WELL Health Technologies (TSE:WELL) used its fiscal fourth-quarter and full-year 2025 earnings call to highlight a step-change in reported profitability, continued expansion of its Canadian clinic footprint, and progress on strategic initiatives tied to its technology platforms and U.S. portfolio review.
2025 results: revenue milestone and margin expansion
Chairman and CEO Hamed Shahbazi said 2025 was a “defining year,” with the company surpassing CAD 1.4 billion in annual revenue, up 52% year-over-year. WELL reported CAD 203.7 million in Adjusted EBITDA and said margins improved to 14.5% from 5.1% in 2024. The company also reported record Adjusted Net Income of CAD 126.5 million, or CAD 0.50 per share, compared with CAD 0.03 per share in the prior year.
Management also emphasized “normalized” figures intended to remove impacts from Circle Medical’s deferred revenue and certain one-time items at CRH related to a cybersecurity incident affecting a revenue cycle management partner. On a normalized basis, Shahbazi said 2025 revenue was CAD 1.35 billion, normalized Adjusted EBITDA was CAD 148.6 million (up 17%), and normalized adjusted net income was CAD 99 million (up 102%).
Clinic network growth, care volumes, and workflow efficiencies
Shahbazi pointed to operational metrics tied to the company’s clinic network and software tools. He said clinicians across WELL’s network are saving “up to two hours per day” using AI transcription through WELLSTAR, and that online booking and self check-in are saving “more than 80 hours per week per clinic” in administrative workload. He also cited a 2025 net promoter score of “approximately 80,” more than four million run-rate appointments booked online through OceanMD over the year, and 78% of patient digital consents captured through WELL platforms.
WELL reported that total care interactions exceeded 10.5 million in 2025, up 26% year-over-year, with 14% organic growth. Canadian patient visits reached 4.3 million, up 37%, with 10% organic growth, and the company noted that for the third consecutive quarter, Canadian patient visits surpassed one million in a single quarter.
System-wide patient visits (U.S. and Canada) totaled 6.9 million, up 21%, with organic growth of 3%. Management attributed slower organic growth system-wide to Circle Medical, where patient visits declined due to a “significant focus on compliance,” which the company expects to improve later in 2026 as compliance “matures.”
At year-end, WELL said it had more than 4,600 billable and non-billable providers, including 1,400 physicians in Canada (about 1.5% of all physicians in the country). Beyond its own clinics, WELL said more than 43,000 healthcare providers in Canada benefit from WELLSTAR’s SaaS and technology capabilities, and management estimated that “well over 40%” of Canadian physicians engage with WELLSTAR in some capacity. The company ended 2025 with 252 clinics across Canada and said roughly 70% of the Canadian population lives within 20 km of a WELL clinic.
M&A activity and pipeline in Canada
Shahbazi said the Canadian clinics business delivered four-year revenue CAGR exceeding 47%, with 2025 revenue of CAD 444.3 million and Adjusted EBITDA of CAD 58.1 million (up 43% year-over-year). He added that patient visits per billable provider rose to 1,939 in 2025 from 1,744 in 2024, which management said reflects increasing productivity supported in part by technology tools.
On acquisitions, WELL said it completed 25 clinic acquisitions across seven transactions in Q4 alone, adding CAD 45.6 million in annual revenue and 100 new providers. For the full year, WELL completed 19 transactions and acquired CAD 113 million in clinical revenue.
Management outlined an M&A pipeline that it described as the largest it has had:
- Approximately CAD 260 million in clinic revenue under LOI or advanced stage (six signed LOIs and 79 potential clinic targets)
- Approximately CAD 272 million in revenue under LOI or advanced stage across WELL Canada, including WELLSTAR
- More than 40 pre-LOI targets engaged, representing over CAD 455 million in annual revenue and more than 125 clinics
In Q&A, Shahbazi said the company generally targets leverage of around 3.5x, though it can temporarily tolerate slightly higher levels. He also highlighted diagnostics as an area of focus, noting that two-thirds of Canadian Clinics EBITDA comes from diagnostic imaging and specialized care, “mostly diagnostic imaging,” and discussed the value of provincial licensure in markets such as Ontario.
