WELL Health Technologies (WELL) Q2 2025 earnings summary

Executive summary

• Achieved record Q2 2025 revenue of $356.7M, up 57% year-over-year, driven by organic growth, acquisitions, and HEALWELL AI's first consolidation.

• Adjusted EBITDA rose 231% to $49.7M; adjusted net income reached $25.8M ($0.10/share), up from $4.1M ($0.02/share) last year.

• Surpassed 1 million patient visits in Canada for the first time, reflecting 38% YoY growth; total patient visits reached 1.7M, up 21%.

• Provider productivity increased, with average visits per provider up 22%, attributed to improved technology and tooling.

• Strategic focus on Canadian Clinics, Wellstar, and HEALWELL AI, with ongoing divestiture of U.S. care delivery assets.

Financial highlights

• Q2 revenue: $356.7M (+57% y/y); adjusted EBITDA: $49.7M (+231% y/y); gross margin: 44.5%.

• Excluding Circle Medical deferred revenue, Q2 revenue: $347M (+53% y/y); adjusted EBITDA: $40M (+166% y/y).

• Adjusted net income: $25.8M; free cash flow: $11.7M, up 34% YoY.

• WELL Canada Q2 revenue: $131.4M (+40% y/y), adjusted EBITDA: $23M (+76% y/y).

• Adjusted gross margin (excluding Circle Medical): 43.0%.

Outlook and guidance

• 2025 revenue guidance reaffirmed at $1.4B–$1.45B (+52%–58% y/y); adjusted EBITDA guidance raised to upper half of $190M–$210M.

• Excluding Circle Medical, revenue guidance: $1.35B–$1.4B; adjusted EBITDA: $140M–$160M.

• Targeting $100M adjusted EBITDA run-rate in Canada by mid-2026, ahead of prior schedule.

• WELL Canada 2-year target: >$800M revenue and >$100M adjusted EBITDA.

• Expecting continued strong organic and M&A-driven growth, with focus on Canadian market share expansion.