Slides
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Disclaimer These
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5 776,054 1,000,049 0 200,000 400,000 600,000 800,000 1,000,000 1,200,000 2023 2024 FY 2024 Financial Highlights – Revenue Revenue (IFRS) (C$ in millions) Excluding Rev. Rec. Impact (C$ in millions) +29% 776,054 224,723 -56,554 -24,535 919,688 2023 2024 Growth Rev Rec - CM Rev Rec - CRH 2024 0 200,000 400,000 600,000 800,000 1,000,000 1,200,000 Increase Decrease Total
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6 113,394 127,026 60,000 70,000 80,000 90,000 100,000 110,000 120,000 130,000 140,000 2023 2024 FY 2024 Financial Highlights –Adjusted EBITDA Adj. EBITDA (IFRS) (C$ in millions) Excluding Rev. Rec. Impact (C$ in millions) +12%113,394 13,632 -56,554 -23,807 46,665 2023 2024 Growth Rev Rec - CM Rev Rec - CRH 2024 0 20,000 40,000 60,000 80,000 100,000 120,000 140,000 Increase Decrease Total
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1) Please refer to the Earnings Release for the definition of FCFA2S WELL FY 2024 Key Financial Highlights 2024 Revenue $919.7M 2024 FCFA2S1 $49.3M WELL Canada Revenue Growth WELL Canada EBITDA Growth FCFA2S Per Share 20.0¢ Y/Y +19% Total Organic +30% +20% 2024 Net Income $29.1M Y/Y +75% Y/Y +15% Y/Y +11% Y/Y +22%
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WELL FY 2024 Operational Highlights 41,000+ Unique Providers supported by WELL's Technology 4,100+ Providers in WELL's Clinic Network 5.7M+ Patient visits +32% YoY (+30% organic) 8.7M+ Total Care Interactions +37% YoY (+34% organic) +35% YoY CAN patient visit growth (+32% organic) 28% YoY US patient visits growth (all organic)
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1. Revenue guidance for 2025 is based on IFRS accounting standards. Due to revenue recognition delay in WELL’s subsidiaries, Circle Medical in 2024, a portion of revenue originally associated with 2024 will be recognized in 2025. Substantially all of the $56.6 million in deferred Circle Medical revenue is expected to be recognized in 2025 and will result in close to 100% contribution to Adjusted EBITDA; and the $24.5 million in CRH delayed earnings are not included in 2025 guidance until these amounts are collected and/or settled with Change HC, at which time our guidance would be enhanced. 2. This commentary is not part of WELL’s 2025 official guidance. 2025 Annual Guidance Revenue(1) $1.40B to $1.45B Adj. EBITDA $190M to $210M Commentary2025 Guidance • Includes: Circle Medical over 90% of deferred revenue expected in 2025, with remainder in fiscal 2026 • Expecting 8% realized in Q1, 28% in Q2, 32% in Q3, 26% in Q4 • $6.7M has been recognized as at April 14 • Does not include: CRH & Change Healthcare impact $24M • Includes: HEALWELL ~$120M in annual revenue with positive Adjusted EBITDA contribution • Includes: Healthy organic growth of our Canadian clinic operations. • Does not include: Unannounced M&A • Management's focus: To build on strong Outlook for Canadian Business. Targeting $800M in Revenue and $100M in Adj EBITDA in Canada alone by end of fiscal 20262
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The WELL Health Family
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2024 Annual Earnings – Additional Topics to be Covered Key updates on the following: 1. HEALWELL AI 2. WELLSTAR and “Buy Canadian” 3. Canadian Clinics Update 4. Strategic Sales Processes at Wisp and Circle Medical
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# of Employees1: Next 12 months revenue: # of Connected Providers: # Pharma Clients3: ¹ Subsequent to Orion acquisition 3 Reflects estimated number of pharmaceutical and life science companies since inception that have transacted with HEALWELL and its subsidiaries Headquarters TORONTO, ON 750+ $160M + 19,000+ 250+Proven track record. Experienced team in healthcare, technology, M&A, and capital markets. HEALWELL’s acquisition of Orion Health creates global market leader in healthcare data interoperability and AI Established Commercial Clients. Inclusive of 7 of the top 10 largest big pharma companies. Robust M&A strategy and pipeline; announced six transactions since October 2023 debut. HEALWELL Overview 2 Inclusive of equity and convertible debenture bought deal financing T S X : A I D X Largest shareholder and exclusive strategic partnership with WELL Health Technologies (TSX:WELL).
