WELL Health Technologies (WELL) Q2 2026 earnings summary

Executive summary

• Achieved CAD 100 million adjusted EBITDA run rate for WELL Canada ahead of schedule, with margins above expectations, and completed CAD 150 million senior unsecured bond offering extending debt maturity to 2031.

• Completed CAD 50 million WELLSTAR financing ahead of TSXV listing, attracting institutional investors.

• Closed acquisitions of Ontario Imaging Diagnostics and UnionMD, expanding Canadian clinics and adding CAD 22 million annual EBITDA.

• Achieved record Q2-2026 revenue of CAD 400.4 million, up 12% year-over-year, driven by 32% growth in Canadian Patient Services revenue.

• Increased 2026 revenue guidance to CAD 1.58–1.65 billion and adjusted EBITDA to CAD 185–195 million.

Financial highlights

• Q2-2026 revenue was CAD 400.4 million, up 12% year-over-year; normalized revenue grew 14% to CAD 395.6 million.

• Adjusted EBITDA was CAD 48.1 million, down 3% year-over-year; normalized adjusted EBITDA grew 8% to CAD 43.3 million.

• Adjusted net income was CAD 11.6 million; normalized adjusted net income was CAD 9.2 million.

• Adjusted gross profit was CAD 178.4 million, up 12% year-over-year; adjusted gross margin was 44.6%.

• Adjusted free cash flow attributable to shareholders was CAD 11.7 million, flat year-over-year.

Outlook and guidance

• 2026 revenue guidance raised to CAD 1.58–1.65 billion, up from CAD 1.55–1.65 billion; adjusted EBITDA guidance increased to CAD 185–195 million.

• WELL Canada targeting over CAD 1 billion revenue run rate by end of 2028 and CAD 100 million adjusted EBITDA run rate by end of 2026.

• Guidance assumes no further Circle Medical Deferral recognition for the rest of 2026.

• Expects continued double-digit annual growth in adjusted EBITDA and free cash flow, driven by organic growth and acquisitions.