WELL Health Technologies (WELL) Q2 2025 earnings summary

Executive summary

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

• Adjusted EBITDA rose to $58.3M, up from $20.4M in Q2 2024, and adjusted net income reached $25.8M ($0.10/share), up from $4.1M ($0.02/share) last year.

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

• Free cash flow attributable to shareholders increased 34% to $11.7M, despite elevated cash taxes and capex.

• Strategic focus on Canadian Clinics, Wellstar, and HEALWELL AI, with ongoing divestiture of U.S. care delivery assets.

Financial highlights

• Q2 revenue: $356.7M (+57% y/y); adjusted EBITDA: $58.3M (+186% y/y); gross margin: 44.5%.

• Adjusted net income: $25.8M; free cash flow: $11.7M.

• Cash and equivalents: $98.9M; total debt: $253.2M (credit lines) + $44.3M (Orion Health).

• Total assets increased to $2.02B from $1.81B at December 31, 2024; total equity rose to $985.4M.

• Operating income for Q2 2025 was $27.1M, up from a loss of $4.3M in Q2 2024.

Outlook and guidance

• 2025 revenue guidance reaffirmed at $1.4B–$1.45B (+52%–58% y/y); adjusted EBITDA guidance raised to upper half of $190M–$210M.

• WELL Canada targets >25% adjusted EBITDA growth in 2025 and >$100M annualized run-rate by mid-2026.

• Excluding Circle Medical, revenue guidance: $1.35B–$1.4B; adjusted EBITDA: $140M–$160M.

• Strategic alternatives underway for all US care businesses, with focus on digital healthcare and AI-driven services.

• WELL Canada 2-year target: >$800M revenue and >$100M adjusted EBITDA.