Technology

WELL Health Announces Results for Q4 and Full Year 2024 Reflecting Record Annual Revenue

Published

1 year ago

April 15, 2025

WELL achieved annual revenue of $919.7 million in 2024, an increase of 19% compared to the prior year. Under applicable IFRS standards, revenue was negatively impacted by (i) a delay in the recognition of revenue for Circle Medical in the amount of $56.6 million and (ii) uncertainty of $24.5 million by CRH (related to the Change Healthcare cyberattack). Substantially all of the deferred Circle Medical revenue is expected to be recognized in 2025(3) and the CRH amount may be recognized as and when collections occur and when settlement terms are reached with Change Healthcare. Excluding such impacts, the Company was on track to achieve record revenue of $1.0 billion in 2024, an increase of 29% compared to the prior year.WELL achieved record Free Cash Flow Attributable to Shareholders or “FCFA2S”(1) in 2024 of $49.3 million representing an increase of ~16% as compared to $42.4 million in 2023. For 2024, due to the impact of the Circle Medical and CRH matters, Adjusted EBITDA(1) was $46.7 million, compared to Adjusted EBITDA of $113.4 million for 2023. Excluding the impact from the Circle Medical and CRH matters, the Company was on track to achieve Adjusted EBITDA of $127 million for 2024, an increase of 12% compared to the prior year.WELL is pleased to provide a positive outlook for 2025 with annual guidance for revenue of between $1.40 billion to $1.45 billion, and Adjusted EBITDA in the range of $190 million to $210 million. This guidance reflects 100% consolidation of HEALWELL (TSX: AIDX) as per IFRS control requirements and assumes that substantially all of the $56.6 million in deferred Circle Medical revenue will be recognized in 2025 (3). This guidance does not include any contribution from the $24 million in delayed earnings of CRH related to the cyberattack until further collections occur and this matter is settled with Change Healthcare.

VANCOUVER, BC, April 15, 2025 /PRNewswire/ – WELL Health Technologies Corp. (TSX: WELL) (the “Company” or “WELL”), a digital healthcare company focused on positively impacting health outcomes by leveraging technology to empower healthcare practitioners and their patients globally, is pleased to announce it has filed its audited annual financial statements for the fiscal year and fourth quarter ended December 31, 2024, the related management’s discussion and analysis (“MD&A”), annual information form, and accompanying CEO and CFO certifications under its profile on SEDAR+ at www.sedarplus.ca.

Hamed Shahbazi, Chairman and CEO of WELL commented, “Notwithstanding the impacts to our revenue from the Circle Medical revenue deferral and the Change Healthcare cyberattack matters, the fundamentals and outlook of our business have never been stronger. Despite these two IFRS revenue impacts, WELL delivered record annual revenue and Free Cash Flow Attributable to Shareholders(1) in fiscal 2024. WELL delivered 5.7 million patient visits in 2024, a 32% YoY increase from the prior year, of which the vast majority came from organic growth. In 2024, our Canadian business led the way with strong organic growth of 20%, growing revenue to approximately $387.4 million and Adjusted EBITDA(1) to $56.3 million representing growth of 30% and 22% respectively. Momentum is building in our total Canadian business, and we are anticipating continued Adjusted EBITDA growth of at least 25% in 2025 as we target reaching $800 million in revenue and $100 million in Adjusted EBITDA solely in our Canadian business by the end of 2026. These results are truly demonstrative of our unique platform and continued progress in tech enabling and supporting healthcare providers who are delivering outstanding care to millions of patients across North America. We are proud of our achievements in 2024 and thank the over 6,000 team members across WELL for their hard work and commitment to excellence. We are extremely well positioned to achieve our best year yet in 2025.”

Update on Circle Medical

As previously disclosed, Circle Medical received a request from US regulators investigating certain of Circle Medical’s billing practices in the U.S. In the annual consolidated financial statements for the year ended December 31, 2024, the Company recognized an expense of USD $2.8 million for the year ended December 31, 2024, for estimated settlement costs.

In connection with the finalization of the Company’s annual consolidated financial statements for the year ended December 31, 2024, it was determined that Circle Medical had billed and received payment for patient services that had been rendered during fiscal 2024, for which it had not yet met all the required criteria to recognize such revenue under applicable IFRS standards. As a result, the Company has recorded a revenue reduction of $56.6 million for fiscal 2024 and recognized cash received from customers of $53.9 million as deferred revenue as at December 31, 2024. The Company expects to recognize substantially all of this deferred revenue during fiscal 2025 with the remainder recognized in fiscal 2026(3). As of April 11, 2025, WELL has already satisfied the criteria for revenue recognition in fiscal 2025 for approximately $6.7M of this deferred revenue. Although Circle Medical contributed a net loss to consolidated income and only contributed 2.3% to the Company’s consolidated Adjusted EBITDA(1) in 2023, under IFRS, for fiscal 2024, the Company is required to recognize 100% of the expenses related to the $56.6 million that was deferred which results in a significant reduction in Adjusted EBITDA for fiscal 2024 and a significant positive contribution to Adjusted EBITDA for fiscal 2025 once the deferred revenue is recognized. The Company continues to seek strategic alternatives for Circle Medical and is committed to carrying out this process in due course.

Impact to Revenue at CRH Due to Change Healthcare Cyberattack

CRH Anesthesia’s primary billing service provider, Change Healthcare (or “Change HC”) experienced a cybersecurity attack in February 2024 which sidelined the Change HC Revenue Cycle Management service relied on by the Company for billings and collections. This resulted in the Company experiencing delayed billing and cash collections on claims processed for several months during 2024. Due to this business interruption affecting a significant number of healthcare companies across the U.S., which rely on Change HC for revenue collection, Change HC’s affiliate provided advance funding to many of its customers including CRH in lieu of the cash collections CRH would normally receive related to these claims.

