- WELL achieved record annual revenue of $776.1 million for 2023, an increase of 36%
compared to the prior year. WELL achieved record quarterly revenues
of $231.2 million in Q4-2023, an
increase of 48% as compared to Q4-2022.
- For the full year, WELL achieved record annual Adjusted
EBITDA(1) of $113.4
million, an increase of 8% as compared to 2022. WELL
achieved record Adjusted EBITDA(1) of $30.8 million in Q4-2023, an increase of 13% as
compared to Q4-2022.
- WELL's strong performance was driven by its Canadian
operations. Adjusted EBITDA attributable to Canadian operations was
$45.2 million a 39% YoY increase
over 2022 with strong performances by WELL's Canadian clinics and
Platform Solutions groups.
- WELL ended the year with record Net Income of $33.8 million in Q4-2023 reflecting $0.12 in positive EPS and total Net Income of
$16.6 million in 2023 overall with
positive EPS of $0.00(2).
- WELL is pleased to provide a robust outlook for 2024 with
increased guidance for annual revenue of between $950 million to $970
million. WELL has also introduced a new guidance range of
$125 million to $130 million for Adjusted EBITDA for 2024
reflecting accelerating YoY growth.
VANCOUVER, BC, March 21,
2024 /PRNewswire/ - WELL Health Technologies
Corp. (TSX: WELL) (the "Company" or "WELL"), a
digital healthcare company focused on positively impacting health
outcomes by leveraging technology to empower healthcare
practitioners and their patients globally, is pleased to announce
its audited consolidated financial results for the fiscal year and
fourth quarter ended December 31,
2023.
Hamed Shahbazi, Chairman and CEO
of WELL commented, "We had an outstanding year in 2023 with record
revenue, Adjusted EBITDA(1), Net Income and patient
visits. I am proud to announce that with the inclusion of growth
associated with our clinic absorption program where WELL is
attracting clinics to its network for nominal consideration, we
achieved organic growth of 15% and overall revenue growth of 36% in
2023 driven by strong operating results across all our business
units. Our record achievements can be attributed to the Company's
discipline and focus on tech-enabling healthcare providers and
supporting them by simplifying, modernizing, and digitizing their
workflows and empowering them to deliver the best healthcare
possible. In 2024 thus far, we have begun the year with an intense
focus on enhanced profitability and capital efficiency and are very
pleased to provide shareholders with new and enhanced guidance
which features continued topline growth approaching $1 billion in revenues and accelerating Adjusted
EBITDA growth into our guidance range of $125-130 million. What is exciting about our 2024
game plan is that it features less capital allocation and M&A
activity and more emphasis on organic growth given the company's
growing attractiveness to care providers across Canada and the US."
Mr. Shahbazi further added, "In support of our operating plan
for 2024, we have strategically implemented comprehensive
cost-cutting measures, including a streamlined approach to staff
restructuring, increased utilization of AI and technology for
process improvement and optimization, consolidation of suppliers,
and tighter integration of our business units. These initiatives
have not only strengthened our operational efficiency but also
resulted in millions of dollars of annualized cost savings."
Eva Fong, WELL's CFO commented,
"I am proud to announce that we achieved positive EPS, or Earnings
Per Share, on an adjusted and unadjusted basis for the full year
and fourth quarter of 2023. I am also very pleased that we were
able to refinance our US$300 million
credit facility with JP Morgan and a syndicate of investors on
attractive terms. We generated $42.4M
of Adjusted Free Cash flow(1) in 2023 and are in an
excellent position to continue to fund our growth through our cash
flows from operations and we expect to lower our overall debt
levels, leverage ratio and interest costs in 2024."
Fiscal 2023 Annual Financial Highlights:
- Total revenue for the year ended December 31, 2023, was $776.1 million, compared to total revenue of
$569.1 million for the prior year, an
increase of 36% driven by acquisitions and organic growth during
the past year.
- Canadian Patient Services revenue was $230.4 million in 2023, an increase of 27% as
compared to Canadian Patient Services revenue of $182.0 million in 2022.
