Highlights

  • WELL Health Technologies Q3 2025 revenue rose 2.2% year-on-year to CAD 364.6 million, reflecting stable demand conditions during the quarter.
  • Adjusted EBITDA increased 20.5% to CAD 59.9 million, supported by operating leverage and cost discipline despite modest revenue growth.
  • The company reported a net loss of CAD 2.7 million in Q3 , compared with net income of CAD 17.0 million a year earlier, due to non-operating items.
  • The company’s recent accretive acquisition added approximately CAD 45 million in annual revenue, expanding e-consult and clinical operations at reported attractive margins.
  • Full-year guidance reiterated, with revenue expected at CAD 1.40–1.45 billion and Adjusted EBITDA forecast between CAD 190–210 million.

WELL Health Technologies Corp. (TSX:WELL) operates a diversified platform of primary healthcare clinics and delivers a range of healthcare-related services. The company’s activities span clinical operations and allied health services, electronic medical records (EMR), billing and revenue cycle management, digital health applications, cybersecurity, CRH, MyHealth, and corporate and shared services.

These operations are organised into three core divisions. Omni-channel Patient Services – Primary covers clinical operations and allied health services. Omni-channel Patient Services – Specialized includes CRH and MyHealth as separate segments. Virtual Services brings together EMR solutions, billing and revenue cycle management, digital applications, and cybersecurity offerings.

Financial Performance

During Q3 2025, the company delivered largely stable top-line performance alongside notable improvements across key profitability metrics.

Revenue for the quarter stood at CAD 364.6 million, compared with CAD 356.7 million in Q3 2024, reflecting a year-on-year increase of 2.2%. The marginal growth indicates steady demand conditions during the period, although near-term expansion remained limited.

Adjusted gross profit rose to CAD 165.8 million in Q3 2025 from CAD 158.7 million in the corresponding prior-year quarter, marking a 4.4% year-on-year increase. This improvement was supported by a more favourable revenue mix and the early impact of cost and efficiency initiatives implemented across operations.

Adjusted EBITDA recorded a sharper rise, increasing to CAD 59.9 million in Q3 2025 from CAD 49.7 million in Q3 2024, representing a 20.5% year-on-year growth. The expansion reflects improved operating leverage and disciplined cost management, even as revenue growth remained relatively modest.

At the bottom line, the company reported a net loss of CAD 2.7 million for Q3 2025, compared with net income of CAD 17.0 million in Q3 2024. The shift into a loss position was attributed to non-operating and below-the-line items, which weighed on reported earnings despite stronger underlying operating performance during the quarter.

Overall, the Q3 2025 results highlight stable revenue generation alongside improving profitability metrics at the operating level, with net income affected by factors outside core operating activities.

Recent updates

WELL Health finalized an accretive acquisition involving an e-consult service and clinical operations, adding roughly CAD ~45 million in yearly revenue at compelling margins. Alongside this, the company increased its credit facility to CAD 400 million and extended the maturity to 2030. The improved liquidity position and low leverage give the company greater capacity to speed up clinic-focused M&A and sustain growth across its Canadian healthcare network.

Company Outlook

Management anticipates that favourable business momentum will carry through Q4 and into the next year, supported by core Canadian operations, growth in digital healthcare, and ongoing acquisition activity. The company reiterated its full‑year revenue forecast of CAD 1.40–1.45 billion and Adjusted EBITDA of CAD 190–210 million, suggesting further margin expansion ahead. The company continues to prioritize organic growth, disciplined cost management, and scaling profitable SaaS and AI‑driven offerings while maintaining steady cash-flow returns to shareholders.

Top 10 Shareholders

The top 10 shareholders collectively own about ~24.25% of the company's total shares. Chau (Hoi Shuen Solina Holly) and Shahbazi (Hamed) hold a maximum stake in the company at ~14.24% and ~5.85%, respectively.

Stock Information

WELL has gained ~0.73% in the last  week while declining approximately ~16.32% over the last three months. The stock has a 52-week high and 52-week low of CAD 6.355 and CAD 3.58, respectively, and is currently trading below the average of the 52-week high-low level.

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 4 February 2026. The reference data in this report has been partly sourced from EODHD/Others.

Technical Indicators Defined

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