- HEALWELL achieved record quarterly revenue from continuing operations of $13.7 million in Q3-2024, 738% higher than the $1.6 million generated in Q3-2023 and 153% higher than the $5.4 million generated in Q2-2024.
- Quarterly revenues were driven by HEALWELL completing the acquisitions of BioPharma Services Inc. and VeroSource Solutions Inc. during Q3-2024.
- Management maintains a positive outlook and based on current M&A pipeline continues to expect to make further M&A announcements by year-end which would accelerate the Company's annualized revenue run-rate to a figure approaching $100 million, and put the Company on track to achieve profitability on an Adjusted EBITDA basis in 2025.
- HEALWELL is now successfully accelerating the commercialization of its AI enabled patient identification solutions across both public and private sectors. With 5 new Master Services Agreements or "MSAs" secured during the quarter, bringing the total number of pharmaceutical or life sciences MSAs to 27, of which HEALWELL generated revenue from 23 of these partners which include 7 of the top 10 pharmaceutical companies in the world.
Toronto, Ontario--(Newsfile Corp. - November 12, 2024) - HEALWELL AI Inc. (TSX: AIDX) (OTCQX: HWAIF) ("HEALWELL" or the "Company"), a healthcare technology company focused on AI and data science for preventative care, is pleased to announce its condensed interim consolidated financial results for the quarter ended September 30, 2024.
Dr. Alexander Dobranowski, Chief Executive Officer of HEALWELL, commented, "During the quarter, we delivered record revenue and gross profit, attributable to the growth in commercialization of our AI and data science business units and our recent acquisitions of BioPharma and VeroSource. These acquisitions were transformational for our business, substantially bolstering our revenues and bringing new key relationships with both public and private sector customers. Furthermore, the acquisitions strategically position HEALWELL as an end-to-end pharma partner, allowing us to accelerate the patient care pathway, help patients gain access to clinical trials, and generate valuable post-trial insights using our advanced AI capabilities. With the addition of BioPharma and VeroSource, HEALWELL is now a larger, more robust company, able to participate in the entire healthcare pathway-from early detection of disease using AI and our cloud-based data interoperability and integrated EHR systems, to placing qualified patients in clinical trials for better support. Moreover, we now have the tools to assist large enterprises and provincial health systems in managing their health data more efficiently, applying AI for next-generation population health initiatives, and executing value-based care strategies at scale."
Dr. Alexander Dobranowski further added, "In addition to our acquisitions, we are seeing accelerating commercialization of our solutions across both the public and private sectors. Our AI-enabled patient and disease identification capabilities are successfully winning contracts with top global pharmaceutical companies as we see a big movement to AI enabled preventative care. Furthermore, our healthcare software divisions have made significant strides, securing key public government contracts that demonstrate the value of our offerings in enabling large-scale, data-driven healthcare management. These wins reflect the growing demand for our AI and healthcare solutions. With this momentum, we are confident in our ability to continue driving revenue growth and executing on our long-term vision for the Company."
Anthony Lam, Chief Financial Officer of HEALWELL, commented, "Our robust acquisition pipeline, coupled with our existing cash reserves, strategically position us for substantial growth ahead. We anticipate that our strategic initiatives over the next few months will lead to further announcements that will demonstrate our march to a revenue run rate that exceeds $100 million and puts us on track to achieve profitability on an Adjusted EBITDA basis in 2025. HEALWELL is now successfully accelerating the commercialization of its solutions across both public and private sectors. With 5 new MSAs secured during the quarter, bringing the total number of life sciences MSAs to 27, of which HEALWELL generated revenue from 23 of these pharmaceutical partners. The Company is driving new revenue opportunities from its AI and data science subsidiaries, demonstrating growth with large global pharmaceutical companies."
