Boston, March 06, 2024 (GLOBE NEWSWIRE) -- Amwell® (NYSE:AMWL), a leader in hybrid care enablement, is attending HIMSS 2024, March 11-15, in Orlando, Fla. Company leaders will be in booth #1441 to discuss Amwell's hybrid care enablement platform, Virtual Nursing solution, automated care and behavioral health programs and how this technology can address workforce shortages, access to care, the mental health crisis and other industry challenges.  In addition, three Amwell clients will present during two sessi ...

For the quarter ended December 2023, American Well Corporation (AMWL) reported revenue of $70.68 million, down 10.8% over the same period last year. EPS came in at -$0.17, compared to -$0.22 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $69.98 million, representing a surprise of +1.00%. The company delivered an EPS surprise of +10.53%, with the consensus EPS estimate being -$0.19.While investors closely watch year-over-year changes in headline numbers -- revenue an ...

Shares of American Well (AMWL 19.37%), also known as Amwell, are up 20.7% as of 2 p.m. ET Thursday after the telemedicine company announced better-than-expected fourth-quarter 2023 results.An "important year" for AmwellAmerican Well's fourth quarter didn't look great at first glance. Revenue declined 10.8% year over year to $70.7 million, translating to a net loss of $48.6 million, or $0.17 per share. But most analysts were modeling a significantly wider net loss of $0.20 per share on revenue closer to $70. ...

Core Insights - Amwell will participate in VIVE 2024 from February 25-28 in Los Angeles to showcase its hybrid care enablement platform and discuss industry challenges such as workforce shortages and mental health crises [1][2] - Executives from Amwell will lead discussions on digital-first care delivery and the sustainability of GLP-1s in healthcare [2] Group 1: Company Participation and Events - Amwell executives will discuss the company's hybrid care enablement platform, virtual nursing, automated care, and digital behavioral health programs at VIVE 2024 [1] - Roy Schoenberg, M.D., M.P.H., will moderate a panel on February 26 focused on swapping hospital-based care with virtual modalities [1][2] - Cynthia Horner, M.D., will participate in a panel on February 27 discussing the rise of GLP-1s and their implications for healthcare costs and obesity [2] Group 2: Company Overview - Amwell is a leader in hybrid care enablement, connecting providers, payers, patients, and innovators to enhance access to affordable, high-quality care [4] - The company supports digital health needs across various care types, including urgent, acute, post-acute, chronic care management, and healthy living [4] - Amwell powers digital care for over 50 health plans, covering more than 100 million lives in the U.S. [4]

Financial Data and Key Metrics Changes - Total visits in Q4 were approximately 1.65 million, a slight decline from 1.7 million last year, attributed to a less severe flu season [15][18] - Total revenue for Q4 was $71 million, a 14% increase from the previous quarter but an 11% decrease year-over-year [18][19] - Subscription revenue was $27.3 million in Q4, showing a slight decline from Q3 [19] - Adjusted EBITDA for the quarter was negative $36.9 million, improving 4% from the previous quarter and 15% year-over-year [22] Business Line Data and Key Metrics Changes - Scheduled visits represented 60% of total visits, indicating a shift towards a platform provider model [15][16] - Average annual contract value (ACV) for health plans was $902,000, and for health systems, it was $415,000 in 2023 [17] - AMG visit revenue was $32.1 million for Q4, trending 8% lower than last year [19] Market Data and Key Metrics Changes - The percentage of visits on the Converge platform was 52% for Q4, with a significant increase to nearly 70% by the end of January 2024 [16] - The company reported high client satisfaction, with provider and patient satisfaction metrics reaching all-time highs [6][7] Company Strategy and Development Direction - The company is transitioning from a telehealth vendor to a hybrid care enablement partner, focusing on modernizing healthcare delivery [10][12] - Key priorities for 2024 include successful deployment of solutions for the military health system, migrating remaining clients to Converge, and reaccelerating bookings [13][14] - The company aims to achieve adjusted EBITDA breakeven by 2026, with a focus on software revenue growth and improved gross margins [26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the path to profitability, citing a strong balance sheet and improved financial visibility [15][22] - The company anticipates a gradual return of bookings growth as it finalizes the transformation of its growth organization [24] - Management highlighted the importance of execution in achieving contracted growth and profitability [39][41] Other Important Information - The company has reduced its headcount by approximately 10% to streamline operations and improve efficiency [20][22] - The guidance for 2024 expects revenue to be in the range of $259 million to $269 million, with subscription revenue anticipated to be similar to 2023 levels [23][24] Q&A Session Summary Question: Insights on spending intentions at health systems versus health plans - Management noted that health systems are focused on platforms that improve staff retention and efficiency, while payers are increasingly interested in digital-first options and virtual primary care [32][33] Question: Details on the headcount reduction and organizational efficiency - The headcount reduction was part of a strategy to right-size the organization and improve efficiency, particularly in R&D and sales [34][39] Question: Impact of the Military Health System deal on future revenue - Management confirmed that the Military Health System deal is expected to be a steady contributor to revenue beyond 2025, with significant investments already made [42][46] Question: Focus of the sales force in the upcoming period - The sales force will focus on both expanding services with existing clients and acquiring new clients, leveraging the high satisfaction levels of current customers [54][56] Question: Revenue guidance for 2025 and its components - A significant portion of the expected revenue growth in 2025 is based on contracted backlog, including contributions from the Military Health System [58][59]

American Well Corporation (AMWL) came out with a quarterly loss of $0.17 per share versus the Zacks Consensus Estimate of a loss of $0.19. This compares to loss of $0.22 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 10.53%. A quarter ago, it was expected that this company would post a loss of $0.20 per share when it actually produced a loss of $0.20, delivering no surprise.Over the last four quarters, the company has surpass ...

Boston, Feb. 14, 2024 (GLOBE NEWSWIRE) -- Amwell® (NYSE:AMWL) a leader in hybrid care enablement, today announced financial results for the fourth quarter and full year ended Dec. 31, 2023. Amwell is a small-cap growth company and a leading provider of healthcare software as a service.  Visit Amwell's investor relations website at investors.amwell.com to view the fourth quarter and full year 2023 earnings report.   Amwell will host a conference call to discuss its financial results today at 5 p.m. ET, Wedne ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number 001-39515 | --- | --- | |---------------------------------------------------------------------------------------------------------------- ...

Core Insights - Amwell will report its fourth quarter 2023 operating results on February 14, 2024 [1] - A live conference call and webcast will be held at 5 p.m. ET to discuss the results and provide a business update [1] Company Overview - Amwell is a leading hybrid care delivery enablement platform in the U.S. and globally, connecting providers, insurers, patients, and innovators [2] - The company aims to transform healthcare through hybrid care delivery, offering a comprehensive platform for various digital health needs [2] - Amwell supports the digital care of over 55 health plans, covering more than 90 million lives, and collaborates with major health systems representing over 2,000 hospitals [2]

American Well Corporation (NYSE:AMWL) Q3 2023 Earnings Conference Call November 1, 2023 5:00 PM ET Company Participants Sue Dooley - Head-Investor Relations Ido Schoenberg - Chairman & Chief Executive Officer Bob Shepardson - Chief Financial Officer Conference Call Participants Craig Hettenbach - Morgan Stanley Stan Bernstein - Wells Fargo Securities Jailendra Singh - Truist Securities Jack Wallace - Guggenheim Securities Matt Shea - Needham & Company Charles Rhyee - TD Cowen Glen Santangelo - Jefferies Dav ...