Well Health posts fourth-quarter revenue of $115.7 million, positive net profit


Wellness (TSX: WELL) this morning announced its fourth quarter financial results, posting fourth quarter revenue of $115.7 million, while barely posting a positive net result. The results indicated continued revenue growth for the company as it seeks to further expand its operations.

Revenue for the quarter was $115.7 million, compared to $99.3 million in the prior quarter. Cost of sales meanwhile was $52.2 million on an adjusted basis, excluding depreciation and amortization, resulting in an adjusted gross margin of $63.5 million, compared to an adjusted gross margin of $50.0 million in the prior quarter.

Net profit, meanwhile, was just $0.7 million, a notable improvement from the $10.4 million net loss in previous quarters. Adjusted EBITDA reached $24.7 million, compared to $22.3 million in the third quarter.

For the full year, the company saw its revenue grow from $50.24 million in 2020 to $302.3 million in 2021, largely due to Well’s inorganic growth strategy, which has seen major transactions such as the purchase of MyHealth and CRH Medical. Adjusted gross profit increased from $21.2 million to $153.7 million year over year.

In total, the company posted a net loss of $30.9 million and adjusted EBITDA of $60.4 million for the year, compared to a net loss of $3.2 million and adjusted EBITDA of 0. .2 million in 2020.

Few additional details were provided on the quarterly results, as full financial results have not yet been filed.

In terms of outlook for 2022, the company expects revenue to exceed $500 million for the fiscal year, while the company expects to be profitable based on adjusted net income.

Well Health last traded at $4.92 on the Toronto Stock Exchange.

Information for this briefing was found via Sedar and the companies mentioned. The author has no security or affiliation related to this organization. Not a buy or sell recommendation. Always do additional research and consult a professional before purchasing a title. The author holds no license.


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