WELL Health Announces Record Patient Visits and Total Care Interactions for Q4-2023 and Projects Record Revenue and Positive EPS for the Quarter

• WELL expects to announce positive EPS or Earnings Per Share on an adjusted and unadjusted basis for Q4-2023.¹
• WELL expects to announce its 20^th consecutive quarter of record quarterly revenue in Q4-2023, underpinned by record care metrics which includes record patient visits of over 1.22 million and almost 1.87 million Total Care Interactions in the quarter with both metrics representing 18% sequential QoQ growth.^2,3
• This quarter's strong performance was driven by double-digit YoY organic growth as well as elevated inorganic growth in both US and Canadian patient visits. On a YoY basis, overall patient visits grew by 30% while Total Care Interactions grew by 38%.
• WELL is proud to announce that its BC clinics which include some of the longest owned and operated clinics in the WELL family network have achieved a record Net Promoter Score (NPS) of 80% in Q4-2023 compared to industry average of 34% for the Canadian healthcare sector.^4,5

VANCOUVER, BC and TORONTO, Jan. 25, 2024 /CNW/ - WELL Health Technologies Corp. (TSX: WELL, OTCQX: WHTCF) ("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 positive preliminary quarterly financial results for Q4-2023 ending December 31, 2023 with projected record revenue and positive adjusted and non-adjusted EPS or Earnings per Share.¹ WELL's strong financial performance was driven by another record quarter in patient visits which resulted in sequential QoQ growth of 18% and YoY growth of 30%.²

Hamed Shahbazi, Founder and CEO of WELL, commented "Based on our preliminary financial results and subject to finalizing our audit, I am extremely pleased to report that WELL expects to announce record revenues and Adjusted EBITDA including positive adjusted and unadjusted EPS for Q4 2023. As discussed in our business update last week, WELL's value proposition is resonating with the medical community across the country as the clear leader in helping clinic owners, administrators and care providers improve clinic operations. This is not only attracting an unprecedented number of new clinics and healthcare providers to WELL, but it is also giving us an opportunity to grow in an extremely capital efficient manner. Most of the clinics we add to our platform are profitable on day one and are handpicked because of the opportunity for margin and profit expansion. All of this is made possible due to our talented staff, extensive operating experience, and trusted technology platform now features powerful and responsible use of Artificial Intelligence."

Mr. Shahbazi further added, "As we step into our year of enhanced efficiency, we are prioritizing profitability and capital efficiency in our own operating environment, while maintaining elevated organic growth levels and a focus on quality delivery as noted by our industry leading NPS scores. We recognize the tremendous need in the healthcare sector and are committed to serving all care providers on our platform with the best tools and technologies available. We are also seeing excellent initial results from our higher margin Longevity+ offerings and look forward to rolling those out to the rest of the country."

Eva Fong, CFO of WELL, also remarked, "In Q4-2023, WELL's financials reveal an exceptional growth trajectory, highlighted by a significant acceleration in patient visits. These visits are not only a key indicator for our business but also a clear sign of our effective scaling. This acceleration in patient visit growth supports our positive forecast for accelerated EBITDA growth in the coming year. A significant part of our success can be attributed to WELL's work culture. Our status as a Great Place to Work® certified independently by the Great Place to Work Institute® Canada is a testament of our dedication to a workplace environment that fosters trust, inclusivity, and well-being. This aligns perfectly with our 'Healthy Place to Work' ESG pillar, further enhancing our operational efficiency and ability to maintain a high-performance team. Our financial position is strong and getting stronger as we will discuss at our upcoming earnings event, including more details on our recently kicked off cost optimization program.

Patient Visit Metrics

WELL's patient visits and Total Care Interactions metrics are an important leading indicator to demonstrate the health of WELL's operational and financial performance. ^2,3 With these robust care growth metrics, WELL is expecting to report record revenue for Q4-2023 in both our Canadian and US Patient Services businesses.¹

In Q4-2023, WELL's Canadian Patient Services business, encompassing primary care, specialty, allied care, diagnostic care, and executive health including our new Longevity+ offering logged a total of 678,000 patient visits across Canada, an increase of 38% as compared to 491,000 patient visits in Q4-2022.² The growth in patient visits was driven by the acquisition of clinical assets from MCI Onehealth Technologies (now known as HEALWELL AI), and one month's contribution from WELL's first Manitoba clinic. The Manitoba clinic marks a key milestone for the Company as WELL now has a physical clinical presence in 5 provinces across Canada. As WELL continues to expand and mature, we anticipate that patient visits across Canada will progressively align more closely with Canada's demographic distribution.

