WELL Health Technologies (WELL) Q3 2025 earnings summary

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.