WELL Health Reports Record Revenue, Adjusted EBITDA, and Net Income Results for Q4 and Full Year 2023 and Raises Revenue Guidance

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Mar 21, 2024, 07:00 ET

WELL achieved record annual revenue of $776.1 million for 2023, an increase of 36% compared to the prior year. WELL achieved record quarterly revenues of $231.2 million in Q4-2023, an increase of 48% as compared to Q4-2022.
For the full year, WELL achieved record annual Adjusted EBITDA⁽¹⁾ of $113.4 million, an increase of 8% as compared to 2022. WELL achieved record Adjusted EBITDA⁽¹⁾of $30.8 million in Q4-2023, an increase of 13% as compared to Q4-2022.
WELL's strong performance was driven by its Canadian operations. Adjusted EBITDA attributable to Canadian operations was $45.2 million a 39% YoY increase over 2022 with strong performances by WELL's Canadian clinics and Platform Solutions groups.
WELL ended the year with record Net Income of $33.8 million in Q4-2023 reflecting $0.12 in positive EPS and total Net Income of $16.6 million in 2023 overall with positive EPS of $0.00⁽²⁾.
WELL is pleased to provide a robust outlook for 2024 with increased guidance for annual revenue of between $950 million to $970 million. WELL has also introduced a new guidance range of $125 million to $130 million for Adjusted EBITDA for 2024 reflecting accelerating YoY growth.

VANCOUVER, BC, March 21, 2024 /PRNewswire/ - WELL Health Technologies Corp. (TSX: WELL) (the "Company" or "WELL"), a digital healthcare company focused on positively impacting health outcomes by leveraging technology to empower healthcare practitioners and their patients globally, is pleased to announce its audited consolidated financial results for the fiscal year and fourth quarter ended December 31, 2023.

Hamed Shahbazi, Chairman and CEO of WELL commented, "We had an outstanding year in 2023 with record revenue, Adjusted EBITDA⁽¹⁾, Net Income and patient visits. I am proud to announce that with the inclusion of growth associated with our clinic absorption program where WELL is attracting clinics to its network for nominal consideration, we achieved organic growth of 15% and overall revenue growth of 36% in 2023 driven by strong operating results across all our business units. Our record achievements can be attributed to the Company's discipline and focus on tech-enabling healthcare providers and supporting them by simplifying, modernizing, and digitizing their workflows and empowering them to deliver the best healthcare possible. In 2024 thus far, we have begun the year with an intense focus on enhanced profitability and capital efficiency and are very pleased to provide shareholders with new and enhanced guidance which features continued topline growth approaching $1 billion in revenues and accelerating Adjusted EBITDA growth into our guidance range of $125-130 million. What is exciting about our 2024 game plan is that it features less capital allocation and M&A activity and more emphasis on organic growth given the company's growing attractiveness to care providers across Canada and the US."

Mr. Shahbazi further added, "In support of our operating plan for 2024, we have strategically implemented comprehensive cost-cutting measures, including a streamlined approach to staff restructuring, increased utilization of AI and technology for process improvement and optimization, consolidation of suppliers, and tighter integration of our business units. These initiatives have not only strengthened our operational efficiency but also resulted in millions of dollars of annualized cost savings."

Eva Fong, WELL's CFO commented, "I am proud to announce that we achieved positive EPS, or Earnings Per Share, on an adjusted and unadjusted basis for the full year and fourth quarter of 2023. I am also very pleased that we were able to refinance our US$300 million credit facility with JP Morgan and a syndicate of investors on attractive terms. We generated $42.4M of Adjusted Free Cash flow⁽¹⁾in 2023 and are in an excellent position to continue to fund our growth through our cash flows from operations and we expect to lower our overall debt levels, leverage ratio and interest costs in 2024."

