Well Health Tech (TSX: WELL) this morning provided a corporate update following the release of its fourth quarter financials that failed to excite investors. The update effectively served as a reiteration of the positive aspects of its financial results, while providing a brief update to its current patient visit stats.
The company this morning highlighted its “total omni channel patient visits” which on an annualized basis have reportedly crossed the one million mark. To date, the company has conducted 458,852 patient visits in the first quarter of 2021, with that figure including both in-person and telehealth visits.
A breakdown between in-person and virtual services was not provided, however the company indicated that it is a 52% increase relative to Q4 2020. The growth comes from both organic and inorganic growth, thanks in large part to recent acquisitions, however this breakdown was also not provided.
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The company also provided a form of soft guidance, indicating that profitability and cashflows are expected to improve in the first quarter over that of the reported figures in Q4 2020, with the firm specifically identifying adjusted EBITDA as improving. The fourth quarter saw positive adjusted EBITDA of $765,000 on revenues of $17.2 million.
Outside of this, the company indicated that the special meeting of shareholders related to the CRH acquisition is to be held in mid-April. Elsewhere, Circle Medical has been approved to receive and distribute vaccines to patients in California.
Well Health last traded at $7.38 on the TSX.
Information for this briefing was found via Sedar and WELL Health Technologies Corp. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