During the fourth quarter of 2024, CRH updated key assumptions in its revenue recognition model related to the Change HC cyberattack and determined that it would delay the recognition of approximately $24.5 million of revenue in the fourth quarter of 2024 that otherwise would have been recognized during 2024 had the cyberattack not occurred. CRH expects to recognize these revenues if and when collections occur and/or once settlement terms have been reached with Change HC. Once this occurs, such earnings will result in almost 100% contribution to Adjusted EBITDA(1). Due to the uncertainty regarding the timing and amount that will be recovered, this has been excluded from our 2025 guidance.

Guidance and Outlook

WELL is expecting strong operational performance to continue into 2025 with a greater focus on leveraging all product and corporate synergies, with an emphasis on leveraging the depth of the product and technology offerings from WELLSTAR and HEALWELL. The Company also continues to focus the majority of its M&A and capital allocation activity in Canada where it is experiencing its highest returns on capital. Management will continue to pursue its focus on optimizing its operations for organic growth and profitability. As such, management is pleased to provide the following guidance:

Annual revenue for 2025 is expected to be in the range of $1.40 billion to $1.45 billion Annual Adjusted EBITDA(1) for 2025 is expected to be in the range of $190 million to $210 million

WELL’s 2025 guidance assumes, among other things, the following: 100% consolidation of HEALWELL results as per IFRS control requirements; substantially all of the $56.6 million in deferred Circle Medical revenue is expected to be recognized in 2025(3) and will result in close to 100% contribution to Adjusted EBITDA(1); the $24.5 million in CRH delayed earnings are not included in 2025 guidance until these amounts are collected and/or settled with Change HC, at which time our guidance would be enhanced.

Hamed Shahbazi, further added, “We are also very pleased to report that WELL is now a multi-national corporation with a geographic footprint in 11 countries following the exercise of our call option to acquire a 69% voting interest in HEALWELL, concurrent with its acquisition of Orion Health, a global leader in healthcare data interoperability. With HEALWELL and Orion now in the family, WELL has tremendous depth in not only delivering the best provider-focused technologies, for thousands of care providers, but also delivering healthcare data interoperability at scale for large enterprises and public sector clients in a variety of countries including the UK, Saudi Arabia, the UAE, the United States, France, Spain, Scotland, Northern Ireland, Australia, and New Zealand.”

Eva Fong, WELL’s CFO commented, “We ended the year with a strong balance sheet as a result of our positive cashflow and are well positioned to execute on a deep M&A pipeline and ambitious agenda in 2025. I’m pleased to report that the Company is in good standing with its credit partners and in line with its bank covenants. Our business pipeline is growing substantially due to the emerging “buy Canadian” sentiment that we are seeing from the public sector in our most important market, Canada. We are committed to delivering for these important clients as well as our shareholders.”

Fiscal 2024 Annual Financial Highlights

Total revenue for the year ended December 31, 2024, was $919.7 million, compared to total revenue of $776.1 million for the prior year, an increase of 18.5% driven by acquisitions and organic growth during the past year. Revenue was negatively impacted by a $56.6 million revenue deferral at Circle Medical and a $24.5 million revenue reduction at CRH resulting from the CHC cyberattack. Excluding such impacts, the Company was on track to achieve revenue of $1.0 billion for 2024, an increase of 28.9% compared to 2023.Free Cash Flow Attributable to Shareholders (“FCFA2S”)(1) was $49.3 million for 2024, an increase of 16.3%, as compared to FCFA2S of $42.4 million for 2023. This figure was impacted by higher than expected capital expenditures in Q4 and would otherwise have exceeded $50 million for the year.Adjusted Gross Profit(1) was $363.0 million in 2024, a decrease of 2.5% as compared to Adjusted Gross Profit of $372.3 million in 2023. Excluding the impact from the Circle Medical and CRH matters, the Company was on track to achieve Adjusted Gross Profit of $443.4 million for 2024, reflecting an increase of 19% compared to 2023.Adjusted Gross Margin(1) percentage was 39.5% in 2024, as compared to Adjusted Gross Margin percentage of 48.0% in 2023. Excluding the impact from the Circle Medical and CRH matters, the Company was on track to achieve Adjusted Gross Margin for 2024 of 44.3%.Adjusted EBITDA(1) was $46.7 million, compared to Adjusted EBITDA of $113.4 million for 2023. Excluding the impact from the Circle Medical and CRH matters, the Company was on track to achieve Adjusted EBITDA of $127 million for 2024, an increase of 12.0% compared to the prior year.Adjusted EBITDA to WELL shareholders(1) was $39.8 million in 2024, a decrease of 54.9% as compared to Adjusted EBITDA to WELL shareholders of $88.2 million in 2023. Excluding the impacts from the Circle Medical and CRH matters noted above, the Company was on track to achieve Adjusted EBITDA to WELL shareholders of $95.8 million in 2024.Adjusted Net Income(1) was $8.0 million, or $0.03 per share in 2024, as compared to Adjusted Net Income of $52.8 million, or $0.22 per share in 2023. Excluding the impacts from the Circle Medical and CRH matters, the Company was on track to achieve Adjusted Net Income of $49.1 million in 2024.Net Income was $29.1 million or $0.13 per share(2) in 2024, an increase of 74.9% as compared to Net Income of $16.6 million or $0.00 per share in 2023. Excluding the impact from the Circle Medical and CRH matters noted above, the Company was on track to achieve Net Income of $89.8 million in 2024.

