American Well (AMWL) investor relations material

Business model evolution and strategy

• Focus on technology-enabled care, offering a unified, whole-person experience across clinical programs such as urgent care, behavioral health, and nutrition.

• Shift toward a software and subscription model, leveraging proprietary platforms to deliver better clinical and financial outcomes.

• Strategic investments in AI and technology to improve scalability, efficiency, and patient-provider matching.

• Emphasis on partnerships and open infrastructure, allowing payers to integrate third-party programs into a cohesive platform.

• Streamlined business focus, de-emphasizing ancillary businesses to concentrate on core offerings and profitability.

Competitive landscape and differentiation

• Telehealth has evolved from an add-on to a primary care pathway, with increasing demand for integrated, personalized experiences.

• Significant investment in infrastructure enables seamless integration of multiple clinical programs, improving outcomes and user experience.

• Unique positioning with large clients seeking unified, white-label solutions rather than fragmented offerings.

• AI is seen as a key differentiator for enhancing patient experience, analytics, and operational efficiency.

Government contracts and expansion

• Secured and successfully delivered a major Defense Health Agency (DHA) contract, meeting rigorous requirements and KPIs.

• Platform deployed globally for U.S. military personnel and families, with future government opportunities expected to be easier and faster to deploy.

• One-year contract extension granted, with some modules not expanded due to financial considerations, but long-term adoption remains likely.

• High standards for security, compliance, and performance met, positioning for further government expansion.