• WELL achieved record quarterly revenues of $231.6 million in Q1-2024, an increase of 37% as compared to Q1-2023 driven by acquisitions and organic growth of 13% which includes growth related to our clinic absorption program.
• WELL achieved Adjusted EBITDA⁽¹⁾ of $28.3 million in Q1-2024, an increase of 6% as compared to Q1-2023. WELL's Canadian business grew its Adjusted EBITDA in Q1- 2024 by 19% to $14.6 million on a YoY basis.
• WELL achieved Net Income of $19.6 million or $0.06 per share in Q1-2024 as compared to a loss of $10.6 million in Q1-2023 and Adjusted Net Income (1) of $20.2 million or $0.08 per share, 43% higher than Q1-2023.
• WELL achieved free cashflow available to shareholders or "FCFA2S" per share of $0.0511 a 11% increase over Q1-2023. WELL is pleased to provide guidance of an improvement of FCFA2S of more than $55M in 2024, a 30% increase from $42.4 million in 2023.
• WELL increases its guidance range for 2024 annual revenue of between $960 million to $980 million, while guiding to upper range of its previous Adjusted EBITDA guidance of $125 million to $130 million.

VANCOUVER, BC, May 8, 2024 /PRNewswire/ – WELL Health Technologies Corp. (TSX: WELL) (OTCQX: WHTCF) (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 its interim consolidated financial results for the quarter ended March 31, 2024.

Hamed Shahbazi, Founder and CEO of WELL, commented, "The first quarter of 2024 exceeded all expectations, showcasing the robustness and efficacy of our technology-driven care delivery platforms. We're pleased to report that we have begun the year with an intense focus on enhanced profitability and capital efficiency and are proud to report a 10% year over year improvement in the all-important, 'free cashflow available to shareholders per share' metric to $0.05 and even more excited to report that we're guiding to a significant improvement in our free cashflow for the year to more than $55M, reflecting a 30% YoY increase while we reduce yearly share dilution by a significant percentage from 2023 to the lowest it has ever been. The combination of these objectives will significantly accelerate our free cashflow per share and deliver enhanced shareholder value. Additionally, it is important to note that these results are fueled by strong YoY organic growth of 13% which includes our unique clinic absorption model, which has been and is expected to continue to be a major driver of WELL's future growth. Our clinic transformation team are recognized as industry leaders. They leverage best-in-class technology to help us achieve impressive Net Promoter Scores (NPS) of over 80% in our clinics demonstrating the high satisfaction and loyalty among our patients and providers and reflecting WELL's operational excellence."

Mr. Shahbazi further added, "Central to our identity is our commitment to providing compassionate care and unwavering support to healthcare providers. As of the end of Q1-2024, over 3,900 providers and clinicians delivered care across WELL's network of physical and virtual clinics, and more than an additional  36,000 providers benefited from our SaaS and Technology Services. Our dedication remains steadfast in empowering healthcare professionals with cutting-edge technology, including substantial investments in Artificial Intelligence (AI)-based products and services, aimed at enhancing provider productivity and effectiveness. "

Eva Fong, WELL's Chief Financial Officer, added, "I am proud to announce that we achieved positive EPS, or Earnings Per Share, in the first quarter of 2024. In support of our operating plan for 2024, we implemented a comprehensive cost-cutting program which has resulted in strengthening our operational efficiency and produced significant annualized cost savings. We generated $19.1 million of cash flow from operating activities in Q1-2024 and the Company is in an excellent position to continue to fund its organic growth and future acquisition plans through cash flows from operations. Furthermore, for the remainder of the year we are expecting improved free cash flow, reduced share issuances, and decreased earn-out commitments, which positions the Company for continued success in 2024 and beyond."

