- HEALWELL AI reports record Q3 revenue of C$13.7 million, up 738 per cent year-over-year.
- Key acquisitions of BioPharma and VeroSourcs also contributed to the company’s growth
- HEALWELL also secured several master service agreements, including a $9M contract with New Zealand’s Department of Corrections
- Shares of HEALWELL AI are up 3.95 per cent to $1.84 as of 11:48 a.m. ET
HEALWELL AI (TSX: AIDX) reveals its Q3 2024 results, notably reporting record revenue of C$13.7 million, representing a 738 per cent increase from the same period in 2023.
In a press release, the company highlighted:
- Adjusted Gross Profit of $5.9 million, up 1,669 per cent from Q3 2023.
- Adjusted Gross Margin improved to 43 per cent from less than 20 per cent in Q3 2023.
- Adjusted EBITDA loss of $3.42 million, compared to a loss of $2.5 million in Q3 2023.
Notably, the revenue growth was attributed to the acquisitions of BioPharma Services and VeroSource Solutions, which will enhance HEALWELL’s capabilities in clinical trials, healthcare data management, and AI-driven patient care.
With these new additions, HEALWELL is positioned as an end-to-end pharma partner, accelerating the patient care pathway from early disease detection to post-trial insights.
HEALWELL also secured five new Master Service Agreements (MSAs) during the quarter, expanding its presence with global pharmaceutical companies and government sectors. Notable partnerships include a $9 million contract with the New Zealand Department of Corrections and participation in the Health Compass II project, aimed at advancing rare disease diagnosis through AI.
Looking ahead, HEALWELL expects to surpass a $100 million revenue run rate by 2025 and achieve adjusted EBITDA profitability.
Based out of Toronto, Ont., HEALWELL AI is a healthcare technology company specializing in artificial intelligence and data science for preventative care.
The company is focused on developing and commercializing advanced clinical decision support systems that assist healthcare providers in detecting rare and chronic diseases.
Shares of HEALWELL AI are up 3.95 per cent to $1.84 as of 11:48 a.m. ET.
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