WELL Health Technologies (WELL) Investor Day 2024 Presentation summary

Company overview and strategy

• Delivers technology services and care at scale, supporting over 1/3 of Canadian healthcare providers with digital solutions and operating a profitable, growing US business in key niches.

• 2024 revenue guidance is C$960–980M, with 98% recurring or highly re-occurring revenue and 6.1 million care interactions in the trailing twelve months.

• Flexible go-to-market strategy allows practitioners to join WELL’s managed network or purchase technology solutions à la carte, serving over 36,000 practitioners.

• Comprehensive patient journey enabled by WELL-owned assets and technology, from telehealth to diagnostics and e-prescriptions.

• Focused on AI, unlocking sum-of-parts value, capital allocation, and improving per-share metrics while reducing dilution.

Technology and platform solutions

• Launched AI-powered solutions (Voice, Decision Support, Inbox Admin) to automate clinical documentation, disease detection, and administrative workflows, saving physicians significant time.

• OceanMD platform powers eReferrals and eConsults in four provinces, with 25,000+ clinicians and 1M+ monthly patient engagements.

• SaaS business has 3-year revenue and EBITDA CAGRs of 51%, with gross margins above 85%.

• Cybersecurity offerings provide 24/7 protection, penetration testing, and compliance for healthcare clients.

• Platform Solutions revenue grew 20% and EBITDA 65% in 2023, demonstrating strong operating leverage.

Canadian clinics and diagnostics

• Largest clinic network in Canada, with 185+ clinics, 1,700+ practitioners, and over 2 million patients annually.

• Clinic transformation drives profitability, with absorbed clinics approaching double-digit EBITDA within 18 months and effective multiples below 4x.

• Diagnostic Centres operate 62+ sites, serving 523,797 unique patients annually, and maintain exemplary accreditation standards.

• Diagnostic Centres achieved 23.2% adj. EBITDA margin in 2023, with gross margins above 60% and ongoing margin expansion through tech and staffing optimization.

• Revenue by modality is diversified, with ultrasounds, nuclear medicine, and X-ray as key contributors.