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 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 ☐ 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 American Well Corporation (Exact name of registrant as specified in its charter) Delaware 20-5009396 (State of incorpora ...

American Well Corporation (NYSE:AMWL) Q2 2023 Earnings Conference Call August 2, 2023 5:00 PM ET Company Participants Sue Dooley - Head of IR Ido Schoenberg - Chairman and CEO Bob Shepardson - CFO Conference Call Participants Craig Hettenbach - Morgan Stanley Jack Wallace - Guggenheim Securities Stan Bernstein - Wells Fargo Securities Glen Santangelo - Jefferies Charles Rhyee - TD Cowen Alan Lutz - Bank of America Merrill Lynch Operator Good afternoon. My name is David and I'll be your conference operator t ...

PART I Financial Information [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) The unaudited condensed consolidated financial statements for June 30, 2023, reflect a significant decrease in total assets and a widened net loss, primarily due to a $357.6 million goodwill impairment [Condensed Consolidated Balance Sheet](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheet) As of June 30, 2023, total assets decreased to $772.2 million from $1.22 billion, primarily due to a goodwill reduction from $435.3 million to $79.4 million and a decline in cash and cash equivalents Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | Cash and cash equivalents | $161,356 | $538,546 | | Goodwill | $79,421 | $435,279 | | Total Assets | $772,176 | $1,217,557 | | Total Liabilities | $128,488 | $133,706 | | Total Stockholders' Equity | $643,688 | $1,083,851 | - A significant goodwill impairment charge was recognized, reducing the goodwill balance from **$435.3 million** to **$79.4 million**[5](index=5&type=chunk) [Condensed Consolidated Statement of Operations and Comprehensive Loss](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Operations%20and%20Comprehensive%20Loss) For the three months ended June 30, 2023, revenue slightly decreased to $62.4 million, and net loss widened to $93.5 million, primarily due to a $27.3 million goodwill impairment charge Statement of Operations Summary (in thousands, except per share data) | Metric | Q2 2023 | Q2 2022 | Six Months 2023 | Six Months 2022 | | :--- | :--- | :--- | :--- | :--- | | Revenue | $62,447 | $64,516 | $126,448 | $128,748 | | Loss from operations | $(94,506) | $(69,404) | $(491,828) | $(139,886) | | Goodwill Impairment | $27,276 | $0 | $357,585 | $0 | | Net loss | $(93,515) | $(69,652) | $(492,024) | $(139,905) | | Net loss per share | $(0.33) | $(0.25) | $(1.74) | $(0.51) | [Condensed Consolidated Statement of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2023, net cash used in operating activities improved to $68.8 million, while cash, cash equivalents, and restricted cash decreased by $377.2 million to $162.2 million Cash Flow Summary for Six Months Ended June 30 (in thousands) | Cash Flow Activity | 2023 | 2022 | | :--- | :--- | :--- | | Net cash used in operating activities | $(68,776) | $(105,399) | | Net cash used in investing activities | $(308,866) | $(376,260) | | Net cash provided by (used in) financing activities | $1,251 | $(5,529) | | Net decrease in cash, cash equivalents, and restricted cash | $(377,190) | $(489,227) | - The net loss of **$492.0 million** was the primary driver of cash usage, significantly offset by a non-cash goodwill impairment charge of **$357.6 million**[17](index=17&type=chunk) [Notes to the Unaudited Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) The notes detail key accounting policies and financial data, highlighting a $357.6 million goodwill impairment due to decreased market capitalization and disaggregating revenue by source, showing slight declines in subscription and visit revenues - The company operates as a single reportable and operating segment, with substantially all revenue and long-lived assets in the United States[28](index=28&type=chunk) Revenue by Source (in thousands) | Revenue Source | Q2 2023 | Q2 2022 | Six Months 2023 | Six Months 2022 | | :--- | :--- | :--- | :--- | :--- | | Platform subscription | $28,030 | $29,592 | $56,725 | $58,283 | | Visits | $28,083 | $29,750 | $60,620 | $60,486 | | Other | $6,334 | $5,174 | $9,103 | $9,979 | | **Total Revenue** | **$62,447** | **$64,516** | **$126,448** | **$128,748** | - A non-cash goodwill impairment charge of **$27.3 million** and **$357.6 million** was recorded for the three and six months ended June 30, 2023, respectively, due to sustained decreases in the company's stock price and market capitalization[37](index=37&type=chunk)[54](index=54&type=chunk)[55](index=55&type=chunk) - As of June 30, 2023, the company had **$192.4 million** in remaining performance obligations, with **47%** expected to be recognized as revenue over the next 12 months[44](index=44&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=20&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the 3% year-over-year decline in Q2 revenue to customer churn during re-platforming, with net loss widening significantly due to a $357.6 million goodwill impairment, while existing cash of $458.7 million is deemed sufficient for the next 12 months [Overview and Key Metrics](index=21&type=section&id=Overview%20and%20Key%20Metrics) Amwell is migrating clients to its Converge™ platform, which handled 43% of visits in Q2 2023, with total visits at 1.49 million and active providers reaching 102,500 - A major strategic focus for 2023 is migrating health system and health plan clients onto the new Converge™ platform[99](index=99&type=chunk) - In Q2 2023, **43%** of visits were provided on the Converge platform, an increase from **28%** in Q4 2022, with patient and provider satisfaction ratings over **90%**[99](index=99&type=chunk) Quarterly Visits (in thousands) | Quarter Ended | Total Overall Quarterly Visits | | :--- | :--- | | June 30, 2023 | 1,485 | | March 31, 2023 | 1,710 | | December 31, 2022 | 1,715 | | September 30, 2022 | 1,450 | | June 30, 2022 | 1,525 | Total Active Providers | Quarter Ended | Total Active Providers | Client Providers | AMG | | :--- | :--- | :--- | :--- | | June 30, 2023 | 106,000 | 102,500 | 3,500 | | June 30, 2022 | 101,000 | 97,500 | 3,500 | [Consolidated Results of Operations Analysis](index=29&type=section&id=Consolidated%20Results%20of%20Operations%20Analysis) For Q2 2023, revenue decreased 3% to $62.4 million due to re-platforming churn, while R&D expenses decreased 30% to $25.8 million, and a $27.3 million goodwill impairment drove the increased loss from operations - Q2 subscription revenue declined by **$1.6 million** due to customer churn during re-platforming, while visit revenue decreased by **$1.6 million** due to lower volume and specialty care utilization[144](index=144&type=chunk) - Research and development expenses decreased by **$10.5 million (30%)** in Q2 2023, primarily due to declining Converge platform spending and **$7.1 million** capitalized as software development costs[146](index=146&type=chunk) - General and administrative expenses increased in Q2 2023, driven by a **$7.4 million** rise in employee-related costs, partially offset by a **$4.6 million** decrease in legal costs following the Teladoc litigation settlement in 2022[150](index=150&type=chunk) - A goodwill impairment of **$357.6 million** was recorded for the six months ended June 30, 2023, due to sustained decreases in the company's stock price and market capitalization[152](index=152&type=chunk) [Liquidity and Capital Resources](index=32&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity, primarily cash, cash equivalents, and short-term investments, totaled $458.7 million as of June 30, 2023, with no debt, and management believes existing cash is sufficient for at least the next 12 months - As of June 30, 2023, the company had cash, cash equivalents, and short-term investments totaling **$458.7 million** and no debt[158](index=158&type=chunk) - Management believes that existing cash and cash equivalents are sufficient to meet working capital and capital expenditure needs for at least the next 12 months[159](index=159&type=chunk) - For the six months ended June 30, 2023, cash used in operating activities was **$68.8 million**, driven by a net loss of **$492.0 million**, largely offset by non-cash expenses of **$417.8 million** (primarily the **$357.6 million** goodwill impairment)[160](index=160&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=34&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate risk on its $458.7 million in cash and investments, with foreign currency and inflation risks considered immaterial due to U.S. dollar-denominated revenue - The company's market risk is primarily related to interest rate fluctuations on its **$161.4 million** in cash and cash equivalents and **$297.3 million** in investments as of June 30, 2023[171](index=171&type=chunk) - Foreign currency risk is considered minimal as the majority of revenue is in U.S. dollars and foreign operations are limited[173](index=173&type=chunk) [Item 4. Controls and Procedures](index=35&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2023, with no material changes to internal control over financial reporting during the quarter - Based on an evaluation as of the end of the period, the company's principal executive officers and principal financial officer concluded that disclosure controls and procedures were effective[176](index=176&type=chunk) - No material changes to the company's internal control over financial reporting occurred during the quarter ended June 30, 2023[176](index=176&type=chunk) PART II Other Information [Item 1. Legal Proceedings](index=35&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently a party to any legal proceedings expected to have a material adverse effect on its business, financial condition, or results of operations - As of the filing date, the company reports no material legal proceedings[178](index=178&type=chunk) [Item 1A. Risk Factors](index=35&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the risk factors previously disclosed in the company's Form 10-K have been reported - No material changes to risk factors from the company's Form 10-K have been reported[179](index=179&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=35&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no sales of unregistered equity securities but repurchased 264,671 shares at an average price of $2.21 to cover tax withholding obligations for vested restricted stock units - During the quarter, the company repurchased **264,671** shares to cover tax withholding obligations related to vested restricted stock units[182](index=182&type=chunk)[183](index=183&type=chunk) [Item 5. Other Information](index=36&type=section&id=Item%205.%20Other%20Information) During the quarter, CFO Robert Shepardson and Chief Commercial & Growth Officer Kathy Weiler adopted new Rule 10b5-1 trading plans for the sale of company stock - CFO Robert Shepardson and Chief Commercial & Growth Officer Kathy Weiler adopted new Rule 10b5-1 trading plans for the sale of company stock[185](index=185&type=chunk)

Investor Presentation Forward Looking Statement This presentation contains forward-looking statements about us and our industry that involve substantial risks and uncertaintiesand are based on our beliefs and assumptions and on information currently available to us. All statements other than statements of historical facts contained in these comments, including statements regarding our future results of operations, financial condition, business strategy and plans and objectives of management for future opera ...

American Well Corporation (NYSE:AMWL) Q1 2023 Results Conference Call May 3, 2023 5:00 PM ET Company Participants Sue Dooley - Head of Investor Relations Ido Schoenberg - Chairman and Chief Executive Officer Robert Shepardson - Chief Financial Officer Conference Call Participants Craig Hettenbach - Morgan Stanley Alan Lutz - Bank of America Lucas Romanski - TD Cowen Jack Wallace - Guggenheim Matthew Shea - Needham Glen Santangelo - Jefferies Stan Bernstein - Wells Fargo Jonathan Young - Credit Suisse Eric P ...