Fiscal 2023 Annual Financial Highlights:

Total revenue for the year ended December 31, 2023, was $776.1 million, compared to total revenue of $569.1 million for the prior year, an increase of 36% driven by acquisitions and organic growth during the past year.
Canadian Patient Services revenue was $230.4 million in 2023, an increase of 27% as compared to Canadian Patient Services revenue of $182.0 million in 2022.
US Patient Services revenue was $476.9 million in 2023, an increase of 45% as compared to US Patient Services revenue of $329.6 million in 2022.
SaaS and Technology revenue was $68.8 million in 2023, an increase of 20% as compared to SaaS and Technology revenue of $57.5 million in 2022.
Adjusted Gross Profit⁽¹⁾ was $372.3 million in 2023, an increase of 23% as compared to Adjusted Gross Profit⁽¹⁾ of $303.3 million in 2022.
Adjusted Gross Margin⁽¹⁾ percentage was 48.0% in 2023, as compared to Adjusted Gross Margin⁽¹⁾ percentage of 53.3% in 2022. The decrease in Adjusted Gross Margin percentage is driven by the Company's increase in patient services revenue, most notably from recruitment revenue after the acquisition of CarePlus which has lower margins compared to other patient services and virtual services revenue.
Adjusted EBITDA⁽¹⁾ was $113.4 million in 2023, an increase of 8% as compared to Adjusted EBITDA⁽¹⁾ of $104.6 million in 2022.
Adjusted EBITDA to WELL shareholders was $88.4 million in 2023, an increase of 15% as compared to Adjusted EBITDA to WELL shareholders of $76.6 million in 2022.
Adjusted Net Income⁽¹⁾ was $52.4 million, or $0.22 per share in 2023, a decrease of 2% as compared to Adjusted Net Income⁽¹⁾ of $53.7 million, or $0.24 per share in 2022.
Adjusted Free Cashflow was $42.4 million for 2023, a decrease of 13%, as compared to Adjusted Free Cashflow of $48.9 million for 2022. The decrease was mainly due to higher tax and interest payments offsetting the increase in shareholder's EBITDA.
Net Income was $16.6 million or $0.00 per share⁽²⁾ in 2023, a decrease of 11% as compared to Net Income of $18.7 million or $0.00 per share in 2022.

Fourth Quarter 2023 Financial Highlights:

WELL achieved record quarterly revenue of $231.2 million in Q4-2023, an increase of 48% as compared to revenue of $156.5 million generated in Q4-2022. The increase in revenue was mainly driven by acquisitions, seasonally strong patient visits in the Company's primary care and WELL Health USA businesses and healthy organic growth of the Company's virtual services businesses.
Canada Patient Services revenue was $67.6 million in Q4 2023, an increase of 31% as compared to Canada Patient Services revenue of $51.5 million in Q4-2022.
US Patient Services revenue was $143.5 million in Q4-2023, an increase of 55% as compared to US Patient Services revenue of $92.3 million in Q4-2022.
SaaS and Technology revenue was $20.2 million in Q4-2023, an increase of 60% as compared to SaaS and Technology revenue of $12.6 million in Q4-2022.
Adjusted Gross Profit⁽¹⁾was $101.0 million in Q4-2023, an increase of 26% as compared to Adjusted Gross Profit⁽¹⁾ of $80.2 million in Q4-2022.
Adjusted Gross Margin⁽¹⁾ percentage was 43.7% during Q4-2023 compared to Adjusted Gross Margin⁽¹⁾ percentage of 51.3% in Q4-2022.
Adjusted EBITDA⁽¹⁾ was $30.8 million in Q4-2023, an increase of 13% as compared to Adjusted EBITDA⁽¹⁾ of $27.2 million in Q4-2022.
Adjusted EBITDA to WELL shareholders was $22.6 million in Q4-2023, an increase of 7% as compared to Adjusted EBITDA to WELL shareholders of $21.1 million in Q4-2022.
Adjusted Net Income⁽¹⁾ was $11.2 million, or $0.05 per share in Q4-2023, as compared to Adjusted Net Income⁽¹⁾ of $12.5 million, or $0.05 per share in Q4-2022.
Adjusted Free Cashflow⁽¹⁾ was $12.7 million in Q4-2023, an increase of 23%, as compared to Adjusted Free Cashflow⁽¹⁾ of $10.3 million in Q4-2022.
Net Income was $33.8 million or $0.12 per share in Q4-2023, an increase of 53% as compared to Net Income of $22.1 million or $0.09 per share in Q4-2022.

