WELL achieved record quarterly revenues of $231.6 million in Q1-2024, an increase of 37% as compared to Q1-2023 driven by acquisitions and organic growth of 13% which includes growth related to our clinic absorption program. WELL achieved Adjusted EBITDA(1) of $28.3 million in Q1-2024, an increase of 6% as compared to Q1-2023. WELL's Canadian business grew its Adjusted EBITDA in Q1- 2024 by 19% to $14.6 million on a YoY basis. WELL achieved Net Income of $19.6 million or $0.06 per share in Q1-2024 as compared to a loss of $10.6 million in Q1-2023 and Adjusted Net Income (1) of $20.2 million or $0.08 per share, 43% higher than Q1-2023. WELL achieved free cashflow available to shareholders or "FCFA2S" per share of $0.0511 a 11% increase over Q1-2023. WELL is pleased to provide guidance of an improvement of FCFA2S of more than $55M in 2024, a 30% increase from $42.4 million in 2023. WELL increases its guidance range for 2024 annual revenue of between $960 million to $980 million, while guiding to upper range of its previous Adjusted EBITDA guidance of $125 million to $130 million. VANCOUVER, BC, May 8, 2024 /CNW/ - 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 its interim consolidated financial results for the quarter ended March 31, 2024. Hamed Shahbazi, Founder and CEO of WELL, commented, "The first quarter of 2024 exceeded all expectations, showcasing the robustness and efficacy of our technology-driven care delivery platforms. We're pleased to report that we have begun the year with an intense focus on enhanced profitability and capital efficiency and are proud to report a 10% year over year improvement in the all-important, 'free cashflow available to shareholders per share' metric to $0.05 and even more excited to report that we're guiding to a significant improvement in our free cashflow for the year to more than $55M, reflecting a 30% YoY increase while we reduce yearly share dilution by a significant percentage from 2023 to the lowest it has ever been. The combination of these objectives will significantly accelerate our free cashflow per share and deliver enhanced shareholder value. Additionally, it is important to note that these results are fueled by strong YoY organic growth of 13% which includes our unique clinic absorption model, which has been and is expected to continue to be a major driver of WELL's future growth. Our clinic transformation team are recognized as industry leaders. They leverage best-in-class technology to help us achieve impressive Net Promoter Scores (NPS) of over 80% in our clinics demonstrating the high satisfaction and loyalty among our patients and providers and reflecting WELL's operational excellence." Mr. Shahbazi further added, "Central to our identity is our commitment to providing compassionate care and unwavering support to healthcare providers. As of the end of Q1-2024, over 3,900 providers and clinicians delivered care across WELL's network of physical and virtual clinics, and more than an additional  36,000 providers benefited from our SaaS and Technology Services. Our dedication remains steadfast in empowering healthcare professionals with cutting-edge technology, including substantial investments in Artificial Intelligence (AI)-based products and services, aimed at enhancing provider productivity and effectiveness. " Eva Fong, WELL's Chief Financial Officer, added, "I am proud to announce that we achieved positive EPS, or Earnings Per Share, in the first quarter of 2024. In support of our operating plan for 2024, we implemented a comprehensive cost-cutting program which has resulted in strengthening our operational efficiency and produced significant annualized cost savings. We generated $19.1 million of cash flow from operating activities in Q1-2024 and the Company is in an excellent position to continue to fund its organic growth and future acquisition plans through cash flows from operations. Furthermore, for the remainder of the year we are expecting improved free cash flow, reduced share issuances, and decreased earn-out commitments, which positions the Company for continued success in 2024 and beyond." First Quarter 2024 Financial Highlights: WELL achieved record quarterly revenue of $231.6 million in Q1-2024, an increase of 37% as compared to revenue of $169.4 million generated in Q1-2023. This growth was partially driven by organic growth of 13% Canadian Patient Services revenue was $75.7 million in Q1-2024, an increase of 49% as compared to $50.9 million in Q1-2023. WELL Health USA Patient and Provider Services revenue was $140.4 million in Q1-2024, an increase of 42% as compared to $99.2 million in Q1-2023. SaaS and Technology Services revenue was $15.4 million in Q1-2024, a decrease of 20% as compared to $19.4 million in Q1-2023. This decrease was partially due to the sale of Intrahealth. Adjusted Gross Profit(1) was $102.2 million in Q1-2024, an increase of 19% as compared to Adjusted Gross Profit(1) of $86.2 million in Q1-2023. Adjusted Gross Margin(1) percentage was 44.1% during Q1-2024 compared to Adjusted Gross Margin(1) percentage of 50.9% in Q1-2023 and an improvement as compared to 43.7% in the previous quarter. The YoY decline in Adjusted Gross Margin percentage is mainly attributed to the acquisition of businesses with lower gross margin percentage in 2023. Adjusted EBITDA(1) was $28.3 million in Q1-2024, an increase of 6% as compared to Adjusted EBITDA(1) of $26.7 million in Q1-2023. Adjusted EBITDA to WELL shareholders was $21.4 million in Q1-2024, an increase of 4% as compared to Adjusted EBITDA to WELL shareholders of $20.6 million in Q1-2023. Adjusted EBITDA attributable to the Canadian business was $14.6 million in Q1-2024, an increase of 19% YoY Adjusted Net Income(1) was $20.2 million, or $0.08 per share in Q1-2024, as compared to Adjusted Net Income(1) of $14.1 million, or $0.06 per share in Q1-2023. First Quarter 2024 Patient Visit Metrics: WELL achieved a record 1.3 million patient visits in Q1-2024, an increase of 34% compared to Q1-2023 and representing 5.2 million patient visits on an annualized run-rate basis. Patient visits were comprised of 733,000 patient visits in Canada and 577,000 patient visits in the US. Canadian Patient Services visits increased 45% while US Patient Services visits increased 23%, on a year-over-year basis. Growth in patient visits over the past year was primarily driven by organic growth, including the clinic absorption program as well as acquisitions. Total care interactions were 2.0 million in Q1-2024, a year-over-year increase of 43% compared to Q1-2023 and representing 8.0 million total care interactions on an annualized run-rate basis. Q1-24 Q4-23 Q1-23 QoQ Growth YoY Growth YoY Organic Growth Canada Patient Visits 733,000 678,000 504,000 8 % 45 % 19 % US Patient Visits 577,000 544,000 471,000 6 % 23 % 20 % Total Visits 1,310,000 1,222,000 975,000 7 % 34 % 19 % Technology Interactions 599,000 547,000 422,000 10 % 42 % 42 % Billed Provider Hours 89,000 98,000 0 -9 % n/a n/a Total CareInteractions(2) 1,998,000 1,867,000 1,397,000 7 % 43 % 26 % As of the end of Q1-2024, WELL had 175 clinics operating out of 97 physical facilities across Canada and 34 clinics operating out of 33 physical facilities in the U.S. First Quarter 2024 Business Highlights: On January 26, 2024, the Company refinanced its syndicated credit facility with JPMorgan Chase Bank, N.A. to include two new syndicate members and extend the term to January 26, 2027. The US$300 million credit facility consists of a primary US$175 million credit facility with an additional US$125 million accordion for future growth. On February 1, 2024, the Company completed the sale of Intrahealth, an EMR provider within the Company's SaaS and Technology Services reportable segment, to HEALWELL for a total consideration of approximately $24.2 million, consisting of cash, shares in HEALWELL and deferred payments.