HEALWELL AI Inc. (“
HEALWELL” or the
“
Company”) (TSX: AIDX) (OTCQX: HWAIF), (formerly
known as MCI Onehealth Technologies Inc.), a healthcare technology
company focused on AI and data science for preventative care, is
pleased to announce its audited consolidated financial results for
the fiscal year and fourth quarter ended December 31, 2023.
Dr. Alexander Dobranowski, HEALWELL’s CEO,
commented, “Fourth quarter was a transformative period for the
Company marked by our relaunch as HEALWELL AI and our new mission
to improve healthcare and save lives through early disease
detection with the use of leading AI and data science technologies.
In the quarter, we achieved significant milestones including the
establishment of a groundbreaking partnership with WELL Health
Technologies, securing approximately $29.5 million through
convertible debt and equity financings, and completing the
acquisition of a majority interest in Pentavere, one of the leading
healthcare AI platforms in Canada. I am grateful for what our team
has been able to accomplish in such a short amount of time and
excited with our continued trajectory as we show no signs of
slowing down.”
Dr. Dobranowski further adds, “We have an
extremely positive outlook based on our organic growth profile and
M&A strategy. We currently have a strong and active acquisition
pipeline with the potential to more than double our current revenue
run-rate of over $20 million to over $40 million per year, by using
the existing cash we have on hand. We’ve established a very strong
foundation with a solid framework for HEALWELL’s continued growth.
Other significant areas of focus include onboarding more physicians
onto the HEALWELL platform, increasing sales of our AI tools and
technology, expanding Intrahealth’s footprint, and enhancing our
presence within the WELL Health ecosystem. We see an unparalleled
opportunity in healthcare data science and artificial
intelligence.”
Scott Nirenberski, HEALWELL’s CFO, commented,
“During the fourth quarter HEALWELL significantly strengthened its
balance sheet by raising a total of $29.5 million of debt and
equity and discharging a number of significant secured and
unsecured liabilities. Our 2023 results are not indicative of the
Company’s current run-rate revenues as the Intrahealth acquisition
was made in Q1-2024 and this is expected to contribute over $12
million in revenue and contribute positive EBITDA to HEALWELL this
year. Furthermore, the 2023 results only included one month of
contribution from our Pentavere acquisition. Looking ahead, we
expect to see improved top and bottom-line performance as we
activate against our advanced business development and M&A
pipeline.”
A summary of the Company’s financial and
operational results is set out below, and more detailed information
is contained in the annual financial statements and related
management discussion and analysis, which are available on the
Company’s SEDAR+ page at www.sedarplus.com. Financial measures
described as “Adjusted” in this news release are non-IFRS financial
measures and may not be comparable to other similar measures
disclosed by other companies. Please see Non-IFRS Financial
Measures below for more information.
Fiscal 2023 Annual Financial
Highlights:
Significant financial highlights for the
Company’s continuing operations during the year ended December 31,
2023 included:
- HEALWELL achieved annual revenue
from continuing operations of $7.32 million during 2023, compared
to $10.42 million for the same period of 2022.
- HEALWELL achieved Adjusted Gross
Profit(2) of $2.02 million in 2023, compared to $4.34 million in
2022.
- HEALWELL achieved an Adjusted Gross
Margin(2) percentage of 28% during 2023 compared to 42% in
2022.
- During fiscal 2023, HEALWELL
reported Adjusted EBITDA(1) loss of $7.95 million, compared to an
Adjusted EBITDA loss of $9.67 million in 2022.
Fourth Quarter 2023 Financial
Highlights
Significant financial highlights for the
Company’s continuing operations during the three months ended
December 31, 2023 included:
- HEALWELL achieved quarterly revenue
from continuing operations of $1.92 million during Q4-2023,
compared to $3.04 million generated in Q4-2022.
- HEALWELL achieved Adjusted Gross
Profit(2) of $0.56 million during Q4-2023, compared to $1.73
million in Q4-2022.
- HEALWELL achieved an Adjusted Gross
Margin(2) percentage of 29% during Q4-2023, compared to 57% in
Q4-2022.
- During Q4-2023, HEALWELL reported
Adjusted EBITDA(1) loss of $1.46 million, compared to a loss of
$1.80 million in Q4-2022.
