Q1 2022 WELL Health Technologies Corp Earnings Call

Okay.

Hello, everyone and welcome to the World Health Technologies Corp.

Hello everyone and welcome to the WELL Health Technologies Corp. Fiscal First Quarter 2022 Financial Results Conference Call. My name is Michelle and I'll be your operator for today's call.

<unk> first quarter 2020 financial results conference call.

My name is Michelle and I'll be your operator for today's call.

At this time all participants are in a listen only mode.

We will conduct a question and answer session later in the call which will be restricted to analysts.

We will conduct a question and answer session later in the call, which will be restricted to analysts only.

Please note that this conference is being recorded today May 12 2022.

Please note that this conference is being recorded today, May the 12th, 2022.

I would now like to turn the call over to part D. Zenker, Vice President Investor Relations. Mr. Singer you may begin.

now like to turn the call over to Pardeep Sangha, Vice President, Investor Relations. Mr. Sangha, you may be...

Thank you operator, and welcome everyone to Wellhouse 2022 fiscal first quarter financial results Conference call for three months ended March 31, 2022, joining me on the call today are how much about the chairman and CEO and Eva form the company's CFO I Trust that everyone has received a copy of our financial results press release that was issued yesterday.

Thank you, operator, and welcome everyone to Well Health 2022 fiscal first quarter financial results conference call for three months ended March 31st 2020.

Joining me on the call today are Hamid Shabazzi, Chairman and CEO , and Eva Fong, the company's CFO . I trust that everyone has received a copy of our financial results press release that was issued yesterday.

Portions of today's call other than historical performance include statements are forward looking information within the meaning.

Portions of today's call, although the historical performance includes statements of forward-looking information within the meeting

Clickable Securities laws. These statements are made under the safe Harbor provisions of those laws.

These statements are made under the safe harbor provisions of these laws. Poor looking statements are necessary based upon a number of estimates and assumptions that while, considered reasonable by management, are inherently subject to significant business, economic, and competitive uncertainties.

Looking statements 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.

These forward looking statements involve known and unknown risks uncertainties assumptions and other factors many of which are outside it was control that may cause the actual results performance or achievements of well to differ materially from the anticipated results performance or achievements implied by such forward looking statements.

These four-looking statements involve known and unknown risk uncertainties, assumptions, and other factors, many of which are outside of wealth control, that may cause the actual results, performance or achievements of wealth, to differ materially from the anticipated results, performance or achievements implied by such four-looking statements.

These factors are further outlined in yesterday's press release and in our management discussion and analysis.

These factors are further outlined in yesterday's press release and in our management discussion at the end of the now.

We provide forward looking statements solely for the purpose of providing information about management's current expectations and plans relating to the future. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward looking statements to reflect any change in our expectations or any change in events conditions, consumptions or circumstances on which such statements.

provide four-looking statements solely for the purpose of providing information about management's current expectations and plans relating to the future. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any four-looking statements to reflect any change in our expectations or any change in events, conditions, consumptions, or circumstances.

Our base, except as required by law.

Yes.

We may use such terms are as adjusted gross profit adjusted gross margin adjusted EBITDA showed EBITDA adjusted net income and free cash flow on this conference call, which are all non-GAAP and non <unk> measures for more information on how we define these terms. Please refer to the definitions set out in todays press release and management discussion and analysis.

We may use such terms as adjusted-ghost-profit, adjusted-ghost-margin, adjusted-evid, shoulder-evid, adjusted net income and free cash flow on this conference call, which are all non-gap.

For more information on how we define these terms, please refer to the definition set out in today's press release in management discussion now.

The company believes that adjusted EBITDA is a meaningful financial metric as it relates to measuring cash generated from operations of which the company can use to fund working capital requirement to service future interest and principal debt repayments and fund future growth initiatives.

The company believes that Justice Iberta is a meaningful financial metric as it relates to measuring cash generated from operation.

fund, working capital requirements, service future interest, and personal debt repayments and funds.

Adjusted use that should not be construed as an alternative to net income or loss determined in accordance with IFRS. With that, let me turn the call over to Mr.

So he was I should not be construed as an alternative to net income or loss determined in accordance with a high for us.

With that let me turn the call over to Mr. How much about the chairman and CEO Aman.

Thank you Marty and good day, everyone. We hope that you're all keeping safe and healthy we truly appreciate everyone for joining us today.

Thank you party and good day everyone. We hope that you're all keeping safe and healthy. We truly appreciate everyone for joining us today.

First quarter, 2022 was an exceptional quarter, which exemplified our organic growth potential.

First quarter 2022 was an exceptional quarter which exemplified our organic growth potential. We're very pleased with our Q1 results in which revenue increased by 395 percent year-over-year compared to Q1 2021, catapulting the company to over half a billion in annualized revenue run rates.

Very pleased with our Q1 results in which revenue increased by 395% year over year compared to Q1 2021 catapulting the company to over half a billion dollars in annualized revenue run rate.

Organic growth was 15%.

Based on a year over year basis in the first quarter. Despite the effects of seasonality that normally exist in the first quarter and our CRH medical business, which is a substantial business for us.

based on a year-over-year basis in the first quarter, despite the effects of seasonality that normally exist in the first quarter in our CRH medical business, which is a substantial business for us.

This represents a 50% acceleration from the previous quarter's figure of roughly 10% organic.

This represents a 50% acceleration from the previous quarter sneaker at roughly 10% organic growth.

These impressive results were driven.