Segmented Results (excluding inter-segment revenue)

Canadian Patient Services revenue was $319.1 million in 2024, an increase of 38.5% as compared to $230.4 million in 2023. Canadian Patient Services revenue was $88.8 million in Q4-2024, an increase of 31.4% as compared to $67.6 million in Q4-2023. Canadian Patient Services Adjusted EBITDA(1) was $40.7 million in 2024, an increase of 23.0%, as compared to $33.1 million in 2023. Adjusted EBITDA for Canadian Patient Services in Q4-2024 was $10.7 million, an increase of 44.6% as compared to Q4-2023.US Patient and Provider Services revenue was $532.2 million in 2024, an increase of 11.6% as compared to US Patient Services revenue of $476.9 million in 2023. US Patient Services revenue was $125.6 million in Q4-2024, a decrease of 12.5% as compared to US Patient Services revenue of $143.5 million in Q4-2023. Excluding the impact from the Circle Medical and CRH matters noted above, the Company was on track to achieve quarterly revenue of $165.1 million for Q4-2024, an increase of 15.0% compared to Q4-2023.US Patient and Provider Services Adjusted EBITDA was $11.2 million in 2024, as compared to $87.0 million in 2023. Adjusted EBITDA for US Patient Services in Q4-2024 was negative $13.1 million, a decrease as compared to $25.3 million in Q4-2023. Excluding the impact of the Circle Medical and CRH matters noted above, the Company was on track to achieve Adjusted EBITDA for US Patient Services of $91.6 million in 2024, an increase of 5.3% as compared to 2023 and Q4-2024 Adjusted EBITDA of $29.9 million, an increase of 18.2% as compared to Q4-2023.SaaS and Technology revenue was $68.3 million in 2024, a decrease of 0.7% as compared to SaaS and Technology revenue of $68.8 million in 2023. The decrease in SaaS and Technology revenue is attributable to the divestment of Intrahealth in Q1-2024. SaaS and Technology revenue was $20.5 million in Q4-2024, an increase of 1.5% as compared to SaaS and Technology revenue of $20.2 million in Q4-2023. Excluding Intrahealth, SaaS and Technology revenue grew by $9.6 million or 16.6% in 2024 and by $3.2 million or 19% in Q4-2024.SaaS and Technology Adjusted EBITDA was $15.6 million in 2024, an increase of 21.3%, as compared to $12.9 million in 2023. Adjusted EBITDA for SaaS and Technology in Q4-2024 was $4.0 million, an increase of 8.6% as compared to Q4-2023.

Annual 2024 Patient Visit Metrics

2024

2023

Y/Y
Growth

Organic
Growth

Canada Patient Visits

3,125,011

2,312,799

35 %

32 %

US Patient Visits

2,576,557

2,013,613

28 %

Total Visits

5,701,568

4,326,412

32 %

30 %

Technology Interactions

2,660,911

1,881,114

41 %

Billed Provider Hours

354,402

164,719

115 %

Total Interactions

8,716,881

6,372,245

37 %

34 %

Notes:
Total Technology Interactions is defined as the total number of bookings facilitated by OceanMD, Insig, and Adracare.
Billed Provider Hours is defined as the hours that providers bill under WELL USA’s Provider Staffing business.

Fourth Quarter 2024 Business Highlights

On October 1, 2024, the Company, through its WELL Diagnostic Centres subsidiary, closed the acquisition of a 51% interest in C-health, a network of four diagnostic imaging clinics based in Alberta.

On October 29, 2024, WELL and HEALWELL AI Inc. (“HEALWELL”) announced the expansion of their strategic alliance to launch and manage AI-driven clinical trial sites across WELL Health clinic locations in Canada. This partnership leverages WELL’s clinic network and HEALWELL’s Contract Research Organization (CRO) capabilities to expand patient access to clinical trials and streamline trial processes. The collaboration aims to improve patient recruitment, trial efficiency, and data analysis using AI solutions, positioning WELL and HEALWELL as leaders in AI-enhanced clinical research.

On December 1, 2024, the Company completed the acquisition of Canadian clinical assets from Jack Nathan Health (“Jack Nathan”), including 13 owned and operated clinics and 59 licensee clinics. The licensee clinics will form the foundation of WELL’s new “Affiliate Clinic” business model. The acquired clinics will be rebranded as WELL Health Medical Centres and integrated into WELL’s technology-enabled healthcare model.

On December 12, 2024, the Company announced the rebranding of its WELL Provider Solutions business as WELLSTAR Technologies Corp. (“WELLSTAR”), funded with a $50.4 million private equity investment by Mawer Investment Management, Edgepoint Wealth Management, and PenderFund Capital Management. Concurrent with the financing, the Company also acquired two healthcare technology firms, a 51% majority interest in Bluebird iT Solutions Inc. and a 100% interest in Microquest Inc.

During the period from December 1, 2024, to January 1, 2025, the Company completed seven acquisitions across its Canadian Clinics, WELLSTAR, and WELL Health USA business units, adding approximately $100 million in annualized revenue. The seven acquisitions included one of the largest physician recruitment firms in Canada, two Canadian Primary Care Clinics, one Provider Staffing acquisition in the United States under the CRH banner, two previously announced acquisitions under the WELLSTAR banner, and the previously announced acquisition of Jack Nathan Health. All transactions were funded through cash without issuing shares.

Events Subsequent to December 31, 2024

Exercise of Call Option and IFRS Control of HEALWELL

On April 1, 2025, concurrent with the closing of HEALWELL’s acquisition of Orion Health, the Company exercised its call right and acquired equity ownership resulting in the Company having a 69% voting interest (and 37% economic interest) in HEALWELL on a non-diluted basis. As a result, as of April 1, WELL began to consolidate the financial results of HEALWELL.

Implementation of Cost Optimization Program

In the last 30 days, WELL has implemented a cost optimization program to enhance efficiency and profitability in its continued focus on operational excellence. The Company also continues to make substantial strides in leveraging the power of AI in streamlining and improving its own operations.

Conference Call

WELL will release its fourth quarter and annual audited consolidated financial results after market closing on Monday April 14, 2024, and will hold a conference call to discuss its results on Tuesday, April 15, 2025, at 1:00 pm ET (10:00 am PT).