WELL Health USA achieved 544,000 patient visits in Q4-2023. WELL Health USA figures include CRH Medical, Circle Medical and Wisp.² Growth in US patient visits was primarily driven by organic growth in Circle Medical and Wisp businesses, in addition to acquisitions by CRH Medical over the past year, notably CarePlus which was acquired in July 2023. As part of the CarePlus acquisition, WELL acquired Radar Healthcare Providers ("RADAR"), a leading professional medical recruitment firm in the United States providing staffing and locums tenens services. RADAR billed a total of 98,000 provider hours ("Billed Provider Hours") in Q4-2023.⁶

WELL achieved a total of 1,867,000 Total Care Interactions in Q4-2023, a year-over-year increase of ~38% compared to Q4-2022 and representing ~7.5 million Total Care Interactions on an annualized run-rate basis.³

WELL Total Patient Visits and Interactions

	Q4-23	Q3-23	Q4-22	QoQ Growth	YoY Growth	YoY Organic Growth^7
Canada Patient Visits^8	678,000	532,000	491,000	+27 %	+38 %	+10 %
US Patient Visits^8	544,000	505,000	450,000	+8 %	+21 %	+18 %
Total Visits	1,222,000	1,037,000	941,000	+18 %	+30 %	+14 %
Technology Interactions^9	547,000	458,000	411,000	+19 %	+33 %	+33 %
Billed Provider Hours^6	98,000	81,000	N/A	+21 %	N/A	N/A
Total Care Interactions^3	1,867,000	1,576,000	1,352,000	+18 %	+38 %	+20 %

WELL Canadian Clinics Q4-23 Patient Visits

Province	% of Canadian Patient Visits
Ontario	50 %
British Columbia	37 %
Rest of Canada	13 %

A notable highlight in Q4 was a historic milestone for WELL, as Ontario surpassed British Columbia in patient visits for the first time. Ontario witnessed a 43% year-over-year increase in patient visits, mainly due to recent acquisitions and absorptions.

WELL's Industry Leading NPS Scores

WELL is proud to announce that its clinics in British Columbia have achieved a record Net Promoter Score (NPS) of 80% in Q4-2023 compared to an industry average of 34% for the Canadian healthcare sector.^4,5 This score reflects WELL's commitment to clinical management expertise and patient satisfaction. The Company is now expanding the NPS survey initiative across its network of clinics in various provinces. This rollout is viewed as a critical integration step, ensuring a uniformly high-quality healthcare experience across the WELL network, benefiting both patients and healthcare providers. This significance of measuring the NPS of WELL's BC clinics is due to the fact that these are the clinics that have been owned, operated, digitally transformed, and under the oversight of WELL's management team longer than any other clinics in the WELL network, making them a more accurate reflection of WELL's full capabilities in managing healthcare clinics effectively.

Footnotes:

1. Based on preliminary financial information and subject to WELL's year end audit which is expected to be completed in March 2024. Please refer to Q3-2023 MD&A for definitions of Adjusted Net Income per Share.
2. Patient visits are defined by any interaction a patient has with a WELL practitioner through all sources and channels. This also includes diagnostic testing consultations or any asynchronous physician consultations.
3. Total Care Interactions are defined as Patient Visits plus Technology Interactions and Billed Provider Hours (see Footnote 6).
4. NPS, or Net Promoter Score, is a customer loyalty metric that measures how likely customers are to recommend a company's products or services to others on a scale of -100 to 100. It is calculated based on responses to a single question: "How likely are you to recommend our service to a friend or colleague?
5. See Retently, 'What is a Good Net Promoter Score (NPS)? [2023 Benchmarks],' published on May 18, 2023.
6. Billed Provider Hours are defined as hours providers bill under RADAR Healthcare Providers.
7. Organic growth includes growth from clinics added though WELL's clinic absorption program, as outlined in WELL's press release dated January 16, 2024.
8. Patient visits metrics for the prior period, Q4-2022, has been restated to align with new segmentation based on Canadian Patient Services and US Patient Services operating segments. Diagnostic patient visits performed by MyHealth and False Creek Wellness are now included in Canadian Patient visits, while Wisp's asynchronous patient visits are now included in US Patient visits. Patient bookings only conducted by various technology providers such as OceanMD, Adracare, and Insig are now reported under Technology Interactions. Technology Interactions does not include the many millions of patient interactions supported by WELL's EMR Group or family of digital health apps such as the OceanMD patient engagement platform.
9. Technology Interactions are defined as patient visits facilitated with WELL's technologies but supported by non-WELL healthcare providers.