- US Patient Services revenue was $476.9
million in 2023, an increase of 45% as compared to US
Patient Services revenue of $329.6
million in 2022.
- SaaS and Technology revenue was $68.8
million in 2023, an increase of 20% as compared to SaaS and
Technology revenue of $57.5 million
in 2022.
- Adjusted Gross Profit(1) was $372.3 million in 2023, an increase of 23% as
compared to Adjusted Gross Profit(1) of
$303.3 million in 2022.
- Adjusted Gross Margin(1) percentage was 48.0%
in 2023, as compared to Adjusted Gross
Margin(1) percentage of 53.3% in 2022. The decrease
in Adjusted Gross Margin percentage is driven by the Company's
increase in patient services revenue, most notably from recruitment
revenue after the acquisition of CarePlus which has lower margins
compared to other patient services and virtual services
revenue.
- Adjusted EBITDA(1) was $113.4 million in 2023, an increase of 8% as
compared to Adjusted EBITDA(1) of $104.6 million in 2022.
- Adjusted EBITDA to WELL shareholders was $88.4 million in 2023, an increase of 15% as
compared to Adjusted EBITDA to WELL shareholders of $76.6 million in 2022.
- Adjusted Net Income(1) was $52.4 million, or $0.22 per share in 2023, a decrease of 2% as
compared to Adjusted Net Income(1) of $53.7 million, or $0.24 per share in 2022.
- Adjusted Free Cashflow was $42.4
million for 2023, a decrease of 13%, as compared to
Adjusted Free Cashflow of $48.9
million for 2022. The decrease was mainly due to higher tax
and interest payments offsetting the increase in shareholder's
EBITDA.
- Net Income was $16.6 million or
$0.00 per share(2) in
2023, a decrease of 11% as compared to Net Income of $18.7 million or $0.00 per share in 2022.
Fourth Quarter 2023 Financial Highlights:
- WELL achieved record quarterly revenue of $231.2 million in Q4-2023, an increase of 48% as
compared to revenue of $156.5 million
generated in Q4-2022. The increase in revenue was mainly driven by
acquisitions, seasonally strong patient visits in the Company's
primary care and WELL Health USA
businesses and healthy organic growth of the Company's virtual
services businesses.
- Canada Patient Services revenue was $67.6 million in Q4 2023, an increase of 31% as
compared to Canada Patient Services revenue of $51.5 million in Q4-2022.
- US Patient Services revenue was $143.5
million in Q4-2023, an increase of 55% as compared to US
Patient Services revenue of $92.3
million in Q4-2022.
- SaaS and Technology revenue was $20.2
million in Q4-2023, an increase of 60% as compared to SaaS
and Technology revenue of $12.6
million in Q4-2022.
- Adjusted Gross Profit(1) was $101.0 million in Q4-2023, an increase of 26% as
compared to Adjusted Gross Profit(1) of
$80.2 million in Q4-2022.
- Adjusted Gross Margin(1) percentage was 43.7%
during Q4-2023 compared to Adjusted Gross
Margin(1) percentage of 51.3% in Q4-2022.
- Adjusted EBITDA(1) was $30.8 million in Q4-2023, an increase of 13% as
compared to Adjusted EBITDA(1) of $27.2 million in Q4-2022.
- Adjusted EBITDA to WELL shareholders was $22.6 million in Q4-2023, an increase of 7% as
compared to Adjusted EBITDA to WELL shareholders of $21.1 million in Q4-2022.
- Adjusted Net Income(1) was $11.2 million, or $0.05 per share in Q4-2023, as compared to
Adjusted Net Income(1) of $12.5 million, or $0.05 per share in Q4-2022.
- Adjusted Free Cashflow(1) was $12.7 million in Q4-2023, an increase of 23%, as
compared to Adjusted Free Cashflow(1) of $10.3 million in Q4-2022.
- Net Income was $33.8 million or
$0.12 per share in Q4-2023, an
increase of 53% as compared to Net Income of $22.1 million or $0.09 per share in Q4-2022.