A summary of the Company's financial and operational results is set out below, and more detailed information is contained in the interim consolidated financial statements and related management discussion and analysis, which are available on the Company's SEDAR+ page at www.sedarplus.com. Financial measures described as "Adjusted" in this news release are non-IFRS financial measures and may not be comparable to other similar measures disclosed by other companies. Please see Non-IFRS Financial Measures below for more information.
Third Quarter 2024 Financial Highlights
Significant financial highlights for the Company's continuing operations during the three months ended September 30, 2024 included the following:
- HEALWELL achieved quarterly revenue from continuing operations of $13.7 million in Q3-2024, 738% higher than the $1.6 million generated in Q3-2023. The growth in revenue is primarily attributable recent acquisitions, including Pentavere Research Group ("Pentavere"), Intrahealth Systems Limited ("Intrahealth"), BioPharma Services Inc. ("BioPharma") and VeroSource Solutions Inc. ("VeroSource").
- HEALWELL achieved Adjusted Gross Profit(2) of $5.9 million during Q3-2024, an increase of 1669% compared to $0.3 million in Q3-2023. The increase in Adjusted Gross Profit is primarily attributed to the additions of Pentavere, Intrahealth, BioPharma and Verosource.
- HEALWELL achieved an Adjusted Gross Margin(2) percentage of 43% during Q3-2024, compared to less than 20% in Q3-2023. The improvement in Adjusted Gross Margin was also primarily due to the acquisitions made over the past year.
- During Q3-2024, HEALWELL reported an Adjusted EBITDA(1) loss of $3.42 million, compared to a loss of $2.5 million in Q3-2023.
- As at September 30, 2024, HEALWELL had $15.2 million in cash, compared to $19.2 million as at December 31, 2023. This change was largely the net result of successful capital issuance activity earlier in the year, offset by the targeted acquisitions of Intrahealth, BioPharma and VeroSource through the course of the year.
Third Quarter 2024 Business and Operational Highlights
Significant business and operational highlights for the Company during the three months ended September 30, 2024 included:
- Acquisition of BioPharma Services Inc: On July 1, 2024, the Company acquired 100% of the shares of Biopharma from Think Research Corporation for a total purchase price of approximately $12.5 million in addition to a performance earnout of up to $2.5M. Founded in 2006, BioPharma is dedicated to advancing medical science in order to improve the lives of its patients by bringing pharmaceutical products to the market through high quality medical research. It uses state-of-the-art facilities and scientific expertise to provide customers with clinical trial services along with a full suite of support services.
- Acquisition of VeroSource Solutions Inc: On July 1, 2024, the Company acquired 100% shares of VeroSource for a total purchase price of approximately $19M in addition to a performance earnout of up to $4.9 million. Founded in 2014, VeroSource provides a VS Platform, which is an end-to-end, customizable, cloud-based solution that enables people, clinicians, and decision-makers to seamlessly access and work with healthcare data. It helps customers in digital transformation, integration of systems, adoption with right-fit cloud services, advanced analytics, enterprise resource planning and IT strategy.
- Participation in Health Compass II Project: On July 10, 2024, WELL Health Technologies Corp. ("WELL") announced HEALWELL's participation in the Health Compass II project, the largest DIGITAL initiative to date, which is supported by $15.3 million in federal funding over four years. HEALWELL's Decision Compass module will enhance early diagnosis and care for rare and complex diseases through advanced AI technology. This collaboration underscores HEALWELL's commitment to advancing healthcare through AI and interoperability, benefiting providers and patients across Canada.
- Province of New Brunswick Launches New Patient Summary: On July 25, 2024, the Department of Health in New Brunswick, in partnership with VeroSource and Canada Health Infoway, launched the first patient-mediated Patient Summary in North America. The secure Patient Summary functionalities, found in the province's health information app, MyHealthNB, enables New Brunswick residents to cross both provincial and international borders equipped with a shareable, digital set of basic clinical data. This summarized version of a patient's clinical data provides health professionals with the essential information needed at point of care, such as during medical emergencies, walk-in clinic visits, and transitions of care.
