Financial Data and Key Metrics Changes - Total revenue for Q2 2025 was $70.9 million, a 13% increase compared to Q2 2024. Normalizing for the sale of Amwell Psychiatric Care, revenue was 25% higher year-over-year [20] - Subscription software revenue accounted for 57% of total revenue at $40.4 million, up 47% from a year ago [20] - Adjusted EBITDA for the quarter was a negative $4.7 million, significantly improved from a negative $35 million in Q2 2024 [26] - Cash burn was reduced to $3 million in Q2, with $219 million in cash and marketable securities and zero debt [26] Business Line Data and Key Metrics Changes - Amwell Medical Group (AMG) visit revenue was $22.8 million, down 20.8% year-over-year, but visits were flat when normalizing for the sale of APC [21] - Average revenue per visit was $73, which is 9% lower compared to last year, but 8.3% higher when normalizing for the APC sale [22] - Services and CarePoint revenue was $7.7 million, slightly down from $8 million in the previous quarter [23] Market Data and Key Metrics Changes - Approximately 1.2 million visits were completed in Q2, a decrease of 22.3% year-over-year [21] - The company is experiencing a shift towards technology-enabled care, with increasing consumer demand for online healthcare services [15] Company Strategy and Development Direction - The company aims to achieve positive cash flow from operations by 2026, focusing on expanding subscription software revenues and reducing costs [6][27] - Amwell is leveraging artificial intelligence as a key driver for healthcare modernization and efficiency [7][17] - The company is committed to enhancing its role in the federal market and expanding its client base through strategic partnerships [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing transformation of healthcare towards technology-enabled solutions, emphasizing the importance of cost reduction and improved clinical outcomes [7][15] - The company anticipates that the current market dynamics will favor its growth strategy, particularly in the government sector [18] Other Important Information - The 2026 contract extension with the military health system excluded behavioral health and automated care programs due to budget restrictions [11] - The company is targeting a 60% improvement in adjusted EBITDA for 2025 compared to 2024 [14] Q&A Session Summary Question: Can you share how the revenue run rate of the extended DHA contract compares to the pilot contract? - The annualized value of the extended contract is slightly greater than the previous pilot contract, indicating a small increase in revenue [39] Question: Does the expected subscription revenue for 2025 indicate a decline? - The decrease in expected subscription revenue is primarily due to the exclusion of automated care and behavioral health from the DHA contract extension [44] Question: How does the company plan to achieve cash flow breakeven by 2026? - Achieving breakeven will involve focusing on modern platforms, reducing costs, and leveraging AI to enhance operational efficiency [46] Question: What is the impact of the DHA contract on behavioral and automated care? - The exclusion of these programs is related to budget constraints rather than their effectiveness, and there is optimism for their future inclusion [51] Question: How do third-party clinical solutions affect gross margins? - Integrating third-party solutions into Amwell's platform enhances patient engagement and reduces customer acquisition costs, contributing positively to gross margins [72] Question: Are there any changes in the sales cycle due to macroeconomic factors? - The focus has shifted towards cost savings, which has not negatively impacted the sales cycle; in fact, it may have accelerated it [75]

[PART I - FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements, including the balance sheets, statements of operations and comprehensive loss, stockholders' equity, and cash flows, along with detailed notes explaining significant accounting policies, segment information, revenue recognition, and other financial details for the periods ended June 30, 2025, and December 31, 2024 [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet shows a decrease in total assets from **$435.97 million** at December 31, 2024, to **$388.66 million** at June 30, 2025, primarily driven by reductions in cash, accounts receivable, and intangible assets | Metric (in thousands) | June 30, 2025 | December 31, 2024 | Change | | :-------------------- | :------------ | :---------------- | :----- | | Cash and cash