Fourth Quarter and Annual 2023 Patient Visit
Metrics:
For the full year, WELL achieved a total of over 4.2 million
patient visits and 6.1 million care interactions in 2023. Patient
visits grew 22% in 2023 compared to the prior year, and total care
interactions grew 29% over the same period. This growth was driven
through a combination of acquisitions and organic growth.
WELL achieved a total of over 1.2 million patient visits in
Q4-2023, representing a year-over-year increase of 30% compared to
Q4-2022, and a 27% increase compared to Q3-2023. In addition, WELL
conducted over 547,000 technology interactions in Q4-2023 and
completed 98,000 billed provider hours. Combining WELL's patient
visits, technology interactions, and billed provider hours, WELL
achieved a total of over 1,769,000 care interactions in
Q4-2023.
Fourth Quarter 2023 Business Highlights:
On October 1, 2023, the Company
completed its transaction with HEALWELL AI or "HEALWELL" in which
the Company acquired the Ontario
clinics from HEALWELL, obtained representation on HEALWELL's board
of directors, invested $4.0 million
as part of a $10 million convertible
debenture offering, and acquired a call option to purchase up to
30.8 million Class A Subordinate Voting shares and 30.8 million
Class B Multiple Voting shares in HEALWELL over time, subject to
the achievement of certain performance metrics.
On October 1, 2023, the Company
acquired a 100% interest in Proack Security Inc. ("Proack"). Proack
is a leading provider of offensive security assessments, offering
services like penetration testing, red teaming, and social
engineering to proactively identify and mitigate cybersecurity
threats. Acquired by Cycura, WELL Health's Cybersecurity Business
Unit, Proack enhances Cycura's capabilities in safeguarding
sensitive data and maintaining robust security across healthcare
and corporate networks.
On October 18, 2023, the Company
announced the launch of WELL AI Decision Support. WELL AI Decision
Support is a solution that utilizes artificial intelligence to aid
healthcare providers in early disease diagnosis and preventative
health, particularly in identifying over 110 complex or rare
diseases. Developed by HEALWELL, this technology has been validated
in both Canadian and U.S. healthcare systems. It aims to bridge the
gap in healthcare diagnostics and patient care, ensuring more
accurate and timely diagnoses, and is available through WELL's
digital marketplace for EMR tools and applications.
On November 9, 2023, the Company
announced the launch of the WELL Longevity+ Program, a progressive
extension of its preventative health division and designed to
redefine the future of personal and corporate wellness. WELL
Longevity+ enhances preventative health with advanced precision
diagnostics and AI technologies for the early detection of serious
health conditions to dramatically improve early diagnosis of major
chronic diseases, paving the way for earlier treatment
interventions.
On November 21, 2023, the Company
announced the launch of WELL AI Inbox Admin, a powerful AI-powered
system that creates efficient custom workflows to help optimize
clinical operations and manage incoming documents such as faxes
which are still prevalent in Canada's healthcare ecosystem. WELL AI
Inbox Admin seamlessly integrates with 'EMR' or Electronic Medical
Records systems such as WELL's OSCARPro EMR, enabling quick patient
information retrieval and the ability to quickly triage and
prioritize urgent matters, while its referral management features
save time and enhance patient care pathways.
Events Subsequent to December 31,
2023:
On January 26, 2024, the Company
refinanced its US$300 million
syndicated credit facility with JPMorgan Chase Bank, N.A. and a
syndicate of banking partners with an extension of the term to
January 26, 2027. This facility
includes a $175 million credit
facility and an additional $125
million accordion feature for future growth.
On February 1, 2024, the Company
completed the sale of Intrahealth, an enterprise class EMR provider
within the Company's SaaS and Technology Services operating segment
to HEALWELL for total consideration of approximately $24.2 million, consisting of cash, shares in
HEALWELL and deferred payments.
On February 7, 2024, the Company
created a dedicated public sector focused group to support large
scale health systems and care delivery networks that underpin the
public sector. The objective of this group is to combine and
deliver product offerings that are specifically suited for public
sector's unique scale and requirements. For more information on
WELL's public sector offerings, please visit
www.WELLHealth.solutions.
