-- WELL achieved record annual revenue of $1.40 billion in 2025, an
increase of 52% compared to the prior year. This growth was mainly driven
by acquisitions, organic growth and the inclusion of HEALWELL results in
WELL's consolidated financial reporting. WELL achieved record Adjusted
EBITDA(1) of $203.7 million in 2025, an increase of 336% compared to
$46.7 million in 2024, representing Adjusted EBITDA(1) margin of 14.5%.
-- Excluding Circle Medical ("CM") and CRH Medical Corporation ("CRH")
related one-time events from both FY 2025 and 2024, normalized(2) revenue
would have reached $1.35 billion in 2025, representing a 34% increase
compared to the previous year, while Adjusted EBITDA(1) would have been
$148.6 million in 2025, representing 17% YoY growth.
-- Canadian Patient Services revenue increased 39% to $444.3 million and
Adjusted EBITDA(1) increased 43% to $58.1 million in 2025, driven by
acquisitions and organic growth of 13% for the Canadian Patient Services
business.
-- WELL achieved record Operating Free Cash Flow Attributable to
Shareholders or "FCFA2S" (1) in 2025 of $58.2 million representing an
increase of approximately 19% as compared to $48.9 million in 2024.
-- WELL is pleased to provide a positive outlook for 2026 with annual
guidance for revenue of between $1.55 billion to $1.65 billion, and
Adjusted EBITDA(1) in the range of $175 million to $185 million. The
annual guidance includes approximately $17.6 million of expected CM
deferrals. Excluding the impacts of CRH and Circle Medical deferrals, the
Company expects to continue to deliver performance in line with prior
years of achieving better than 10% annual growth in Adjusted EBITDA(1)
and free cashflow growth, including acquisitions.
VANCOUVER, British Columbia--(BUSINESS WIRE)--March 19, 2026--
WELL Health Technologies Corp. (TSX: WELL, OTCQX: WHTCF) (the "Company" or "WELL"), a digital healthcare company focused on positively impacting health outcomes by leveraging technology to empower healthcare practitioners and their patients globally, is pleased to announce it has filed its audited annual financial statements for the fiscal year and fourth quarter ended December 31, 2025, the related management's discussion and analysis ("MD&A"), and accompanying CEO and CFO certifications under its profile on SEDAR+ at www.sedarplus.ca.
Hamed Shahbazi, Chairman and CEO of WELL commented, "2025 was a defining year for WELL. We achieved $1.40 billion in revenue and over $200 million in Adjusted EBITDA(1) while meaningfully improving our margin profile, and we met our guidance on both measures. More importantly, 2025 was the year we crystallized who we are: WELL is building the infrastructure for a healthier Canada. Our clinics deliver care, WELLSTAR powers the digital workflows, HEALWELL applies AI at enterprise scale, and CyberWELL protects the data. With the expansion of our credit facility and the largest acquisition pipeline in our history, we are well positioned to accelerate growth in our highest-return market while unlocking value from our US portfolio."
Mr. Shahbazi further adds, "We are also very excited with the progress of our WELLSTAR subsidiary which continues to play a central role in digitally enabling healthcare providers across Canada by delivering a highly integrated, increasingly AI-enabled platform that reduces administrative burden and improves clinical workflows. We believe the market has yet to fully appreciate the value embedded in WELLSTAR, and the planned spin-out is designed to surface that value for our shareholders."
Eva Fong, WELL's Chief Financial Officer, commented, "In 2026, we expect our acquisition pipeline in Canada to remain active, with a continued emphasis on higher-margin primary care and diagnostics assets. During 2025, we continued to execute on our Canadian clinic growth strategy with discipline, completing 19 clinic acquisition transactions and adding approximately $112.6 million in annualized clinical revenue. These investments were supported by strong operating cash flow and the expansion of our senior secured credit facility, all of which enhance our financial flexibility and liquidity. With a strengthened balance sheet and sound leverage profile, we are well positioned to continue our growth plans. Our capital allocation strategy remains focused on delivering a minimum of 10% normalized Adjusted EBITDA growth annually while reinvesting capacity into top-line growth through our Canadian acquisition pipeline."
Fiscal 2025 Annual Financial Highlights:
-- WELL achieved record annual revenue of $1.40 billion in 2025, an
increase of 52% compared to revenue of $919.7 million generated in 2024.
This growth was mainly driven by organic growth, acquisitions completed
over the last twelve months and the inclusion of HEALWELL results in
WELL's consolidated financial reporting. Excluding CM and CRH impacts
from both 2025 & 2024, normalized(2) revenue would have reached $1.35
billion in 2025, representing a 34% increase compared to $1.00 billion in
2024.