- As at December 31, 2023, HEALWELL
had $19.16 million in cash, compared to $1.41 million as at
December 31, 2022.
Fourth Quarter 2023 Business and
Operational HighlightsSignificant business and operational
highlights for the Company during the three months ended December
31, 2023 included:
- Completion of Strategic
Transaction: On October 2, 2023, the Company announced the closing
of the Strategic Transaction with WELL and re-launched as an AI and
data science focused healthcare technology business. The
transaction significantly strengthened HEALWELL’s balance sheet by:
(1) completing a convertible debenture unit financing for gross
proceeds of $10 million led by WELL and a syndicate of investors,
and (2) discharging certain secured debt obligations of the
Company. HEALWELL and WELL also established a strategic alliance
that positions HEALWELL to become a significant player in the
multi-billion-dollar data sciences and preventative care industry.
HEALWELL expanded its board and management team with several new
additions including the appointment of Hamed Shahbazi, Chairman and
CEO of WELL, to the board of HEALWELL.
- Bought Deal Financing:
On October 17, 2023, the Company closed a bought deal private
placement financing of 13,333,400 Class A subordinate voting shares
of the Company (the “Subordinate Voting Shares”)
at a price of $0.60 per Subordinate Voting Share, for aggregate
gross proceeds of $8,000,040.
- WELL AI Decision Support: On
October 18, 2023, HEALWELL announced the launch of WELL AI Decision
Support, an AI-powered clinical decision support tool that acts as
a rare disease physician co-pilot that assists WELL’s care
providers with early disease diagnosis and preventative health.
WELL's goal is to make AI Enabled Decision Support a core offering
to all physicians supported by its fully managed and SaaS platforms
which collectively power more than 31,000 physicians and other care
providers across Canada and the US.
- Doctorly Investment: On November 8,
2023, HEALWELL announced a strategic investment in doctorly GmbH
(“doctorly”), an innovative provider of
comprehensive practice management software based in Germany as
part of doctorly’s recently completed new round of funding.
Concurrently, HEALWELL has also entered into a Strategic Alliance
Agreement with doctorly which provides HEALWELL with access to
doctorly’s rapidly growing healthcare provider base and support for
provider onboarding onto the HEALWELL clinical decision support
platform. This partnership marks HEALWELL’s inaugural foray into
the European healthcare technology landscape.
- OTCQX Trading & DTC
Eligibility: On November 21, 2023, HEALWELL announced its
commencement of trading on the OTCQX Best Market under the ticker
symbol "HWAIF" and received DTC eligibility for its Subordinate
Voting Shares. The OTCQX listing follows stringent criteria,
ensuring compliance with financial standards and corporate
governance best practices. Additionally, there will be no change to
HEALWELL's trading under its Toronto Stock Exchange symbol
"AIDX."
- Pentavere Acquisition: On December
4, 2023, HEALWELL announced that it had completed the acquisition
of a majority stake of Pentavere Research Group Inc.
(“Pentavere”), a healthcare artificial
intelligence (AI) company who has built a best-in-class AI engine
to help solve some of healthcare’s toughest data challenges.
Pentavere has developed and validated leading capabilities in data
structuring and abstraction; a key capability to unlocking clinical
value and unmet needs for patients and providers. This acquisition
adds new high margin technology revenue, access to multiple new key
pharmaceutical company and life sciences customers, new products,
partnerships with major hospital networks in Canada and the United
States, as well as an experienced and sophisticated AI engineering
team.
- Bought Deal Financing: On December
22, 2023, the Company closed a bought deal public offering
financing of 14,375,000 units of the Company (the
“Units”) at a price of $0.80 per Unit, for
aggregate gross proceeds of $11,500,000. Each Unit is comprised of
one Subordinate Voting Share and one-half of one Subordinate Voting
Share purchase warrant (each whole warrant, a
“Warrant”) of the Company. Each Warrant entitles
the holder thereof to purchase one additional Subordinate Voting
Share at an exercise price of $1.20 for a period of three (3) years
following the closing of the offering.