Outlook:
WELL is expecting its strong performance to continue into 2024
with a greater focus on optimizing its operations for organic
growth and profitability. WELL's objective is to focus on more
capital efficient growth opportunities while effectively managing
its costs and delivering strong and sustained cashflow to
shareholders. Management is pleased to provide the following update
to its guidance, which only includes announced acquisitions:
- Annual revenue for 2024 is expected to be in the range of
$950 million to $970 million, representing up to 25% annual
revenue growth.
- Annual Adjusted EBITDA for 2024 is expected to be in the range
of $125 million to 130 million,
representing up to 15% increase from 2023 levels.
WELL expects to continue to grow both of its US and Canadian
Patient Services business both organically and inorganically but
with greater emphasis on capital efficiency such that it can use
cashflows from its business to reduce debt and limit share
dilution. In Canada, WELL expects
to increase its market leadership as the country's first
pan-Canadian clinical network with a highly integrated network of
tech-enabled outpatient healthcare clinics across the country.
WELL has implemented a cost optimization program to enhance
operational efficiency and profitability. This program includes
staff and leadership restructuring and several other business
transformation and optimization initiatives.
As a company with deep tech experience and capabilities, WELL
has also made investments in AI technologies a key priority within
the Company and expects to continue to develop compelling new
products and enhancements to roll out to WELL's provider and clinic
network.
Conference Call:
WELL will hold a conference call to discuss its 2023 Fourth
Quarter and Annual financial results on Thursday, March 21, 2024, at 12:30 pm ET (9:30 am
PT). Please use the following dial-in numbers: 416-764-8650
(Toronto local), 778-383-7413
(Vancouver local), 1-888-664-6383
(Toll-Free) or +1-416-764-8650 (International), with Conference ID:
2519 7474.
The conference call will also be simultaneously webcast and can
be accessed at the following audience URL:
www.well.company/events.
Selected Unaudited Financial Highlights:
Please see SEDAR for complete copies of the Company's audited
annual consolidated financial statements and annual MD&A for
the year ended December 31, 2023.
|
Year ended
|
|
Quarter ended
|
|
December 31,
|
December
31,
|
|
December 31,
|
September
30,
|
December
31,
|
|
2023
|
2022
|
|
2023
|
2023
|
2022
|
|
$'000
|
$'000
|
|
$'000
|
$'000
|
$'000
|
|
Revenue
|
776,054
|
569,136
|
|
231,246
|
204,461
|
156,513
|
|
Cost
of sales (excluding depreciation and amortization)
|
(403,787)
|
(265,845)
|
|
(130,207)
|
(110,225)
|
(76,276)
|
|
Adjusted
Gross Profit(1)
|
372,267
|
303,291
|
|
101,039
|
94,236
|
80,237
|
|
Adjusted
Gross Margin(1)
|
48.0 %
|
53.3 %
|
|
43.7 %
|
46.1 %
|
51.3 %
|
|
Adjusted
EBITDA(1)
|
113,394
|
104,559
|
|
30,750
|
28,172
|
27,174
|
|
Net income (loss)
|
16,637
|
18,675
|
|
33,762
|
(4,482)
|
22,084
|
|
Adjusted
Net Income (1)
|
52,402
|
53,704
|
|
11,156
|
12,760
|
12,493
|
|
Earnings (loss) per share, basic and diluted (in $)
|
0.00
|
0.00
|
|
0.12
|
(0.03)
|
0.09
|
|
Adjusted
