Business
HEALWELL AI Reports Record Revenue and a Healthy Balance Sheet in Q2-2024
HEALWELL achieved record quarterly revenue from continuing operations of $5.44 million in Q2-2024...
About this update from Healwell Ai Inc. Class A
[{"type":"text","content":"HEALWELL AI Reports Record Revenue and a Healthy Balance Sheet in Q2-2024HEALWELL achieved record quarterly revenue from continuing operations of $5.44 million in Q2-2024, 205% higher than the $1.78 million generated in Q2-2023 and 19% higher than the $4.58 million generated in Q1-2024.HEALWELL also reported net income of $2.54 million as compared to a loss of $9.81 million in Q2 2023. This was primarily due to the successful removal and settling of a significant number of liabilities incurred in past years. Management maintains a positive outlook, with HEALWELL's yearly revenue run-rate now exceeding $65 million and aiming to reach a figure that is approaching $100 million by year-end, driven by a robust M&A pipeline supported by its strong cash balance, including proceeds from its recent $20 million equity financing.HEALWELL has now successfully launched its two-tiered business model of leveraging data science and Artificial Intelligence (AI) to support healthcare providers with co-pilot technologies and meet the needs of the pharmaceutical industry related to research and development and clinical trials orchestration.Toronto, Ontario--(Newsfile Corp. - August 12, 2024) - HEALWELL AI Inc. (TSX: AIDX) (OTCQX: HWAIF) (\"HEALWELL\" or the \"Company\"), a healthcare technology company focused on AI and data science for preventative care, is pleased to announce its condensed interim consolidated financial results for the quarter ended June 30, 2024.Dr. Alexander Dobranowski, Chief Executive Officer of HEALWELL, commented, \"During the quarter, we not only delivered record revenue and profitability, but we also significantly improved our balance sheet. We successfully completed a $20 million equity financing sourced mainly from long term institutional investors as well as settled and removed a number of liabilities incurred in past years which led to a significant net profit in Q2. The combination of these two events has notably strengthened our financial position, providing us with the necessary resources to advance our strategic objectives. The enhanced financial stability enabled us to complete the acquisitions of BioPharma and VeroSource on July 1, 2024, two pivotal moves that align seamlessly with our growth strategy. These acquisitions not only broaden our market presence but also enhance our capabilities, positioning us f...