The company reported adjusted EBITDA of C$28.31m for the quarter, up by 6% from C$26.68m in Q1 2023. Credit: Guschenkova / Shutterstock.

Canadian health technology company WELL Health Technologies has reported net income of C$19.60m ($14.29m) for the first quarter (Q1) of fiscal 2024 (FY24), as against a net loss of C$10.62m a year earlier.

For the three months to 31 March, the company’s revenue stood at C$231.56m, marking a 37% increase from C$169.42m in Q1 2023.

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WELL Health’s Canadian Patient Services business contributed significantly to the company’s overall revenue increase, with the segment’s revenue reaching C$75.7m in Q1 2024, up by 49% year-on-year (YoY).

The company’s Patient and Provider Services business revenue was C$140.4m, an increase of 42% from C$99.2m in Q1 FY23.

Revenue for its SaaS and Technology Services unit experienced a decline, falling by 20% to C$15.4m, partly due to the sale of its subsidiary Intrahealth. 

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WELL Health’s total adjusted net income for Q1 2024 was C$20.23m, reflecting a 43% increase from C$14.12m in Q1 2023.

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The company’s adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) was C$28.31m in Q1 FY24, a 6% increase from C$26.68m in Q1 2023.

Adjusted EBITDA attributable to WELL shareholders rose by 4% to C$21.4m in the quarter.

WELL Health has increased the guidance range for its 2024 annual revenue, which is now expected to be between C$960m and C$980m.

The company’s annual adjusted EBITDA is anticipated to be at the upper end of its C$125m to C$130m guidance range.

WELL Health founder and CEO Hamed Shahbazi said: “As of the end of Q1 2024, more than 3,900 providers and clinicians delivered care across WELL’s network of physical and virtual clinics, and more than an additional 36,000 providers benefited from our SaaS and Technology Services.

“Our dedication remains steadfast in empowering healthcare professionals with cutting-edge technology, including substantial investments in AI-based products and services, aimed at enhancing provider productivity and effectiveness.”