Please use the following dial-in numbers: 416-764-8650 (Toronto local), 778-383-7413 (Vancouver local), 1-888-664-6383 (Toll-Free) or +1-416-764-8650 (International), with Conference ID: 2519 7474. The conference call will also be simultaneously webcast and can be accessed at the following audience URL: www.well.company/events.

Selected Audited Financial Highlights

Please see SEDAR+ at www.sedarplus.ca for complete copies of the Company’s audited annual consolidated financial statements and annual MD&A for the year ended December 31, 2024.

Year Ended

Quarter ended

December 31,
2024

December 31,
2023

December 31,
2024

(Restated)

September 30,
2024

December 31,
2023

$’000

Revenue

919,688

776,054

234,758

234,135

231,246

Cost of sales (excluding depreciation and amortization)

(556,677)

(403,787)

(152,082)

(139,487)

(130,207)

Adjusted Gross Profit(1)

363,011

372,267

82,676

94,648

101,039

Adjusted Gross Margin(1)

39.5 %

48.0 %

35.2 %

40.4 %

43.7 %

Adjusted EBITDA(1)

46,665

113,394

(3,749)

15,134

30,750

Net income (loss)

29,096

16,637

(1,835)

(88,426)

33,762

Adjusted Net Income (1)

8,007

52,780

(17,354)

4,074

11,244

Earnings (loss) per share, basic (in $)

0.13

0.00

0.03

(0.36)

0.12

Earnings (loss) per share, diluted (in $)

0.13

0.00

0.03

(0.36)

0.12

Adjusted Net Income per share, basic (in $) (2)

0.03

0.22

(0.07)

0.02

0.05

Adjusted Net income per share, diluted (in $)(2)

0.03

0.22

(0.07)

0.02

0.05

Reconciliation of net income (loss) to Adjusted EBITDA(2):

Net income (loss) for the period

29,096

16,637

(1,835)

(88,426)

33,762

Depreciation and amortization

72,306

60,768

20,963

17,476

16,756

Income tax expense (recovery)

(20,104)

2,860

(7,429)

(3,843)

804

Interest income

(1,272)

(763)

(500)

(255)

(334)

Interest expense

37,616

33,603

9,283

9,103

9,035

Rent expense on finance leases

(16,512)

(11,283)

(3,594)

(4,675)

(3,540)

Stock-based compensation

15,270

26,162

2,887

2,141

6,386

Foreign exchange gain

(570)

(636)

(528)

252

Time-based earnout expense

7,458

21,412

3,502

1,829

7,493

Change in fair value of investments

(101,484)

(42,560)

(48,292)

77,092

(42,560)

Gain on disposal of assets and investments

(11,817)

(1,570)

(500)

(33)

(46)

Share of net (income) loss of associates

4,341

378

1,622

1,832

Transaction, restructuring & integration costs expensed

10,247

4,407

1,924

2,232

1,265

Legal settlements and defense costs

21,337

2,181

18,748

599

1,389

Other items

753

1,798

–

Adjusted EBITDA(1)

46,665

113,394

(3,749)

15,134

30,750

Attributable to WELL shareholders

39,786

88,208

(479)

12,711

22,377

Attributable to Non-controlling interests

6,879

25,186

(3,270)

2,423

8,373

Adjusted EBITDA(1)

WELL Corporate

(20,858)

(19,604)

(5,403)

(5,368)

(5,690)

Canada and others

56,313

45,960

14,771

14,036

11,103

US operations

11,210

87,038

(13,117)

6,466

25,337

Adjusted EBITDA(1) attributable to WELL shareholders

WELL Corporate

(20,858)

(19,604)

(5,403)

(5,368)

(5,690)

Canada and others

54,844

45,189

14,209

13,743

10,836

US operations

5,800

62,623

(9,285)

4,336

17,231

Adjusted EBITDA(1) attributable to Non-controlling interests

Canada and others

1,469

771

562

293

267

US operations

5,410

24,415

(3,832)

2,130

8,106

Reconciliation of net income (loss) to Adjusted Net income(1):

Net income (loss) for the period

29,096

16,637

(1,835)

(88,426)

33,762

Amortization of acquired intangible assets

49,060

45,508

14,885

11,294

12,024

Time-based earnout expense

7,458

21,412

3,502

1,829

7,493

Stock-based compensation

15,270

26,162

2,887

2,141

6,386

Change in fair value of investments

(101,484)

(42,560)

(48,292)

77,092

(42,560)

Share of net (income) loss of associates

4,341

378

1,622

1,832

Other items

753

1,798

–

Non-controlling interest included in net income (loss)

3,513

(16,555)

9,877

(1,688)

(5,949)

Adjusted Net Income (1)

8,007

52,780

(17,354)

4,074

11,244

Footnotes:

