- HEALWELL's current goal is to achieve run rate revenues approaching $100 million by the end of the year from today's current run rate of over $65 million. This goal is underpinned by a robust M&A pipeline where there are several advanced subjects including one signed LOI and helps the Company position itself to achieve profitability on an Adjusted EBITDA basis in 2025.
- HEALWELL's four acquisitions to date have positioned the company to unlock the power of health data with artificial intelligence for three key stakeholder groups: (i) Clinicians in healthcare clinics with co-pilot offerings; (ii) Large enterprises such as Canadian Provincial Healthcare systems with Data Interoperability, population health and related services; and (iii) The pharmaceutical industry with a multi-tiered offering that includes scientific research, real-world evidence and clinical trials orchestration services.
- HEALWELL is focused on continuing to grow and build on each of these segments both organically and inorganically using its capital allocation program.
- The Company reiterates its disclosure from July 10th, 2024 that HEALWELL had recently strengthened its balance sheet by removing $15.5 million in total liabilities and had cash in excess of $14.5 million at the end of the second quarter. The Company also disclosed that if all of the Company's in-the-money warrants were to be exercised, HEALWELL's cash balance is expected to grow to an amount in excess of $39 million.
Toronto, Ontario--(Newsfile Corp. - July 23, 2024) - HEALWELL AI Inc. (TSX: AIDX) (OTCQX: HWAIF) ("HEALWELL" or the "Company"), a healthcare technology company focused on AI and data science for preventative care, is pleased to provide a corporate update highlighting recent advancement in the Company's acquisition strategy. HEALWELL's current goal is to achieve run rate revenues approaching $100 million by the end of the year, up from today's current run rate of over $65 million. This ambitious target is supported by a robust M&A pipeline, which includes several advanced prospects and one signed LOI and supports the Company's goal of achieving profitability in 2025 on an Adjusted EBITDA basis.
Dr. Alexander Dobranowski, CEO of HEALWELL commented, "Our confidence in continuing to execute on our M&A pipeline grows every day as HEALWELL is becoming recognized as a high-quality acquirer in the digital health and life sciences marketplace. What is unique about our revenue growth strategy is not only our ability to acquire high quality growth assets but also our ability to integrate these assets with our industry leading artificial intelligence offerings in order to expand margins and accelerate growth."
Anthony Lam, CFO of HEALWELL commented, "HEALWELL is well positioned to continue its capital allocation program which is very focused on approaching the $100M run-rate figure by the end of the year. This growth also positions the Company to execute on its plans to achieve profitability in fiscal 2025 on an Adjusted EBITDA basis which we also believe is an important component of our value creation strategy and to deliver shareholder value."
HEALWELL's four acquisitions to date, namely Pentavere Research Group Inc. ("Pentavere"), Intrahealth Systems Limited, VeroSource Services Inc. ("VeroSource") and BioPharma Services Inc. ("BioPharma"), have positioned the Company to unlock the power of health data with artificial intelligence for three key stakeholder groups:
- Clinicians in healthcare clinics with co-pilot offerings. To-date HEALWELL has launched AI enabled clinical co-pilot tools to support providers with Clinical Decision Support in four main domains: rare diseases, chronic diseases, cardiovascular disease and oncology. HEALWELL's strategy is to continue to develop AI enabled co-pilot tools to launch in parallel to the current offerings that are in-production and at scale.
- Large enterprises such as Canadian provincial healthcare systems with data interoperability and related services. Since the acquisition of VeroSource, HEALWELL now offers end-to-end, customizable, cloud-based data interoperability and population health capabilities. These capabilities enable public sector stakeholders to seamlessly access and interact with healthcare data. HEALWELL intends to expand on these offerings to public sector clients across multiple jurisdictions in Canada as it integrates its industry leading AI capabilities into its public sector offerings.
- The pharmaceutical industry with a multi-tiered offering that includes scientific research, real-world evidence and clinical trials orchestration services. With the acquisitions of Pentavere and BioPharama coupled with the capabilities of Khure Health, HEALWELL now has exceptional AI and clinical trial capabilities. These acquisitions have significantly increased the Company's ability to provide both clinical and commercial value for life sciences companies. The addition of BioPharma has expanded HEALWELL's clinical trial offerings to include bioequivalence and early-stage trial services, leveraging HEALWELL's AI capabilities to help identify patients of strong clinical trial eligibility.