equivalents | $219,072 | $228,316 | $(9,244) | | Accounts receivable | $53,557 | $71,885 | $(18,328) | | Total current assets | $289,653 | $316,993 | $(27,340) | | Intangible assets, net | $84,025 | $101,538 | $(17,513) | | Total assets | $388,656 | $435,968 | $(47,312) | | Total current liabilities | $87,916 | $111,263 | $(23,347) | | Total liabilities | $94,083 | $119,724 | $(25,641) | | Total stockholders' equity | $294,573 | $316,244 | $(21,671) | [Condensed Consolidated Statement of Operations and Comprehensive Loss](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Operations%20and%20Comprehensive%20Loss) The company significantly reduced its net loss for both the three and six months ended June 30, 2025, compared to the same periods in 2024, driven by increased revenue and substantial reductions in operating expenses | Metric (in thousands) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | Change (YoY) | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | Change (YoY) | | :-------------------- | :--------------------------- | :--------------------------- | :----------- | :--------------------------- | :--------------------------- | :----------- | | Revenue | $70,898 | $62,790 | 13.07% | $137,731 | $122,312 | 12.61% | | Total costs and operating expenses | $91,277 | $115,166 | (20.74)% | $188,521 | $249,720 | (24.49)% | | Loss from operations | $(20,379) | $(52,376) | (61.13)% | $(50,790) | $(127,408) | (60.00)% | | Net loss | $(19,531) | $(50,579) | (61.39)% | $(37,887) | $(124,028) | (69.46)% | | Net loss attributable to American Well Corporation | $(19,696) | $(49,920) | (60.55)% | $(38,400) | $(122,025) | (68.53)% | | Net loss per share, basic and diluted | $(1.24) | $(3.36) | (63.10)% | $(2.43) | $(8.28) | (70.65)% | [Condensed Consolidated Statement of Stockholders' Equity](index=5&type=section&id=Condensed%20Consolidated%20Statement%20of%20Stockholders'%20Equity) Total stockholders' equity decreased from **$316.24 million** at January 1, 2025, to **$294.57 million** at June 30, 2025, primarily due to net losses, partially offset by stock-based compensation expense and currency translation adjustments | Metric (in thousands) | Balances as of January 1, 2025 | Balances as of June 30, 2025 | | :-------------------- | :----------------------------- | :--------------------------- | | Common Stock | $156 | $161 | | Additional Paid-In Capital | $2,286,380 | $2,300,267 | | Accumulated Other Comprehensive Income (Loss) | $(15,840) | $(13,514) | | Accumulated Deficit | $(1,965,924) | $(2,004,326) | | Total American Well Corporation Stockholders' Equity | $304,772 | $282,588 | | Noncontrolling Interest | $11,472 | $11,985 | | Total Stockholders' Equity | $316,244 | $294,573 | - Stock-based compensation expense contributed **$13.35 million** to additional paid-in capital for the six months ended June 30, 2025[13](index=13&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) Net cash used in operating activities significantly decreased from **$81.55 million** in H1 2024 to **$29.83 million** in H1 2025, largely due to reduced net loss and positive changes in working capital, with investing activities providing **$19.39 million** in cash in 2025 | Metric (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (YoY) | | :-------------------- | :----------------------------- | :----------------------------- | :----------- | | Net loss | $(37,887) | $(124,028) | $(86,141) | | Net cash used in operating activities | $(29,832) | $(81,549) | $51,717 | | Net cash provided by (used in) investing activities | $19,391 | $(9,788) | $29,179 | | Net cash provided by financing activities | $542 | $956 | $(414) | | Net decrease in cash, cash equivalents, and restricted cash | $(9,244) | $(95,130) | $85,886 | | Cash, cash equivalents, and restricted cash at end of period | $219,867 | $277,703 | $(57,836) | - Cash provided by investing activities in **2025** was primarily driven by **$20.4 million** in proceeds from a divestiture, contrasting with **$9.8 million** used in investing activities in **2024**, which included capitalized software development costs and joint venture investments[178](index=178&type=chunk)[179](index=179&type=chunk) [Notes to the Unaudited Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed explanations and disclosures for the condensed consolidated financial statements, covering the company's organization, significant accounting policies, segment information, revenue breakdown, related-party transactions, and specific financial events [1. Organization and Description of Business](index=7&type=section&id=1.