Fourth Quarter and Annual 2023 Patient Visit Metrics:

For the full year, WELL achieved a total of over 4.2 million patient visits and 6.1 million care interactions in 2023. Patient visits grew 22% in 2023 compared to the prior year, and total care interactions grew 29% over the same period. This growth was driven through a combination of acquisitions and organic growth.

WELL achieved a total of over 1.2 million patient visits in Q4-2023, representing a year-over-year increase of 30% compared to Q4-2022, and a 27% increase compared to Q3-2023. In addition, WELL conducted over 547,000 technology interactions in Q4-2023 and completed 98,000 billed provider hours. Combining WELL's patient visits, technology interactions, and billed provider hours, WELL achieved a total of over 1,769,000 care interactions in Q4-2023.

Fourth Quarter 2023 Business Highlights:

On October 1, 2023, the Company completed its transaction with HEALWELL AI or "HEALWELL" in which the Company acquired the Ontario clinics from HEALWELL, obtained representation on HEALWELL's board of directors, invested $4.0 million as part of a $10 million convertible debenture offering, and acquired a call option to purchase up to 30.8 million Class A Subordinate Voting shares and 30.8 million Class B Multiple Voting shares in HEALWELL over time, subject to the achievement of certain performance metrics.

On October 1, 2023, the Company acquired a 100% interest in Proack Security Inc. ("Proack"). Proack is a leading provider of offensive security assessments, offering services like penetration testing, red teaming, and social engineering to proactively identify and mitigate cybersecurity threats. Acquired by Cycura, WELL Health's Cybersecurity Business Unit, Proack enhances Cycura's capabilities in safeguarding sensitive data and maintaining robust security across healthcare and corporate networks.

On October 18, 2023, the Company announced the launch of WELL AI Decision Support. WELL AI Decision Support is a solution that utilizes artificial intelligence to aid healthcare providers in early disease diagnosis and preventative health, particularly in identifying over 110 complex or rare diseases. Developed by HEALWELL, this technology has been validated in both Canadian and U.S. healthcare systems. It aims to bridge the gap in healthcare diagnostics and patient care, ensuring more accurate and timely diagnoses, and is available through WELL's digital marketplace for EMR tools and applications.

On November 9, 2023, the Company announced the launch of the WELL Longevity+ Program, a progressive extension of its preventative health division and designed to redefine the future of personal and corporate wellness. WELL Longevity+ enhances preventative health with advanced precision diagnostics and AI technologies for the early detection of serious health conditions to dramatically improve early diagnosis of major chronic diseases, paving the way for earlier treatment interventions.

On November 21, 2023, the Company announced the launch of WELL AI Inbox Admin, a powerful AI-powered system that creates efficient custom workflows to help optimize clinical operations and manage incoming documents such as faxes which are still prevalent in Canada's healthcare ecosystem. WELL AI Inbox Admin seamlessly integrates with 'EMR' or Electronic Medical Records systems such as WELL's OSCARPro EMR, enabling quick patient information retrieval and the ability to quickly triage and prioritize urgent matters, while its referral management features save time and enhance patient care pathways.

Events Subsequent to December 31, 2023:

On January 26, 2024, the Company refinanced its US$300 million syndicated credit facility with JPMorgan Chase Bank, N.A. and a syndicate of banking partners with an extension of the term to January 26, 2027. This facility includes a $175 million credit facility and an additional $125 million accordion feature for future growth.

On February 1, 2024, the Company completed the sale of Intrahealth, an enterprise class EMR provider within the Company's SaaS and Technology Services operating segment to HEALWELL for total consideration of approximately $24.2 million, consisting of cash, shares in HEALWELL and deferred payments.

On February 7, 2024, the Company created a dedicated public sector focused group to support large scale health systems and care delivery networks that underpin the public sector. The objective of this group is to combine and deliver product offerings that are specifically suited for public sector's unique scale and requirements. For more information on WELL's public sector offerings, please visit www.WELLHealth.solutions.