Events Subsequent to
December 31, 2023
Significant business and operational highlights
for the Company subsequent to December 31, 2023 included:
- Intrahealth Acquisition: On
February 1, 2024, HEALWELL announced that it had completed the
acquisition of Intrahealth Systems Limited (“Intrahealth”), a
former subsidiary of WELL. Intrahealth is an advanced SaaS based
Electronic Health Records (“EHR”) management platform for small and
medium enterprise healthcare organizations across Canada,
Australia, and New Zealand. Intrahealth is expected to generate
over $12 million in revenues in 2024, which reflects double digit
organic growth. Historically, Intrahealth has achieved over 80%
gross margins, produced positive EBITDA, and positive cashflows.
Over 80% of its revenue is high margin recurring revenue.
HEALWELL’s plan is to deeply integrate its industry leading AI
tools with Intrahealth and help create a next generation AI Powered
EHR to significantly amplify the effectiveness of healthcare
providers and allow them to drive better health outcomes at lower
costs in a manner aligned with global Value Based Care (VBC)
trends.
- Chairman of the Board Appointment:
On February 27, 2024, the Company announced the appointment of
Hamed Shahbazi as Chairman of the Board of HEALWELL. Mr. Hamed
Shahbazi is currently the Chairman and CEO of WELL, Canada's
largest owner operator of outpatient medical clinics and leading
digital health service providing software and services to more than
one third of all Canadian physicians. Mr. Shahbazi has served on
the Board of HEALWELL since its launch on October 1, 2023.
Concurrent to Mr. Shahbazi’s appointment, Mr. Kingsley Ward stepped
down from HEALWELL’s Chairman position but continues to serve as an
Independent Director on HEALWELL’s board.
- WELL USA and Circle Medical
Partnership: On March 14, 2024, HEALWELL AI Inc. announced new
commercial agreements with WELL Health USA and Circle Medical,
expanding into the US market. This follows the company's strategic
transaction with WELL on October 1, 2023, where it re-launched as
an AI and data science-focused healthcare technology business. The
agreements will allow HEALWELL to provide US patients with access
to its subsidiaries Pentavere and Khure Health for the purposes of
earlier diagnosis and identification of patients with potential
risks of certain conditions.
Webcast and Conference Call
Details:
As previously announced, HEALWELL will be
holding a conference call and simultaneous webcast to discuss its
financial results on Thursday March 28, 2024 at
1:00 pm EDT (10:00 am PDT). The call will be
hosted by Dr. Alexander Dobranowski, Chief Executive Officer, and
Scott Nirenberski, Chief Financial Officer. Please dial-in 10
minutes prior to the start of the call.
Date: Thursday, March 28, 2024Time: 1:00 PM ET / 10:00 AM PTFor
attendees who wish to join by webcast, the event can be accessed
at: https://edge.media-server.com/mmc/p/kh2csfpp
Attendees who wish to join by phone must visit the following
link and pre-register:
https://register.vevent.com/register/BI6c778943adc34c2382f3833fb2d87a3b
Selected Financial
Information(in thousands of dollars, except percentages
and per share amounts)
|