%20Organization%20and%20Description%20of%20Business) American Well Corporation, founded in 2006, is a leading enterprise software company focused on digital care delivery in healthcare, completing a 1-for-20 reverse stock split effective July 10, 2024 - **American Well Corporation** is a leading enterprise software company enabling digital delivery of care for healthcare's key stakeholders[18](index=18&type=chunk) - A **1-for-20 reverse stock split** became effective on **July 10, 2024**, retroactively adjusting all common stock, stock-based instruments, and per-share data[19](index=19&type=chunk) [2. Summary of Significant Accounting Policies](index=7&type=section&id=2.%20Summary%20of%20Significant%20Accounting%20Policies) The company's unaudited condensed consolidated financial statements are prepared in accordance with GAAP and SEC rules, with no material changes to significant accounting policies from the 2024 Form 10-K, consolidating wholly-owned subsidiaries and VIEs - No material changes to significant accounting policies from the fiscal year ended **December 31, 2024**, **Form 10-K**[20](index=20&type=chunk) - The company consolidates variable interest entities (**VIEs**) where it is the primary beneficiary, including professional corporations (**PCs**) and **National Telehealth Network (NTN)**[22](index=22&type=chunk)[27](index=27&type=chunk) | PC Financials (in thousands) | June 30, 2025 | December 31, 2024 | | :--------------------------- | :------------ | :---------------- | | Total assets | $29,127 | $34,050 | | Total liabilities | $281 | $2,053 | - The company made a minority investment of **$1.00 million** in **Aingelz, Inc.** on **March 11, 2025**, using a **Simple Agreement for Future Equity (SAFE

[Executive Summary & Business Update](index=1&type=section&id=Executive%20Summary%20%26%20Business%20Update) This section provides an overview of Amwell's Q2 2025 financial performance, strategic achievements, and updated financial guidance, highlighting progress towards profitability [Second Quarter 2025 Highlights](index=1&type=section&id=Second%20Quarter%202025%20Highlights) Amwell reported Q2 2025 revenue of **$70.9 million**, **56.1% gross margin**, and improved Adjusted EBITDA to **($4.7) million**, revising full-year guidance Q2 2025 Financial and Operational Highlights (in millions) | Metric | Value | | :-------------------------------- | :------------------- | | Total Revenue | $70.9 million | | Subscription Revenue | $40.4 million | | Amwell Medical Group (AMG) Visit Revenue | $22.8 million | | Gross Margin | 56.1% | | Net Loss | ($19.5) million | | Adjusted EBITDA | ($4.7) million | | Total Visits | 1.2 million | Revised Financial Guidance (in millions) | Guidance Type | Previous Guidance | Revised Guidance | | :-------------------------------- | :-------------------------------- | :-------------------------------- | | 2025 Revenue | $250 million to $260 million | $245 million to $250 million | | 2025 Adjusted EBITDA | ($55) million to ($45) million | ($50) million to ($45) million | | Q3 2025 Revenue | N/A | $53 million - $56 million | | Q3 2025 Adjusted EBITDA | N/A | ($15) million – ($13) million | - Net loss increased slightly to **($19.5) million** in Q2 2025, compared to **($18.4) million** in Q1 2025[6](index=6&type=chunk) [CEO Commentary](index=1&type=section&id=CEO%20Commentary) CEO Ido Schoenberg highlighted strategic client additions and contract extensions, validating the platform's value and driving improved EBITDA towards 2026 positive cash flow - Amwell added **Florida Blue**, a large health plan, to its list of strategic clients[2](index=2&type=chunk) - The company announced an extension award from the **US Defense Health Agency**, continuing to enable connected and seamless in-person and virtual care for the Military Health System[2](index=2&type=chunk) - Significant progress was made in revenue quality and cost alignment measures, resulting in another strong quarter of **EBITDA improvement**[2](index=2&type=chunk) - The company is advancing toward its goal of achieving **positive cash flow from operations in 2026**[2](index=2&type=chunk) [Financial Outlook and Guidance](index=1&type=section&id=Financial%20Outlook%20and%20Guidance) Amwell provided Q3 2025 financial guidance, reaffirmed its 2026 positive cash flow objective, and explained its non-GAAP guidance approach Q3 2025 Financial Guidance (in millions) | Metric | Range | | :---------------- | :------------------- | | Revenue | $53 million - $56 million | | Adjusted EBITDA | ($15) million – ($13) million | - The company reiterated its objective to achieve **positive cash flow from operations in 2026**[4](index=4&type=chunk) - Guidance is provided on a non-GAAP basis due to the inherent difficulty in forecasting and quantifying certain amounts necessary for GAAP reconciliation[5](index=5&type=chunk) [Company Information](index=2&type=section&id=Company%20Information) This section provides an overview of Amwell's business, outlines forward-looking statement disclaimers, and lists contact information [About Amwell](index=2&type=section&id=About%20Amwell) Amwell provides a comprehensive SaaS-based technology-enabled healthcare platform to payers and health systems, offering unified access to diverse clinical programs - Amwell provides a comprehensive **SaaS-based technology-enabled healthcare platform** to payers and health systems[1](index=1&type=chunk)[7](index=7&type=chunk) - The platform enables unified, personalized, and simple access to **diversified clinical programs** across the care continuum[7](index=7&type=chunk) - Amwell has served major healthcare organizations in the U.S. and worldwide for almost **two decades**[7](index=7&type=chunk) [Forward-Looking Statements](index=2&type=section&id=Forward-Looking%20Statements) This section details forward-looking statements, highlighting substantial risks and uncertainties that could cause actual results to differ materially, with no obligation to update - Forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially[9](index=9&type=chunk) - Key risks include client transition, renewal and upsell, DHA relationship continuation, telehealth market volatility, technological changes, competition, regulatory shifts, and cybersecurity breaches[9](index=9&type=chunk) - The company assumes no obligation to update these forward-looking statements unless required by law[9](index=9&type=chunk) [Contacts](index=2&type=section&id=Contacts) This section provides essential contact information for media and investor inquiries - Media inquiries can be directed to **Press@amwell.com**[10](index=10&type=chunk) - Investor inquiries can be directed to **Sue Dooley** at **sue.dooley@amwell.com**[10](index=10&type=chunk) [Financial Statements](index=3&type=section&id=Financial%20Statements) This section presents Amwell's condensed consolidated balance sheets, statements of operations, and cash flows, detailing financial position and performance [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheets show Amwell's financial position as of June 30, 2025, with decreases in cash, total current assets, and total liabilities Condensed Consolidated Balance Sheets (in thousands) | Metric | June 30, 2025 | December 31, 2024 | Change | | :-------------------------------- | :-------------- | :---------------- | :----- | | Cash and cash equivalents | $219,072 | $228,316 | -$9,244 | | Accounts receivable | $53,557 | $71,885 | -$18,328 | | Total current assets | $289,653 | $316,993 | -$27,340 | | Total assets | $388,656 | $435,968 | -$47,312 | | Total current liabilities | $87,916 | $111,263 | -$23,347 | | Total liabilities | $94,083 | $119,724 | -$25,641 | | Total stockholders' equity | $294,573 | $316,244 | -$21,671 | - Total assets decreased by **$47.3 million** from December 31, 2024, to June 30, 2025[12](index=12&type=chunk) - Total liabilities decreased by **$25.6 million** over the same period[12](index=12&type=chunk) [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) The statements of operations show Amwell's Q2 and H1 2025 financial performance, with increased revenue and significantly reduced operating expenses, leading to lower net loss Condensed Consolidated Statements of Operations (in thousands) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Revenue | $70,898 | $62,790 | $137,731 | $122,312 | | Costs of revenue (excluding D&A) | $31,143 | $39,294 | $62,717 | $80,447 | | Research and development | $18,237 | $20,806 | $40,339 | $47,486 | | Sales and marketing | $12,518 | $18,386 | $25,094 | $44,112 | | General and administrative | $21,155 | $28,464 | $44,347 | $61,221 | | Total costs and operating expenses | $91,277 | $115,166 | $188,521 | $249,720 | | Loss from operations | ($20,379) | ($52,376) | ($50,790) | ($127,408) | | Net loss | ($19,531) | ($50,579) | ($37,887) | ($124,028) | | Net loss per share (basic and diluted) | ($1.24) | ($3.36) | ($2.43) | ($8.28) | - Revenue increased by **12.9%** year-over-year for Q2 2025 and by **12.6%** for H1 2025[14](index=14&type=chunk) - Loss from operations significantly decreased from **($52,376) thousand** in Q2 2024 to **($20,379) thousand** in Q2 2025, and from **($127,408) thousand** in H1 2024 to **($50,790) thousand** in H1 2025[14](index=14&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) The cash flow statements detail cash movements for H1 2025, showing significantly reduced cash used in operations and positive investing activities Condensed Consolidated Statements of Cash Flows (in thousands) | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------------ | :------------------------------- | :------------------------------- | | Net loss | ($37,887) | ($124,028) | | Net cash used in operating activities | ($29,832) | ($81,549) | | Net cash provided by (used in) investing activities | $19,391 | ($9,788) | | Net cash provided by financing activities | $542 | $956 | | Net decrease in cash, cash equivalents, and restricted cash | ($9,244) | ($95,130) | | Cash, cash equivalents, and restricted cash at end of period | $219,867 | $277,703 | - Net cash used in operating activities decreased by **63.4%** from **($81,549) thousand** in H1 2024 to **($29,832) thousand** in H1 2025[16](index=16&type=chunk) - Investing activities generated **$19,391 thousand** in H1 2025, a significant improvement from **($9,788) thousand** used in H1 2024, primarily driven by **$20,400 thousand** in proceeds from divestiture[16](index=16&type=chunk) [Non-GAAP Financial Measures](index=6&type=section&id=Non-GAAP%20Financial%20Measures) This section explains Amwell's use of non-GAAP financial measures, specifically Adjusted EBITDA, and provides its reconciliation to GAAP net loss [Explanation of Non-GAAP Measures](index=6&type=section&id=Explanation%20of%20Non-GAAP%20Measures) Amwell uses Adjusted EBITDA to clarify operating performance by excluding non-core items, detailing adjustments and limitations of this non-GAAP metric - **Adjusted EBITDA** is used to clarify and enhance understanding of past performance by excluding items not representative of the core business[17](index=17&type=chunk) - Adjusted EBITDA is calculated by adjusting net loss for interest income, tax benefit, depreciation, gain on divestiture, stock-based compensation, severance, and capitalized software costs[18](index=18&type=chunk) - Limitations of Adjusted EBITDA include not reflecting future capital commitments or capital expenditures, and potential incomparability with similarly titled measures from other companies[20](index=20&type=chunk) [Adjusted EBITDA Reconciliation](index=7&type=section&id=Adjusted%20EBITDA%20Reconciliation) This section provides a detailed reconciliation of Adjusted EBITDA to Net Loss for Q2 2025, Q2 2024, H1 2025, H1 2024, and Q1 2025, showing significant improvement Adjusted EBITDA Reconciliation (in thousands) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Three Months Ended March 31, 2025 | | :------------------------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | :-------------------------------- | | Net loss | ($19,531) | ($50,579) | ($37,887) | ($124,028) | ($18,356) | | Depreciation and amortization | $8,224 | $8,216 | $16,024 | $16,454 | $7,800 | | Interest income and other income (expense), net | ($845) | ($2,668) | ($3,533) | ($6,452) | ($2,688) | | Gain on divestiture | — | — | ($10,713) | — | ($10,713) | | Benefit (Expense) from income taxes | ($725) | $97 | ($157) | $1,372 | $568 | | Stock-based compensation | $5,662 | $9,838 | $13,348 | $26,066 | $7,686 | | Severance and strategic transformation costs | $2,541 | $5,297 | $6,006 | $13,956 | $3,465 | | Capitalized software costs | — | ($5,154) | — | ($7,972) | — | | **Adjusted EBITDA** | **($4,674)** | **($34,953)** | **($16,912)** | **($80,604)** | **($12,238)** | - Adjusted EBITDA improved significantly from **($34,953) thousand** in Q2 2024 to **($4,674) thousand** in Q2 2025, demonstrating a positive trend in operational performance[22](index=22&type=chunk) - For the six months ended June 30, Adjusted EBITDA improved from **($80,604) thousand** in 2024 to **($16,912) thousand** in 2025[22](index=22&type=chunk)

BOSTON, Aug. 05, 2025 (GLOBE NEWSWIRE) -- Amwell® (NYSE: AMWL), a leading provider of a comprehensive SaaS-based technology-enabled healthcare platform, today announced financial results for the second quarter ended June 30. The company’s second quarter earnings report may be viewed at investors.amwell.com. Amwell will host a conference call to discuss its financial results today at 5 p.m. ET. The call can be accessed via a live audio webcast at https://edge.media-server.com/mmc/p/ve8zytc3/. A webcast repla ...