Non-GAAP financial measures and ratios.
In addition to results reported in accordance with IFRS, the Company uses certain non-GAAP financial measures as supplemental indicators of its financial and operating performance. These non-GAAP financial measures include Adjusted Gross Profit, Adjusted Gross Margin, Adjusted EBITDA, Adjusted Net Income, Adjusted Net Income per share, and Adjusted Free Cash Flow. The Company believes these supplementary financial measures reflect the Company’s ongoing business in a manner that allows for meaningful period-to-period comparisons and analysis of trends in its business. Adjusted Gross Profit and Adjusted Gross Margin
The Company defines Adjusted Gross Profit as revenue less cost of sales (excluding depreciation and amortization) and Adjusted Gross Margin as Adjusted Gross Profit as a percentage of revenue. Adjusted Gross Profit and Adjusted Gross Margin should not be construed as an alternative for revenue or net income (loss) determined in accordance with IFRS. The Company does not present gross profit in its consolidated financial statements as it is a non-GAAP financial measure. The Company believes that Adjusted Gross Profit and Adjusted Gross Margin are meaningful metrics that are often used by readers to measure the Company’s efficiency of selling its products and services.
Adjusted EBITDA
The Company defines Adjusted EBITDA as net income (loss) before interest, taxes, depreciation and amortization less (i) net rent expense on premise leases considered to be finance leases under IFRS and before (ii) transaction, restructuring, and integration costs, legal settlements and defense costs, time-based earn-out expense, change in fair value of investments, share of income (loss) of associates, foreign exchange gain/loss, and stock-based compensation expense, and (iii) gains/losses that are not reflective of ongoing operating performance. The Company considers Adjusted EBITDA to be a financial metric that measures cash flow that the Company can use to fund working capital requirements, service future interest and principal debt repayments and fund future growth initiatives. Adjusted EBITDA should not be considered alternatives to net income (loss), cash flow from operating activities or other measures of financial performance defined under IFRS.
Adjusted Net Income and Adjusted Net Income per share
The Company defines Adjusted Net Income as net income (loss), after excluding the effects of stock-based compensation expense, amortization of acquired intangible assets, time-based earnout expense, change in fair value of investments, and non-controlling interests. Adjusted Net Income per share is Adjusted Net Income divided by weighted average number of shares outstanding. The Company believes that these non-GAAP financial measures provide useful information to analyze our results, enhance a reader’s understanding of past financial performance and allow for greater understanding with respect to key metrics used by management in decision making. More specifically, the Company believes Adjusted Net Income is a financial metric that tracks the earning power of the business that is available to WELL shareholders.
Adjusted Free Cash Flow Attributable to Shareholders
The Company defines Adjusted Free Cash Flow Attributable to Shareholders as Adjusted EBITDA Attributable to Shareholders, less cash interest, less cash taxes and less capital expenditures, and before the impacts of the revenue deferral at Circle Medical and the revenue impact at CRH Medical resulting from impaired revenue cycle management services after the Change Healthcare cyberattack. The Company has revised its definition of Adjusted Free Cash Flow Attributable to Shareholders for the year ended December 31, 2024 to exclude the impacts of the revenue deferral at Circle Medical and the revenue impact at CRH Medical resulting from impaired revenue cycle management services after the Change Healthcare cyberattack as these are non-cash adjustments that are not meaningful to the objective of this non-GAAP financial measure. Adjusted Net income, Adjusted Net Income per share, Adjusted EBITDA, Adjusted Gross Profit, Adjusted Gross Margin, and Adjusted Free Cash Flow are not recognized measures for financial statement presentation under IFRS and do not have standardized meanings. As such, these measures may not be comparable to similar measures presented by other companies and should be considered as supplements to, and not as substitutes for, or superior to, the corresponding measures calculated in accordance with IFRS.EPS is calculated using Net Income attributable to WELL, which excludes Net Income attributable to Non-Controlling Interests (NCI).While the Company expects to recognize these amounts within a year, there is a risk that the criteria for recognizing the deferred revenue of $53,949 (US$37,493) and additional revenue of $3,467 (US$2,409) are not satisfied as expected in 2025.

WELL HEALTH TECHNOLOGIES CORP.
Per: “Hamed Shahbazi”
Hamed Shahbazi
Chief Executive Officer, Chairman and Director

About WELL Health Technologies Corp.

WELL’s mission is to tech-enable healthcare providers. We do this by developing the best technologies, services, and support available, which ensures healthcare providers are empowered to positively impact patient outcomes. WELL’s comprehensive healthcare and digital platform includes extensive front and back-office management software applications that help physicians run and secure their practices. WELL’s solutions enable more than 38,000 healthcare providers between the US and Canada and power the largest owned and operated healthcare ecosystem in Canada with more than 200 clinics supporting primary care, specialized care, and diagnostic services. In the United States WELL’s solutions are focused on specialized markets such as the gastrointestinal market, women’s health, primary care, and mental health. WELL is publicly traded on the Toronto Stock Exchange under the symbol “WELL” and on the OTC Exchange under the symbol “WHTCF”. To learn more about the Company, please visit: www.well.company.

Forward-Looking Statements

This news release may contain “Forward-Looking Information” within the meaning of applicable Canadian securities laws, including, without limitation: information regarding the Company’s goals, strategies and growth plans; expectations regarding continued revenue and recognition of deferred revenue and earnings, Adjusted EBITDA growth and revenue and Adjusted EBITDA targets; the expected benefits and synergies of completed acquisitions and cost cutting measures; capital allocation plans in the form of more acquisitions or share repurchases; the expected financial performance as well as information in the “Outlook” section herein. Forward-Looking Information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, and contingencies. Forward-Looking Information generally can be identified by the use of forward-looking words such as “may”, “should”, “will”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative thereof or similar variations. Forward-Looking Information involve known and unknown risks, uncertainties and other factors that may cause future results, performance, or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by the Forward-Looking Information and the Forward-Looking Information are not guarantees of future performance. WELL’s comments expressed or implied by such Forward-Looking Information are subject to a number of risks, uncertainties, and conditions, many of which are outside of WELL ‘s control, and undue reliance should not be placed on such information. Forward-Looking Information are qualified in their entirety by inherent risks and uncertainties, including: risks regarding the timing and amount of recognition or revenue and earnings; direct and indirect material adverse effects from adverse market conditions; risks inherent in the primary healthcare sector in general; regulatory and legislative changes; that future results may vary from historical results; inability to obtain any requisite future financing on suitable terms; any inability to realize the expected benefits and synergies of acquisitions; that market competition may affect the business, results and financial condition of WELL and other risk factors identified in documents filed by WELL under its profile at www.sedar.com, including its most recent Annual Information Form and in the upcoming Management, Discussion and Analysis. Except as required by securities law, WELL does not assume any obligation to update or revise any forward-looking information, whether as a result of new information, events or otherwise.