Three months ended |
Period over |
Year ended |
Period over |
|
December 31 |
period Change |
December 31 |
period Change |
|
|
|
2023 |
|
|
2022 |
$ |
% |
|
|
2023 |
|
|
2022 |
$ |
% |
|
($ in thousands except percentages) |
Continuing operation |
|
Revenues |
|
$1,921 |
|
$3,038 |
$(1,117) |
|
(37) |
|
|
$7,317 |
|
$10,424 |
|
$(3,107) |
|
(30) |
|
|
Cost of revenue |
|
|
1,651 |
|
|
1,462 |
189 |
|
13 |
|
|
|
6,060 |
|
|
6,714 |
|
|
(654) |
|
(10) |
|
|
Gross profit |
|
|
270 |
|
|
1,576 |
(1,306) |
|
(83) |
|
|
|
1,257 |
|
|
3,710 |
|
|
(2,453) |
|
(66) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
1,349 |
|
|
2,264 |
(915) |
|
(40) |
|
|
|
4,811 |
|
|
8,144 |
|
|
(3,333) |
|
(41) |
|
|
Sales and marketing |
|
|
321 |
|
|
562 |
(241) |
|
(43) |
|
|
|
1,280 |
|
|
1,521 |
|
|
(241) |
|
(16) |
|
|
General and administrative |
|
|
2,486 |
|
|
2,968 |
(482) |
|
(13) |
|
|
|
11,984 |
|
|
11,363 |
|
|
621 |
|
5 |
|
|
Impairment of goodwill and intangibles |
|
|
3,143 |
|
|
(200) |
3,343 |
|
117 |
|
|
|
10,896 |
|
|
- |
|
|
10,896 |
|
100 |
|
|
|
|
|
7,299 |
|
|
5,594 |
1,705 |
|
30 |
|
|
|
28,971 |
|
|
21,028 |
|
|
7,943 |
|
38 |
|
|
|
|
|
|
|
|
|
|
|
Net finance costs |
|
|
615 |
|
|
241 |
374 |
|
155 |
|
|
|
1,755 |
|
|
634 |
|
|
1,121 |
|
177 |
|
|
Share of comprehensive loss (income) from associate |
|
|
- |
|
|
372 |
|
(372) |
|
100 |
|
|
|
- |
|
|
214 |
|
|
(214) |
|
NM |
|
|
Loss on settlement of shares-contingent consideration |
|
|
- |
|
|
- |
- |
|
NM |
|
|
|
677 |
|
|
- |
|
|
677 |
|
NM |
|
|
Impairment of investment in associate |
|
|
- |
|
|
- |
- |
|
NM |
|
|
|
2,180 |
|
|
- |
|
|
2,180 |
|
NM |
|
|
Changes in fair value of contingent consideration |
|
|
(1,537) |
|
|
(1,718) |
|
181 |
|
11% |
|
|
|
223 |
|
|
(1,485) |
|
|
1,708 |
|
NM |
|
|
Changes in fair value of investments |
|
|
- |
|
|
- |
- |
|
NM |
|
|
|
134 |
|
|
395 |
|
|
(261) |
|
(66) |
|
|
|
|
|
(922) |
|
|
(1,105) |
|
(183) |
|
(17) |
|
|
|
4,969 |
|
|
(242) |
|
|
5,211 |
|
NM |
|
|
|
|
|
|
|
|
|
|
|
Loss before taxes |
|
|
(6,107) |
|
|
(2,913) |
|
(3,194) |
|
110 |
|
|
|
(32,683) |
|
|
(17,076) |
|
|
(15,607) |
|
91 |
|
|
Income taxes |
|
|
652 |
|
|
(300) |
|
952 |
|
317 |
|
|
|
(542) |
|
|
1,119 |
|
|
(1,661) |
|
(148) |
|
|
|
|
|
|
|
|
|
|
|
Net loss-continuing operation |
|
|
(6,759) |
|
|
(2,613) |
|
(4,146) |
|
159 |
|
|
|
(32,141) |
|
|
(18,195) |
|
|
(13,946) |
|
77 |
|
|
|
|
|
|
|
|
|
|
|
Net (income)/loss on discontinued operations, net of tax |
|
|
(448) |
|
|
812 |
|
(1,260) |
|
(155) |
|
|
|
(596) |
|
|
2,775 |
|
|
(3,371) |
|
(121) |
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
|
(6,311) |
|
|
(3,425) |
|
(2,886) |
|
84 |
|
|
|
(31,545) |
|
|
(20,970) |
|
(10,575) |
|
50 |
|
|
|
|
|
|
|
|
|
|
|
Continuing operation |
|
|
|
|
|
|
|
|
Adjusted gross profit (1) |
|
|
557 |
|
|
1,734 |
|
(1,177) |
|
(68) |
|
|
|
2,019 |
|
|
4,343 |
|
|
(2,324) |
|
(54) |
|
|
Adjusted gross margin (1) |
|
|
29.0% |
|
|
57.1% |
|
|
|
|
|
27.6% |
|
|
41.7% |
|
|
|
Adjusted EBITDA (1) |
|
|
(1,464) |
|
|
(1,797) |
|
333 |
|
(19) |
|
|
|
(7,954) |
|
|
(9,660) |
|
|
1,706 |
|
(18) |
|
|
Adjusted EBITDA margin (1) |
|
|
(32.3%) |
|
|
(59.2% |
) |
|
|
|
|
(103.3%) |
|
|
(92.7%) |
