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CORRECTION FROM SOURCE: HEALWELL Reports Record Revenue with 433% Growth in 2024, and Anticipates Closing of Transformational Orion Health Acquisition on April 1, 2025
Correction from Source: In the previously issued press release this morning, the full year 2024 A...
About this update from Healwell Ai Inc. Class A
[{"type":"text","content":"CORRECTION FROM SOURCE: HEALWELL Reports Record Revenue with 433% Growth in 2024, and Anticipates Closing of Transformational Orion Health Acquisition on April 1, 2025Correction from Source: In the previously issued press release this morning, the full year 2024 Adjusted EBITDA loss was inadvertently reported as $1 million. The correct Adjusted EBITDA(1) loss is $16 million. The press release is re-issued below in its entirety with this one correction.HEALWELL achieved record annual revenue from continuing operations of approximately $39 million in fiscal 2024, an increase of 433% compared to fiscal 2023. HEALWELL achieved record quarterly revenue from continuing operations of $15.2 million in Q4-2024, 692% higher than the $1.9 million generated in Q4-2023 and 11% higher than the $13.7 million generated in Q3-2024.On December 16, 2024, HEALWELL announced the acquisition of Orion Health Holdings Limited (\"Orion Health\", or \"Orion\"), a leader in global healthcare technology, with over 70 worldwide customers in 11 countries. Orion is expected to contribute more than $100 million in annual revenues and propel the Company into being Adjusted EBITDA positive thereafter. Furthermore, in anticipation of the closing of the Orion Health acquisition, the Company has proactively executed several cost optimization initiatives.The Orion Health acquisition is expected to close on April 1, 2025. Between the recently signed $50 million credit agreement with Scotiabank and RBC, and the capital raised through the Company's recently completed subscription receipt financings, HEALWELL has financing arrangements for over $100 million in place to support the closing of this acquisition.Toronto, Ontario--(Newsfile Corp. - March 26, 2025) - HEALWELL AI Inc. (TSX: AIDX) (OTCQX: HWAIF) (\"HEALWELL\" or the \"Company\"), a healthcare artificial intelligence company focused on preventative care, is pleased to announce its audited consolidated financial results for the fiscal year and fourth quarter ended December 31, 2024. A summary of the Company's financial and operational results is set out below, and more detailed information is contained in the annual financial statements and related management discussion and analysis, which are available on the Company's SEDAR+ page at www.sedarplus.com. Financial measures described as \"Adjusted\" in this news re...