WELL Health Provides Corporate Update on WELLSTAR Reflecting Organic and Inorganic Growth Wins

Executive Summary

• WELLSTAR secured a material eReferral contract with a Canadian province, lifting its ARR by 16% (≈ $66 M) and expanding its network to over 1.7 million referrals annually.
• The subsidiary completed three M&A transactions in November, including the acquisition of Mutuo Health Solutions and two billing‑asset purchases expected to generate ~$4 M annual revenue with >20% margins.
• Q3 2025 results showed $18.3 M revenue (↑ 67% YoY) and ARR growth of 63%; a $62 M Series B equity raise was announced to fund further acquisitions and pursue a 2026 public listing.

Key Details

• eReferral Contract: Provincial Referral Management System award; immediate ARR uplift of 16%, bringing ARR to $66.0 M as of Sep‑30‑2025.
• Network Scale: OceanMD now supports >20,000 physicians and 3,800 clinics, processing >1.7 M eReferrals per year nationwide.
• Clinical Impact: Reported 12% reduction in unnecessary MRIs, 20% cut in surgical wait times, and a 35‑day decrease in central intake processing times; 95% patient satisfaction with referral experience.
• Acquisitions:
• Mutuo Health Solutions (AutoScribe platform) acquired Nov 1 2025 – adds AI scribe IP and engineering talent.
• Two additional billing assets signed for acquisition (subject to regulatory approval); combined expected revenue ≈ $4 M annually, margins >20%.
• Q3 Financial Performance:
• Revenue: $18.3 M (+67% YoY).
• Organic growth: +26% YoY.
• ARR growth: +63% YoY.
• Series B Financing: $62 M equity raise from institutional investors announced Oct 31 2025; proceeds earmarked for strategic tuck‑in acquisitions and scaling to a $100 M annualized run‑rate.
• Corporate Development: New corporate development team member added; aggressive M&A pipeline targeting AI‑enabled clinical and billing solutions.
• Future Outlook: Management signals intent to pursue a public listing in 2026, contingent on market conditions.

Notable Quotes

“The past twelve months have been transformational for WELLSTAR… We are executing with discipline and advancing our strategy through continued organic expansion and targeted, high‑impact acquisitions.” – Amir Javidan, CEO, WELLSTAR

“We are honoured to be selected as the official RMS for another entire province… This win reinforces how Ocean’s eReferral platform has been established as Canada’s leading eReferral platform.” – Jeff Kavanagh, Co‑Founder & CEO, OceanMD