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued operation |
|
|
|
|
|
|
|
|
Adjusted gross profit (1) |
|
|
211 |
|
|
3,193 |
|
(2,982) |
|
(93) |
|
|
|
7,610 |
|
|
12,910 |
|
|
(5,300) |
|
(41) |
|
|
Adjusted gross margin (1) |
|
|
42.6% |
|
|
29.7% |
|
|
|
|
|
30.5% |
|
|
30.2% |
|
|
|
Adjusted EBITDA (1) |
|
|
112 |
|
|
(278) |
|
390 |
|
(140) |
|
|
|
(297) |
|
|
159 |
|
|
(456) |
|
(287) |
|
|
Adjusted EBITDA margin (1) |
|
|
22.6% |
|
|
(2.6% |
) |
|
|
|
|
(1.2%) |
|
|
0.4% |
|
|
|
|
|
|
|
|
|
|
|
|
Net income/(loss) attributable to Company shareholders |
|
|
|
|
|
|
|
|
- Continuing operation |
|
$(6,759) |
|
$(2,613) |
|
|
|
|
$(32,141) |
|
$(18,195) |
|
|
|
- Discontinued operation |
|
|
448 |
|
|
(812) |
|
|
|
|
|
596 |
|
|
(2,775) |
|
|
|
|
|
$(6,311) |
|
$(3,425) |
|
|
|
|
$(31,545) |
|
$(20,970) |
|
|
|
Weighted average number of |
|
|
|
|
|
|
|
|
Of Share outstanding: Basic and diluted |
|
|
68,311,817 |
|
|
50,075,202 |
|
|
|
|
|
57,031,739 |
|
|
50,075,202 |
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share -Basic and diluted |
|
|
|
|
|
|
|
|
- Continuing operation |
|
$(0.10) |
|
$(0.05) |
|
|
|
|
$(0.56) |
|
$(0.36) |
|
|
|
- Discontinued operation |
|
|
0.01 |
|
|
(0.02) |
|
|
|
|
|
0.01 |
|
|
(0.06) |
|
|
|
|
|
$(0.09) |
|
$(0.07) |
|
|
|
|
$(0.55) |
|
$(0.42) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Adjusted Gross Profit,
Adjusted Gross Margin, Adjusted EBITDA and Adjusted EBITDA Margin
are non-IFRS measures. Please see “Non-IFRS Measures” above for an
explanation of the composition of these measures and their
usefulness, and “Reconciliation of Non-IFRS Measures” below for a
reconciliation of these measures to the IFRS measures found in the
Financial Statements.
Selected Statement of Financial Position
Data
|
Year ended December 31, |
|
2023 |
|
2022 |
|
|
$ in thousands |
|
|
|
Cash |
19,162 |
|
1,411 |
|
Accounts receivable |
1,115 |
|
5,627 |
|
Other assets |
1,440 |
|
1,493 |
|
Assets classified as held for sale |
1,150 |
|
- |
|
Liabilities associated with assets classified as held for sale |
(897 |
) |
- |
|
Accounts payable and accrued liabilities |
(6,241 |
) |
(9,227 |
) |
Bank loan |
- |
|
(1,685 |
) |
Lease liabilities |
(5,274 |
) |
(10,420 |
) |
Other liabilities |
(86 |
) |
(130 |
) |
Related party loan |
(11,181 |
) |
(5,315 |
) |
Non-controlling interest redeemable liability |
(1,282 |
) |
(1,305 |
) |
Debenture payables |
(2,932 |
) |
- |
|
Liability for contingent consideration |
(260 |
) |
(1,637 |
) |
|
|
|
|
|
Non-IFRS Financial Measures
The terms Adjusted EBITDA, Adjusted EBITDA
Margin, Adjusted Gross Profit and Adjusted Gross Margin used in
this document do not have any standardized meaning under IFRS, may
not be comparable to similar financial measures disclosed by other
companies and should not be considered a substitute for, or
superior to, IFRS financial measures. Readers are advised to review
the section entitled “Non-IFRS Financial Measures” in the Company’s
management discussion and analysis for the quarter and year ended
December 31, 2023, available on the Company’s SEDAR+ page at
www.sedarplus.com, for a detailed explanation of the composition of
these measures and their uses.