Technology businesses: WELLSTAR performance and HEALWELL progress
Management positioned WELLSTAR and HEALWELL AI as “mission-critical infrastructure” and said the company believes both are insulated from AI-driven disruption because of regulatory, integration, and validation moats.
For WELLSTAR, WELL reported CAD 72.9 million in 2025 revenue, up 63% year-over-year, and year-end ARR of CAD 72.6 million, up 35%. Adjusted EBITDA was CAD 21.6 million, up 66%, with Adjusted EBITDA margins of 30% on a pre-shared services basis. Shahbazi noted that margins would be “slightly lower” once shared services and public company overhead are included in a future public listing, and he reiterated that the company intends to proceed with a WELLSTAR spin-out subject to market conditions.
On HEALWELL, management said WELL had three quarters of inclusion in 2025. HEALWELL’s total revenue contribution to WELL in 2025, including continuing and discontinued operations, was CAD 112.9 million. For Q4 continuing operations, HEALWELL revenue was CAD 32.2 million, up 374% year-over-year, with the healthcare software division up 489% and the AI division up 67%. HEALWELL posted positive adjusted EBITDA of CAD 1.1 million in Q4 compared with a loss of CAD 5 million in Q4 2024. Management also highlighted a “multimillion-dollar multi-year” U.S. health information exchange contract announced March 5, described as a statewide procurement win integrating AI modules into an Amadeus AI platform.
U.S. strategic review, Circle Medical DOJ update, and 2026 guidance
Shahbazi said the company remains committed to divesting its U.S. care delivery assets, including WISP, Circle Medical, and CRH, and that WELL is now in active discussions with potential buyers for all three. He said buyer interest increased meaningfully toward the end of 2025 and continued into 2026, attributing the improved environment primarily to macro factors and market acclimatization rather than the resolution of company-specific issues.
For the individual U.S. assets, WELL reported:
- WISP: 2025 revenue of CAD 115 million (up 14%), Adjusted EBITDA of CAD 1.3 million (down from CAD 5 million), which management said reflected investment in growth initiatives.
- Circle Medical: 2025 revenue of CAD 145.1 million (up 90%), including CAD 36.8 million of net deferred revenue. On a normalized basis, management said revenue was CAD 108.3 million, down 19%, while normalized Adjusted EBITDA improved to CAD 10.4 million (up 316% from CAD 2.5 million).
- CRH and Provider Staffing: combined 2025 revenue of CAD 503.4 million (up 42%) and Adjusted EBITDA of CAD 103 million (up 79%). On a normalized basis (accounting for cybersecurity incident impacts), management said revenue would have been CAD 485 million and normalized Adjusted EBITDA CAD 85 million.
Shahbazi also said WELL reached an agreement in principle with the DOJ regarding matters under review related to Circle Medical, and that the company updated its provision to $3.3 million, slightly above a prior estimate of about $2.8 million. In Q&A, he said the company would update shareholders once the agreements are finalized.
For fiscal 2026, WELL guided to revenue of CAD 1.55 billion to CAD 1.65 billion and Adjusted EBITDA of CAD 175 million to CAD 185 million. Management said the guidance includes approximately CAD 17.6 million in Circle Medical deferred revenue expected to be recognized in 2026, which it said carries “close to 100% EBITDA contribution,” and that the outlook excludes the impact of additional M&A beyond deals announced to date.
About WELL Health Technologies (TSE:WELL)
WELL Health Technologies Corp is the owner and operator of a portfolio of Primary Hclinics delivering healthcare-related services It operates through below segments: clinical operations and allied health, Electronic medical record (EMR), Billing and revenue cycle management solutions, Digital apps, Cybersecurity, CRH, MyHealth, and corporate/shared services. Its segments are grouped in three divisions; Omni-channel Patient Services – Primary includes clinical operations and allied health. Omni-channel Patient Services – Specialized comprises CRH and MyHealth under two segments.
