• WELL experienced record revenues in May 2022 driven by a 40% YoY increase in total omni-channel patient visits⁽¹⁾ for the month
• WELL’s US focused virtual patient services businesses continue to grow rapidly, with Circle Medical and Wisp exceeding $110 million in annualized revenue run-rate on a combined basis in May 2022, reflecting over 150% YoY growth and delivering positive Adjusted EBITDA⁽²⁾
• WELL provides progress update on its recent CognisantMD acquisition which continues to grow profitably and exceed plan expectations
• WELL reaffirms its expectation to exceed $525 million in revenue for 2022, as well as approaching $100 million in Adjusted EBITDA⁽²⁾
• WELL will be releasing its inaugural ESG report on June 17^th, and has committed to achieving at least 33% female representation on its Board of Directors by the end of 2022

WELL Health Technologies Corp. (TSX: WELL) (“WELL” or the “Company“), a digital health company focused on positively impacting health outcomes by leveraging technology to empower healthcare practitioners and their patients globally, is pleased provide a business update for May 2022.

WELL achieved a total of 260,337 omni-channel patient visits in May 2022, representing a year-over-year increase of 40% compared to May 2021. Combining WELL’s omni-channel patient visits, MyHealth’s diagnostic visits and Wisp’s asynchronous patient consultations, WELL achieved a total of 311,739 patient interactions in May 2022, a record month for the Company.  WELL also reaffirms the Company is on track to meet the previously stated guidance of over $525 million in revenue and approaching $100 million in Adjusted EBITDA for the full year 2022.

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“Both April and May have thus far reflected record revenue performances for WELL and setting the stage for a strong fiscal Q2 performance. Our revenue growth continues to be resilient while we leverage structural advantages in our business as the largest owner operator of outpatient clinics in Canada and one of the largest providers of virtual care services in Canada and a rapidly emerging provider in the United States.”, said Hamed Shahbazi, Chairman and CEO of WELL. “Patient visits continue to be a strong leading indicator for WELL’s business, and we continue to see significant growth on a sequential and year-over-year basis. Between our balanced focus on growth and profitability and the additional cash on our balance sheet, we are in a fantastic position to be opportunistic in the market and generate long term value for our shareholders.”

Circle Medical and Wisp Update

WELL’s US-based virtual patient services businesses, which includes Circle Medical and Wisp, continued to demonstrate robust growth in May 2022. Preliminary results of the two businesses generated positive Adjusted EBITDA⁽²⁾ and a combined revenue run-rate exceeding $110 million. It is expected that the combined businesses will exceed $130 million on a run-rate basis later this year. Circle Medical’s YoY growth in May 2022 was driven by patient visits increasing 484%. Similarly, Wisp’s growth in May 2022 was driven by a 55% YoY increase in asynchronous patient consultations, driving significant incremental e-pharmacy revenue.

Ocean by CognisantMD Update

WELL’s subsidiary CognisantMD (or “Ocean” platform) has experienced impressive growth with significant uptake in eReferrals and eConsults, addressing the strong provincial demand for solutions to surgical wait time increases driven by COVID. The platform is now supporting over 45,000 monthly patient referrals and consults in Ontario and Nova Scotia, with additional expansion expected in the coming months. Additional highlights are as follows:   

• 1800+ physicians are using online booking on Ocean which equates to about 2.6M Canadians having access to online booking.  
• 5800+ physicians are using secure patient messaging on Ocean, making it easier for patients to connect with their healthcare provider.
• 640,000+ eReferrals and eConsults have been sent on Ocean, with real-time updates for patients. This improves transparency and reduces wait times for patient care.

These figures are expected to accelerate as Ocean continues to become the preferred e-referral tool for public health authorities seeking a robust and proven solution.

ESG and Governance Update

WELL is also pleased to announce that the Company will be launching its inaugural ESG report in time for the Annual Shareholder’s meeting that is taking place June 17^th, 2022. This report, created with thought leadership from its internal team supported by its professional consultants, will provide details regarding ESG initiatives that WELL undertook in 2021, with a view into 2022 and beyond. The report will also provide further evidence of WELL’s commitment to positively impacting the healthcare sector and creating societal value for patients, practitioners, and team members overall.

Diversity is highlighted in the ESG report and is an invaluable strength at WELL. Currently WELL has 70% of our Senior Executive team representing a visible minority. Furthermore, WELL is committed to achieving at least 33% female representation on its board by the end of 2022.

Source: PRNewswire