(1) The following table reconciles Adjusted
EBITDA and Adjusted EBITDA Margin to net income (loss) for the
three-months and fiscal year ended December 31, 2023 and December
31, 2022:
|
Three months ended |
Year ended |
|
December 31 |
December 31 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
2022 |
|
|
$ in thousands |
Total Revenue |
|
|
|
|
- Continuing operation |
$1,921 |
|
$3,038 |
|
$7,317 |
|
$10,424 |
|
- Discontinued operation |
|
495 |
|
|
10,761 |
|
|
24,978 |
|
|
42,798 |
|
|
$2,416 |
|
$13,799 |
|
$32,295 |
|
$53,222 |
|
Net (loss) income |
|
|
|
|
- Continuing operation |
$(6,759) |
|
$(2,613) |
|
$(32,141) |
|
$(18,195) |
|
- Discontinued operation |
|
448 |
|
|
(812) |
|
|
596 |
|
|
(2,775) |
|
|
$(6,311) |
|
$(3,425) |
|
$(31,545) |
|
$(20,970) |
|
Add back (deduct) |
|
|
|
|
Continuing operation |
|
|
|
|
Depreciation and amortization |
|
1,150 |
|
|
775 |
|
|
3,341 |
|
|
2,540 |
|
Net finance charges |
|
615 |
|
|
241 |
|
|
1,755 |
|
|
635 |
|
Share of comprehensive loss (income) from associate |
|
- |
|
|
372 |
|
|
- |
|
|
214 |
|
Loss on settlement of shares-contingent consideration |
|
- |
|
|
- |
|
|
677 |
|
|
- |
|
Impairment of investment in associate |
|
- |
|
|
- |
|
|
2,180 |
|
|
- |
|
Impairment of goodwill and intangibles |
|
3,143 |
|
|
(200) |
|
|
10,896 |
|
|
- |
|
Changes in fair value of contingent consideration |
|
(1,537) |
|
|
(1,718) |
|
|
223 |
|
|
(1,485) |
|
Changes in fair value of investments |
|
- |
|
|
- |
|
|
134 |
|
|
395 |
|
Share-based payment expense |
|
743 |
|
|
1,609 |
|
|
3,261 |
|
|
4,834 |
|
Acquisition related expenses |
|
529 |
|
|
37 |
|
|
2,272 |
|
|
283 |
|
Expected credit losses |
|
- |
|
|
- |
|
|
11 |
|
|
- |
|
Income taxes recovery |
|
652 |
|
|
(300) |
|
|
(542) |
|
|
1,199 |
|
Discontinued operation |
|
|
|
|
Depreciation and amortization |
|
117 |
|
|
621 |
|
|
1,312 |
|
|
2,733 |
|
Net finance charges |
|
15 |
|
|
77 |
|
|
309 |
|
|
332 |
|
Gain on subleases |
|
- |
|
|
(4) |
|
|
- |
|
|
(194) |
|
Impairment charged (reversal) |
|
75 |
|
|
(200) |
|
|
221 |
|
|
- |
|
Loss (gain) on disposal of subsidiary and clinics |
|
(543) |
|
|
- |
|
|
(2,560) |
|
|
- |
|
Expected (recovery) provision of credit losses |
|
- |
|
|
40 |
|
|
(175) |
|
|
63 |
|
|
|
|
|
|
Adjusted EBITDA |
|
|
|
|
- Continuing operation |
$(1,464) |
|
$(1,797) |
|
$(7,954) |
|
$(9,660) |
|
- Discontinued operation |
|
112 |
|
|
(278) |
|
|
(297) |
|
|
159 |
|
Adjusted EBITDA Margin |
|
|
|
|
- Continuing operation |
|
(32.3%) |
|
|
(59.2%) |
|
|
(103.3%) |
|
|
(92.7%) |
|
- Discontinued operation |
|
22.6% |
|
|
(2.6%) |
|
|
(1.2%) |
|
|
0.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) The following table reconciles Adjusted
Gross Profit and Adjusted Gross Margin to revenue and cost of sales
for the three-months ended and fiscal year ended December 31, 2023
and December 31, 2022:
|
Three months ended |
Period over |
Year ended |
Period over |
|
December 31 |
period Change |
December 31 |
period Change |
|
2023 |
|
2022 |
|
$ |
% |
2023 |
|
2022 |
|
$ |
% |
|
($ in thousands except percentages) |
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
|
|
- Continuing operation |
1,921 |
|
3,038 |
|
(1,117) |
|
(37%) |
|
7,317 |
|
10,424 |
|
(3,107) |
|
(30%) |
|
- Discontinued operation |
495 |
|
10,761 |
|
(10,266) |
|
(95%) |
|
24,979 |
|
42,798 |
|
(17,819) |
|
(42%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
|