-- Adjusted Gross Margin(1) percentage was 44.2% in 2025 compared to
Adjusted Gross Margin(1) percentage of 39.5% in 2024. The increase in
Adjusted Gross Margin(1) percentage was primarily driven by revenue mix
and the addition of higher margin HEALWELL revenue.
-- Adjusted EBITDA(1) was $203.7 million in 2025, an increase of 336%
compared to Adjusted EBITDA(1) of $46.7 million in 2024. Adjusted
EBITDA(1) margin was 14.5% in 2025, compared to 5.1% in 2024. Excluding
CM & CRH impacts from both 2025 & 2024, normalized(2) Adjusted EBITDA(1)
would have been $148.6 million in 2025, representing 17% YoY growth
compared to $127.0 million in 2024.
-- Adjusted EBITDA(1) attributable to WELL shareholders was $149.0 million
in 2025, an increase of 275% compared to Adjusted EBITDA(1) to WELL
shareholders of $39.8 million in 2024.
-- Adjusted Net Income(1) was $126.5 million, or $0.50 per share in 2025,
compared to Adjusted Net Income(1) of $8.0 million, or $0.03 per share in
2024.
-- Operating Adjusted Free Cashflow(1) available to shareholders (or
FCFA2S) was $58.2 million in 2025 compared to FCFA2S of $48.9 million in
2024. FCFA2S was impacted by elevated capital expenditures focused on
upgrading our clinical portfolio.
Segmented Revenue:
-- Canadian Patient Services revenue was $444.3 million in 2025, an
increase of 39% compared to $319.1 million in 2024.
-- U.S. Patient and Provider Services revenue was $763.5 million in 2025,
an increase of 43% compared to $532.2 million in 2024.
-- WELLSTAR, the Company's pure-play SaaS technology subsidiary, achieved
revenue of $68.1 million in 2025, an increase of 59% compared to $42.9
million in 2024. WELLSTAR's growth was driven by healthy organic growth
and acquisitions.
Annual 2025 Key Metrics:
-- WELL achieved over 6.9 million patient visits in 2025, including Canada
and the US, representing an increase of 21% compared to 5.7 million
patient visits in 2024.
-- Canadian Patient Services visits increased to 4.3 million patient
visits in 2025, an increase of 37% over the past year primarily driven by
acquisitions as well as 10% organic growth, including the clinic
absorption program.
-- As of the end of 2025, WELL reported 252 clinics across Canada,
including primary care, diagnostics, allied health, specialty and
executive health clinics.
Fourth Quarter 2025 Business Highlights:
On November 3, 2025, the Company announced that it completed a series of strategic transactions with its subsidiary, HEALWELL, to streamline operations, accelerate clinical research, and focus on high-growth AI and software initiatives. The transactions included (i) the sale of HEALWELL's Polyclinic Family Medicine and Specialty Clinics Group ("Polyclinic") to WELL, (ii) the formation of a 50/50 clinical research joint venture between HEALWELL and WELL, (iii) combining the businesses of Bio Pharma Services Inc. and Canadian Phase Onward Inc. within the joint venture, and (iv) the sale of HEALWELL's interest in Mutuo Health Solutions Inc. ("Mutuo") to WELLSTAR.
On November 13, 2025, the Company announced that WELLSTAR's OceanMD business unit was awarded a material provincial eReferral contract following a competitive procurement process. With this strategic contract, WELLSTAR now facilitates over 1.7 million eReferrals annually across four Canadian provinces with participation from more than 20,000 physicians across 3,800 clinics nationwide.
On December 8, 2025, the Company announced that WELLSTAR had completed its Series B Preferred Share investment in the aggregate amount of approximately $62.0 million at an offering price of C$1.50 per Series B Share. Upon closing, WELLSTAR issued $59.0 million Series B Shares to the institutional investors, plus an additional amount of approximately $3.0 million of Series B Shares to management of both WELLSTAR and the Company.
Events Subsequent to December 31, 2025:
On February 1, 2026, WELL completed the acquisition of a leading technology-enabled e-consult platform in Alberta, together with eight primary care clinics, which is expected to contribute approximately $45.0 million in pro forma annual revenue. The eight primary care clinics closed on December 1, 2025, while the E-Consult platform transaction closed on February 1, 2026. E-consults are secure digital consultations that allow primary care providers to obtain specialist guidance electronically, helping reduce wait times, avoid unnecessary referrals and diagnostics, and improve patient care coordination.
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