Business
HEALWELL Reports Record Revenue and Increased Customer Activity from Pharmaceutical Partners in Q3-2024
HEALWELL achieved record quarterly revenue from continuing operations of $13.7 million in Q3-2024...
About this update from Healwell Ai Inc. Class A
[{"type":"text","content":"HEALWELL Reports Record Revenue and Increased Customer Activity from Pharmaceutical Partners in Q3-2024HEALWELL achieved record quarterly revenue from continuing operations of $13.7 million in Q3-2024, 738% higher than the $1.6 million generated in Q3-2023 and 153% higher than the $5.4 million generated in Q2-2024.Quarterly revenues were driven by HEALWELL completing the acquisitions of BioPharma Services Inc. and VeroSource Solutions Inc. during Q3-2024.Management maintains a positive outlook and based on current M&A pipeline continues to expect to make further M&A announcements by year-end which would accelerate the Company's annualized revenue run-rate to a figure approaching $100 million, and put the Company on track to achieve profitability on an Adjusted EBITDA basis in 2025.HEALWELL is now successfully accelerating the commercialization of its AI enabled patient identification solutions across both public and private sectors. With 5 new Master Services Agreements or \"MSAs\" secured during the quarter, bringing the total number of pharmaceutical or life sciences MSAs to 27, of which HEALWELL generated revenue from 23 of these partners which include 7 of the top 10 pharmaceutical companies in the world. Toronto, Ontario--(Newsfile Corp. - November 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 September 30, 2024.Dr. Alexander Dobranowski, Chief Executive Officer of HEALWELL, commented, \"During the quarter, we delivered record revenue and gross profit, attributable to the growth in commercialization of our AI and data science business units and our recent acquisitions of BioPharma and VeroSource. These acquisitions were transformational for our business, substantially bolstering our revenues and bringing new key relationships with both public and private sector customers. Furthermore, the acquisitions strategically position HEALWELL as an end-to-end pharma partner, allowing us to accelerate the patient care pathway, help patients gain access to clinical trials, and generate valuable post-trial insights using our advanced AI capabilities. With the addition of BioPharma and VeroSource, HEALWEL...