WELL Health Technologies Corp. (TSX: WELL), a digital healthcare company, has announced its audited annual financial results for the fiscal year ended December 31, 2024. The company achieved record annual revenue of $919.7 million, representing a 19% increase compared to the previous year. Despite facing challenges such as a delay in revenue recognition for Circle Medical and uncertainty related to the Change Healthcare cyberattack, WELL remains optimistic about its future prospects.
Financial Highlights
- Revenue for 2024 was $919.7 million, up 19% from the prior year
- Free Cash Flow Attributable to Shareholders (FCFA2S) reached $49.3 million, a 16% increase from 2023
- Adjusted EBITDA for 2024 was $46.7 million, compared to $113.4 million in 2023
- The company expects to recognize substantially all of the $56.6 million in deferred Circle Medical revenue in 2025
Guidance and Outlook
WELL is providing a positive outlook for 2025 with guidance for:
- Annual revenue between $1.40 billion to $1.45 billion
- Adjusted EBITDA in the range of $190 million to $210 million
The guidance assumes 100% consolidation of HEALWELL results as per IFRS control requirements and that substantially all of the deferred Circle Medical revenue will be recognized in 2025. WELL’s CEO, Hamed Shahbazi, commented, ‘Despite the impacts to our revenue from the Circle Medical revenue deferral and the Change Healthcare cyberattack matters, the fundamentals and outlook of our business have never been stronger.’
Operational Highlights
- Completed several acquisitions across its Canadian Clinics, WELLSTAR, and WELL Health USA business units
- Exercised call option to acquire a 69% voting interest in HEALWELL, concurrent with its acquisition of Orion Health
- Implemented a cost optimization program to enhance efficiency and profitability
WELL remains committed to its mission of tech-enabling healthcare providers and is well-positioned for continued growth and success in 2025 and beyond.