Outlook:

WELL is expecting its strong performance to continue into 2024 with a greater focus on optimizing its operations for organic growth and profitability. WELL's objective is to focus on more capital efficient growth opportunities while effectively managing its costs and delivering strong and sustained cashflow to shareholders. Management is pleased to provide the following update to its guidance, which only includes announced acquisitions:

Annual revenue for 2024 is expected to be in the range of $950 million to $970 million, representing up to 25% annual revenue growth.
Annual Adjusted EBITDA for 2024 is expected to be in the range of $125 million to 130 million, representing up to 15% increase from 2023 levels.

WELL expects to continue to grow both of its US and Canadian Patient Services business both organically and inorganically but with greater emphasis on capital efficiency such that it can use cashflows from its business to reduce debt and limit share dilution. In Canada, WELL expects to increase its market leadership as the country's first pan-Canadian clinical network with a highly integrated network of tech-enabled outpatient healthcare clinics across the country.

WELL has implemented a cost optimization program to enhance operational efficiency and profitability. This program includes staff and leadership restructuring and several other business transformation and optimization initiatives.

As a company with deep tech experience and capabilities, WELL has also made investments in AI technologies a key priority within the Company and expects to continue to develop compelling new products and enhancements to roll out to WELL's provider and clinic network.

Conference Call:

WELL will hold a conference call to discuss its 2023 Fourth Quarter and Annual financial results on Thursday, March 21, 2024, at 12:30 pm ET (9:30 am PT). Please use the following dial-in numbers: 416-764-8650 (Toronto local), 778-383-7413 (Vancouver local), 1-888-664-6383 (Toll-Free) or +1-416-764-8650 (International), with Conference ID: 2519 7474.

The conference call will also be simultaneously webcast and can be accessed at the following audience URL: www.well.company/events.

Selected Unaudited Financial Highlights:

Please see SEDAR for complete copies of the Company's audited annual consolidated financial statements and annual MD&A for the year ended December 31, 2023.

	Year ended		Quarter ended
	December 31,	December 31,	December 31,	September 30,	December 31,
	2023	2022	2023	2023	2022
	$'000	$'000	$'000	$'000	$'000
Revenue	776,054	569,136	231,246	204,461	156,513
Cost of sales (excluding depreciation and amortization)	(403,787)	(265,845)	(130,207)	(110,225)	(76,276)
Adjusted Gross Profit⁽¹⁾	372,267	303,291	101,039	94,236	80,237
Adjusted Gross Margin⁽¹⁾	48.0 %	53.3 %	43.7 %	46.1 %	51.3 %
Adjusted EBITDA⁽¹⁾	113,394	104,559	30,750	28,172	27,174
Net income (loss)	16,637	18,675	33,762	(4,482)	22,084
Adjusted Net Income ⁽¹⁾	52,402	53,704	11,156	12,760	12,493
Earnings (loss) per share, basic and diluted (in $)	0.00	0.00	0.12	(0.03)	0.09
Adjusted Net Income per share, basic and diluted (in $) ⁽¹⁾	0.22	0.24	0.05	0.05	0.05
Weighted average number of common shares outstanding, basic and diluted	236,542,932	220,691,471	240,354,683	238,104,415	229,505,226
Reconciliation of net income (loss) to Adjusted EBITDA:
Net income (loss) for the period	16,637	18,675	33,762	(4,482)	22,084
Depreciation and amortization	60,768	55,203	16,756	15,449	14,100
Income tax expense (recovery)	2,860	(1,150)	804	(25)	(3,684)
Interest income	(763)	(649)	(334)	(114)	(238)
Interest expense	33,603	25,291	9,035	8,966	7,761
Rent expense on finance leases	(11,283)	(9,176)	(3,540)	(2,672)	(2,458)
Stock-based compensation	26,162	24,483	6,386	7,043	4,934
Foreign exchange (gain) loss	(636)	670	252	(539)	61
Time-based earnout expense (recovery)	21,412	(15,767)	7,493	1,589	(25,472)
Change in fair value of investments	(42,560)	-	(42,560)	-	-
(Gain) loss on disposal of investments	(1,570)	(5,206)	(46)	(7)	34
Share of net loss (income) of associates	378	396	88	102	(37)
Loss on transition of billings service provider	-	8,495	-	-	8,495
Transaction, restructuring, and integration costs expensed	6,588	2,494	2,654	2,862	192
Other items	1,798	800	-	-	1,402

