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WELL Health (WELL) investor relations material

WELL Health Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary14 Aug, 2025

Executive summary

  • Achieved record Q2 2025 revenue of $356.7M, up 57% year-over-year, with strong organic growth, major acquisitions including HEALWELL AI, and the first-time consolidation of HEALWELL AI.

  • Adjusted EBITDA reached $49.7M–$58.3M, up 231% year-over-year, reflecting robust operational performance and expansion in Canadian clinics and SaaS.

  • Significant operational growth with 2.7M+ care interactions (+29% YOY) and 1.6M+ patient visits (+24% YOY).

  • Strategic focus on divesting US care delivery assets to redeploy capital into Canadian operations and digital health segments.

  • Net income for Q2 2025 was $17.0M, down from $105.6M in Q2 2024 (restated), impacted by non-cash items and integration costs.

Financial highlights

  • Quarterly revenue: $356.7M, up 57% year-over-year; organic growth of 19%.

  • Adjusted EBITDA: $49.7M–$58.3M, up 231% year-over-year; gross margin 44.5%.

  • Adjusted net income: $25.8M ($0.10/share), up from $4.1M–$4.8M last year.

  • Free cash flow attributable to shareholders: $11.6M–$11.7M, up 34% year-over-year.

  • Cash and equivalents: $98.9M; total assets $2.02B; total equity $985.4M at June 30, 2025.

Outlook and guidance

  • Reaffirmed 2025 annual revenue guidance of $1.4B–$1.45B (52–58% growth), expecting to reach upper half with planned acquisitions.

  • Increased annual adjusted EBITDA guidance to upper half of $190M–$210M; WELL Canada targets >25% adjusted EBITDA growth in 2025 and $100M+ run-rate by mid-2026.

  • Long-term goal: 1,400+ clinics, $4.5B+ revenue, $650M EBITDA, and 8–10% Canadian market share.

  • Strategic alternatives underway for all US care businesses, including Wisp, CRH Medical, and Circle Medical.

  • Focus remains on expanding digital healthcare and AI-driven services, with ongoing investments in technology and clinical research.

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Frequently asked questions

Well Health Technologies Corp. owns and operates a portfolio of primary healthcare facilities in Canada and the United States. With over 20 years of experience, it has built a network of medical clinics that provide health services in the fields of family practice, walk-in medicine, physiotherapy and registered massage therapy, diagnostics and aesthetics. Well Health's mission is to empower doctors to provide the best quality healthcare to patients through innovative technology solutions. Through its three main divisions: physician-led clinics, electronic medical records and digital health, Well Health provides a range of proprietary products and services based on artificial intelligence and machine learning technologies.

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