WELL Health Reports Record FY2025 Results; Canadian Patient Services Adjusted EBITDA Up 43% with Record Free Cash Flow
Executive Summary
- WELL Health Technologies reported record FY 2025 revenue of $1.40 billion (+52% YoY) and Adjusted EBITDA of $203.7 million (+336% YoY).
- The company provided 2026 guidance: revenue $1.55‑$1.65 billion; Adjusted EBITDA $175‑$185 million, with a spin‑out plan for WELLSTAR.
- Post‑year transactions include an Alberta e‑consult platform acquisition (~$45 m pro‑forma revenue), a $400 m senior secured credit facility expansion, and multiple WELLSTAR medical‑billing asset purchases.
Key Details
- FY 2025 Financial Highlights
- Revenue: $1.40 bn (52% increase). Normalized revenue (ex‑CM/CRH): $1.35 bn (+34%).
- Adjusted EBITDA(1): $203.7 m (336% increase); normalized $148.6 m (+17%).
- Adjusted EBITDA margin: 14.5% vs. 5.1% in 2024.
- Operating Free Cash Flow to shareholders (FCFA2S): $58.2 m (+19%).
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Adjusted Net Income: $126.5 m ($0.50/share).
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Segment Performance
- Canadian Patient Services: $444.3 m revenue (+39%); Adjusted EBITDA $58.1 m (+43%).
- U.S. Patient & Provider Services: $763.5 m revenue (+43%).
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WELLSTAR SaaS subsidiary: $68.1 m revenue (+59%).
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Operational Metrics
- Total patient visits 2025: 6.9 m (↑21%).
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Clinics in Canada end‑2025: 252.
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Quarterly & Transaction Highlights (Q4 2025)
- Nov 3, 2025 – HEALWELL restructuring: acquisition of Polyclinic, 50/50 JV, integration of Bio Pharma Services & Canadian Phase Onward, sale of Mutuo interest to WELLSTAR.
- Nov 13, 2025 – WELLSTAR’s OceanMD wins provincial e‑referral contract (1.7 m referrals/yr).
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Dec 8, 2025 – WELLSTAR Series B Preferred Share financing: $62 m total ($59 m to investors, ~$3 m to management) at C$1.50/share.
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Post‑Year Events
- Feb 1, 2026 – Acquisition of Alberta e‑consult platform + 8 primary‑care clinics (≈$45 m pro‑forma revenue).
- Feb 4, 2026 – Senior secured credit facility expanded to $400 m with $100 m uncommitted accordion; maturity extended to Jan 2030.
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Mar 17, 2026 – WELLSTAR acquires two medical‑billing assets: PatientSERV (Ontario) and Lambert Médico Factures (Québec), extending billing coverage to six provinces.
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Guidance & Outlook for FY 2026
- Revenue target: $1.55‑$1.65 bn.
- Adjusted EBITDA target: $175‑$185 m.
- Assumes ~$17.6 m deferred Circle Medical revenue recognized in 2026 (≈100% contribution to Adjusted EBITDA).
- Canada focus: >$800 m revenue and >$100 m Adjusted EBITDA within 18 months (incl. acquisitions).
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Ongoing sale process for U.S. care‑delivery assets (Wisp, Circle Medical, CRH).
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Conference Call – March 19, 2026 at 1:00 pm ET; dial‑in 1‑800‑717‑1738 (Toll Free) / 1‑289‑514‑5100 (International); webcast at https://well.company/events.
Notable Quotes
- Hamed Shahbazi, Chairman & CEO: “2025 was a defining year…we are well positioned to accelerate growth in our highest‑return market while unlocking value from our US portfolio.”
- Eva Fong, CFO: “Our expanded credit facility and strong cash flow give us the flexibility to continue executing an aggressive Canadian acquisition pipeline.”