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.

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. 

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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

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.”