Net Income per
share, basic and diluted (in
$) (1)
|
0.22
|
0.24
|
|
0.05
|
0.05
|
0.05
|
|
Weighted
average number of
common shares outstanding, basic and
diluted
|
236,542,932
|
220,691,471
|
|
240,354,683
|
238,104,415
|
229,505,226
|
|
Reconciliation of net income
(loss) to Adjusted EBITDA:
|
|
|
|
|
|
|
|
Net income
(loss) for the
period
|
16,637
|
18,675
|
|
33,762
|
(4,482)
|
22,084
|
|
Depreciation and
amortization
|
60,768
|
55,203
|
|
16,756
|
15,449
|
14,100
|
|
Income
tax expense (recovery)
|
2,860
|
(1,150)
|
|
804
|
(25)
|
(3,684)
|
|
Interest
income
|
(763)
|
(649)
|
|
(334)
|
(114)
|
(238)
|
|
Interest
expense
|
33,603
|
25,291
|
|
9,035
|
8,966
|
7,761
|
|
Rent
expense on finance
leases
|
(11,283)
|
(9,176)
|
|
(3,540)
|
(2,672)
|
(2,458)
|
|
Stock-based
compensation
|
26,162
|
24,483
|
|
6,386
|
7,043
|
4,934
|
|
Foreign
exchange (gain) loss
|
(636)
|
670
|
|
252
|
(539)
|
61
|
|
Time-based
earnout expense (recovery)
|
21,412
|
(15,767)
|
|
7,493
|
1,589
|
(25,472)
|
|
Change in
fair value of investments
|
(42,560)
|
-
|
|
(42,560)
|
-
|
-
|
|
(Gain)
loss on disposal of investments
|
(1,570)
|
(5,206)
|
|
(46)
|
(7)
|
34
|
|
Share of net
loss (income) of associates
|
378
|
396
|
|
88
|
102
|
(37)
|
|
Loss
on transition of
billings service provider
|
-
|
8,495
|
|
-
|
-
|
8,495
|
|
Transaction,
restructuring, and integration costs expensed
|
6,588
|
2,494
|
|
2,654
|
2,862
|
192
|
|
Other
items
|
1,798
|
800
|
|
-
|
-
|
1,402
|
|
|
|
|
|
|
|
|
Adjusted EBITDA(1)
|
113,394
|
104,559
|
|
30,750
|
28,172
|
27,174
|
|
Attributable
to WELL shareholders
|
88,414
|
76,613
|
|
22,583
|
22,912
|
21,090
|
|
Attributable
to Non-controlling interests
|
24,980
|
27,946
|
|
8,167
|
5,260
|
6,084
|
|
|
|
|
|
|
|
|
Adjusted EBITDA(1)
|
|
|
|
|
|
|
|
WELL
Corporate
|
(18,794)
|
(16,750)
|
|
(4,596)
|
(5,074)
|
(4,086)
|
|
Canada
and others
|
45,220
|
32,453
|
|
9,985
|
12,251
|
9,094
|
|
US operations
Adjusted EBITDA(1) attributable to WELL shareholders
|
86,968
|
88,856
|
|
25,361
|
20,995
|
22,166
|
|
WELL
Corporate
|
(18,794)
|
(16,750)
|
|
(4,596)
|
(5,074)
|
(4,086)
|
|
Canada
and others
|
44,569
|
31,679
|
|
9,839
|
12,184
|
8,916
|
|
US operations
Adjusted EBITDA(1) attributable to Non-controlling interests
|
62,639
|
61,684
|
|
17,340
|
15,802
|
16,260
|
|
Canada
and others
|
651
|
774
|
|
146
|
67
|
178
|
|
US operations
|
24,329
|
27,172
|
|
8,021
|
5,193
|
5,906
|
|
Reconciliation of net income (loss) to Adjusted Net Income:
|
|
|
|
|
|
|
|
Net income
(loss) for the
period
|
16,637
|
18,675
|
|
33,762
|
(4,482)
|
22,084
|
|
Amortization
of acquired intangible assets
|
45,508
|
42,819
|
|
12,024
|
11,734
|
11,001
|
|
Time-based
earnout expense
|
21,412
|
(15,767)
|
|
7,493
|
1,589
|
(25,472)
|
|
Stock-based
compensation
|
26,162
|
24,483
|
|
6,386
|
7,043
|
4,934
|
|
Change in
fair value of investments
|
(42,560)
|
-
|
|
(42,560)
|
-
|
-
|
|
Other
items
|
1,798
|
800
|
|
-
|
-
|
1,402
|
|
Non-controlling
interest included in
net income (loss)
|
(16,555)
|
(17,306)
|
|
(5,949)
|
(3,124)
|
(1,456)
|
|
Adjusted Net Income (1)
|
52,402
|
53,704
|
|
11,156
|
12,760
|
12,493
|
|
Adjusted Net Income per share (1)
|
0.22
|
0.24
|
|
0.05
|
0.05
|
0.05
|
|
Footnotes:
|
|
(1)
|
Non-GAAP financial
measures and ratios.