- Contract with the New Zealand Department of Corrections: On July 31, 2024, HEALWELL's subsidiary, Intrahealth, announces a $9 million partnership with the New Zealand Department of Corrections over a 7-year agreement to improve offender healthcare through the delivery of a new patient management system.
- Intrahealth and OceanMD Partnership: On August 22, 2024, WELL subsidiary, OceanMD, and HEALWELL subsidiary, Intrahealth, announced a partnership to integrate OceanMD's leading eReferral system across Intrahealth's global network to enhance digital interoperability, streamline healthcare processes, and improve patient access to care. This collaboration enables HEALWELL's Intrahealth to make OceanMD's eReferral system, which currently supports 120,000 eReferrals and eConsults monthly, available to a wider range of healthcare facilities, benefiting both providers and patients with more efficient and connected healthcare services.
- BioPharma Services Announces Expansion into Late-Stage Patient Trials: On September 19, 2024, HEALWELL's subsidiary, BioPharma, a leading CRO specializing in early-phase clinical trials, announced its expansion into late-stage patient trials through the integration of Canadian Phase Onward ("CPO"), a dedicated clinical research site built within the framework of HEALWELL's Polyclinic Family and Specialty Medicine Facility ("Polyclinic"). As the research arm of Polyclinic, CPO plays a pivotal role in facilitating patient enrolment and trial execution. This strategic integration is a significant milestone, enhancing BioPharma's ability to manage clinical trials across all phases of drug development and making the business a full-service CRO.
Events Subsequent to September 30, 2024
Significant business and operational highlights for the Company subsequent to September 30, 2024 included:
- Investment in Abstractive Health: On October 22, 2024, the Company announced its USD$250,000 strategic investment and commercialization agreement with Abstractive Health ("Abstractive Health"), a healthcare AI company specializing in providing physicians with an automated, accurate and medically relevant AI assistant that delivers patient summaries using proprietary generative AI technology. This investment is part of a broader funding round, led by Rho Capital Partners as lead investor and Cornell University via Cornell Technology as an existing investor.
- Expansion of Strategic Alliance Agreement with WELL Health to Develop an AI-Enhanced Clinical Trials Program: On October 29, 2024, HEALWELL and WELL jointly announced the expansion of their multi-year strategic alliance agreement that allows WELL and HEALWELL to launch and manage clinical trial sites at WELL clinic locations across Canada. This partnership allows HEALWELL to offer an end-to-end vertically integrated service, from patient recruitment to trial execution and data analysis for clinical research. Leveraging HEALWELL's Contract Research Organization (CRO) capabilities alongside WELL's clinic infrastructure positions the partnership as a formidable player in AI-driven clinical trials, fostering the potential for new revenue.
- Acquisition of an Interest in Private Healthcare Technology Company: On November 1, 2024, the Company acquired a controlling interest in a private Canadian corporation by investing approximately $5.5 million in cash and shares of HEALWELL. The acquired company operates proprietary technology used in the healthcare industry.
- Pentavere awarded PRIX GALIEN Award. On November 12, 2024, the Company announced Pentavere received the prestigious Prix Galien USA 2024 Award for Best Digital Health Startup for its contributions in AI and Life Sciences. The Prix Galian Award is among the global health innovation industry's most renowned honors, recognizing outstanding biomedical, medical and technological achievements that improve the human condition.
Webcast and Conference Call Details:
HEALWELL will be holding a conference call and simultaneous webcast to discuss its financial results on Tuesday, November 12, 2024 at 1:00 pm ET (10:00 am PT). The call will be hosted by Dr. Alexander Dobranowski, Chief Executive Officer, and Anthony Lam, Chief Financial Officer. Please dial-in 10 minutes prior to the start of the call.
Date: Tuesday, November 12, 2024
Time: 1:00 pm ET / 10:00 am PT
Webcast link: https://www.gowebcasting.com/13843
Toll-Free North America: 1-844-763-8274
International Toll: 1-647-484-8814
When connecting to the conference call via phone, please dial in 10 minutes prior to the start of the call and ask to join the "HEALWELL AI Inc. Conference Call."
