Boston, July 17, 2024 (GLOBE NEWSWIRE) -- Amwell® (NYSE: AMWL), a leader in hybrid care enablement, will report its second quarter 2024 operating results on Wednesday, July 31. Following the distribution of the earnings release via wire services, the Amwell management team will host a live conference call and webcast at 5 p.m. ET to review the company's operating results and provide a general business update. The audio webcast can be accessed by visiting the Investors section of the company's website. Alter ...

Boston, June 28, 2024 (GLOBE NEWSWIRE) -- Amwell® (NYSE:AMWL), a small-cap growth healthcare company and a leading provider of healthcare software as a service, today announced that its Board of Directors (the "Board") has approved a 1-for-20 reverse stock split ("Reverse Split") of its Class A common stock, Class B common stock and Class C common stock (collectively, the "Common Stock"), that is expected to become effective on July 10, 2024 at 5:00 p.m. EDT. The shares of the Company's Class A common stock ...

Boston, June 28, 2024 (GLOBE NEWSWIRE) -- Amwell® (NYSE: AMWL), a small-cap growth healthcare company and a leading provider of healthcare software as a service, today announced that its Board of Directors (the “Board”) has approved a 1-for-20 reverse stock split (“Reverse Split”) of its Class A common stock, Class B common stock and Class C common stock (collectively, the “Common Stock”), that is expected to become effective on July 10, 2024 at 5:00 p.m. EDT. The shares of the Company’s Class A common stoc ...

Group 1 - Amwell appointed Ricky Goldwasser to its Board of Directors effective June 13, 2024, to enhance its focus on profitability and operational efficiency [1][2] - Goldwasser has a strong financial background with 15 years at Morgan Stanley and experience in leading successful IPOs, including Amwell's [2] - She replaces Deval Patrick, who served on the board since 2015 and contributed significantly to Amwell's telehealth initiatives [3] Group 2 - Amwell is a leading hybrid care delivery platform in the U.S. and globally, connecting providers, payers, patients, and innovators to improve healthcare access and quality [4] - The company supports over 50 health plans, representing more than 100 million covered lives, and aims to transform healthcare through hybrid care delivery [4]

Boston, June 17, 2024 (GLOBE NEWSWIRE) -- Amwell® (NYSE: AMWL), a leader in hybrid care enablement, today announces the appointment of Ricky Goldwasser to the company's Board of Directors, effective June 13. “Ricky brings to our board a deep financial background that makes her an invaluable addition as we focus on Amwell’s path to profitability. Ricky’s strong voice coupled with her impressive track record will help guide Amwell as we strive for greater efficiencies, optimized cash flow and profitable growt ...

Company Transition - Amwell co-founder Roy Schoenberg transitions from president and co-CEO to Executive Vice Chairman of the Board [1] - Ido Schoenberg assumes the role of sole Chief Executive Officer of Amwell [1] Leadership Impact - Roy Schoenberg has been instrumental in promoting digital healthcare since co-founding Amwell in 2006, advocating for the democratization of healthcare access through technology [2] - Under his leadership, Amwell's platform grew to over 100,000 active clinicians and millions of patients globally [2] Future Direction - The company is shifting focus from R&D investment to operational efficiency, cash flow optimization, and profitable growth [3] - Roy Schoenberg emphasizes the importance of leveraging new technology to achieve operational and clinical goals [3]

American Well Corporation (NYSE:AMWL) Q1 2024 Earnings Call Transcript May 1, 2024 5:00 PM ET Company Participants Sue Dooley - Head of Investor Relations Ido Schoenberg - Chairman & Chief Executive Officer Robert Shepardson - Chief Financial Officer Conference Call Participants Charles Rhyee - TD Cowen Craig Hettenbach - Morgan Stanley Jessica Tassan - Piper Sandler Jailendra Singh - Truist Securities Matthew Shea - Needham & Company Stan Berenshteyn - Wells Fargo Securities Hanna Lee - Bank of America Jen ...

