WELL’s Circle Medical Launches In New York State, Grows Revenue 346% YoY To Over US$20M Per Year and Plans To Be In 46 States By The End Of The Year
- Circle Medical, a Silicon Valley based company that is majority owned by WELL, announces that it has launched in NY state with growth plans to have a presence in 46 states by the end of 2021.
- Circle Medical’s current revenue run rate now exceeds US$20M reflecting 346% growth for the last month on a YoY basis and 275% growth for the last quarter on a YoY basis.
- Circle Medical is one of the first truly digital first Primary Care Practices in the US with 28,696 active patients, reflecting 191% YoY growth.
- Circle Medical now has 141 active care providers on the platform representing more than 644% YoY growth as compared to September of 2020.
Vancouver, B.C. and San Francisco, CA – September 30, 2021 - WELL Health Technologies Corp. (TSX: WELL) (the “Company” or “WELL”), a company focused on positively impacting health outcomes by leveraging technology to empower healthcare practitioners and their patients globally, announced today that its majority owned business Circle Medical has launched in New York (NY) state with plans to be in 46 states of the United States by the end of the year. Circle Medical is one of the first truly digital first primary care platforms in the United States, having cared for over 47,000 patients since inception.
“On behalf of the WELL team, we’re excited to welcome Circle Medical to NY and witness their breakneck growth,” said Hamed Shahbazi, CEO and Founder of WELL. “While other episodical focused telemedicine players are slowing down, Circle Medical’s unique virtual primary care model is gaining speed and accelerating. Circle Medical continues to make tremendous progress with its seamless onboarding process of practitioners. Currently, there are an additional 78 active care providers being onboarded onto the company’s full stack primary health care applications and technology allowing Circle Medical to serve the majority of the US population.”
George Favvas, Co-Founder and CEO of Circle Medical commented, “Our growth is the result of our continued commitment to delivering high-quality medical care while continuing to innovate on patient experience. Circle Medical makes primary care more accessible and delightful than ever, which allows our patients to become active participants in being proactive about their health.”
Two of the biggest reasons for Circle Medical’s growth and acceleration has been its ability to scale both patient acquisition and provider recruitment. Circle Medical’s active patient base, defined as patients seen in the past 12 months, has grown by 191% YoY, from 9,860 to 28,696. Also, Circle Medical now has 141 active care providers on the platform reflecting 644% YoY growth as compared to September of 2020 with another 78 providers currently being on-boarded.
With the expansion into NY state, Circle Medical is on track to have a presence in 46 states by the end of the year. Circle Medical’s current revenue run rate figures now exceed US$20M, reflecting 346% growth for the last month on a YoY basis and approximately 275% growth for the quarter on a YoY basis.
WELL HEALTH TECHNOLOGIES CORP.
Per: “Hamed Shahbazi”
Chief Executive Officer, Chairman and Director
About WELL Health Technologies Corp.
WELL is a technology enabled healthcare company whose overarching objective is to positively impact health outcomes to empower and support healthcare practitioners and their patients. WELL has built an innovative practitioner enablement platform that includes comprehensive end to end practice management tools inclusive of virtual care and digital patient engagement capabilities as well as Electronic Medical Records (EMR), Revenue Cycle Management (RCM) and data protection services. WELL uses this platform to power healthcare practitioners both inside and outside of WELL’s own omni-channel patient services offerings. As such, WELL owns and operates Canada's largest network of outpatient medical clinics serving primary and specialized healthcare services and is the provider of a leading multi-national, multi-disciplinary telehealth offering. WELL is publicly traded on the Toronto Stock Exchange under the symbol "WELL" and is part of the TSX Composite Index. To learn more about the Company, please visit: www.well.company.
About Circle Medical:
Circle Medical, a UCSF Health affiliate, is a digital-first primary care provider currently serving patients in its central hub in San Francisco and via telemedicine in a growing number of states. Its family medicine doctors build lasting relationships with patients and provide both preventive and chronic treatment, including ordering blood tests, imaging, specialist referrals and prescriptions. The practice is in network with most US-based insurance carriers. The practice runs on top of the Circle Medical technology platform, which uses technology and artificial intelligence to scale a better patient experience, improve outcomes and maintain a lower cost than traditional primary care models. The company is headquartered in San Francisco, CA, with a significant product, engineering and operations office in Montreal, Canada. For more information: www.circlemedical.com
This news release may contain "Forward-Looking Information" within the meaning of applicable Canadian securities laws, including, without limitation: information regarding the Company’s goals, strategies and growth plans; expectations regarding continued revenue and EBITDA growth; the expected benefits and synergies of completed acquisitions. Forward-looking information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, and contingencies. Forward-looking information generally can be identified by the use of forward-looking words such as “may”, “should”, “will”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative thereof or similar variations. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause future results, performance or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. WELL’s statements expressed or implied by these forward-looking statements are subject to a number of risks, uncertainties, and conditions, many of which are outside of WELL 's control, and undue reliance should not be placed on such statements. Forward-looking statements are qualified in their entirety by inherent risks and uncertainties, including: direct and indirect material adverse effects from the COVID-19 pandemic; adverse market conditions; risks inherent in the primary healthcare sector in general; regulatory and legislative changes; that future results may vary from historical results; inability to obtain any requisite future financing on suitable terms; any inability to realize the expected benefits and synergies of acquisitions; that market competition may affect the business, results and financial condition of WELL and other risk factors identified in documents filed by WELL under its profile at www.sedar.com, including its most recent Annual Information Form. Except as required by securities law, WELL does not assume any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise.
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For further information:
Pardeep S. Sangha
VP Corporate Strategy and Investor Relations