- WELL Health Technologies (TSX:WELL) reveals a string of updates related to its Canadian clinic business, boasting significant growth across the country
- The company has closed acquisitions within the past 10 days with three primary care clinics in British Columbia
- It has also signed definitive agreements to acquire four diagnostic imaging clinics in Alberta with combined revenue of C$17 million at seven per cent operating margins
- Shares of WELL Health are up 2.40 per cent to C$4.26 as of 11:44 am ET
WELL Health Technologies (TSX:WELL) reveals a string of updates related to its Canadian clinic business, boasting significant growth across the country within the past year.
In a news release, the Vancouver-based digital healthcare company revelaed that within the past 10 days, it has closed the acquisitions of three primary care clinics in British Columbia.
WELL Health has also signed definitive agreements to acquire four diagnostic imaging clinics in Alberta with combined revenue of C$17 million at 7 per cent operating margins.
“With an obtainable market that exceeds 10 times the size of our existing business, we see significant room for growth and are finding opportunities to reinvest at rates of return higher than our historical averages,” Hamed Shahbazi, CEO of WELL Health, said in a statement. “This environment supports our expansion efforts and allows us to deliver greater long-term value for our shareholders.”
These recent acquisitions are in addition to the company acquiring or absoring 21 clinics in Q4 of last year, inclusive of legacy MCI OneHealth and MB Clinic networks and 10 clinics from Shoppers Drug Mart in June 2024.
The company’s acquisitions have also enabled its clinic transformation team to double to six core members.
As WELL’s clinic acquisition pipeline continues to grow – which includes an additional five signed letters of intent for a valuation totalling C$11.8 million in revenue – the company is also seeking liquidity from certain U.S. assets in order to expand its Canadian clinic pipeline.
WELL Health develops technologies and services that assist healthcare providers in positively impacting patient outcomes. Its business units include Canadian Patient Services, WELL Health USA Patient Services and SaaS and Technology Services.
Shares of WELL Health Technologies Corp. (TSX:WELL) are up 2.40 per cent to C$4.26 as of 11:44 am ET.
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