[Q1 2024 Performance Highlights](index=1&type=section&id=Q1%202024%20Performance%20Highlights) Amwell reported Q1 2024 total revenue of $59.5 million, a net loss of $73.4 million, and Adjusted EBITDA of -$45.7 million, with strategic platform deployment and migration progress Q1 2024 Key Financial and Operational Metrics | Metric | Value | | :--- | :--- | | Total Revenue | $59.5 million | | Subscription Revenue | $24.9 million | | AMG Visit Revenue | $31.1 million | | Gross Margin | 31% | | Net Loss | ($73.4) million | | Adjusted EBITDA | ($45.7) million | | Total Visits | 1.7 million | | Visits on Converge | 68% of total visits | - Strategic advancements in Q1 include completing critical milestones for the Military Health System deployment and migrating a significant portion of visit volume from strategic payer clients onto the Converge platform[1](index=1&type=chunk) - The company is focusing on optimizing its cost structure and believes its sales transformation will drive a return to growth[1](index=1&type=chunk) [Financial Outlook](index=1&type=section&id=Financial%20Outlook) Amwell reiterated its 2024 guidance, provided a preliminary 2025 outlook with higher revenue and improved EBITDA, and aims for Adjusted EBITDA breakeven by 2026 Full-Year 2024 Financial Guidance | Metric | 2024 Guidance | | :--- | :--- | | Revenue | $259M - $269M | | AMG Visits | 1.6M - 1.7M | | Adjusted EBITDA | ($160)M - ($155)M | Preliminary 2025 Financial Outlook | Metric | 2025 Preliminary View | | :--- | :--- | | Revenue | $335M - $350M | | Adjusted EBITDA | ($45)M - ($35)M | - The company has a stated objective to achieve Adjusted EBITDA breakeven in 2026[3](index=3&type=chunk) [Consolidated Financial Statements](index=4&type=section&id=Consolidated%20Financial%20Statements) Consolidated financial statements show decreased total assets, a $73.4 million net loss (improved year-over-year), and increased net cash used in operating activities [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheets reflect a decrease in total assets to $548.4 million from $589.7 million, driven by reduced cash and cash equivalents Condensed Consolidated Balance Sheets (in thousands) | Balance Sheet Item | March 31, 2024 (in thousands) | December 31, 2023 (in thousands) | | :--- | :--- | :--- | | Cash and cash equivalents | $308,599 | $372,038 | | Total current assets | $414,197 | $449,582 | | **Total assets** | **$548,383** | **$589,705** | | Total current liabilities | $108,426 | $93,797 | | **Total liabilities** | **$125,025** | **$109,519** | | **Total stockholders' equity** | **$423,358** | **$480,186** | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q1 2024 statements of operations show a $73.4 million net loss, a significant improvement from Q1 2023 due to the absence of goodwill impairment Condensed Consolidated Statements of Operations (in thousands) | Income Statement Item | Three Months Ended Mar 31, 2024 (in thousands) | Three Months Ended Mar 31, 2023 (in thousands) | | :--- | :--- | :--- | | Revenue | $59,522 | $64,001 | | Loss from operations | ($75,032) | ($397,322) | | **Net loss** | **($73,449)** | **($398,509)** | | Net loss per share | ($0.25) | ($1.42) | - The significant decrease in net loss year-over-year is primarily due to a **$330.3 million goodwill impairment charge** recorded in the first quarter of 2023, which was not repeated in 2024[12](index=12&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Q1 2024 cash flow statements show increased net cash used in operating activities to $59.8 million, resulting in a $63.4 million net decrease in cash Condensed Consolidated Statements of Cash Flows (in thousands) | Cash Flow Item | Three Months Ended Mar 31, 2024 (in thousands) | Three Months Ended Mar 31, 2023 (in thousands) | | :--- | :--- | :--- | | 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** | **($63,439)** | **($425,659)** | [Non-GAAP Financial Measures](index=7&type=section&id=Non-GAAP%20Financial%20Measures) Amwell uses Adjusted EBITDA, a non-GAAP financial measure, to evaluate operating performance by adjusting net loss for various non-cash and non-recurring items - Adjusted EBITDA is defined as net loss adjusted to exclude interest income, taxes, depreciation and amortization, goodwill impairment, stock-based compensation, severance/strategic transformation costs, and capitalized software costs[16](index=16&type=chunk) [Reconciliation of Net Loss to Adjusted EBITDA](index=8&type=section&id=Reconciliation%20of%20Net%20Loss%20to%20Adjusted%20EBITDA) The reconciliation details adjustments from net loss to Adjusted EBITDA, showing Q1 2024 Adjusted EBITDA at -$45.7 million, an increase from Q4 2023 Reconciliation of Net Loss to Adjusted EBITDA (in thousands) | Reconciliation Item (in thousands) | Q1 2024 | Q1 2023 | Q4 2023 | | :--- | :--- | :--- | :--- | | **Net loss** | **($73,449)** | **($398,509)** | **($50,043)** | | Depreciation and amortization | $8,238 | $7,243 | $8,265 | | Interest income and other income (expense), net | ($3,784) | ($940) | ($8,172) | | Expense from income taxes | $1,275 | $1,475 | $547 | | Goodwill impairment | — | $330,309 | — | | Stock-based compensation | $16,228 | $20,997 | $12,631 | | Severance and strategic transformation costs | $8,659 | $1,575 | $1,074 | | Capitalized software costs | ($2,818) | ($6,751) | ($1,220) | | **Adjusted EBITDA** | **($45,651)** | **($44,601)** | **($36,918)** |

Group 1 - Amwell will report its first quarter 2024 operating results on May 1, 2024 [1] - A live conference call and webcast will be held at 5 p.m. ET to discuss the operating results and provide a business update [1] - The audio webcast can be accessed via the company's website or by calling designated phone numbers [1] Group 2 - Amwell is a leader in hybrid care enablement, connecting providers, payers, patients, and innovators [2] - The company supports digital health needs across various care types, including urgent, acute, post-acute, chronic care management, and healthy living [2] - Amwell powers digital care for over 50 health plans, covering more than 100 million lives [2]

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 | --- | --- | |---------------------------------------------------------------------------------------------------------------- ...