|
|
In addition to results
reported in accordance with IFRS, the Company uses certain non-GAAP
financial measures as supplemental indicators of its financial and
operating performance. These non-GAAP financial measures include
Adjusted Gross Profit, Adjusted Gross Margin, Adjusted EBITDA,
Adjusted Net Income, Adjusted Net Income Per Share, and Adjusted
Free Cash Flow. The Company believes these supplementary financial
measures reflect the Company's ongoing business in a manner that
allows for meaningful period-to-period comparisons and analysis of
trends in its business.
|
|
|
|
Adjusted Gross Profit and Adjusted Gross
Margin
|
|
The Company defines
Adjusted Gross Profit as revenue less cost of sales (excluding
depreciation and amortization) and Adjusted Gross Margin as
Adjusted Gross Profit as a percentage of revenue. Adjusted Gross
Profit and Adjusted Gross Margin should not be construed as an
alternative for revenue or net income (loss) determined in
accordance with IFRS. The Company does not present gross profit in
its consolidated financial statements as it is a non-GAAP financial
measure. The Company believes that Adjusted Gross Profit and
Adjusted Gross Margin are meaningful metrics that are often used by
readers to measure the Company's efficiency of selling its products
and services.
|
|
Adjusted EBITDA
|
|
The Company defines
Adjusted EBITDA as net income (loss) before interest, taxes,
depreciation and amortization less (i) net rent expense on premise
leases considered to be finance leases under IFRS and before (ii)
transaction, restructuring, and integration costs, time-based
earn-out expense, change in fair value of investments, share of
income (loss) of associates, foreign exchange gain/loss, and
stock-based compensation expense, and (iii) gains/losses that are
not reflective of ongoing operating performance. The Company
considers Adjusted EBITDA to be a financial metric that measures
cash flow that the Company can use to fund working capital
requirements, service future interest and principal debt repayments
and fund future growth initiatives. Adjusted EBITDA should not be
considered alternatives to net income (loss), cash flow from
operating activities or other measures of financial performance
defined under IFRS.
|
|
|
|
Adjusted Net Income and Adjusted Net Income per
Share
|
|
The Company defines
Adjusted Net Income as net income (loss), after excluding the
effects of stock-based compensation expense, amortization of
acquired intangible assets, time-based earnout expense, change in
fair value of investments, and non-controlling interests. Adjusted
Net Income Per Share is Adjusted Net Income divided by weighted
average number of shares outstanding. The Company believes that
these non-GAAP financial measures provide useful information to
analyze our results, enhance a reader's understanding of past
financial performance and allow for greater understanding with
respect to key metrics used by management in decision making. More
specifically, the Company believes Adjusted Net Income is a
financial metric that tracks the earning power of the business that
is available to WELL shareholders.
|
|
|
|
Adjusted Free Cash Flow
|
|
The Company defines
Adjusted Free Cash Flow as Adjusted EBITDA Attributable to
Shareholders, less cash interest, less cash taxes and less capital
expenditures. Adjusted Net income, Adjusted Net Income per Share,
Adjusted EBITDA, Adjusted Gross Profit, Adjusted Gross Margin, and
Adjusted Free Cash Flow are not recognized measures for financial
statement presentation under IFRS and do not have standardized
meanings. As such, these measures may not be comparable to similar
measures presented by other companies and should be considered as
supplements to, and not as substitutes for, or superior to, the
corresponding measures calculated in accordance with
IFRS.
|
|
(2)
|
EPS is calculated using
Net Income attributable to WELL, which excludes Net Income
attributable to Non-Controlling Interests (NCI).
|
WELL HEALTH TECHNOLOGIES CORP.
Per: "Hamed Shahbazi"
Hamed Shahbazi
Chief Executive Officer, Chairman and Director
About WELL Health Technologies Corp.
