Canadian digital healthcare company WELL Health Technologies has reported a net income of C$33.7m ($24.8m) in the fourth quarter (Q4) of 2023, a 53% increase from C$22.1m in Q4 2022. 

For the quarter that ended 31 December 2023, its adjusted net income totalled C$11.2m, down 10.4% from C$12.5m in the prior year.   

The company generated revenues of C$231.2m in Q4 2023, a 48% increase from C$156.5m in the same quarter of 2022. 

This revenue growth has been primarily attributed to strategic acquisitions, a seasonal increase in patient visits across the company’s primary care and WELL Health USA divisions, and an organic growth within its virtual services offerings.  

WELL’s patient visits in Q4 2023 increased 30% year-over-year to more than 1.2 million.  

In addition, the company facilitated over 547,000 technology interactions and completed 98,000 billed provider hours, culminating in more than 1.769 million care interactions in Q4 2023. 

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In terms of segment growth, WELL reported a 31% increase in revenue from Canada Patient Services to C$67.6m while its US Patient Services revenue rose 55% to C$143.5m. SaaS and Technology revenue increased by 60% to C$20.2m.  

Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) attributable to WELL shareholders were C$22.6m in Q4 2023, a 7% increase from C$21.1m a year ago. 

For the full year of 2023, the company’s adjusted net income was C$52.4m, a decrease from C$53.7m in 2022.  

Net income decreased by 11% to C$16.6m in 2023 from C$18.7m in 2022.  

Total revenue rose 36% to C$776.1m in 2023 from C$569.1m in the previous year while adjusted EBITDA to WELL shareholders increased 15% to C$88.4m from C$76.6m over the period. 

WELL Health achieved more than 4.2 million patient visits and 6.1 million care interactions last year, with patient visits growing by 22% and total care interactions by 29%, compared with 2022.  

For 2024, WELL Health forecasts annual revenue of C$950-C$970m and annual adjusted EBITDA between C$125m and C$130m. 

WELL chairman and CEO Hamed Shahbazi said: ““In support of our operating plan for 2024, we have strategically implemented comprehensive cost-cutting measures, including a streamlined approach to staff restructuring, increased utilisation of AI and technology for process improvement and optimisation, consolidation of suppliers, and tighter integration of our business units.”