WELL Health Reports Record FY2025 Results; Canadian Patient Services Adjusted EBITDA Up 43% with Record Free Cash Flow

Core Insights - WELL Health Technologies Corp. reported record financial results for FY2025, achieving $1.40 billion in revenue and over $200 million in Adjusted EBITDA, marking significant growth compared to the previous year [2][3][5] - The company is focused on building a healthier Canada through its digital healthcare infrastructure, which includes various subsidiaries like WELLSTAR and HEALWELL [2][4] Financial Performance - Annual revenue for 2025 was $1.40 billion, a 52% increase from $919.7 million in 2024, driven by acquisitions and organic growth [5][12] - Adjusted EBITDA for 2025 reached $203.7 million, up 336% from $46.7 million in 2024, with an Adjusted EBITDA margin of 14.5% [5][12] - Canadian Patient Services revenue increased by 39% to $444.3 million, with Adjusted EBITDA rising 43% to $58.1 million [3][5] Operational Highlights - WELL achieved record Operating Free Cash Flow Attributable to Shareholders of $58.2 million in 2025, a 19% increase from $48.9 million in 2024 [3][5] - The company completed 19 clinic acquisition transactions in 2025, adding approximately $112.6 million in annualized clinical revenue [4][12] - Canadian Patient Services visits increased to 4.3 million, a 37% rise over the previous year, supported by both acquisitions and organic growth [12] Future Outlook - For 2026, WELL expects revenue guidance between $1.55 billion and $1.65 billion, with Adjusted EBITDA projected in the range of $175 million to $185 million [3][11] - The company plans to continue focusing on higher-margin primary care and diagnostics assets through its acquisition pipeline [4][11] - WELLSTAR is expected to be spun out to unlock value for shareholders, with management emphasizing the importance of this subsidiary in the digital healthcare landscape [4][11]