WELL Health Reports Record Revenue, Record Adjusted EBITDA, and Record Adjusted Net Income in Q3-2025 Driven by Strong Performance in Core Canadian Businesses

Executive Summary

• WELL Health Technologies reported record Q3‑2025 revenue of $364.6 M (up 56% YoY) and Adjusted EBITDA of $59.9 M (up 296% YoY), reaffirming its 2025 guidance.
• Majority‑owned subsidiary WELLSTAR secured a $62 M Series B preferred share financing at C$1.50 per share, valuing the company at approximately $535 M post‑money.
• The Company completed two clinic acquisitions in British Columbia, expanded its senior secured credit facility to $200 M, and disclosed several strategic transactions by HEALWELL affecting its AI/ SaaS focus.

Key Details

• Revenue & EBITDA
• Q3‑2025 revenue: $364.6 M (56% YoY increase). Excluding CM Deferrals: $347.0 M (+48%).
• Adjusted EBITDA: $59.9 M (296% YoY increase); margin 16.4%. Ex‑CM Deferrals: $42.3 M (+180%).
• Segment Performance
• Canadian Patient Services: $110.1 M revenue, $14.1 M Adjusted EBITDA (+41% / +47%).
• U.S. Patient & Provider Services: $197.4 M revenue (+40%).
• WELLSTAR SaaS subsidiary: $17.3 M revenue (+68%).
• Operational Metrics
• Patient visits Q3‑2025: >1.7 M (up 19% YoY).
• Clinics in Canada end‑Q3: 227 locations.
• Financing – WELLSTAR
• Series B preferred share financing: $62 M total, C$1.50 per share.
• Investors: Mawer Investment Management Ltd., Edgepoint Wealth Management Inc., Picton Mahoney; WELL and WELLSTAR subscribed for $3 M.
• Post‑money valuation: ~$535 M; represents ~50% increase in share price vs Dec 2024 round.
• Guidance reaffirmed
• FY 2025 revenue: $1.40–$1.45 B (or $1.36–$1.41 B ex‑CM Deferrals).
• FY 2025 Adjusted EBITDA: $190–$210 M (or $150–$170 M ex‑CM Deferrals).
• Strategic Transactions
• July 8, 2025: Two BC clinic acquisitions (Vancouver & Burnaby).
• July 8, 2025: Senior secured credit facility expanded to ~$200 M, maturity extended to 2027.
• July 16, 2025: HEALWELL exercised call option to acquire remaining 49% of Pentavere for $13,978 (10,161,562 HEALWELL Class A shares).
• Oct 30, 2025: WELLSTAR Series B financing agreement (see above).
• Nov 3, 2025: HEALWELL announced divestitures of Polyclinic clinics, formation of 50/50 joint venture with WELL, and sale of Mutuo interest to WELLSTAR.
• Cash Flow
• Operating free cash flow attributable to shareholders: $15.1 M (Q3‑2025).
• Total cash flow including asset divestment proceeds: $30.2 M.

Notable Quotes

“We had an excellent quarter driven by strong performance network‑wide…record revenue, record EBITDA and record patient visits…” – Hamed Shahbazi, Chairman & CEO

“WELLSTAR delivered another strong better than ‘Rule of 40’ quarter…providing capital to execute additional acquisitions and prepare for IPO.” – Hamed Shahbazi

“Our pace of Canadian clinical acquisitions has picked up in 2025, completing 12 transactions representing $67.0 M of acquired revenue.” – Eva Fong, CFO