Selected Financial Information
(in thousands of dollars, except percentages and per share amounts)
| Three months ended | Period over | Nine months ended | Period over | |||||
| September 30 | period Change | September 30 | period Change | |||||
| 2024 | 2023 | $ | % | 2024 | 2023 | $ | % | |
| ($ in thousands except percentages) | ($ in thousands except percentages) | |||||||
| Continuing operation | ||||||||
| Revenue | 13,740 | 1,640 | 12,100 | 738 | 23,764 | 5,396 | 18,368 | 340 |
| Cost of Revenue | 8,278 | 1,464 | 6,814 | 465 | 12,596 | 4,389 | 8,207 | 187 |
| Gross Profits | 5,462 | 176 | 5,286 | 3,006 | 11,168 | 1,007 | 10,161 | 1,009 |
| Research and development | 181 | 911 | (730) | (80) | 1,897 | 3,461 | (1,564) | (45) |
| Sales and marketing | 2,875 | 319 | 2,556 | 801 | 5,138 | 959 | 4,179 | 436 |
| General and administrative | 12,976 | 3,525 | 9,451 | 268 | 26,434 | 9,321 | 17,113 | 184 |
| Impairment of right of use assets | - | - | - | - | 850 | - | 850 | - |
| Impairment of goodwill and intangibles | - | - | - | - | - | 7,629 | (7,629) | (100) |
| 16,032 | 4,755 | 11,277 | 237 | 34,319 | 21,370 | 12,949 | 61 | |
| Financing expenses | 541 | 579 | (38) | (7) | 2,015 | 1,166 | 849 | 73 |
| Other income | (158) | (4) | (154) | 3,850 | (509) | (12) | (497) | 4,142 |
| Changes in fair value of Call options | 250 | - | 250 | - | 900 | 900 | ||
| Changes in fair value of contingent consideration | 150 | 1,730 | (1,580) | (91) | 150 | 1,692 | (1,542) | (91) |
| Changes in fair value of investments | - | - | - | - | - | 134 | (134) | (100) |
| Loss on settlement of shares-contingent consideration | - | - | - | - | - | 677 | (677) | (100) |
| Debt forgiveness | - | - | - | - | (7,863) | - | (7,863) | - |
| Liability extinguishment | - | - | - | (3,088) | - | (3,088) | - | |
| Impairment of investment in an associate | - | - | - | - | - | 2,180 | (2,180) | (100) |
| 783 | 2,305 | (1,522) | (66) | (8,395) | 5,837 | (14,232) | (244) | |
| Loss before taxes | (11,353) | (6,884) | (4,469) | 65 | (14,756) | (26,200) | 11,444 | (44) |
| Income tax recovery | (233) | (251) | 18 | (7) | (998) | (1,195) | 197 | (16) |
| Net loss-continuing operation | (11,120) | (6,633) | (4,487) | 68 | (13,758) | (25,005) | 11,247 | (45) |
| Net loss on discontinued operations, net of tax | - | (1,110) | 1,110 | (100) | (54) | (41) | (13) | 32 |
| Net loss | (11,120) | (7,743) | (3,377) | 44 | (13,812) | (25,046) | 11,234 | (45) |
| Continuing operation | ||||||||
| Adjusted gross profit (1) | 5,910 | 334 | 5,576 | 1,669 | 12,509 | 1,482 | 11,027 | 744 |
| Adjusted gross margin (1) | 43 | 20 | 23 | 111 | 53 | 27 | 25 | 92 |
| Adjusted EBITDA (1) | (3,424) | (2,465) | (958) | 39 | (9,327) | (15,726) | 6,399 | (41) |
| Adjusted EBITDA margin (1) | (25) | (150) | 125 | (83) | (39) | (291) | 252 | (87) |
| Discontinued operation | ||||||||
| Adjusted gross profit (1) | - | 2,077 | (2,077) | (100) | 475 | 8,367 | (7,892) | (94) |