HEALWELL is focused on continuing its growth trajectory by building on each of these segments both organically and inorganically. The Company's capital allocation program will focus on two areas: first, early disease detection AI capabilities; and second, mature operating healthcare software, digital health and research companies that can be enhanced with HELAWELL's tools.
HEALWELL is also pleased to re-iterate its disclosure on July 10th, 2024 that the Company had recently strengthened its balance sheet by reducing total liabilities by $15.5M and had cash in excess of $14.5 million at the end of the second quarter. HEALWELL also disclosed that if all of the Company's in-the-money warrants were to be exercised, cash balance is expected to grow to an amount in excess of $39 million. The Company is well positioned to continue its successful capital allocation program and to deliver shareholder value.
Non-GAAP financial measures
The Company uses certain non-GAAP financial measures as supplemental indicators of its financial and operating performance. These non-GAAP financial measures include Adjusted EBITDA. The Company believes this supplementary financial measure reflects the Company's ongoing business in a manner that allows for meaningful analysis of trends in its business.
Dr. Alexander Dobranowski
Chief Executive Officer
HEALWELL AI Inc.
About HEALWELL AI
HEALWELL is a healthcare technology company focused on AI and data science for preventative care. Its mission is to improve healthcare and save lives through early identification and detection of disease. Using its own proprietary AI technology and competencies which includes data science, electronic health records and clinical research offerings, the Company is developing and commercializing advanced clinical decision support systems that can help healthcare providers detect rare and chronic diseases, improve efficiency of their practice and ultimately help improve patient health outcomes. HEALWELL is publicly traded on the Toronto Stock Exchange under the symbol "AIDX" and on the OTC Exchange under the symbol "HWAIF". To learn more about HEALWELL, please visit https://healwell.ai/.
Forward-Looking Statements
Certain statements in this press release, constitute "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities laws and are based on assumptions, expectations, estimates and projections as of the date of this press release. Forward-Looking statements in this press release include statements with respect to, among other things, the Company's current and expected run rate revenue, its current M&A pipeline and other future acquisitions by the Company, its expected product offering and customer base, its ability to integrate artificial intelligence technologies into its product offering, and the potential exercise of the Company's outstanding warrants. Forward-Looking statements are often, but not always, identified by words or phrases such as "position", "growth", "future", "opportunity", "potential", "improve", "expect", "intend", "create" or variations of such words and phrases or statements that certain future conditions, actions, events or results "will", "may", "could", "would", "should", "might" or "can" be taken, occur or be achieved, or the negative of any of these terms . Forward-Looking statements are necessarily based upon management's perceptions of historical trends, current conditions and expected future developments, as well as a number of specific factors and assumptions that, while considered reasonable by HEALWELL as of the date of such statements, are outside of HEALWELL's control and are inherently subject to significant business, economic and competitive uncertainties and contingencies which could result in the forward-looking statements ultimately being entirely or partially incorrect or untrue. Forward-Looking statements contained in this press release are based on various assumptions, including, but not limited to, the following: the Company's ability to successfully integrate recent acquisitions into its organization; the availability of future M&A opportunities and the Company's ability to capitalize on those opportunities; the anticipated timing and quantity of, and demand for, warrant exercises; the effects of competition in the industry; the expected demand for the Company's products and continued profitability of the target companies within its M&A pipeline; trends in customer growth; the stability of general economic and market conditions; currency exchange rates and interest rates; the Company's ability to comply with applicable laws and regulations; the Company's continued compliance with third party intellectual property rights; and that the risk factors noted below, collectively, do not have a material impact on the Company's business, operations, revenues and/or results. By their nature, forward-looking statements are subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections, or conclusions will not prove to be accurate, that assumptions may not be correct, and that objectives, strategic goals and priorities will not be achieved.
Known and unknown risk factors, many of which are beyond the control of HEALWELL, could cause the actual results of HEALWELL to differ materially from the results, performance, achievements, or developments expressed or implied by such forward-looking statements. Such risk factors include but are not limited to those factors which are discussed under the section entitled "Risk Factors" in HEALWELL's most recent annual information form dated April 1, 2024, which is available under HEALWELL's SEDAR+ profile at www.sedarplus.ca. The risk factors are not intended to represent a complete list of the factors that could affect HEALWELL and the reader is cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-Looking statements are provided for the purpose of providing information about management's expectations and plans relating to the future. HEALWELL disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law. All of the forward-looking statements contained in this press release are qualified by these cautionary statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/217423
