No doubt feeling a bit foolish but he still won't bend. GLTA
WELL HEALTH TECHNOLOGIES CORP. Announces Q4 Patient Visits & Expects Positive EPS In Q4
Our Conclusion
In its typical pre-quarter release of patient visit metrics, WELL Health noted
that total patient visits are up 30% Y/Y (14% organically) and total care
interactions are up 38% (20% organically). Notably, the release also included
commentary that management expects to report positive unadjusted EPS for
Q4/23. Positive unadjusted EPS in the quarter is a somewhat unexpected
positive, given we are currently modeling a three cent EPS loss, on net
income of ($6MM). The source of the earnings improvement relative to our
estimates will be of interest, and we expect that it will be below the EBITDA
line, given the tight range around consensus EBITDA estimates.
Key Highlights
Patient Visits: WELL reported total patient visits of 1.22 million, +18% Q/Q
and +30% Y/Y. Canadian patient visits were reported at 678k, up 28% Y/Y,
and U.S. patient visits were reported at 544k, up 21% Y/Y. The growth in
Canadian patient visits was driven by the acquisition of the MCI OneHealth
clinics as well as a partial quarter of contribution from WELL’s newly acquired
Manitoba clinic. Organic growth – which includes newly ‘absorbed’ primary
care clinics – was up 10% Y/Y in Canada. The 21% growth in U.S. patient
visits was primarily organic (+18%), led by Circle Medical and WISP as well
as by acquisitions by CRH Medical, most notably CarePlus.
Care Interactions: WELL reported 1.87 million total care interactions for the
quarter, an increase of 18% sequentially, and 38% Y/Y. Total care
interactions includes the 1.22 million patient visits, as well as 547,000
technology interactions and 98,000 billed provider hours under RADAR
healthcare providers, the medical recruitment firm acquired with the CarePlus
acquisition.