| Adjusted gross margin (1) | - | 33 | (33) | (100) | 100 | 34 | 66 | 194 |
| Adjusted EBITDA (1) | - | (867) | 867 | (100) | 45 | (805) | 850 | (105) |
| Adjusted EBITDA margin (1) | - | (14) | 14 | (100) | 9 | (3) | 12 | (357) |
| Net income/(loss) attributable to Company shareholders | ||||||||
| - Continuing operation | (10,573) | (6,681) | (3,892) | 58 | (12,820) | (25,023) | 12,203 | (49) |
| - Discontinued operation | - | (1,110) | 1,110 | (100) | (54) | (41) | (13) | 32 |
| (10,573) | (7,791) | (2,782) | 36 | (12,874) | (25,064) | 12,190 | (49) | |
| Weighted average number | ||||||||
| of shares outstanding: Basic and diluted | 162,665 | 53,870 | 157,020 | 50,091 | ||||
| Net loss per share -Basic and diluted | ||||||||
| - Continuing operations | (0.06) | (0.12) | (0.08) | (0.50) | ||||
| - Discontinued operations | - | (0.02) | (0.0003) | (0.00) | ||||
| (0.06) | (0.14) | (0.08) | (0.50) | |||||
(1) Adjusted Gross Profit, Adjusted Gross Margin, Adjusted EBITDA and Adjusted EBITDA Margin are non-IFRS measures. Please see "Non-IFRS Measures" above for an explanation of the composition of these measures and their usefulness, and "Reconciliation of Non-IFRS Measures" below for a reconciliation of these measures to the IFRS measures found in the Financial Statements.
Selected Statement of Financial Position Data
| September 30 2024 | December 31 2023 | |
| $ in thousands | ||
| Cash | 15,240 | 19,162 |
| Accounts receivable | 8,431 | 1,115 |
| Call options | 600 | 1,500 |
| Net investment in subleases | 261 | 375 |
| Investments in equity securities | 3,489 | 410 |
| Other assets | 5,884 | 1,440 |
| Assets classified as held for sale | - | 1,150 |
| Liabilities associated with assets classified as held for sale | - | (897) |
| Accounts payable and accrued liabilities | (9,066) | (5,978) |
| Acquisitions related payable | (7,870) | (443) |
| Loan payable | (1,581) | (1,541) |
| Related party loan | (11,532) | (11,181) |
| Lease liabilities | (4,364) | (5,274) |
| Other liabilities | - | (86) |
| Debenture Payable | (2,673) | (2,932) |
| Non-controlling interest redeemable liability | - | (1,282) |
| Liability for contingent consideration | (7,787) | (260) |
Non-IFRS Financial Measures
The terms Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Gross Profit and Adjusted Gross Margin used in this document do not have any standardized meaning under IFRS, may not be comparable to similar financial measures disclosed by other companies and should not be considered a substitute for, or superior to, IFRS financial measures. Readers are advised to review the section entitled "Non-IFRS Financial Measures" in the Company's management discussion and analysis for the quarter ended September 30, 2024, available on the Company's SEDAR+ page at www.sedarplus.com, for a detailed explanation of the composition of these measures and their uses.
