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WELL Health Technologies (WELL) investor relations material
WELL Health Technologies Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 revenue was $407.4M, up 12% reported and 17% normalized; normalized Adjusted EBITDA rose 20% to $50.9M.
Canadian Clinics reached a $100M annualized Adjusted EBITDA run-rate one quarter ahead of plan; WELLSTAR listed and a $150M bond offering extended debt maturities.
Financial highlights
Adjusted EBITDA was $50.9M, down 15% reported and up 20% normalized; Adjusted EBITDA attributable to shareholders was $34.8M, down 19% reported and up 13% normalized.
Adjusted gross profit was $177.8M, up 7% reported and 20% normalized; adjusted gross margin was 43.7%, down 180 bps reported and up 100 bps normalized.
Adjusted net income was $27.3M, or $0.11 per share, down 33% reported and 15% normalized; net loss was $135.5M.
Normalized comparisons exclude the prior-year $17.6M Circle Medical revenue deferral; Q3 2026 had no such deferral impact.
Adjusted free cash flow was $25.6M; adjusted free cash flow attributable to shareholders was $13.3M versus $15.1M a year earlier.
Outlook and guidance
2026 revenue guidance is ~$1.58B and Adjusted EBITDA guidance remains $185M–$195M; the revenue outlook reflects softer US revenue and M&A timing.
Guidance includes acquisitions announced to date and all $17.6M of Circle Medical deferred revenue contemplated for FY2026.
Canadian Clinics plus WELLSTAR target a $1B+ annualized revenue run-rate by end-2028; annual Adjusted EBITDA growth above 10% is expected, including acquisitions and organic growth and excluding divestitures.
Priorities include Canadian clinic expansion, technology and clinical decision-support adoption, and margin improvement; long-term operating-margin target is above 20% across clinics and research.
- Q2-2026 revenue hit CAD 400.4M; 2026 guidance raised on strong growth and acquisitions.WELL
Q2 2026 - Record Q1-2026 revenue and EBITDA growth driven by Canadian clinics and tech expansion.WELL
Q1 2026 - Record revenue and EBITDA growth, robust M&A pipeline, and strong 2026 outlook.WELL
Q4 2025 - Record Q2 revenue, EBITDA, and raised guidance driven by growth, M&A, and HEALWELL AI.WELL
Q2 2025 - Record Q3 revenue, margin expansion, and raised 2024 guidance driven by strong organic growth.WELL
Q3 2024 - Record Q2 revenue, raised guidance, and AI-driven strategy fuel strong growth and efficiency.WELL
Q2 2024 - All AGM motions passed and all directors elected with strong support; June 18 investor day announced.WELL
AGM 2024 - Q1 2025 saw 32% revenue growth, record EBITDA, Canadian focus, and U.S. divestments.WELL
Q1 2025 - Record revenue, 75% net income growth, and strong 2025 outlook despite deferred revenue.WELL
Q4 2024
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