Billing and Clinical Assets from CloudMD for $5.75M
WELL Health Provides Corporate Updates including a Ramp-up in M&A, and the Formation of its Provider Solutions Business Unit
Well Health Technologies Completes $34.5 Million Financing (Bought Deal Offering of Common Shares)
Want More WELL Health Technologies Corp. News? 1 2 3 4 5 6 7 8
Vancouver, BC (Other Tech Sectors)
Posted: Apr 4, 2022