(1) The following table reconciles Adjusted EBITDA and Adjusted EBITDA Margin to net income (loss) for the three-month and nine-month periods ended September 30, 2024 and 2023:
| Three months ended | Nine months ended | |||
| September 30 | September 30 | |||
| 2024 | 2023 | 2024 | 2023 | |
| $ in thousands | $ in thousands | |||
| Total Revenue | ||||
| - Continuing operation | 13,740 | 1,640 | 23,764 | 5,396 |
| - Discontinued operation | - | 6,361 | 477 | 24,483 |
| 13,740 | 8,001 | 24,241 | 29,879 | |
| Net loss | ||||
| - Continuing operation | (11,120) | (6,633) | (13,758) | (25,005) |
| - Discontinued operation | - | (1,110) | (54) | (41) |
| (11,120) | (7,743) | (13,812) | (25,046) | |
| Add back (deduct) | ||||
| Continuing operation | ||||
| Depreciation and amortization | 1,884 | 716 | 5,034 | 2,388 |
| Net finance charges | 541 | 579 | 2,015 | 1,166 |
| Other income | (158) | (4) | (509) | (12) |
| Other expenses | 634 | - | 839 | - |
| Restructuring cost | 652 | - | 652 | - |
| Gain/ Loss on settlement of shares-contingent consideration | - | - | - | 677 |
| Impairment of investment in associate | - | - | - | 2,180 |
| Changes in fair value of Call options | 250 | - | 900 | - |
| Changes in fair value of contingent consideration | 150 | 1,730 | 150 | 1,692 |
| Changes in fair value of investments | - | - | - | 134 |
| Share-based payment expense | 3,237 | 1,398 | 4,420 | 2,239 |
| Acquisition related expenses | 748 | - | 1,820 | - |
| Expected credit loss (recovery) | (9) | - | (20) | 10 |
| Income taxes recovery | (233) | (251) | (998) | (1,195) |
| Liability Extinguishment | - | - | (3,088) | - |
| Debt forgiveness | - | - | (7,863) | - |
| Impairment loss on Right of Use Asset | - | - | 850 | - |
| Loss (gain) on disposal of Assets | - | - | 229 | - |
| Discontinued operation | ||||
| Depreciation and amortization | - | 203 | 2 | 989 |
| Net finance charges | - | 40 | 19 | 376 |
| Loss (gain) on disposal of subsidiary | - | - | 78 | (2,016) |
| Expected credit recovery | - | - | - | (113) |
| Adjusted EBITDA | ||||
| - Continuing operation | (3,424) | (2,465) | (9,327) | (15,726) |
| - Discontinued operation | - | (867) | 45 | (805) |
| Adjusted EBITDA Margin | ||||
| - Continuing operation | -25% | -150% | -39% | -291% |
| - Discontinued operation | 0% | -14% | 9% | -3% |
(2) The following table reconciles Adjusted Gross Profit and Adjusted Gross Margin to revenue and cost of revenue for the three-month and nine-month periods ended September 30, 2024 and 2023:
| Three months ended | Period over | Nine months ended | Period over | |||||
| September 30 | period Change | September 30 | period Change | |||||
| 2024 | 2023 | $ | % | 2024 | 2023 | $ | % | |
| ($ in thousands except percentages) | ($ in thousands except percentages) | |||||||
| Revenue | ||||||||
| - Continuing operation | 13,740 | 1,640 | 12,100 | 738 | 23,764 | 5,396 | 18,368 | 340 |
| - Discontinued operation | - | 6,361 | (6,361) | (100) | 477 | 24,483 | (24,006) | (98) |
| Cost of revenue | ||||||||
| - Continuing operation | 8,278 | 1,464 | 6,814 | 465 | 12,596 | 4,389 | 8,207 | 187 |
| - Discontinued operation | - | 4,487 | (4,487) | (100) | - | 17,105 | (17,105) | (100) |
| Add: | ||||||||
| Depreciation and amortization | ||||||||
| - Continuing operation | 448 | 158 | 290 | 184 | 1,341 | 475 | 866 | 182 |
| - Discontinued operation | - | 203 | (203) | (100) | 2 | 989 | (987) | (100) |
| Continuing operation | ||||||||
| Adjusted gross profit | 5,910 | 334 | 5,576 | 1,670 | 12,509 | 1,482 | 11,027 | 744% |
| Adjusted gross margin | 43% | 20% | 53% | 27% | ||||
| Discontinued operation | ||||||||
| Adjusted gross profit | - | 2,077 | (2,077) | (100) | 475 | 8,367 | (7,892) | -94% |
| Adjusted gross margin | 0% | 33% | 100% | 34% | ||||
Dr. Alexander Dobranowski
Chief Executive Officer
HEALWELL AI Inc.