Adjusted EBITDA⁽¹⁾	113,394	104,559	30,750	28,172	27,174
Attributable to WELL shareholders	88,414	76,613	22,583	22,912	21,090
Attributable to Non-controlling interests	24,980	27,946	8,167	5,260	6,084

Adjusted EBITDA⁽¹⁾
WELL Corporate	(18,794)	(16,750)	(4,596)	(5,074)	(4,086)
Canada and others	45,220	32,453	9,985	12,251	9,094
US operations Adjusted EBITDA⁽¹⁾ attributable to WELL shareholders	86,968	88,856	25,361	20,995	22,166
WELL Corporate	(18,794)	(16,750)	(4,596)	(5,074)	(4,086)
Canada and others	44,569	31,679	9,839	12,184	8,916
US operations Adjusted EBITDA⁽¹⁾ attributable to Non-controlling interests	62,639	61,684	17,340	15,802	16,260
Canada and others	651	774	146	67	178
US operations	24,329	27,172	8,021	5,193	5,906
Reconciliation of net income (loss) to Adjusted Net Income:
Net income (loss) for the period	16,637	18,675	33,762	(4,482)	22,084
Amortization of acquired intangible assets	45,508	42,819	12,024	11,734	11,001
Time-based earnout expense	21,412	(15,767)	7,493	1,589	(25,472)
Stock-based compensation	26,162	24,483	6,386	7,043	4,934
Change in fair value of investments	(42,560)	-	(42,560)	-	-
Other items	1,798	800	-	-	1,402
Non-controlling interest included in net income (loss)	(16,555)	(17,306)	(5,949)	(3,124)	(1,456)
Adjusted Net Income ⁽¹⁾	52,402	53,704	11,156	12,760	12,493
Adjusted Net Income per share ⁽¹⁾	0.22	0.24	0.05	0.05	0.05

Footnotes:
(1)	Non-GAAP financial measures and ratios.
	In addition to results reported in accordance with IFRS, the Company uses certain non-GAAP financial measures as supplemental indicators of its financial and operating performance. These non-GAAP financial measures include Adjusted Gross Profit, Adjusted Gross Margin, Adjusted EBITDA, Adjusted Net Income, Adjusted Net Income Per Share, and Adjusted Free Cash Flow. The Company believes these supplementary financial measures reflect the Company's ongoing business in a manner that allows for meaningful period-to-period comparisons and analysis of trends in its business.

	Adjusted Gross Profit and Adjusted Gross Margin
	The Company defines Adjusted Gross Profit as revenue less cost of sales (excluding depreciation and amortization) and Adjusted Gross Margin as Adjusted Gross Profit as a percentage of revenue. Adjusted Gross Profit and Adjusted Gross Margin should not be construed as an alternative for revenue or net income (loss) determined in accordance with IFRS. The Company does not present gross profit in its consolidated financial statements as it is a non-GAAP financial measure. The Company believes that Adjusted Gross Profit and Adjusted Gross Margin are meaningful metrics that are often used by readers to measure the Company's efficiency of selling its products and services.
	Adjusted EBITDA
	The Company defines Adjusted EBITDA as net income (loss) before interest, taxes, depreciation and amortization less (i) net rent expense on premise leases considered to be finance leases under IFRS and before (ii) transaction, restructuring, and integration costs, time-based earn-out expense, change in fair value of investments, share of income (loss) of associates, foreign exchange gain/loss, and stock-based compensation expense, and (iii) gains/losses that are not reflective of ongoing operating performance. The Company considers Adjusted EBITDA to be a financial metric that measures cash flow that the Company can use to fund working capital requirements, service future interest and principal debt repayments and fund future growth initiatives. Adjusted EBITDA should not be considered alternatives to net income (loss), cash flow from operating activities or other measures of financial performance defined under IFRS.