|
|
|
|
|
|
|
- Continuing operation |
1,651 |
|
1,462 |
|
189 |
|
13 |
|
6,060 |
|
6,714 |
|
(654) |
|
(10%) |
|
- Discontinued operation |
284 |
|
7,568 |
|
(7,284) |
|
(96%) |
|
17,369 |
|
29,888 |
|
(12,519) |
|
(42%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
|
|
|
|
|
|
- Continuing operation |
(287) |
|
(158) |
|
(129) |
|
82 |
|
(762) |
|
(633) |
|
(129) |
|
20 |
|
- Discontinued operation |
- |
|
- |
|
- |
|
|
- |
|
- |
|
- |
|
|
|
1,364 |
|
1,304 |
|
60 |
|
5 |
|
5,298 |
|
6,081 |
|
(783) |
|
(13%) |
|
|
284 |
|
7,568 |
|
(7,284) |
|
(96%) |
|
17,369 |
|
29,888 |
|
(12,519) |
|
(42%) |
|
|
|
|
|
|
|
|
|
|
Continuing operation |
|
|
|
|
|
|
|
|
Adjusted gross profit |
557 |
|
1,734 |
|
(1,177) |
|
(68%) |
|
2,019 |
|
4,343 |
|
(2,324) |
|
(54%) |
|
Adjusted gross margin |
29% |
|
57.1% |
|
|
|
27.6% |
|
41.7% |
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued operation |
|
|
|
|
|
|
|
|
Adjusted gross profit |
211 |
|
3,193 |
|
(2,982) |
|
(93%) |
|
7,610 |
|
12,910 |
|
(5,300) |
|
(41%) |
|
Adjusted gross margin |
42.6% |
|
29.7% |
|
|
|
30.5% |
|
30.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dr. Alexander Dobranowski
Chief Executive OfficerHEALWELL AI Inc.
About HEALWELL
HEALWELL is a healthcare technology company
focused on AI and data science for preventative care. Its mission
is to improve healthcare and save lives through early
identification and detection of disease. Using its own proprietary
technology, the Company is developing and commercializing advanced
clinical decision support systems that can help healthcare
providers detect rare and chronic diseases, improve efficiency of
their practice and ultimately help improve patient health outcomes.
HEALWELL is executing a strategy centered around developing and
acquiring technology and clinical sciences capabilities that
complement the Company's road map. HEALWELL is publicly traded on
the Toronto Stock Exchange (the “TSX”) under the symbol “AIDX” and
on the OTC Exchange under the symbol “HWAIF”. To learn more about
HEALWELL, please visit https://healwell.ai/.
Forward Looking Statements
Certain statements in this press release,
constitute “forward-looking information” and “forward looking
statements” (collectively, “forward looking statements”) within the
meaning of applicable Canadian securities laws and are based on
assumptions, expectations, estimates and projections as of the date
of this press release. Forward-looking statements include
statements with respect to the Company’s acquisition pipeline, its
plans and strategies for achieving organic growth, its intention to
integrate AI tools into its other service offerings, and the
anticipated performance of the Company and its subsidiaries in
2024, including potential revenue growth and changes to Adjusted
EBITDA.. The words “result”, “improve”, “grow”, “outcome”,
“position”, “implement”, “provide”, “satisfy”, “goal”,
“commitment”, “intend”, “generate”, “accelerate”, “continuing to”,
“potential”, “future”, “result in”, “increasing”, “anticipates”,
“expecting”, “achieve”, “revolutionize”, “transform”, “outlook”,
“solidified”, or variations of such words and phrases or statements
that certain future conditions, actions, events or results “will”,
“may”, “could”, “would”, “should”, “might” or “can”, or negative
versions thereof, “occur”, “continue” or “be achieved”, and other
similar expressions, identify forward-looking statements.
