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WELL Health Technologies (WELL) investor relations material
WELL Health Technologies Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Achieved record Q3 2025 revenue of CAD 364.6 million, up 56% year-over-year, and adjusted EBITDA of CAD 59.9 million, up 296% year-over-year, driven by organic growth, acquisitions, and strong performance in Canadian clinics, WELLSTAR, and HealWell.
Year-to-date revenue surpassed CAD 1 billion, with adjusted EBITDA of CAD 137 million for the first nine months, up 172% year-over-year.
Total care interactions reached 2.7 million, with 1.7 million patient visits across Canada and the US, and Canadian clinics network expanded by 5 clinics in Q3.
Strong operational improvements in Canadian clinics, including higher patient visits per provider and improved efficiency metrics.
Financial highlights
Q3 2025 revenue: CAD 364.6 million; adjusted EBITDA: CAD 59.9 million; adjusted net income: CAD 41 million (CAD 0.16/share); adjusted gross margin: 45.5%.
Free cash flow attributable to shareholders: CAD 15.1 million; total cash flow including divestiture: CAD 30.2 million.
Cash and equivalents at quarter-end: CAD 82.5 million; total debt: CAD 347 million (excluding HealWell's CAD 49 million).
Circle Medical deferred revenue contributed CAD 35.2 million to Q3 results; excluding Circle Medical, Q3 revenue was CAD 347 million and adjusted EBITDA was CAD 42.3 million.
Over 1.7 million patient visits in Q3 2025, a 19% increase year-over-year.
Outlook and guidance
2025 revenue guidance reaffirmed at CAD 1.4–1.45 billion (52–58% growth); adjusted EBITDA guidance in the upper half of CAD 190–210 million.
Excluding Circle Medical deferrals, revenue guidance: CAD 1.36–1.41 billion; adjusted EBITDA: CAD 150–170 million.
WELL Canada targeting over CAD 800 million in revenue and over CAD 100 million in adjusted EBITDA within 18 months.
Guidance sensitive to timing of M&A and divestitures, especially US asset sales.
Strategic alternatives and divestiture processes underway for all US care businesses.
WELLSTAR's path to $100M revenue next year
HEALWELL's pure-play AI/SaaS strategy details
Why are CM Deferrals excluded from guidance?
Align US divestitures with Canadian M&A pipeline
WELLSTAR: Path to $100M revenue run rate
Canadian clinics: Drivers of per-provider efficiency
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Next WELL Health Technologies earnings date
Q4 202527 Mar, 2026
Next WELL Health Technologies earnings date
Q4 202527 Mar, 2026
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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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