• WELL achieved record quarterly revenue of $231.6 million in Q1-2024, an increase of 37% as compared to revenue of $169.4 million generated in Q1-2023. This growth was partially driven by organic growth of 13%
• Canadian Patient Services revenue was $75.7 million in Q1-2024, an increase of 49% as compared to $50.9 million in Q1-2023.
• WELL Health USA Patient and Provider Services revenue was $140.4 million in Q1-2024, an increase of 42% as compared to $99.2 million in Q1-2023.
• SaaS and Technology Services revenue was $15.4 million in Q1-2024, a decrease of 20% as compared to $19.4 million in Q1-2023. This decrease was partially due to the sale of Intrahealth.
• Adjusted Gross Profit⁽¹⁾ was $102.2 million in Q1-2024, an increase of 19% as compared to Adjusted Gross Profit⁽¹⁾ of $86.2 million in Q1-2023.
• Adjusted Gross Margin⁽¹⁾ percentage was 44.1% during Q1-2024 compared to Adjusted Gross Margin⁽¹⁾ percentage of 50.9% in Q1-2023 and an improvement as compared to 43.7% in the previous quarter. The YoY decline in Adjusted Gross Margin percentage is mainly attributed to the acquisition of businesses with lower gross margin percentage in 2023.
• Adjusted EBITDA⁽¹⁾ was $28.3 million in Q1-2024, an increase of 6% as compared to Adjusted EBITDA⁽¹⁾ of $26.7 million in Q1-2023.
• Adjusted EBITDA to WELL shareholders was $21.4 million in Q1-2024, an increase of 4% as compared to Adjusted EBITDA to WELL shareholders of $20.6 million in Q1-2023.
• Adjusted EBITDA attributable to the Canadian business was $14.6 million in Q1-2024, an increase of 19% YoY
• Adjusted Net Income⁽¹⁾ was $20.2 million, or $0.08 per share in Q1-2024, as compared to Adjusted Net Income⁽¹⁾ of $14.1 million, or $0.06 per share in Q1-2023.

WELL achieved a record 1.3 million patient visits in Q1-2024, an increase of 34% compared to Q1-2023 and representing 5.2 million patient visits on an annualized run-rate basis. Patient visits were comprised of 733,000 patient visits in Canada and 577,000 patient visits in the US. Canadian Patient Services visits increased 45% while US Patient Services visits increased 23%, on a year-over-year basis. Growth in patient visits over the past year was primarily driven by organic growth, including the clinic absorption program as well as acquisitions.

Total care interactions were 2.0 million in Q1-2024, a year-over-year increase of 43% compared to Q1-2023 and representing 8.0 million total care interactions on an annualized run-rate basis.

As of the end of Q1-2024, WELL had 175 clinics operating out of 97 physical facilities across Canada and 34 clinics operating out of 33 physical facilities in the U.S.

On January 26, 2024, the Company refinanced its syndicated credit facility with JPMorgan Chase Bank, N.A. to include two new syndicate members and extend the term to January 26, 2027. The US$300 million credit facility consists of a primary US$175 million credit facility with an additional US$125 million accordion for future growth.

On February 1, 2024, the Company completed the sale of Intrahealth, an EMR provider within the Company's SaaS and Technology Services reportable segment, to HEALWELL for a total consideration of approximately $24.2 million, consisting of cash, shares in HEALWELL and deferred payments.

On February 7, 2024, the Company announced the establishment of a public sector group aimed at assisting large-scale health systems and enterprises with technology enablement. This initiative seeks to offer tailored product offerings to meet the unique needs of the public sector, leveraging WELL's leading technology platform and extensive outpatient clinic network in Canada.

On February 22, 2024, the Company restructured into three groups to enhance operational efficiency. The WELL Clinics Corp Operating entity, managed by Dr. Michael Frankel, covers all Canadian clinical operations including primary care and specialized care. The Platform Solutions Group, led by Amir Javidan, consolidates Canadian platform technologies such as Provider Solutions, Cybersecurity, Public Sector, and Enterprise Solutions. WELL Health USA, overseen by Jay Kreger, continues to manage U.S. operations.

On February 27, 2024, the Company announced the appointment of its CEO, Hamed Shahbazi, as Chairman of the Board of HEALWELL AI Inc. This move signifies WELL's strategic commitment to leveraging AI for healthcare. WELL, aims to strengthen its position in AI-powered preventative care. Shahbazi's leadership underscores the shared goal of both companies to develop advanced AI tools benefiting healthcare providers and patients.

On March 7, 2024, the Company announced that its subsidiary, OceanMD, had expanded to include over 4,700 clinics and hospitals across Canada, reaching more than 37,000 active users. This represented a 78% year-over-year growth in total sites and a 65% increase in active users. OceanMD also announced the upcoming launch of its mobile-first Health Messenger product in Q2-2024, aimed at enhancing communication between healthcare providers and patients.

On April 16, 2024, the Company announced its acquisition of 10 primary care medical clinics operated by Shoppers Drug Mart Inc. under the name The Health Clinic by Shoppers™. These clinics, located in Ontario and British Columbia, boast over 35 physicians, and are expected to contribute approximately $8M in annual revenue. WELL plans to enhance operational and service capabilities across these clinics through its Clinic Transformation Team, focusing on cost optimization, digital workflow integration, patient engagement technologies, and the implementation of advanced AI tools such as WELL AI Voice and Decision Support systems.

