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1. Company Snapshot

1.a. Company Description

WELL Health Technologies Corp.operates as a practitioner focused digital health company in Canada, the United States, and internationally.It offers end-to-end omni-channel patient services, including primary care; physiotherapy, occupational therapy, chiropractic, dietary, mental health counselling, and sleep related services; specialized care, including gastroenterologists; diagnostic services related to cardiology, women's health, and bone/muscle health and cancer diagnostics; and telehealth services.


The company also operates OSCAR Pro, an electronic medical records platform; telehealth platforms, including Tia Health, VirtualClinic+, VirtuelMed, Adracare, and Circle Medical; Apps.health, a digital health app marketplace; Insig, which offers virtual care and digital patient engagement services; billing and revenue cycle management solutions for billing and back-office services comprising billing-as-a-service outsourcing services to doctors; and cybersecurity protection and patient data privacy solutions.As of December 31, 2021, the company operated 30 primary care and executive care clinics; and provides primary care, specialty care, and accredited diagnostic health services through 49 locations across Ontario.The company was formerly known as Wellness Lifestyles Inc.


and changed its name to WELL Health Technologies Corp.in July 2018.WELL Health Technologies Corp.


was incorporated in 2010 and is headquartered in Vancouver, Canada.

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1.b. Last Insights on WELL

WELL Health Technologies Corp.'s recent performance was negatively impacted by a 19.6% drop in its stock price over the past month, despite a strong three-year return of 43.8%. The company's aggressive expansion in telehealth has drawn attention, but its Q3 2025 earnings call highlights a significant increase in revenue and adjusted EBITDA. A $62M financing for WELLSTAR Technologies to support its pre-spinout growth strategy may be viewed as a positive development. Additionally, HEALWELL AI's strategic divestments to focus on its SaaS, services, and AI business may impact WELL Health's future growth.

1.c. Company Highlights

2. WELL Health Technologies: Strong Q3 Performance Driven by Technology and AI

WELL Health Technologies Corp. reported a robust Q3 2025, with revenues reaching $365 million, a 56% year-over-year increase. Adjusted EBITDA for the quarter was $59.9 million, a 296% increase from Q3 2024. The company's adjusted net income was $41 million, or $0.16 per share, beating analyst estimates of $0.1066. Gross margins improved by 510 bps to 45.5%, and operating adjusted EBITDA margins expanded by 990 bps year-over-year. Free cash flow attributable to shareholders in Q3 was $30.2 million.

Publication Date: Nov -24

📋 Highlights
  • Revenue Growth:: Q3 2025 revenue reached $365M, up 56% YoY, with 9M revenue surpassing $1B and adjusted EBITDA hitting $59.9M (296% YoY growth).
  • Canadian Clinics Expansion:: Revenue grew 38% YoY to $325.3M in 9M 2025, with 1,300 physicians and 1.08M patient visits (38% YoY increase).
  • WELLSTAR Performance:: Generated $18.3M revenue (67% YoY growth) and $6.4M adjusted EBITDA (69% YoY), with a $535M post-money valuation post-$62M funding.
  • HEALWELL Transformation:: Achieved $30.4M Q3 revenue (354% YoY) and $700K adjusted EBITDA, transitioning to a pure-play AI/SaaS business.
  • M&A Activity:: Completed $67M in clinical revenue acquisitions YTD, with $235M in clinics under LOI and $250M enterprise-wide pipeline.

Business Highlights

WELL's Canadian clinics business achieved revenue of $325.3 million and adjusted EBITDA of $45.7 million in the first 9 months of the year. The number of billable providers reached 2,068, and patient visits per billable provider increased by 19% year-over-year. WELL Canada business is experiencing accelerating growth, with revenue increasing by 38% and adjusted EBITDA by 50% year-over-year. The company has completed 12 transactions and acquired $67 million in clinical revenue year-to-date.

WELLSTAR and HEALWELL AI Performance

WELLSTAR, a subsidiary that will be spun out as a publicly listed high-growth, profitable SaaS health care technology company, delivered a strong Q3, generating revenue of $18.3 million, a 67% increase from the prior year. Monthly recurring revenue (MRR) reached $5.5 million, a 63% increase year-over-year. HEALWELL AI, a global healthcare software company, reported revenue of $30.4 million, a 354% increase year-over-year, and adjusted EBITDA of $700,000, compared to an adjusted EBITDA loss of $2.8 million in the same quarter last year.

Valuation and Outlook

With a P/E Ratio of -7.69 and an EV/EBITDA of -76.24, the market is pricing in significant growth expectations. Analysts estimate next year's revenue growth at 11.4%. The company's guidance for revenues between $1.4 billion and $1.45 billion and annual adjusted EBITDA in the upper half of its previously provided guidance of $190 million to $210 million remains unchanged. WELL is committed to the sale processes of all its U.S. assets and is targeting to be over $800 million in revenue and over $100 million in adjusted EBITDA within 18 months for WELL Canada.

Management Insights

According to Hamed Shahbazi, "We're seeing double-digit EBITDA or a Teladoc multiple of roughly 1x sales" for virtual care assets, indicating a favorable valuation landscape. The company is innovating and developing a solid platform, with strong demand for Nexus AI and good double-digit growth.

3. NewsRoom

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TSX Growth Companies With High Insider Ownership Unveiled

Nov -21

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WELL Health Reports Strong Organic Growth, Major Advances in Clinic Digitization, and Rapid Progress on New Primary Care Patient Openings

Nov -20

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Stifel Canada on WellStar Contract Win for OceanMD

Nov -14

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WELL Health Provides Corporate Update on WELLSTAR Reflecting Organic and Inorganic Growth Wins

Nov -13

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Can WELL Health Technologies Rebound After 19.6% Drop and Telehealth Expansion?

