WELL HEALTH reports a strong quarter The company (symbol WELL on Toronto) owns and operates Canada’s largest network of clinics supporting primary care, specialized care and diagnostics services. As of December 31, 2023, the company had a total of 165 physical facilities across Canada.
In the U.S., WELL Health provides healthcare services and solutions targeting specialized markets such as the gastrointestinal market, women's health, primary care, and mental disorders.
WELL Health USA Patient Services consists of three assets: CRH, Circle Medical and Wisp.
CRH delivers specialized care services focused on providing gastroenterologists throughout the U.S. with innovative services and products for the treatment of gastrointestinal (GI) diseases. Through CRH, WELL gains access to the U.S. healthcare system, including anesthesia services for patients undergoing endoscopic procedures at over 129 Ambulatory Surgery Centers (ASCs) and GI clinics across 18 states.
Circle Medical is a primary care provider offering a blend of virtual and in-person care, with a specialization in mental health related care. Circle Medical is headquartered in San Francisco, with a research and development office in Montreal, Canada.
Circle Medical’s team of healthcare providers includes primary-care physicians, nurse practitioners and mental health specialists. Circle Medical offers virtual care services across 25 states and has physical facilities in 21 states in the U.S. Circle Medical has developed its own technology solutions including a mobile app that allows patients to schedule appointments, receive virtual patient care and access their medical records.
Wisp is an online provider of women’s health and e-prescription services. Wisp offers a range of services that address women’s health needs, including birth control, treatment for urinary tract infections, and prescription skincare.
One of Wisp’s unique features is its focus on telemedicine and e-prescription services, which allows healthcare providers to send prescriptions directly to a patient’s preferred pharmacy or directly to their homes. The e-prescription capabilities make it easier for patients to receive and manage their medications.
Meanwhile, in addition to providing patient services, WELL Health sells its own suite of technology software and solutions to medical clinics and healthcare practitioners. WELL Health’s practitioner platform includes Electronic Medical Records, telehealth platforms, practice management, billing, revenue cycle management, digital health apps and data protection solutions.
In the quarter ended December 31, 2023, total revenue jumped 47.7%, to $231.2 million from $156.5 million a year earlier. The big jump was due to acquisitions, as well internal growth in patient activity. WELL Health delivered 1.22 billion total patient visits in the latest quarter, up 29.9% from a year ago.
Excluding one-time items, the company made $11.2 million, or $0.05 a share, in the quarter. That was down 10.7% from $12.5 million, or $0.05 (on fewer shares outstanding). WELL Health’s expenses were higher, including the cost of integrating new acquisitions.
Growth by acquisition adds risk, but WELL Health aims to cut that risk by buying complementary businesses. As well, the Canadian health-care sector is a government-backed, recession-resilient industry. What’s more, the expansion of telehealth services spurred by COVID-19 is likely to continue going forward. WELL Health Technologies is a buy.