On April 30, 2024, the Company announced a five-year collaboration agreement with Microsoft to improve North American healthcare by integrating Microsoft Azure and its AI with WELL's digital health platform to improve clinical outcomes, optimize costs, and ensure top-tier data privacy and security.

On May 2, 2024, the Company announced the launch of the second-generation WELL AI Decision Support ("WAIDS"), powered by HEALWELL AI, which now features advanced chronic disease screening for diseases like chronic kidney disease, hypertension, and diabetes, enabling patient risk stratification.

WELL is expecting its strong performance to continue for the remainder of 2024 with a greater focus on optimizing its operations for organic growth, profitability and minimizing share dilution. WELL's objective is to focus on more capital efficient growth opportunities while effectively managing its costs and delivering strong growth and sustained cashflow to shareholders. Management is pleased to provide the following update to its guidance, which only includes announced acquisitions:

• Annual revenue for 2024 is expected to be in the range of $960 million to $980 million.
• Annual Adjusted EBITDA(1) for 2024 is expected to be in the upper end of the guidance range of $125 million to $130 million.
• Improving Free cashflow available to shareholders to over $55 million in 2024 from $42.4 million in 2023.

WELL expects to continue to grow its U.S. and Canadian Patient Services business both organically and inorganically but with greater emphasis on capital efficiency such that it can use cashflows from its business to reduce debt and share issuance levels. In Canada, WELL expects to increase its market leadership as the country's first pan-Canadian clinical network with a highly integrated network of tech-enabled outpatient healthcare clinics across the country.

As a company with deep tech experience and capabilities, WELL has also made investments in AI technologies a key priority within the Company and expects to develop compelling new products and enhancements to roll out to WELL's provider and clinic network.

WELL has implemented a cost optimization program to enhance operational efficiency and profitability. This program includes staff restructuring, enhanced integration with acquired entities and several other cost optimization initiatives. WELL's strong organic growth and robust cash flow profile allows the Company to continue to successfully execute on its growth plans while reducing its debt levels over time.

WELL will hold a conference call to discuss its 2024 First Quarter financial results on Wednesday, May 8, 2024, 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).

The conference call will also be simultaneously webcast and can be accessed at the following audience URL: https://well.company/events.

Please see SEDAR+ for complete copies of the Company's condensed interim consolidated financial statements and interim MD&A for the quarter ended March 31, 2024.

1. 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 EBITDA attributable to WELL Shareholders/Non-controlling interests, 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, 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 EBITDA attributable to WELL Shareholders/Non-controlling interests
   The Company defines Adjusted EBITDA attributable to WELL Shareholders (or Shareholder EBITDA) and Adjusted EBITDA attributable to Non-controlling interests as the sum of the Adjusted EBITDA for each relevant legal entity multiplied by WELL's or the non-controlling interests' equity ownership, respectively.
   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, non-controlling interests, and revenue precluded from recognition under IFRS 15 that relates to certain patient services revenue that the Company believes should be recognized as revenue based on its contractual relationships. 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 Cashflow 
   The Company defines Adjusted Free Cashflow as Adjusted EBITDA Attributable to Shareholders, less cash interest, less cash taxes and less capital expenditures.

   Adjusted Gross Profit, Adjusted Gross Margin, Adjusted EBITDA, Adjusted EBITDA attributable to WELL Shareholders/Non-controlling interests, Adjusted Net Income, Adjusted Net Income Per Share, 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.

2. Total Care Interactions are defined as Total Visits plus Technology Interactions plus Billed Provider Hours.

WELL HEALTH TECHNOLOGIES CORP.

Per: "Hamed Shahbazi"
Hamed Shahbazi
Chief Executive Officer, Chairman and Director 

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 36,000 healthcare providers between the US and Canada and power the largest owned and operated healthcare ecosystem in Canada with more than 175 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 WELL, please visit: www.well.company.  

This news release may contain "Forward-Looking Information" within the meaning of applicable Canadian securities laws, including, without limitation: information regarding the Company's improvement to its free cash flow and Adjusted EBITDA guidance; its  acquisition, strategies and growth plans; annual patient visit run-rates; the launch of new products; the expected benefits and synergies of completed acquisitions, debt repayment, share purchases, and cost optimization plans;  and 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: 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 its most recent Annual Information Form filed by WELL under its profile at www.sedarplus.ca. 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 future-oriented financial information and financial outlook information (collectively, "FOFI") about estimated annual run-rate revenue and 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 FOFI 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 FOFI. FOFI 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 FOFI 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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