WELL's mission is to tech-enable healthcare providers. We do
this by developing the best technologies, services, and support
available, which ensures healthcare providers are empowered to
positively impact patient outcomes. WELL's comprehensive healthcare
and digital platform includes extensive front and back-office
management software applications that help physicians run and
secure their practices. WELL's solutions enable more than 34,000
healthcare providers between the US and Canada and power the largest owned and
operated healthcare ecosystem in Canada with more than 165 clinics supporting
primary care, specialized care, and diagnostic services. In
the United States WELL's solutions
are focused on specialized markets such as the gastrointestinal
market, women's health, primary care, and mental health. WELL is
publicly traded on the Toronto Stock Exchange under the symbol
"WELL" and on the OTC Exchange under the symbol "WHTCF". To learn
more about WELL, please visit: www.well.company.
Forward-Looking Statements
This news release may contain "Forward-Looking Information"
within the meaning of applicable Canadian securities laws,
including, without limitation: information regarding the Company's
goals, strategies and growth plans; expectations regarding
continued revenue, EBITDA growth and expected 2024 run-rate; the
expected benefits and synergies of completed acquisitions and cost
cutting measures; capital allocation plans in the form of more
acquisitions or share repurchases; the expected financial
performance as well as information in the "Outlook" section herein.
Forward-Looking Information are necessarily based upon a number of
estimates and assumptions that, while considered reasonable by
management, are inherently subject to significant business,
economic and competitive uncertainties, and contingencies.
Forward-Looking Information generally can be identified by the use
of forward-looking words such as "may", "should", "will", "could",
"intend", "estimate", "plan", "anticipate", "expect", "believe" or
"continue", or the negative thereof or similar variations.
Forward-Looking Information involve known and unknown risks,
uncertainties and other factors that may cause future results,
performance, or achievements to be materially different from the
estimated future results, performance or achievements expressed or
implied by the Forward-Looking Information and the Forward-Looking
Information are not guarantees of future performance. WELL's
comments expressed or implied by such Forward-Looking Information
are subject to a number of risks, uncertainties, and conditions,
many of which are outside of WELL 's control, and undue reliance
should not be placed on such information. Forward-Looking
Information are qualified in their entirety by inherent risks and
uncertainties, including: direct and indirect material adverse
effects from adverse market conditions; risks inherent in the
primary healthcare sector in general; regulatory and legislative
changes; that future results may vary from historical results;
inability to obtain any requisite future financing on suitable
terms; any inability to realize the expected benefits and synergies
of acquisitions; that market competition may affect the business,
results and financial condition of WELL and other risk factors
identified in documents filed by WELL under its profile at
www.sedar.com, including its most recent Annual Information Form
and in the upcoming Management, Discussion and Analysis. Except as
required by securities law, WELL does not assume any obligation to
update or revise any forward-looking information, whether as a
result of new information, events or otherwise.
This news release contains financial outlook information about
estimated annual run-rate revenues, expected improvements in
profitability, expected savings from cost optimization measures,
expected cash flow, and Annual Adjusted EBIDTA, all of which are
subject to the same assumptions, risk factors, limitations, and
qualifications as set out in the above paragraph. The actual
financial results of WELL may vary from the amounts set out herein
and such variation may be material. WELL and its management believe
that the financial outlook information has been prepared on a
reasonable basis, reflecting management's best estimates and
judgments. However, because this information is subjective and
subject to numerous risks, it should not be relied on as
necessarily indicative of future results. Except as required by
applicable securities laws, WELL undertakes no obligation to update
such financial outlook information. Financial outlook information
contained in this news release was made as of the date hereof and
was provided for the purpose of providing further information about
WELL's anticipated future business operations on an annual basis.
Readers are cautioned that the financial outlook information
contained in this news release should not be used for purposes
other than for which it is disclosed herein.
Neither the TSX nor its Regulation Services Provider (as that
term is defined in policies of the TSX) accepts responsibility for
the adequacy or accuracy of this release.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/well-health-reports-record-revenue-adjusted-ebitda-and-net-income-results-for-q4-and-full-year-2023-and-raises-revenue-guidance-302095734.html
SOURCE WELL Health Technologies Corp.