About HEALWELL
HEALWELL is a healthcare technology company focused on AI and data science for preventative care. Its mission is to improve healthcare and save lives through early identification and detection of disease. Using its own proprietary AI technology and competencies which includes data science, electronic health records and clinical research offerings, the Company is developing and commercializing advanced clinical decision support systems that can help healthcare providers detect rare and chronic diseases, improve efficiency of their practice and ultimately help improve patient health outcomes. HEALWELL is publicly traded on the Toronto Stock Exchange under the symbol "AIDX" and on the OTC Exchange under the symbol "HWAIF". To learn more about HEALWELL, please visit healwell.ai.
Forward-Looking Statements
Certain statements in this press release, constitute "forward-looking information" and "forward looking statements" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities laws and are based on assumptions, expectations, estimates and projections as of the date of this press release. Forward-looking statements include statements with respect to the Company's acquisition pipeline, its plans and strategies for achieving organic and inorganic growth, and the anticipated performance of the Company and its subsidiaries in 2024 and 2025, including potential revenue growth and changes to cashflow and EBITDA. The words " "improve", "grow", "position", "continuing", "potential", "future", "anticipated", "expect", "outlook", "believe", "opportunities", "aiming", "accelerating", "driving", "vision", "advancing", "enable" or variations of such words and phrases or statements that certain future conditions, actions, events or results "will", "may", "could", "would", "should", "might" or "can", or negative versions thereof, "occur", "continue" or "be achieved", and other similar expressions, identify forward-looking statements. Forward-looking statements are necessarily based upon management's perceptions of historical trends, current conditions and expected future developments, as well as a number of specific factors and assumptions that, while considered reasonable by the Company as of the date of such statements, are outside of the Company's control and are inherently subject to significant business, economic and competitive uncertainties and contingencies which could result in the forward-looking statements ultimately being entirely or partially incorrect or untrue. Forward-looking statements contained in this press release are based on various assumptions, including, but not limited to, the following: the Company's ability to maintain its relationships with its commercial partners and to successfully implement its strategic alliances with them; the Company's future access to debt and equity financing; the availability of working capital and sources of liquidity; the Company's ability to achieve its growth and revenue strategies; the availability of potential acquisition targets, the Company's ability to complete acquisitions successfully, and the terms on which acquisitions may be completed; the demand for the Company's products and fluctuations in future revenues; the Company's ability to effectively integrate future acquisition targets into its platform; the Company's ability to grow its customer base; the effects of competition in the industry; the requirement for increasingly innovative product solutions and service offerings; trends in customer growth; the stability of general economic and market conditions; currency exchange rates and interest rates; the Company's ability to comply with applicable laws and regulations; the Company's continued compliance with third party intellectual property rights; and that the risk factors noted below, collectively, do not have a material impact on the Company's business, operations, revenues and/or results. By their nature, forward-looking statements are subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct, and that objectives, strategic goals and priorities will not be achieved. Past performance is not indicative of future results.
Known and unknown risk factors, many of which are beyond the control of the Company, could cause the actual results of the Company to differ materially from the results, performance, achievements or developments expressed or implied by such forward-looking statements. Such risk factors include but are not limited to those factors which are discussed under the section entitled "Risk Factors" in the Company's annual information form dated April 1, 2024, which is available under the Company's SEDAR+ profile at www.sedarplus.com. The risk factors are not intended to represent a complete list of the factors that could affect the Company and the reader is cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management's expectations and plans relating to the future. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law. All of the forward-looking statements contained in this press release are qualified by these cautionary statements.
For more information:
Pardeep S. Sangha
Investor Relations, HEALWELL AI Inc.
Phone: 604-572-6392
ir@healwell.ai
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/229597
SOURCE: HEALWELL AI