Nov -07

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WELL Health Technologies Corp (WHTCF) Q3 2025 Earnings Call Highlights: Record Revenue and ...

Nov -07

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WELL Health Reports Record Revenue, Record Adjusted EBITDA, and Record Adjusted Net Income in Q3-2025 Driven by Strong Performance in Core Canadian Businesses

Nov -06

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HEALWELL AI Announces Strategic Divestments and Progression to a Pure-Play SaaS, Services and AI Business

Nov -03

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.05%)

6. Segments

Seniors Housing Operating

Expected Growth: 8%

WELL Health Technologies Corp.'s Seniors Housing Operating segment growth is driven by increasing demand for healthcare services among aging populations, government incentives for senior care, and strategic acquisitions. Additionally, the company's focus on technology-enabled healthcare and its diversified portfolio of senior housing facilities contribute to its 8% growth.

Triple-net

Expected Growth: 7%

WELL Health Technologies Corp.'s triple-net growth is driven by increasing demand for digital healthcare services, strategic acquisitions, and expansion into new markets. The company's focus on technology-enabled healthcare services, such as telemedicine and electronic medical records, positions it for continued growth. Additionally, WELL's diversified revenue streams and strong operational efficiency contribute to its high growth rate.

Outpatient Medical

Expected Growth: 10%

WELL Health's Outpatient Medical segment growth is driven by increasing demand for virtual care, strategic acquisitions, and expansion into new markets. Additionally, the company's focus on digitization, electronic medical records, and data analytics enhances operational efficiency, leading to increased revenue and market share.

Non-segment/Corporate

Expected Growth: 6%

WELL Health Technologies Corp.'s Non-segment/Corporate growth is driven by strategic acquisitions, expansion into new markets, and investments in digital health technologies. Additionally, the company's focus on operational efficiency, cost savings, and synergies from integrations contribute to its 6% growth. Strong leadership and a solid balance sheet also support the company's growth trajectory.

7. Detailed Products

EMR Services

WELL Health's EMR services provide healthcare professionals with a comprehensive electronic medical record system to manage patient data, streamline clinical workflows, and improve patient care.

Telehealth Services

WELL Health's telehealth services enable patients to remotely connect with healthcare professionals through video conferencing, reducing wait times and improving access to care.

Receptionist Services

WELL Health's receptionist services provide medical clinics with virtual receptionist support, including appointment scheduling, patient communication, and data entry.

Cybersecurity Services

WELL Health's cybersecurity services provide healthcare organizations with protection against cyber threats, ensuring the security and integrity of patient data.

Digital Health Applications

WELL Health's digital health applications provide patients with personalized health and wellness tools, including patient engagement platforms and health analytics.

Practice Management Services

WELL Health's practice management services provide medical clinics with comprehensive practice management solutions, including billing, scheduling, and reporting.

8. WELL Health Technologies Corp.'s Porter Forces

Forces Ranking

Threat Of Substitutes

WELL Health Technologies Corp. operates in a niche market with limited substitutes, but there are some alternative solutions available, making the threat of substitutes moderate.

Bargaining Power Of Customers

WELL Health Technologies Corp. has a diverse customer base, and no single customer has significant bargaining power, reducing the bargaining power of customers.

Bargaining Power Of Suppliers

WELL Health Technologies Corp. relies on a few key suppliers, but there are alternative suppliers available, making the bargaining power of suppliers moderate.

Threat Of New Entrants

The healthcare technology industry is rapidly evolving, and new entrants can easily disrupt the market, making the threat of new entrants high.

Intensity Of Rivalry

The healthcare technology industry is highly competitive, with many established players, making the intensity of rivalry high.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 31.92%
Debt Cost 8.59%
Equity Weight 68.08%
Equity Cost 10.10%
WACC 9.62%
Leverage 46.88%

11. Quality Control: WELL Health Technologies Corp. passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
WELL Health

A-Score: 5.3/10

Value: 8.4

Growth: 8.6

Quality: 3.2

Yield: 0.0

Momentum: 7.0

Volatility: 4.7

1-Year Total Return ->

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Stock-Card
Brookdale Senior Living

A-Score: 3.9/10

Value: 5.1

Growth: 3.1

Quality: 2.1

Yield: 0.0

Momentum: 9.0

Volatility: 4.3

1-Year Total Return ->

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Stock-Card
Sonida Senior Living

A-Score: 3.9/10

Value: 5.8

Growth: 2.7

Quality: 2.1

Yield: 0.0

Momentum: 7.5

Volatility: 5.3

1-Year Total Return ->

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Stock-Card
AirSculpt Technologies

A-Score: 3.7/10

Value: 4.6

Growth: 4.8

Quality: 2.5

Yield: 1.0

Momentum: 8.0

Volatility: 1.3

1-Year Total Return ->

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Stock-Card
AMN Healthcare Services

A-Score: 3.4/10

Value: 9.2

Growth: 4.7

Quality: 3.0

Yield: 0.0

Momentum: 0.0

Volatility: 3.7

1-Year Total Return ->

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Stock-Card
The Joint

A-Score: 3.2/10

Value: 3.3

Growth: 3.3

Quality: 4.9

Yield: 0.0

Momentum: 3.5

Volatility: 4.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

3.96$

Current Price

3.96$

Potential

-0.00%

Expected Cash-Flows