Core Insights - Amwell has been awarded an extension of its Digital First contract to support the digital transformation of the Military Health System (MHS), which serves approximately 9.6 million beneficiaries [1][6] - The contract extension allows Amwell to continue providing its technology-enabled care platform for virtual care, which has been successfully deployed across the global Department of Defense (DOD) enterprise [2][5] - The platform has replaced the previous MHS Video Connect solution, integrating fully with the MHS electronic health record to enhance care delivery for military personnel and their families [3][5] Company Contributions - Amwell's platform contributes to efficiency initiatives, reducing burdens on care teams, improving health outcomes, and optimizing the utilization of clinical resources within the Defense Health Agency (DHA) [4][5] - The platform supports the DHA's Digital Front Door initiative, enhancing capabilities within MHS GENESIS, an advanced electronic health record system [5] - Amwell's technology enables hybrid care, improving access to healthcare and outcomes for the MHS community [5] Performance Highlights - There has been a nearly tripling of virtual visits since the implementation of Amwell's platform, indicating significant adoption and effectiveness [8] - The platform has expanded beyond DHA sites to include beneficiaries from the U.S. Coast Guard and U.S. Military Entrance Processing Command [8] - Successful virtual visits have been conducted from deployed units in combat zones, demonstrating the platform's capability to connect military personnel with healthcare providers [8]

Company Overview - American Well Corporation (AMWL) shares increased by 5% in the last trading session, closing at $8.59, with notable trading volume compared to typical sessions [1] - The stock has gained 12.2% over the past four weeks [1] Financial Performance Expectations - American Well is expected to report a quarterly loss of $1.84 per share, reflecting a year-over-year improvement of 45.2% [3] - Revenue for the upcoming quarter is anticipated to be $63.63 million, which is a 1.3% increase from the same quarter last year [3] - The consensus estimate for the second quarter revenue and loss per share indicates improvements of 1.3% and 45.2%, respectively [2] Earnings Estimate Trends - The consensus EPS estimate for American Well has remained unchanged over the last 30 days, suggesting that stock price movements may not continue without trends in earnings estimate revisions [4] - Empirical research indicates a strong correlation between earnings estimate revisions and near-term stock price movements, highlighting the importance of monitoring these trends [3][4] Industry Context - American Well operates within the Zacks Medical Info Systems industry, where Omnicell (OMCL) is another player, having closed the last trading session at $28.2, down 0.2% [4] - Omnicell's consensus EPS estimate has changed by +42.1% over the past month, but this represents a year-over-year decline of 39.2% [5]

Core Viewpoint - Amwell is set to report its second quarter 2025 operating results on August 5, 2025, after market hours, followed by a live conference call to discuss the results and provide a business update [1]. Company Overview - Amwell provides a comprehensive SaaS-based software platform aimed at technology-enabled healthcare, facilitating better access to convenient, affordable, and effective care for patients [3]. - The platform integrates software and services that support various clinical programs, allowing for personalized access to diverse healthcare services [3]. - Amwell has been operational for nearly two decades, serving major healthcare organizations in the U.S. and globally, and is capable of delivering care to millions of patients [3]. Upcoming Events - Company executives will participate in investor conferences, including one-on-one meetings at the Wells Fargo Healthcare Conference on September 4 and the Morgan Stanley Global Healthcare Conference on September 9 [4].

