Well Health's OceanMD wins e-referral contract

Executive Summary

• Well Health Technologies Corp. provided a comprehensive corporate update on its majority-owned subsidiary, Wellstar Technologies Corp., highlighting strong Q3 financial performance, significant contract wins, and strategic acquisitions.
• Wellstar reported Q3 revenue of $18.3 million, representing a 67% year-over-year increase, with organic growth of 26% and ARR growth of 63%.
• The company secured a major provincial e-referral contract for its OceanMD platform, which immediately increased annual recurring revenue (ARR) by 16%, and completed the acquisition of Mutuo Health Solutions to strengthen its AI capabilities.

Key Details

• Q3 Financial Performance:
  • Revenue: $18.3 million (up 67% year-over-year).
  • Organic Growth: 26% year-over-year.
  • Annual Recurring Revenue (ARR): Grew 63% year-over-year.
• OceanMD Contract Win:
  • Awarded a material provincial e-referral contract to serve as the provincial referral management system (RMS).
  • Immediate uplift to Wellstar’s overall ARR by 16%.
  • Platform metrics: Facilitates over 1.7 million e-referrals annually nationwide; trusted by >17,000 physicians and 2,500 clinics for sending referrals, and >3,300 physicians and 1,300 clinics for receiving them.
  • Operational Impact: 12% reduction in unnecessary MRIs, 20% reduction in surgical wait times, and 35-day decrease in central intake referral processing times.
  • Patient Satisfaction: 95% of patients reported improved referral experiences; 89% noted satisfaction with wait times.
• Strategic Acquisitions:
  • Mutuo Health Solutions: Acquired on November 1, 2025. Developer of the AutoScribe platform powering Wellstar’s Nexus AI medical scribe. The technology and engineering team is fully integrated into Wellstar to accelerate AI development and align provider-focused products.
  • Billing Assets: Signed agreements to acquire two billing assets, including a leader in the Canadian medical billing marketplace. Expected to generate approximately $4 million in annualized revenue with margins exceeding 20%. Subject to regulatory approval.
• Financing and Future Outlook:
  • Completed a $62 million Series B financing round.
  • Capital deployment focused on strategic "tuck-in" acquisitions to expand technology suite and drive revenue toward a $100 million annualized run rate.
  • Added a new member to the corporate development team to advance the M&A pipeline.
  • Strategic goal: Potential public listing in 2026, subject to market conditions.

Notable Quotes

• Amir Javidan, CEO of Wellstar: "The past 12 months have been transformational for Wellstar as we have firmly established ourselves as Canada's premier digital health platform for health care providers... With a clear path toward a potential public listing in 2026, our mission is to empower clinicians with best-in-class digital tools while building a durable, high-growth business that delivers lasting value for shareholders."
• Jeff Kavanagh, Co-founder and CEO of OceanMD: "We are honoured to be selected as the official RMS for another entire province. Winning this competitive procurement process demonstrates the strength, scalability and reliability of the Ocean platform... This new contract win reinforces how Ocean's e-referral platform has been established as Canada's leading e-referral platform."