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Unified Healthcare Platform allows data to flow seamlessly across the healthcare ecosystem, revealing insights from health records, and empowering people to take control of their own healthcare 70+ Sites Worldwide, Covering ~150M+ Patient Records, Including largest health info exchange in the world deployed in Saudi Arabia SaaS Recurring Revenue Model with Strong Profitability Global Customer Base at Scale Orion Health Overview T S X : A I D X Revenue Run Rate: # of Employees: Global Offices: Operating Countries: C$100M+ ~500 15 11
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70+ Sites Worldwide, Covering ~150M+ Patient Records T S X : A I D X
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Large Referenceable Customers T S X : A I D X | Saudi Arabia • Largest DCR deployment in the world, covering a population of 35 million • Data from more than 5,000 governmental and private healthcare providers to create a single, holistic view of every single patient’s medical and care information Ontario, Canada • DFD delivered to a population of 15 million • Delivery underway of DCR for unifying clinical records Abu Dhabi, Middle East • First DCR in the Middle East Region, connecting 100% of hospitals, clinics and pharmacies Alberta, Canada • 20+ year partnership delivering province-wide DCR • Links ~70k clinical users in hospital and community care Southern Cross, NZ • DFD streamlining 80,000 patient admissions annually across 16 facilities Shared Care Records, UK • Deployment of DCR for UK Shared Records across 10 of the 42 Integrated Care Boards. State/Regional HIEs, USA • DCR for statewide and regional HIEs in Maine, Minnesota, Pennsylvania, New Mexico, North Dakota, Idaho
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16 WELLSTAR at a Glance
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17 WELLSTAR’s Path to Go-Public ✓ ✓
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18 Buy Canadian WELL’s Public Sector Pipeline Current Policies WELL’s Positioning . $100M $300M 0 50 100 150 200 250 300 350 2023 2025
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13,429 24,196 33,085 40,699 - 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 2021 2022 2023 2024 128 142 167 210 50 70 90 110 130 150 170 190 210 230 94,179 182,098 230,381 319,135 - 50,000 100,000 150,000 200,000 250,000 300,000 350,000 2021 2022 2023 2024 WELL Canadian Clinics Revenue Growth WELL Canadian Clinics Adj. EBITDA Growth WELL Canadian Clinics Count (C$ in 000s) (C$ in 000s)
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1) This figure only includes clinics that are owned and operated by WELL, and the physicians that work out of these clinics. It does not include 59 Affiliate Clinics from the Jack Nathan Health and the physicians who work in them. Q4-2024 +20 Clinics (1) 4 transactions +$30.8M Annual Revenue +111 Providers (1) Total Canadian Clinics Q1-2025 +11 Clinics 4 transactions +$31.5M Annual Revenue +71 Providers Total Canadian Clinics
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1. The Total WELL Pipeline includes potential deals that are either under LOI or in the pre-LOI stage. 130+ Clinics Total WELL Pipeline1 35+ Targets Engaged $390M Revenue 5 Clinics Under LOI: Canadian Clinics 5 Signed LOIs $31M Revenue Under LOI: Total WELL 7 Signed LOIs $40M Revenue
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1) The 3 year cohort refers to clinics acquired in 2022, 2023, and 2024. For more information on WELL’s Canadian Clinic ROIC, please see the press release dated February 3, 2025. 2) This growth figure includes both organic and inorganic growth 12% WELL Health Diagnostics 22% Primary Care - Historic 30% Primary Care - 3yr Cohort(1) Pre-Tax Unlevered ROIC Adj. EBITDA Growth 45,960 56,313 0 10,000 20,000 30,000 40,000 50,000 60,000 2023 2024 +22% 25%+ Expected Adj. EBITDA growth in 2025(2) 11% WELLSTAR
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24 FY 2024 Financial Highlights – Net Income Revenue recognition impacts from Circle Medical and CRH had a material impact on 2024 Net Income 29,026 40,719 20,001 89,746 2024 Rev Rec (CM) Rev Rec (CRH) 2024 Exc. Rev Rec 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 100,000 Increase Decrease Total (C$ in 000s)
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1. WELL Canada includes Canadian Clinics and WELLSTAR. Targets are Inclusive of acquisitions. Outlook: 2025 and Beyond WELLSTAR IPO 2026 Revenue Target >$100M WELL Canada >25% Adj. EBITDA Growth(1) for 2025 Wisp & Circle: Committed to Sale Processes HEALWELL Consolidation of $120M Revenue in 2025 WELL Canada 2-Yr Target(1) of >$800M Revenue >$100M Adj. EBITDA 2025 Guidance: $1.40-1.45B Revenue $190-210M Adj. EBITDA