Core Insights - American Well Corporation (AMWL) reported a revenue of $59.52 million for the quarter ended March 2024, reflecting a 7% decline year-over-year [1] - The earnings per share (EPS) was -$0.25, slightly worse than the -$0.24 reported in the same quarter last year [1] - The revenue fell short of the Zacks Consensus Estimate of $61.1 million by 2.58%, while the EPS was also below the consensus estimate of -$0.18, resulting in a surprise of -38.89% [1] Revenue Breakdown - Platform subscription revenue was $24.86 million, slightly below the estimated $24.97 million, marking a year-over-year decrease of 13.4% [2] - Other revenue amounted to $3.59 million, which was lower than the average estimate of $3.93 million, but represented a significant year-over-year increase of 29.6% [2] - Revenue from visits was reported at $31.08 million, falling short of the estimated $33.28 million, and showing a 4.5% decline compared to the previous year [2] Stock Performance - Over the past month, shares of American Well have decreased by 32.7%, contrasting with a 4.1% decline in the Zacks S&P 500 composite [2] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [2]

American Well Corporation (AMWL) came out with a quarterly loss of $0.25 per share versus the Zacks Consensus Estimate of a loss of $0.18. This compares to loss of $0.24 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -38.89%. A quarter ago, it was expected that this company would post a loss of $0.19 per share when it actually produced a loss of $0.17, delivering a surprise of 10.53%. Over the last four quarters, the company ...