This news release contains financial outlook information about estimated annual run-rate revenues, expected improvements in profitability, expected growth in revenue and recognition of deferred revenue, expected savings from cost optimization measures, expected cash flow, and Annual Adjusted EBIDTA, all of which are subject to the same assumptions, risk factors, limitations, and qualifications as set out in the above paragraph. The actual financial results of WELL may vary from the amounts set out herein and such variation may be material. WELL and its management believe that the financial outlook information has been prepared on a reasonable basis, reflecting management’s best estimates and judgments. However, because this information is subjective and subject to numerous risks, it should not be relied on as necessarily indicative of future results. Except as required by applicable securities laws, WELL undertakes no obligation to update such financial outlook information. Financial outlook information contained in this news release was made as of the date hereof and was provided for the purpose of providing further information about WELL’s anticipated future business operations on an annual basis. Readers are cautioned that the financial outlook information contained in this news release should not be used for purposes other than for which it is disclosed herein.

Neither the TSX nor its Regulation Services Provider (as that term is defined in policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.

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SOURCE WELL Health Technologies Corp.

Technology

Hyundai Motor Group Executive Chair Euisun Chung Announces Physical AI Vision at San Francisco AI Summit

Published

60 minutes ago

July 25, 2026

Hyundai Motor Group shares roadmap for realizing its Physical AI vision and collaboration strategy with global tech leaders at the San Francisco AI SummitExecutive Chair Euisun Chung presented, “Hyundai Motor Group is evolving beyond the traditional boundaries of automotive manufacturing to become a Physical AI solution company,” adding, “The ultimate Physical AI vision we pursue is the realization of integrated intelligence at the city level”The Group to leverage manufacturing competitiveness and leading robotics capabilities centered on Boston Dynamics, while establishing a data flywheel system connecting real-world operational data with continuous AI model advancementThe Group to leverage strategic partnerships with global technology leaders, including NVIDIA and Waymo, as well as Boston Dynamics’ strategic partnership with Google DeepMindThe Group to collaborate with NVIDIA to develop a Robot Reference Platform that combines Hyundai Motor Group’s and NVIDIA’s Physical AI capabilities

… The initiative to support Korea’s Physical AI industry through an open ecosystem

The Group to cultivate strategic domestic hubs through investments in Saemangeum AI Valley and future advanced industries in Korea’s Yeongnam region

SAN FRANCISCO, July 25, 2026 /PRNewswire/ — Hyundai Motor Group (the Group) Executive Chair Euisun Chung today outlined the Group’s vision and strategy for Physical AI at the San Francisco AI Summit held in San Francisco, California.

The event brought together approximately 150 attendees, including Executive Chair Chung, business leaders from major Korean companies, executives from leading U.S. technology firms, startup representatives and students.

At the summit, Executive Chair Chung presented the Group’s roadmap for advancing Physical AI and outlined strategic collaboration plans with global technology leaders.

“Hyundai Motor Group is evolving beyond the traditional boundaries of automotive manufacturing by expanding into autonomous driving, robotics and AI Defined Factories, accelerating our transformation into a Physical AI solution company.” — Hyundai Motor Group Executive Chair Euisun Chung

Accelerating the Transition to a Physical AI Solution Company

Hyundai Motor Group’s Physical AI vision extends beyond intelligent devices such as vehicles and robots to intelligent spaces, including AI factories where AI seamlessly connects and optimizes entire operations. Ultimately, the Group envisions integrated intelligence at the city level, where urban infrastructure is organically connected and operated through AI.

A key differentiator for the Group is its ability to create a data flywheel that continuously connects real-world operations with AI advancement. Drawing on extensive experience in large-scale manufacturing, mobility, robotics and service operations, the Group is positioned to deploy, refine and scale Physical AI technologies in real industrial environments.

Executive Chair Chung also outlined strategic partnerships with leading technology companies, including NVIDIA and Waymo, as well as Boston Dynamics’ strategic partnership with Google DeepMind, to further advance Physical AI capabilities.

By combining Hyundai Motor Group’s manufacturing competitiveness, mobility and robotics technologies and extensive operational data with the AI infrastructure and algorithm capabilities of global technology leaders, the Group aims to help foster a new innovation ecosystem for the Physical AI era.

Executive Chair Chung also introduced initiatives designed to support the growth of Korea’s robotics and AI ecosystem, including the development of a Robot Reference Platform with NVIDIA that combines Hyundai Motor Group’s and NVIDIA’s Physical AI capabilities, as well as investments in initiatives such as the Saemangeum AI Valley.

Physical AI Vision: From Intelligent Devices to Integrated Intelligence at the City Level

During the summit, Executive Chair Chung presented Hyundai Motor Group’s Physical AI vision.

“The ultimate Physical AI vision Hyundai Motor Group pursues begins with intelligent devices such as vehicles and robots, expands to intelligent spaces such as AI factories, and ultimately realizes integrated intelligence at the city level, where urban infrastructure is seamlessly connected and operated.” — Hyundai Motor Group Executive Chair Chung

The Group’s vision begins with intelligent devices, where AI capabilities enhance vehicles and robots. It then expands to intelligent spaces, including AI factories where AI autonomously integrates logistics, production and quality management across entire operations.

Ultimately, Hyundai Motor Group envisions city-level intelligence, where critical infrastructure and assets — including energy, mobility and robotics systems — are connected and optimized in real time.

Executive Chair Chung also highlighted the Group’s key strengths in realizing its Physical AI vision:

World-class manufacturing competitiveness: Hyundai Motor Group has built extensive expertise through decades of operating global manufacturing facilities, managing quality systems and optimizing supply chains. This foundation enables the Group to apply AI technologies to products, processes and services while rapidly validating and scaling innovations in real-world environments.Leading robotics capabilities: Hyundai Motor Group has established robotics as a key pillar of its future business portfolio. Boston Dynamics’ quadruped robot Spot®, logistics robot Stretch®, and Hyundai Motor Group Robotics LAB’s next-generation mobile robot platform MobED are recognized for combining technological competitiveness with real-world applicability.

