WELL Health Technologies (WELL) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $407.4M, up 12% reported and 17% normalized; normalized Adjusted EBITDA rose 20% to $50.9M.

• Canadian Clinics reached a $100M annualized Adjusted EBITDA run-rate one quarter ahead of plan; WELLSTAR listed and a $150M bond offering extended debt maturities.

Financial highlights

• Adjusted EBITDA was $50.9M, down 15% reported and up 20% normalized; Adjusted EBITDA attributable to shareholders was $34.8M, down 19% reported and up 13% normalized.

• Adjusted gross profit was $177.8M, up 7% reported and 20% normalized; adjusted gross margin was 43.7%, down 180 bps reported and up 100 bps normalized.

• Adjusted net income was $27.3M, or $0.11 per share, down 33% reported and 15% normalized; net loss was $135.5M.

• Normalized comparisons exclude the prior-year $17.6M Circle Medical revenue deferral; Q3 2026 had no such deferral impact.

• Adjusted free cash flow was $25.6M; adjusted free cash flow attributable to shareholders was $13.3M versus $15.1M a year earlier.

Outlook and guidance

• 2026 revenue guidance is ~$1.58B and Adjusted EBITDA guidance remains $185M–$195M; the revenue outlook reflects softer US revenue and M&A timing.

• Guidance includes acquisitions announced to date and all $17.6M of Circle Medical deferred revenue contemplated for FY2026.

• Canadian Clinics plus WELLSTAR target a $1B+ annualized revenue run-rate by end-2028; annual Adjusted EBITDA growth above 10% is expected, including acquisitions and organic growth and excluding divestitures.

• Priorities include Canadian clinic expansion, technology and clinical decision-support adoption, and margin improvement; long-term operating-margin target is above 20% across clinics and research.