PART I Financial Information [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) The company reported total assets of $548.4 million and total liabilities of $125.0 million as of March 31, 2024. For the three months ended March 31, 2024, revenue was $59.5 million, a decrease from $64.0 million in the prior year period. The net loss significantly narrowed to $73.4 million from $398.5 million, primarily due to a $330.3 million goodwill impairment charge in the 2023 period. Net cash used in operating activities was $59.8 million [Condensed Consolidated Balance Sheet](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheet) As of March 31, 2024, the company's total assets decreased to $548.4 million from $589.7 million at year-end 2023, primarily driven by a reduction in cash and cash equivalents to $308.6 million. Total liabilities increased to $125.0 million from $109.5 million, largely due to a rise in deferred revenue. Consequently, total stockholders' equity declined from $480.2 million to $423.4 million Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $308,599 | $372,038 | | Total current assets | $414,197 | $449,582 | | Total assets | $548,383 | $589,705 | | **Liabilities & Stockholders' Equity** | | | | Total current liabilities | $108,426 | $93,797 | | Total liabilities | $125,025 | $109,519 | | Total stockholders' equity | $423,358 | $480,186 | | Total liabilities and stockholders' equity | $548,383 | $589,705 | [Condensed Consolidated Statement of Operations and Comprehensive Loss](index=5&type=section&id=Condensed%20Consolidated%20Statement%20of%20Operations%20and%20Comprehensive%20Loss) For the first quarter of 2024, revenue decreased by 7% year-over-year to $59.5 million. The company reported a net loss of $73.4 million, a significant improvement from the $398.5 million loss in the same period of 2023. This improvement was primarily due to the absence of a goodwill impairment charge, which amounted to $330.3 million in Q1 2023. Net loss per share improved to ($0.25) from ($1.42) year-over-year Q1 2024 vs Q1 2023 Statement of Operations (in thousands, except per share data) | Metric | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Revenue | $59,522 | $64,001 | | Loss from operations | $(75,032) | $(397,322) | | Goodwill impairment | $0 | $330,309 | | Net loss | $(73,449) | $(398,509) | | Net loss attributable to American Well Corporation | $(72,105) | $(397,688) | | Net loss per share, basic and diluted | $(0.25) | $(1.42) | [Condensed Consolidated Statement of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the three months ended March 31, 2024, net cash used in operating activities was $59.8 million, an increase from $29.1 million in the prior-year period. Cash used in investing activities was $4.6 million, primarily for capitalized software and a joint venture investment. Cash provided by financing activities was $1.0 million. This resulted in a net decrease in cash, cash equivalents, and restricted cash of $63.4 million, ending the period with a balance of $309.4 million Cash Flow Summary (in thousands) | Cash Flow Activity | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Net cash used in operating activities | $(59,756) | $(29,148) | | Net cash used in investing activities | $(4,608) | $(397,739) | | Net cash provided by financing activities | $956 | $1,556 | | Net decrease in cash, cash equivalents, and restricted cash | $(63,439) | $(425,659) | | Cash, cash equivalents, and restricted cash at end of period | $309,394 | $113,682 | [Notes to the Unaudited Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Key notes to the financial statements detail revenue disaggregation, intangible assets, and stock-based compensation. Revenue is broken down into platform subscription, visits, and other sources. Intangible assets primarily consist of customer relationships and technology. The company issued a significant number of restricted stock units and has substantial unrecognized stock-based compensation expense. Related-party transactions with Cleveland Clinic and CCAW, JV LLC are also disclosed Revenue by Source (in thousands) | Revenue Source | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Platform subscription | $24,855 | $28,695 | | Visits | $31,078 | $32,537 | | Other | $3,589 | $2,769 | | **Total Revenue** | **$59,522** | **$64,001** | - As of March 31, 2024, the aggregate amount of transaction price allocated to remaining performance obligations was **$227.7 million**, with **52%** expected to be recognized as revenue in the next 12 months[46](index=46&type=chunk) - During Q1 2024, the company granted **23.7 million** restricted stock units (RSUs) and had **37.7 million** unvested RSUs as of March 31, 2024[64](index=64&type=chunk) - As of March 31, 2024, unrecognized stock-based compensation expense related to unvested awards was **$70.7 million**, expected to be recognized over a weighted-average period of **2.4 years**[70](index=70&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=Item%202%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's performance, highlighting the strategic importance of the Converge™ platform, with 68% of visits now conducted on it. Revenue for Q1 2024 decreased 7% YoY to $59.5 million due to customer churn during re-platforming and lower visit volumes. The company reported an Adjusted EBITDA loss of $45.7 million. Despite a net loss, the company believes its existing cash of $308.6 million is sufficient for at least the next 12 months [Overview and The Converge Platform](index=27&type=section&id=Overview%20and%20The%20Converge%20Platform) Amwell is an enterprise platform company enabling hybrid care for over 50 health plans and approximately 115 large health systems. The company's go-forward strategy is centered on its Converge™ platform, which is designed to unify in-person, virtual, and automated care. In Q1 2024, 68% of the 1.7 million total visits were conducted on the Converge platform, an increase from 52% in Q4 2023. The strategic focus for 2024 is on delivering to government and commercial clients and migrating remaining clients to the new platform - As of December 31, 2023, Amwell powered digital care for over **50 health plans** (representing over **100 million covered lives**) and approximately **115 of the nation's largest health systems**[85](index=85&type=chunk) - The Converge™ platform is the company's go-forward strategy. In Q1 2024, **68%** of visits were on this platform, up from **52%** in Q4 2023[89](index=89&type=chunk) - The company powered approximately **1.7 million** virtual care visits in the three months ended March 31, 2024[85](index=85&type=chunk) [Key Metrics and Non-GAAP Measures](index=31&type=section&id=Key%20Metrics%20and%20Non-GAAP%20Measures) The company monitors digital care utilization as a key metric. Total visits were 1.7 million in Q1 2024, consistent with Q1 2023. Amwell also uses Adjusted EBITDA, a non-GAAP