Market Movers On the rise
Vancouver-based WELL Health Technologies Corp. (WELL-T) soared with the release of record revenue in the fourth quarter and a “strong” growth outlook for 2023.
Before the bell, it reported revenue of $156.5-million, up 35 per cent year-over-year and above the Street’s expectation of $153.8-million, resulting it a full-year gain of 88 per cent (to $569.1-million). Adjusted EBITDA was up 73 per cent from fiscal 2021.
It provided 2023 guidance for annual revenue between $665-million and $685-million, also ahead of the consensus forecast ($652.5-million), and expects EBITDA to increase by more than 10 per cent over 2022 levels “as the company invests in sustained profitable growth.”
“WELL is expecting to have strong performance in 2023 across all its business units and for the entire Company as a whole. Despite the current geo-political, inflationary, and turbulent economic environment, the Company does not foresee any material influences or challenges that would impair its ability to deliver solid results in 2023. Many of the key variables inherent in the execution of WELL’s business are firmly in its own grasp and not dependent on outside factors,” it said.