It’s safe to say that Well Health Techonologies (Well Health Techonologies Stock Quote, Chart TSXV:WELL) had a busy 2018 but there’s a lot more where that came from, according to CEO Hamed Shahbazi, who says he’s excited about his company’s scaling up.
Well Health, which is in the business of consolidating and modernizing health clinics across Canada, was a presenter at this year’s Cantech Investment Conference, held over two days this past week in Toronto.
The company is coming off a recent win in acquiring NerdEMR, the largest provider of OSCAR EMR (electronic medical records) services in the province of BC. That news came on top of the continuing growth of its stable of clinics and last year’s big investment from Hong Kong business magnate Li Ka-shing, all of which makes for exciting times for WELL, says Shahbazi, a known force in Canadian tech — in 2017 Shahbazi sold Tio Networks to PayPal for $304 million before taking up the reins at Well Health last May.
“We’re very excited,” says Shahbazi. “We’re out to acquire scale and really encourage synergy between the clinical and digital arms of our business. We think that this is a very strong asset class.”
“We want to be known as the WeWork for doctors because there’s an intense competition for physicians and whoever provides them with the best experience with the best journey is going to do really well in this space,” he says. “Over the past 12 months, our clinics have processed over 600,000 patient visits, so assuming that they’ll do the same over the next 12 months, we’re talking about a just shy of $30 million revenue business and that’s without additional enhancements or organic growth. And we have positive EBITDA across all of our clinics.”
Well Health released its interim fourth quarter 2018 results on December 21, featuring revenue from continuing operations of $1,911,625 and an Adjusted EBITDA loss from continuing operations of $537,219.
Disclosure: Cantech Letter’s Nick Waddell owns shares of WELL Health