measure, to evaluate operating performance. For Q1 2024, the Adjusted EBITDA loss was $45.7 million, slightly higher than the $44.6 million loss in Q1 2023 Quarterly Visit Volume | Quarter Ended | Overall Visits | | :--- | :--- | | March 31, 2024 | 1,665,000 | | December 31, 2023 | 1,650,000 | | September 30, 2023 | 1,445,000 | | June 30, 2023 | 1,485,000 | | March 31, 2023 | 1,710,000 | Adjusted EBITDA Reconciliation (in thousands) | Line Item | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Net loss | $(73,449) | $(398,509) | | Adjustments (Depreciation, Interest, Taxes, etc.) | $27,798 | $353,908 | | **Adjusted EBITDA** | **$(45,651)** | **$(44,601)** | [Consolidated Results of Operations](index=36&type=section&id=Consolidated%20Results%20of%20Operations) Revenue for Q1 2024 decreased by 7% to $59.5 million compared to Q1 2023, attributed to customer churn during re-platforming and a decline in visit volume. Cost of revenue increased by 6%, while operating expenses saw mixed changes: R&D rose 3%, Sales & Marketing increased 13% due to non-recurring consulting costs, and G&A decreased 10% from lower stock compensation. The loss from operations narrowed significantly to $75.0 million from $397.3 million, mainly because the prior year included a $330.3 million goodwill impairment - Subscription revenue declined by **$3.8 million** due to customer churn during re-platforming, while visit revenue decreased by **$1.3 million** due to lower volume and specialty care utilization[125](index=125&type=chunk) - Cost of revenue increased by **$2.4 million**, driven by higher employee-related costs (**$1.3 million**) and third-party costs (**$1.2 million**)[126](index=126&type=chunk) - Sales and marketing expenses increased by **$3.0 million**, primarily due to **$2.9 million** in non-recurring consulting costs for organizational strategy initiatives[128](index=128&type=chunk) - General and administrative expenses decreased by **$3.6 million**, mainly due to a **$3.8 million** reduction in employee-related costs, particularly stock compensation expense[129](index=129&type=chunk) [Liquidity and Capital Resources](index=38&type=section&id=Liquidity%20and%20Capital%20Resources) The company's principal source of liquidity is its cash and cash equivalents, which totaled $308.6 million as of March 31, 2024. The company has no debt. For Q1 2024, net cash used in operating activities was $59.8 million. Management believes that existing cash will be sufficient to meet working capital and capital expenditure needs for at least the next 12 months - Principal sources of liquidity were cash and cash equivalents totaling **$308.6 million** as of March 31, 2024[136](index=136&type=chunk) - The company incurred a loss from operations of **$75.0 million** and a net loss of **$73.4 million** for the three months ended March 31, 2024[136](index=136&type=chunk) - Management believes existing cash and cash equivalents will be sufficient to meet working capital and capital expenditure needs for at least the next **12 months**[137](index=137&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=41&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's market risk is primarily related to interest rate fluctuations on its cash and cash equivalents of $308.6 million. Management does not believe a 100-basis-point change in interest rates would have a material effect. Exposure to foreign currency exchange risk is considered immaterial as a substantial majority of revenue is in U.S. dollars. Inflation is not believed to have had a material effect on the business - The company had cash and cash equivalents of **$308.6 million** as of March 31, 2024, primarily invested in money markets, which are subject to interest rate risk[147](index=147&type=chunk) - Foreign currency exchange risk is not considered material as the majority of revenue is denominated in U.S. dollars and foreign operations are limited[149](index=149&type=chunk) [Controls and Procedures](index=43&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the principal executive and financial officers, evaluated the company's disclosure controls and procedures and concluded they were effective as of March 31, 2024. There were no material changes in internal control over financial reporting during the quarter - Based on an evaluation, the principal executive officers and principal financial officer concluded that as of March 31, 2024, the company's disclosure controls and procedures were effective[152](index=152&type=chunk) - No changes in internal control over financial reporting occurred during the quarter ended March 31, 2024, that have materially affected, or are reasonably likely to materially affect, internal controls[152](index=152&type=chunk) PART II Other Information [Legal Proceedings](index=44&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently a party to any legal proceedings that management believes would have a material adverse effect on its business, financial condition, or results of operations - The company is not presently a party to any legal proceedings that, in the opinion of management, would individually or taken together have a material adverse effect on the business[154](index=154&type=chunk) [Risk Factors](index=44&type=section&id=Item%201A.%20Risk%20Factors) A new material risk factor has been disclosed. On April 2, 2024, the company received a notice of non-compliance from the NYSE because its Class A common stock's average closing price was below $1.00 per share for a consecutive 30-day period. The company has proposed a reverse stock split to regain compliance, but there is no assurance this will be successful - On April 2, 2024, the company received a notice from the NYSE for non-compliance with the minimum price criteria, as the average closing price of its Class A common stock was below **$1.00 per share** over a **30 trading-day period**[155](index=155&type=chunk) - The company has proposed a reverse stock split for stockholder approval to cure the deficiency, but there is no assurance it will be able to regain compliance and avoid delisting[155](index=155&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=44&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) There were no sales of unregistered equity securities during the quarter ended March 31, 2024. Additionally, the company did not repurchase any of its equity securities during the quarter - There were no sales of unregistered equity securities during the quarter ended March 31, 2024[157](index=157&type=chunk) [Other Information](index=46&type=section&id=Item%205.%20Other%20Information) During the first quarter of 2024, none of the company's officers or directors adopted or terminated any Rule 10b5-1 trading arrangement - During the three months ended March 31, 2024, none of the company's officers and directors adopted or terminated any Rule 10b5-1 trading arrangement[159](index=159&type=chunk)