HEALWELL AI is a stock you should own, Raymond James says

It’s just getting started.

That’s the takeaway from new coverage of HEALWELL AI (HEALWELL AI Stock Quote, Chart, News, Analysts, Financials TSX:AIDX) by Raymond James analyst Michael W. Freeman, who March 11 initiated coverage of the stock with an “Outperform 2” rating and 12-month price target of $3.00.

“We initiate coverage of HEALWELL AI Inc. (AIDX-TSX) with a $3.00 PT and an Outperform rating,” the analyst wrote. “AIDX is a multi-modal healthcare company that provides end-to-end healthcare data solutions for enterprise and public sector customers, healthcare AI solutions for physicians and health systems to support preventative patient care, and clinical development solutions for large life science and pharma partners. AIDX’s growing basket of services, which includes globally- and nationally (Canada)-relevant digital front door and digital care record platforms, AI-first disease detection technologies, clinical data insight generation capabilities, a full-service clinical research organization, and a deep strategic partnership with WELL Health (WELL-TSX, OP2)—Canada’s largest pool of clinics—are driving the company’s emergence as a global healthcare data powerhouse and a go-to partner to large life science companies for accelerating clinical development. With AIDX set to manage the data of >150 mln patients worldwide (pro-forma its acquisition of Orion Health), the company is now situated as a primary HCIT contender on the world stage and one of the highest-revenue healthcare software companies traded on the TSX.”

Freeman thinks AIDX will post Adjusted EBITDA of $4.0-million on revenue of $138.0-million in fiscal 2025. He expects those numbers will improve to Adjusted EBITDA of $17.0-million on revenue of $185.00-million in fiscal 2026.

The analyst says AIDX’s speedrun on key acquisitions sets the company up for success.

“Following AIDX’s epic M&A run, we see compelling organic growth pathways, underpinning top-line expansion. AIDX combines field-leading AI algorithms with two crucial drivers of success in healthcare AI: (1) access to large volumes of healthcare data, and; (2) access to a significant provider base,” he said. “This privileged Orion + WELL-empowered setup is a key source of AIDX’s defensible competitive advantage. With an increasingly robust financial profile—stepping into company-wide profitability ~2Q25—we expect AIDX’s capacity to create value will be materially enhanced.”

For those wondering if they have missed the boat on AIDX, Freeman says absolutely not.

“We consider this day zero for the company,” he added.

Disclosure: Nick Waddell owns shares of AIDX.