In particular, the humanoid robot Atlas® is emerging as a representative example of Physical AI, supporting and collaborating with people across manufacturing, logistics and mobility environments.

Establishing a data flywheel system: Hyundai Motor Group is establishing a data flywheel system that leverages data generated across manufacturing operations, vehicles, logistics systems and robotics demonstrations to continuously advance AI models. Enhanced algorithms are then reapplied to real-world operations, creating a virtuous cycle that improves performance and strengthens Physical AI capabilities.

Accelerating the Future of Physical AI Through Partnerships with Global Tech Leaders

Executive Chair Chung also outlined concrete initiatives to position Hyundai Motor Group as a leader in human-centered Physical AI through strategic collaborations with NVIDIA and Waymo, as well as Boston Dynamics’ strategic partnership with Google DeepMind.

“By combining Hyundai Motor Group’s strengths in manufacturing, robotics and data with the capabilities of global technology leaders, we can help create a new innovation ecosystem for the Physical AI era.” — Hyundai Motor Group Executive Chair Euisun Chung

NVIDIA – Advancing Physical AI infrastructure and talent development

Hyundai Motor Group is expanding collaboration with NVIDIA to strengthen Physical AI infrastructure and cultivate AI talent. Building on a supply agreement for 50,000 NVIDIA Blackwell GPUs and a memorandum of understanding signed last year to advance Korea’s Physical AI capabilities, the Group is pursuing a range of initiatives, including the establishment of Hyundai Motor Group Robot Application Center, as well as various collaborations aimed at strengthening Korea’s Physical AI infrastructure and AI talent ecosystem, including the NVIDIA’s AI Technology Center.

In manufacturing, the Group is leveraging NVIDIA’s platform to create more sophisticated digital twins of production facilities, enhancing process design, operational optimization and validation efficiency. The collaboration also includes the integration of NVIDIA’s autonomous driving solutions, including automotive semiconductors, sensors and architecture, with Hyundai Motor Group vehicle platforms.

Waymo – Strengthening autonomous driving collaboration

Hyundai Motor Group continues to strengthen its strategic partnership with Waymo in the autonomous driving sector to support the development of a safe and innovative autonomous driving ecosystem. Autonomous driving vehicles require a wide range of specialized capabilities, including redundant systems for steering, braking, power and communications, dedicated features such as power-operated doors, as well as enhanced functional safety and cybersecurity technologies.

Hyundai Motor Group plans to produce IONIQ 5 vehicles with specific autonomous-ready modifications at Hyundai Motor Group Metaplant America (HMGMA) in Georgia.

Google DeepMind – Accelerating next-generation humanoid robotics

Boston Dynamics has established a strategic partnership with Google DeepMind to accelerate the development of next-generation humanoid robots. Advanced AI models and training systems are essential for robots to perform complex tasks in real-world environments and collaborate effectively with people. Through this partnership, Boston Dynamics robots are expected to achieve greater autonomy and adapt more effectively to complex operating environments.

Hyundai Motor Group plans to establish a robot production facility in the U.S. with an annual capacity of up to 30,000 units by 2028. The Atlas humanoid robot will first be deployed at production facilities including HMGMA before broader deployment is expanded through phased validation.

Building an Open Ecosystem Through the Robot Reference Platform and Continued Investment in Korea’s Physical AI Future

Executive Chair Chung also outlined initiatives aimed at supporting the growth of Korea’s Physical AI ecosystem through open collaboration and continued investment.

“The outcomes of collaboration with global technology leaders should contribute to the growth of Korea’s Physical AI industry. To that end, Hyundai Motor Group plans to foster an open ecosystem that supports innovation in robotics and AI technologies.” — Hyundai Motor Group Executive Chair Euisun Chung

Key initiatives to build an open ecosystem for robotics and AI innovation include:

Robot Reference Platform: Hyundai Motor Group and NVIDIA are collaborating to develop a Robot Reference Platform that combines Hyundai Motor Group’s and NVIDIA’s Physical AI capabilities.

The platform will provide research robot models to universities, research institutes and startups, helping foster an open ecosystem that supports technological innovation and the development of Physical AI talent while contributing to the broader growth of Korea’s robotics and AI industries.

Supporting universities, research institutes and startups: The Robot Reference Platform is expected to provide universities, research institutes and startups with a standardized hardware and software environment, enabling them to more easily develop and validate Physical AI technologies. The initiative aims to help address challenges faced by organizations with innovative ideas but limited access to commercialization opportunities and validation infrastructure.

Hyundai Motor Group is also continuing large-scale investments aimed at driving the next leap forward in Korea’s industrial and technology ecosystem. Continued investments in Korea’s industrial and technology ecosystem include:

Saemangeum AI Valley: In the Saemangeum region of Jeonbuk State, the Group is developing Saemangeum AI Valley, which includes an approximate KRW 9 trillion investment in AI data centers, robotics manufacturing clusters, electrolyzer plants and AI hydrogen city infrastructure.

In particular, the robotics manufacturing cluster will serve not only as a production base for the Group’s own robotics products, but also as a robotics foundry that provides manufacturing services for small and medium-sized enterprises that lack manufacturing expertise.

Advanced industrial hubs in the Yeongnam region: Hyundai Motor Group plans to invest a total of KRW 42 trillion over the next decade to foster advanced industrial hubs focused on AI-driven manufacturing, future aerospace industries and sustainable energy infrastructure.

Through these initiatives, Hyundai Motor Group aims to strengthen key foundations for the Physical AI era, including data and energy infrastructure, robotics production capabilities and real-world validation capabilities. The Group also expects these investments to contribute to enhanced industrial competitiveness, balanced regional development, job creation and broader economic vitality in Korea.

