Highlights

  • Q2 revenue rises to CAD 356.7 million, driven by acquisitions and patient service growth.
  • Adjusted EBITDA triples to CAD 49.7 million on scale, cost control, and efficiency.
  • Strategic initiatives include HEALWELL AI consolidation, Nexus AI launch, and CAD 200M credit expansion.

 WELL Health Technologies Corp. (TSX: WELL) runs a network of primary healthcare clinics. Its segments include clinical services, EMR, billing, digital apps, cybersecurity, CRH, MyHealth, and corporate services, organized into three divisions: Primary, Specialized, and Virtual Services.  

In the second quarter of 2025, the company’s revenue rose to CAD 356.7 million, a 57% increase over CAD 227.3 million reported in the same quarter last year. The surge was primarily fueled by contributions from recent acquisitions and the expansion of its patient services. Adjusted gross profit rose to CAD 158.7 million, a 73% increase from CAD 91.5 million in Q2 2024, reflecting a higher-margin mix from digital and AI segments.

Adjusted EBITDA reached CAD 49.7 million, compared with CAD 15.0 million in the prior-year quarter, supported by improved scale, cost control, and operating leverage. Net income for the period declined to CAD 17.0 million from CAD 105.6 million in Q2 2024, influenced by one-time gains recognized in the prior year, while underlying profitability remained stable.

Business Update
On 14 August 2025, the company announced several strategic and financial updates. It consolidated HEALWELL AI as a subsidiary and launched Nexus AI, a platform for clinical documentation. The company also rebranded its cybersecurity division as CYBERWELL. In addition, the credit facility was expanded to CAD 200 million to support future mergers and acquisitions, as well as technology investments.

Outlook
WELL anticipates continued growth through 2025, with revenue expected between CAD 1.40 and 1.45 billion and Adjusted EBITDA projected at CAD 190 to 210 million. The company plans to drive growth through clinic expansion, digital health initiatives, AI integration, and recent acquisitions, including HEALWELL AI and Nexus AI. Operational efficiencies are expected to support ongoing profitability and long-term business development.

Top 10 Shareholders
The ten largest shareholders of WELL collectively represent approximately 10.97% of the company’s total shareholding. Among them, Shahbazi (Hamed) holds the largest stake at around 5.85%, followed by Dimensional Fund Advisors, L.P., with approximately 0.98%.

Stock Information

As of the closing price of October 10, 2025 (CAD 5.77), over the past week, the stock fell approximately 5.11%; however, it gained 12.33% over the past month. It is currently trading above the midpoint between its 52-week low of CAD 3.68 and 52-week high of CAD 7.36.

Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference data for all price data, currency, technical indicators, support, and resistance levels Is October 10, 2025. The reference data in this report has been partly sourced from EODHD/Others.

Technical Indicators Defined

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