WELL Health is set to acquire a majority controlling interest in HEALWELL AI. This move coincides with HEALWELL’s planned acquisition of Orion Health, expected to close on April 1. HEALWELL AI, a preventative healthcare company, will be acquired for CA$165 million, or NZ$200 million ($115 million). Post-acquisition, HEALWELL will have 261.5 million Class A shares outstanding. WELL Health will own 37.3% of the economic interest and 69.6% of the voting rights in HEALWELL, acquiring 61.6 million shares from existing shareholders. This acquisition will allow WELL Health to consolidate HEALWELL’s financial results and nominate a majority of its board. HEALWELL is projected to contribute approximately $160 million in revenue with positive Adjusted EBITDA to WELL’s financial statements over the next 12 months. In other news, WELL Health completed seven acquisitions since December 2024, adding an annualized revenue run-rate of about $100 million at EBITDA margins. In the third quarter of 2024, WELL Health reported a record revenue of $251.7 million, a 23% increase from $204.5 million in Q3 2023. Canadian Patient Services revenue rose 35% to $78 million, while U.S. patient services revenue increased to $158.2 million from $130.7 million. Adjusted gross profit was $112.3 million, up 19% from $94.2 million, and Adjusted EBITDA reached $32.7 million, a 16% increase from $28.2 million in Q3 2023.
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