Group 1 - Momentum investing focuses on "buying high and selling higher" rather than traditional "buying low and selling high" strategies [1] - Fast-moving stocks can lose momentum if their valuations exceed future growth potential, leading to potential downsides for investors [2] - A safer investment approach involves identifying bargain stocks with recent price momentum, utilizing tools like the Zacks Momentum Style Score [3] Group 2 - American Well Corporation (AMWL) has shown a significant price increase of 35.1% over the past four weeks, indicating strong investor interest [4] - Over the past 12 weeks, AMWL's stock gained 35.9%, and it has a beta of 1.28, suggesting it moves 28% more than the market [5] - AMWL has a Momentum Score of B, indicating a favorable time to invest based on its momentum [6] Group 3 - AMWL has received a Zacks Rank 2 (Buy) due to upward revisions in earnings estimates, which typically attract more investors [7] - The stock is currently trading at a Price-to-Sales ratio of 0.53, indicating it is undervalued at 53 cents for each dollar of sales [7] - AMWL is positioned for further growth, and there are additional stocks that meet the criteria for fast-paced momentum at a bargain [8]

Financial Data and Key Metrics Changes - The meeting confirmed the presence of approximately 77.28% of the voting power from shareholders, indicating strong shareholder engagement [4] Business Line Data and Key Metrics Changes - No specific business line data or key metrics were discussed in the meeting Market Data and Key Metrics Changes - No specific market data or key metrics were discussed in the meeting Company Strategy and Development Direction and Industry Competition - The company is focused on maintaining a robust investor relations program and providing high levels of accessibility to shareholders [3] Management's Comments on Operating Environment and Future Outlook - Management did not provide specific comments on the operating environment or future outlook during the meeting Other Important Information - The meeting included the election of directors and the ratification of the independent public accounting firm for the fiscal year 2025 [8][10] - The compensation for named executive officers was also discussed, with recommendations for approval [11][12] Q&A Session All Questions and Answers - No Q&A session was conducted during the meeting

Core Insights - Virtual healthcare services, or telehealth, are becoming a standard in the digital healthcare space, with companies like Hims & Hers Health, Inc. (HIMS) and American Well Corporation (AMWL) emerging as key players in medical consultations and digital health solutions [1][2] Stock Performance & Valuation - HIMS has outperformed AMWL over the past three months, with a 35.1% increase compared to AMWL's 22.3% decline. In the past year, HIMS has rallied 183%, while AMWL has seen a decline of 20.3% [3] - HIMS is trading at a forward 12-month price-to-sales (P/S) ratio of 4.6X, above its three-year median of 2.3X. In contrast, AMWL's forward sales multiple is at 0.4X, below its median of 1.3X [4] Growth Potential for Hims & Hers - HIMS is expanding into new conditions treatable via telehealth, focusing on areas like sleep disorders and hypertension, which align with its business model [7] - HIMS has partnered with Novo Nordisk to enhance accessibility to obesity care, launching a six-month Wegovy access plan at $549/month [8] - Over 65% of new subscribers in 2024 benefited from personalized products, aided by the MedMatch AI tool for customized treatment plans [9] Growth Potential for Amwell - Amwell's platform allows clients to utilize their provider networks for virtual care across various modalities, from primary to specialty care [10] - The Converge platform enables care across in-person, virtual, and automated modalities, supporting interoperability with EHRs [11] - Amwell has a nationwide clinical coverage with around 1,000 active behavioral health providers and partnerships with organizations like the Cleveland Clinic [12] Earnings Projections - The Zacks Consensus Estimate for HIMS' 2025 earnings per share suggests a 166.7% improvement from 2024 [13] - The Zacks Consensus Estimate for AMWL's 2025 loss per share implies a 49.7% improvement from 2024 [15] Price Targets - The average price target for HIMS is $43.00, indicating a potential decline of 17.9% from the last close [17] - The average price target for AMWL is $10.00, suggesting a potential increase of 44.7% from the last close [18] Investment Recommendation - HIMS is viewed as a more stable and financially sound investment opportunity, with strong profitability and user engagement, generating substantial free cash flow [21] - AMWL is recognized for its rapid growth and expansion but is considered a lower-ranked investment option compared to HIMS [22]