Well Health talks clinic digitization, patient openings

Executive Summary

• Well Health Technologies Corp. reported strong organic growth for its Canadian patient services business in Q3 2025, achieving quarterly revenue of over $110 million, representing a 41% year-over-year increase.
• The company achieved 92% progress in core digitization initiatives across primary care clinics in its network that have been operational for more than nine months.
• Well has filled 25,000 of the 45,000 new primary care patient openings created in June 2025, with the remaining openings expected to be filled by the end of Q1 2026.

Key Details

• Q3 2025 Financial Performance:
  • Quarterly revenue for Canadian patient services business exceeded $110 million.
  • Year-over-year growth rate was 41%.
  • Enhanced disclosure provided on organic growth, including breakdowns for same-clinic growth and absorption-driven organic growth for Well Medical Centres (WMC) and Well Diagnostic Centres (WDC).
• Clinic Digitization Progress:
  • 92% of primary care clinics in the network (operating for >9 months) have achieved core digitization.
  • Core digitization is defined by the majority usage of four key features:
    1. Online patient booking.
    2. Self-check-in (via kiosk or mobile app).
    3. Digital patient reminders.
    4. Digital patient consent management.
  • AI tools such as "AI Ambient Scribe" and "Well AI Decision support" are currently being deployed across the network.
  • Most tools are supported/developed by Wellstar Technologies Corp.
• Patient Opening Initiative:
  • On June 24, 2025, Well announced availability for over 45,000 new primary care patient openings across Ontario, Alberta, and Manitoba.
  • As of October 31, 2025, 25,000 of these openings had been filled.
  • The remaining openings are expected to be fully satisfied by the end of Q1 2026.
  • Dr. Michael Frankel (CMO) noted that fully satisfying these 45,000 openings will create accessibility for 270,000 new yearly patient visits.
  • Average primary care patient sees provider 6 times per year and maintains the relationship for 5-10 years.
• Company Overview:
  • Well operates the largest owned and operated health care ecosystem in Canada with more than 220 clinics.
  • Solutions support more than 43,000 health care providers in the US and Canada.
  • Traded on the Toronto Stock Exchange (WELL) and OTC (WHTCF).

Notable Quotes

• Jeremy Mickolwin, Vice-President of Clinic Operations: "We take clinic transformation very seriously and have a highly methodical way of approaching our digitization plans. Our goal is to ensure that every clinic in our network has achieved its core digitization within a year of operations. Our definition of core will likely expand as our new AI-enabled applications are being rapidly deployed and driving significant new benefits for providers."
• Dr. Michael Frankel, Chief Medical Officer: "I am very proud of the work our team has done to rapidly assist patients and providers in getting to know each other. This is truly demonstrative of the positive societal impact of Well's work... This means that once we have fully satisfied all 45,000 patient openings, we will have created accessibility for 270,000 new yearly patient visits in alignment with Canada Health Act principles just from this new cohort that we launched in June of 2025."