	Adjusted Net Income and Adjusted Net Income per Share
	The Company defines Adjusted Net Income as net income (loss), after excluding the effects of stock-based compensation expense, amortization of acquired intangible assets, time-based earnout expense, change in fair value of investments, and non-controlling interests. Adjusted Net Income Per Share is Adjusted Net Income divided by weighted average number of shares outstanding. The Company believes that these non-GAAP financial measures provide useful information to analyze our results, enhance a reader's understanding of past financial performance and allow for greater understanding with respect to key metrics used by management in decision making. More specifically, the Company believes Adjusted Net Income is a financial metric that tracks the earning power of the business that is available to WELL shareholders.

	Adjusted Free Cash Flow
	The Company defines Adjusted Free Cash Flow as Adjusted EBITDA Attributable to Shareholders, less cash interest, less cash taxes and less capital expenditures. Adjusted Net income, Adjusted Net Income per Share, Adjusted EBITDA, Adjusted Gross Profit, Adjusted Gross Margin, and Adjusted Free Cash Flow are not recognized measures for financial statement presentation under IFRS and do not have standardized meanings. As such, these measures may not be comparable to similar measures presented by other companies and should be considered as supplements to, and not as substitutes for, or superior to, the corresponding measures calculated in accordance with IFRS.
(2)	EPS is calculated using Net Income attributable to WELL, which excludes Net Income attributable to Non-Controlling Interests (NCI).

WELL HEALTH TECHNOLOGIES CORP.
Per: "Hamed Shahbazi"
Hamed Shahbazi
Chief Executive Officer, Chairman and Director

About WELL Health Technologies Corp.

WELL's mission is to tech-enable healthcare providers. We do this by developing the best technologies, services, and support available, which ensures healthcare providers are empowered to positively impact patient outcomes. WELL's comprehensive healthcare and digital platform includes extensive front and back-office management software applications that help physicians run and secure their practices. WELL's solutions enable more than 34,000 healthcare providers between the US and Canada and power the largest owned and operated healthcare ecosystem in Canada with more than 165 clinics supporting primary care, specialized care, and diagnostic services. In the United States WELL's solutions are focused on specialized markets such as the gastrointestinal market, women's health, primary care, and mental health. WELL is publicly traded on the Toronto Stock Exchange under the symbol "WELL" and on the OTC Exchange under the symbol "WHTCF". To learn more about WELL, please visit: www.well.company.

Forward-Looking Statements

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, EBITDA growth and expected 2024 run-rate; the expected benefits and synergies of completed acquisitions and cost cutting measures; capital allocation plans in the form of more acquisitions or share repurchases; the expected financial performance as well as information in the "Outlook" section herein. 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 Information 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 the Forward-Looking Information and the Forward-Looking Information are not guarantees of future performance. WELL's comments expressed or implied by such Forward-Looking Information 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 information. Forward-Looking Information are qualified in their entirety by inherent risks and uncertainties, including: direct and indirect material adverse effects from 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 and in the upcoming Management, Discussion and Analysis. Except as required by securities law, WELL does not assume any obligation to update or revise any forward-looking information, whether as a result of new information, events or otherwise.

This news release contains financial outlook information about estimated annual run-rate revenues, expected improvements in profitability, expected savings from cost optimization measures, expected cash flow, and Annual Adjusted EBIDTA, all of which are subject to the same assumptions, risk factors, limitations, and qualifications as set out in the above paragraph. The actual financial results of WELL may vary from the amounts set out herein and such variation may be material. WELL and its management believe that the financial outlook information has been prepared on a reasonable basis, reflecting management's best estimates and judgments. However, because this information is subjective and subject to numerous risks, it should not be relied on as necessarily indicative of future results. Except as required by applicable securities laws, WELL undertakes no obligation to update such financial outlook information. Financial outlook information contained in this news release was made as of the date hereof and was provided for the purpose of providing further information about WELL's anticipated future business operations on an annual basis. Readers are cautioned that the financial outlook information contained in this news release should not be used for purposes other than for which it is disclosed herein.

Neither the TSX nor its Regulation Services Provider (as that term is defined in policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.

SOURCE WELL Health Technologies Corp.