WELL HEALTH TECHNOLOGIES CORP.

Per: "Hamed Shahbazi"

Hamed Shahbazi

Chief Executive Officer, Chairman and Director

About WELL Health Technologies Corp.

WELL's mission is to tech-enable healthcare providers. We do this by developing the best technologies, services, and support available, which ensures healthcare providers are empowered to positively impact patient outcomes. WELL's comprehensive healthcare and digital platform includes extensive front and back-office management software applications that help physicians run and secure their practices. WELL's solutions enable more than 33,000 healthcare providers between the US and Canada and power the largest owned and operated healthcare ecosystem in Canada with more than 165 clinics supporting primary care, specialized care, and diagnostic services. In the United States WELL's solutions are focused on specialized markets such as the gastrointestinal market, women's health, primary care, and mental health. WELL is publicly traded on the Toronto Stock Exchange under the symbol "WELL" and on the OTC Exchange under the symbol "WHTCF". To learn more about WELL, please visit: www.well.company.

Forward-Looking Statements

This news release contains "Forward-Looking Information" within the meaning of applicable Canadian securities laws, including, without limitation: its expected positive earnings per share; its expectations with respect to quarterly revenue for Q4-2023; information regarding the Company's strategies and growth plans; expectations surrounding future patient visits; the expected benefits and synergies of acquisitions; and the expected financial performance of WELL's Patient Service businesses, as well as information in the "Outlook" section herein.

Forward-Looking Information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, and contingencies. All of these assumptions, such as WELL's belief that its preliminary Q4-2023 analysis will align with final audited financial results, that the tools used to track and report patient visits are accurate, and that patient visits continue to be a key indicator of WELL's growth trajectory, could be wrong. Forward-Looking Information generally can be identified by the use of forward-looking words such as "may", "should", "will", "could", "intend", "estimate", "plan", "anticipate", "expect", "believe" or "continue", or the negative thereof or similar variations. Forward-Looking Information involve known and unknown risks, uncertainties and other factors that may cause future results, performance, or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by the Forward-Looking Information and the Forward-Looking Information are not guarantees of future performance. WELL's comments expressed or implied by such Forward-Looking Information are subject to a number of risks, assumptions, uncertainties, and conditions, many of which are outside of WELL 's control, and undue reliance should not be placed on such information. Forward-Looking Information are qualified in their entirety by inherent risks and uncertainties, including: direct and indirect material adverse effects from the COVID-19 pandemic; adverse market conditions; risks inherent in the primary healthcare sector in general; regulatory and legislative changes; that future results may vary from historical results; inability to obtain any requisite future financing on suitable terms; any inability to realize the expected benefits and synergies of acquisitions; that market competition may affect the business, results and financial condition of WELL and other risk factors identified in documents filed by WELL under its profile at www.sedarplus.ca, including its most recent Annual Information Form. Except as required by securities law, WELL does not assume any obligation to update or revise any forward-looking information, whether as a result of new information, events or otherwise.

This news release contains future-oriented financial information and financial outlook information (collectively, "FOFI") about estimated Adjusted EBITDA, expected adjusted and unadjusted earnings per share, all of which are subject to the same assumptions, risk factors, limitations, and qualifications as set out in the above paragraph. The actual financial results of WELL may vary from the amounts set out herein and such variation may be material. WELL and its management believe that the FOFI has been prepared on a reasonable basis, reflecting management's best estimates and judgments. However, because this information is subjective and subject to numerous risks, it should not be relied on as necessarily indicative of future results. Except as required by applicable securities laws, WELL undertakes no obligation to update such FOFI. FOFI contained in this news release was made as of the date hereof and was provided for the purpose of providing further information about WELL's anticipated future business operations. Readers are cautioned that the FOFI contained in this news release should not be used for purposes other than for which it is disclosed herein.

Non-GAAP Financial Measures

This news release contains non-generally accepted accounting principles ("GAAP") financial measures. The non-GAAP financial measures in this news release include EBITDA, Adjusted EBITDA, and Adjusted Net Income per share, as defined in our Q3-2023 MD&A. Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. WELL utilizes both GAAP and non-GAAP financial measures to assess what it believes to be its core operating performance and to evaluate and manage its internal business and assist in making financial operating decisions. WELL believes that the inclusion of non-GAAP financial measures, together with GAAP measures, provides investors with an alternative presentation useful to investors' understanding of WELL's core operating results and trends.

SOURCE WELL Health Technologies Corp.

Tyler Baba, Investor Relations Manager, [email protected], 604-628-7266