Digital Health Stocks In Play - WELL Health Technologies Corp. (TSX: WELL) (OTCQX: WHTCF) Trends On Earnings

3:11 AM EDT 5/09/2024 - Comtex

May 09, 2024 (MENAFN via COMTEX News Network) --

The stock is trending and one of the top percentage gainers on The TSX following earnings news. The stock is trading at $3.8800, up 0.3000, gaining 8.3449% on the TSX. The stock had a morning high of $3.93.

WELL Health announced its interim consolidated financial results for the quarter ended March 31, 2024.

First Quarter 2024 Financial Highlights:

WELL achieved record quarterly revenue of $231.6 million in Q1-2024, an increase of 37% as compared to revenue of $169.4 million generated in Q1-2023. This growth was partially driven by organic growth of 13%

Canadian Patient Services revenue was $75.7 million in Q1-2024, an increase of 49% as compared to $50.9 million in Q1-2023.

WELL Health USA Patient and Provider Services revenue was $140.4 million in Q1-2024, an increase of 42% as compared to $99.2 million in Q1-2023.

SaaS and Technology Services revenue was $15.4 million in Q1-2024, a decrease of 20% as compared to $19.4 million in Q1-2023. This decrease was partially due to the sale of Intrahealth.

Adjusted Gross Profit(1) was $102.2 million in Q1-2024, an increase of 19% as compared to Adjusted Gross Profit(1) of $86.2 million in Q1-2023.

Adjusted Gross Margin(1) percentage was 44.1% during Q1-2024 compared to Adjusted Gross Margin(1) percentage of 50.9% in Q1-2023 and an improvement as compared to 43.7% in the previous quarter. The YoY decline in Adjusted Gross Margin percentage is mainly attributed to the acquisition of businesses with lower gross margin percentage in 2023.

Adjusted EBITDA(1) was $28.3 million in Q1-2024, an increase of 6% as compared to Adjusted EBITDA(1) of $26.7 million in Q1-2023.

Adjusted EBITDA to WELL shareholders was $21.4 million in Q1-2024, an increase of 4% as compared to Adjusted EBITDA to WELL shareholders of $20.6 million in Q1-2023.

Adjusted EBITDA attributable to the Canadian business was $14.6 million in Q1-2024, an increase of 19% YoY

Adjusted Net Income(1) was $20.2 million, or $0.08 per share in Q1-2024, as compared to Adjusted Net Income(1) of $14.1 million, or $0.06 per share in Q1-2023.

News:

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COMTEX_452104295/2604/2024-05-09T03:11:05