About Hyundai Motor Group

Hyundai Motor Group is a global enterprise that has created a value chain based on mobility, steel, and construction, as well as logistics, finance, IT, and service. With about 250,000 employees worldwide, the Group’s mobility brands include Hyundai, Kia, and Genesis. Armed with creative thinking, cooperative communication, and the will to take on any challenges, we strive to create a better future for all.

More information about Hyundai Motor Group can be found at: http://www.hyundaimotorgroup.com or Newsroom: Media Hub by Hyundai, Kia Global Newsroom, Genesis Newsroom

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SOURCE Hyundai Motor Company

Technology

Tencent Brings Together AI and Games to Help Preserve and Share Cultural Heritage of New UNESCO Site in Jingdezhen

Published

2 hours ago

July 25, 2026

Tencent applies AI and games to protect, reconstruct, and promote one of the world’s oldest porcelain traditions at newly inscribed UNESCO siteDigital initiatives create a new model for technology-driven heritage preservation globally using a multimodal AI dataset, AI-assisted artifact restoration, and interactive virtual experiences

SHENZHEN, China, July 25, 2026 /PRNewswire/ — Tencent (00700.HK) today announced the launch of Digital Jingdezhen: Porcelain Craft Adventure, an AI-powered cultural heritage game that enables users to explore Jingdezhen’s porcelain-making traditions and experience traditional craft techniques through interactive play. The launch coincides with the inscription of the Jingdezhen Handicraft Porcelain Industry Sites on the United Nations Educational, Scientific and Cultural Organization (UNESCO) World Heritage List.

Digital Jingdezhen is part of a broader cultural innovation initiative that applies Tencent’s AI and game technologies. Guided by Tencent’s vision of “Tech for Good”, the initiative leverages digital preservation to keep Jingdezhen’s thousand-year-old porcelain culture alive and relevant today, creating a living heritage with sustainable value and broad public engagement, and building a model that could be carried to heritage sites around the world.

Digital Preservation: Restoring and Unlocking Heritage with AI

Jingdezhen has a thousand years of living heritage; centuries of tradition are still active in its kilns today. To preserve this legacy, a cornerstone of the project was the Jingdezhen Porcelain Cultural Heritage Multimodal AI Dataset.

Over decades, historical records, heritage information, and craft specifications have accumulated into a massive volume of data. Tencent applied Optical Character Recognition (OCR), Natural Language Processing (NLP), and knowledge graph technologies to transform these dispersed materials into structured digital resources that can be analyzed, extracted, verified, and traced back to their original sources.

The dataset contains more than 30,000 documentary records, over 5,000 ceramic gene specimens, and data on nearly 1,000 representative ceramic artifacts in collections worldwide. It provides a digital foundation for cultural research, exhibition development, public interpretation and AI-powered heritage applications.

Building on this foundation, Tencent has developed a range of industry- and public-facing applications, including the Jingdezhen Ancient Ceramics Gene Database, the World Ceramics Interactive Map, and the Digital Jingdezhen AI Companion, providing researchers, heritage professionals, and the public with innovative AI-powered tools to explore and understand porcelain heritage.

Digital Activation: Bringing Jingdezhen’s Porcelain Heritage to Life Through AI and Games

To bring the public closer to Jingdezhen and its porcelain-making traditions, Digital Jingdezhen: Porcelain Craft Adventure utilizes AI-assisted Procedural Content Generation (PCG) to create the first large-scale digital recreation of the city’s five major porcelain heritage sites and historical production scenes. By rapidly mapping out town layouts and automatically generating architectural structures, decorative elements, and pedestrians, the technology brings Jingdezhen’s historic townscape back to life in the digital world.

The game also features high-quality AI digital humans built on large language models and the Jingdezhen Porcelain Cultural Heritage Multimodal AI Dataset. Through AI voice-driven facial expressions and Tencent Games’ proprietary animation technology, it creates warm, human-centered interactive experiences that make historical knowledge tangible and relatable. At the same time, AI-powered 3D generation allows users to quickly transform an uploaded image into a 3D porcelain form, lowering the barrier to participation and enabling anyone to turn creative inspiration into tangible ceramic forms in the digital space.

Continuing Heritage: Mobilizing the Community

Ensuring the longevity of Jingdezhen’s legacy requires active public participation. Tencent developed the Digital Heritage Guardian (Jingdezhen), a volunteer program built within the Weixin ecosystem. The program enables the public to support the upkeep and stewardship of physical heritage sites, creating a practical channel for community involvement in heritage protection.

“Our work in Jingdezhen is a testament to how ‘AI for Good’ can breathe new life into ancient traditions,” said Zhan Shu, Head of Digital Culture Lab, Tencent. “Working alongside dedicated heritage experts, we have contributed our capabilities in AI and digital technologies to unlock decades of dormant archives for this incredible new UNESCO site. We are proud to help bridge the gap between the thousand-year porcelain heritage and the digital era, creating new ways for the global public to connect with Jingdezhen’s living history, and a model for heritage sites worldwide.”

For media queries, please contact: gc@tencent.com

About Tencent

Tencent is a global technology and entertainment company focused on creating connections and experiences that matter. Founded in 1998, Tencent is driven by its mission to create “Value for Users” and apply “Tech for Good.”

Tencent’s communication and social services connect more than one billion people around the world, helping them to keep in touch with friends and family, access transportation, pay for daily necessities, and even be entertained. Tencent also develops and publishes some of the world’s most popular video games and other high-quality digital content, delivering rich and immersive interactive entertainment experiences. Tencent also offers a range of services such as cloud computing and other enterprise services to support our clients’ digital transformation and business growth. Headquartered in Shenzhen, Tencent has been listed on the Main Board of the Stock Exchange of Hong Kong since June 2004.

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SOURCE Tencent