WELL Health Reports Strong Organic Growth, Major Advances in Clinic Digitization, and Rapid Progress on New Primary Care Patient Openings

Executive Summary

• WELL Health Technologies reported Q3 2025 Canadian Patient Services revenue of > $110 million, a 41% YoY increase.
• Same‑clinic organic growth was 10% for WELL Medical Centres and 16% for WELL Diagnostic Centres; overall absorption‑driven growth added an additional 6% for medical centres.
• The company has created 45,000 new primary‑care patient openings across three provinces, with 25,000 filled as of 31 Oct 2025 and the remainder expected to be satisfied by Q1 2026.

Key Details

• Revenue: Q3 2025 Canadian Patient Services revenue exceeded $110 million (41% YoY growth).
• Organic Growth – WELL Medical Centres (WMC):
• Overall organic growth: 16% YoY
• Same‑clinic growth: 10% YoY
• Absorption growth: 6% YoY
• Organic Growth – WELL Diagnostic Centres (WDC):
• Overall organic growth: 16% YoY (entirely same‑clinic growth)
• Clinic Digitization: 92% of primary‑care clinics in the network (>9 months old) have achieved “core digitization” (online booking, self‑check‑in, patient reminders, patient consents).
• New Patient Openings Initiative:
• Availability created: >45,000 new primary‑care slots (Ontario, Alberta, Manitoba) announced 24 Jun 2025.
• Slots filled to date: 25,000 as of 31 Oct 2025.
• Expected fill completion: end of Q1 2026, representing potential 270,000 additional yearly patient visits once fully staffed.
• Leadership Comments:
• Jeremy Mickolwin (VP Clinic Operations) emphasized the methodical approach to digitization and upcoming AI tool deployments.
• Dr. Michael Frankel (Chief Medical Officer) highlighted societal impact and projected visit volume from the new cohort.

Notable Quotes

“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.” – Jeremy Mickolwin, Vice President of Clinic Operations

“I am very proud of the work our team has done to rapidly assist patients and providers…once we have fully satisfied all 45,000 patient openings, we will have created accessibility for 270,000 new yearly patient visits.” – Dr. Michael Frankel, Chief Medical Officer