Forward-looking statements are necessarily based upon management’s
perceptions of historical trends, current conditions and expected
future developments, as well as a number of specific factors and
assumptions that, while considered reasonable by the Company as of
the date of such statements, are outside of the Company's control
and are inherently subject to significant business, economic and
competitive uncertainties and contingencies which could result in
the forward-looking statements ultimately being entirely or
partially incorrect or untrue. Forward looking statements contained
in this press release are based on various assumptions, including,
but not limited to, the following: the Company's ability to
maintain its relationships with its commercial partners and to
successfully implement its strategic alliance with WELL; the
Company's future access to debt and equity financing; the Company's
plans for future cost reduction; the availability of working
capital and sources of liquidity; the Company's ability to achieve
its growth and revenue strategies; the availability of potential
acquisition targets, the Company’s ability to complete acquisitions
successfully, and the terms on which acquisitions may be completed;
the demand for the Company's products and fluctuations in future
revenues; the availability of future business ventures, commercial
arrangements and acquisition targets or opportunities and the
Company's ability to consummate them and to effectively integrate
future acquisition targets into its platform; the Company's ability
to grow its customer base; the effects of competition in the
industry; the requirement for increasingly innovative product
solutions and service offerings; trends in customer growth; the
stability of general economic and market conditions; currency
exchange rates and interest rates; the Company's ability to comply
with applicable laws and regulations; the Company's continued
compliance with third party intellectual property rights; and that
the risk factors noted below, collectively, do not have a material
impact on the Company's business, operations, revenues and/or
results. By their nature, forward-looking statements are subject to
inherent risks and uncertainties that may be general or specific
and which give rise to the possibility that expectations,
forecasts, predictions, projections or conclusions will not prove
to be accurate, that assumptions may not be correct, and that
objectives, strategic goals and priorities will not be
achieved.
Readers are encouraged to review the “Liquidity
and Capital Resources” section of the Company’s MD&A, together
with Note 3(c) of the Company’s annual financial statements, for
the period ended December 31, 2023, which indicate the existence of
material uncertainties that cast significant doubt on the Company’s
ability to continue as a going concern. The Company’s ability to
continue as a going concern was, as at December 31, 2023, dependent
on, among other things, its ability to meet its financing
requirements on a continuing basis, to continue to have access to
financing, and to generate positive operating results. The
Company’s ability to satisfy its financing requirements and
ultimately achieve necessary levels of profitability and positive
cash flows from operations, to raise additional funds, and to
improve operating results were and are dependent on a number of
factors outside the Company’s control, and while the Company has
raised significant financing during the year ended December 31,
2023, there can be no assurance that the Company will continue to
be successful in these endeavors in the future. Known and unknown
risk factors, many of which are beyond the control of the Company,
could cause the actual results of the Company to differ materially
from the results, performance, achievements or developments
expressed or implied by such forward-looking statements. Such risk
factors include but are not limited to those factors which are
discussed under the section entitled “Risk Factors” in the
Company’s annual information form dated March 31, 2023, which is
available under the Company's SEDAR+ profile at www.sedarplus.com.
The risk factors are not intended to represent a complete list of
the factors that could affect the Company and the reader is
cautioned to consider these and other factors, uncertainties and
potential events carefully and not to put undue reliance on
forward-looking statements. There can be no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Forward-looking statements are
provided for the purpose of providing information about
management’s expectations and plans relating to the future. The
Company disclaims any intention or obligation to update or revise
any forward-looking statements whether as a result of new
information, future events or otherwise, or to explain any material
difference between subsequent actual events and such
forward-looking statements, except to the extent required by
applicable law. All of the forward-looking statements contained in
this press release are qualified by these cautionary
statements.
For more information:
Pardeep S. SanghaInvestor Relations, HEALWELL AI
Inc.Phone: 604-572-6392ir@healwell.ai
HealWell AI (TSX:AIDX)
過去 株価チャート
から 12 2024 まで 1 2025
HealWell AI (TSX:AIDX)
過去 株価チャート
から 1 2024 まで 1 2025