These impressive results were driven by strong patient visits in the quarter during Q1 2022 well delivered more than one million combined omnichannel diagnostic and asynchronous patient interaction.

By strong patient visits in the quarter during Q1, 2022, well delivered more than $1 billion combined omnichannel diagnostic and in synchronous patient interactions.

We've added significant scale to our business and increased our leadership position as the preeminent end to end health care company in Canada, while our U S businesses continue to flourish in their respective sectors.

We've added significant scale to our business and increased our leadership position as the preeminent end-to-end healthcare company in Canada, while our U.S. businesses continue to flourish in their respective sectors.

For the benefit of new investors and listeners on this call I will first provide some background on the company.

For the benefit of new investors and listeners on this call, I'll first provide you background on the company, well as a practitioner focused digital health.

Well as a practitioner focused digital health.

Care company.

Well technology has touch nearly all facets of our lives health care has been slow to innovate.

While technology has touched nearly all facets of our lives, healthcare is being slow to innovate.

Basic applications, such as empowering patients with their medical record accessing practitioners through telehealth and booking in managing managing appointments online has only been a recent phenomenon.

Basic applications such as empowering patients with their medical record, accessing practitioners through telehealth, and booking and managing appointments online has only been a recent phenomenon.

Due to the fragmented nature of healthcare it we found that individual practice practitioner operators find the suite of services available in the marketplace to be confusing difficult to implement and navigate and has resulted in low adoption of most technologies.

Due to the fragmented nature of healthcare IT, we found that individual practitioners or operators find the suite of services available in the marketplace to be confusing, difficult to implement, and navigate, and has resulted in a low adoption of most technologies.

Thus, the under digitization that we all see when we go to the doctor's office.

Thus the under Digitization that we all see where we go to the Doctor's office.

Well, we believe that post Covid now we are entering a golden period, where health care practitioners are finally actively seeking and implementing digital tools and technologies to help them modernize their practices.

And well, we believe that post-COVID now, we are entering a golden period where healthcare practitioners are finally actively seeking and implementing digital tools and technologies to help them modernize their practice.

This is an exciting time because it means that care providers are finally, starting to see significant improvements in their operating efficiency in terms of improving their economic output and most importantly, delivering better patient outcomes as they take on more of these tools and technologies.

This is an exciting time because it means that care providers are finally starting to see significant improvements in their operating efficiency.

in terms of improving their economic output and most importantly delivering better participation outcomes as they take on more of these tools and technology.

Make no mistake healthier still driven by care providers doctors nurses.

Make no mistake, healthcare is still driven by care providers, doctors, nurses, allied health professionals, and clinicians take care of people.

Allied health professionals and clinicians take care of people when.

When they need help and these health care practitioners are the precious resource in the health care ecosystem in fact of the $300 billion healthcare ecosystem here in Canada more than 14% of this some goes to pay doctors alone representing over $40 billion annually.

when they need help, and these health care practitioners are the precious resource in the health care ecosystem. In fact, of the $300 billion health care ecosystem here in Canada, more than 14% of this sum goes to paid doctors alone representing over $40 billion annually.

<unk> Big idea is to offer health care practitioners its own practitioner enablement platform, which has a myriad of features including but not limited to comprehensive end to end practice management tools inclusive of virtual care and digital patient engagement capabilities, such as electronic medical records revenue cycle management referral.

Well, big idea is to offer healthcare practitioners its own practitioner enablement platform, which has a myriad of features, including but not limited to comprehensive end-to-end practice management tools, inclusive of virtual care and digital patient engagement capabilities such as electronic medical records, revenue cycle management, e-referral, digital apps and data protection services.

Digital apps and data protection services well uses this platform to power health care practitioners, both inside and outside wells own Omnichannel patient services offering.

Well, it uses this platform to power healthcare practitioners both inside and outside of well-owned Omni-Channel patient services offered.

As we've discussed before we're well offers this platform in two ways.

As we've discussed before, WELL offers this platform in two ways. One is through an Alucard SaaS offering, and the second is through a

One is through an Ala carte SaaS offering and the second is through a fully managed service.

Care practitioners have a choice they can pay for our tools and implement them in their own patient services business.

Healthcare practitioners have a choice. They can pay for our tools and implement them in their own patient services business or they can join one of our virtual or physical clinics and have us provide a fully managed service, which means that we not only use our platform to provide improved efficiency and patient engagement, but we also provide patient origination, if needed, hiring and firing of MOAs or medical office assistance and support staff. We help run these businesses.

Enjoying one of our virtual or physical clinics and habits provide a fully managed service, which means that we not only use our platform to provide improved efficiency and patient engagement, but we also provide patient origination if needed hiring firing with mlps or medical office assistance and support staff, we help run these businesses.

For doctors, so that they can focus on the cure.

for doctors so that they can focus on the care.

Increasingly we are seeing more and more doctors and care providers want to focus on the carrier.

increasingly we are seeing more and more doctors and care providers want to focus on the care and not on the business. This is a clear and un-

On the business.

This is a clear and unmistakable trend.

What is unique here is that the vast majority of our business is comprised of the fully managed solution. This means that while our SaaS offering is used by almost one out of every four doctors in Canada. It is still far outweighed by our non SaaS business.

What is unique here is that the vast majority of our business is comprised of the fully managed solution. This means that while our SAS offering is used by almost one out of every four doctors in Canada, it is still far outweighed by our non-SAS.

This is because when we sell our SaaS tools, we capture roughly 1% to 4% of the economic output of a physician, whereas when that care provider joins a well patient services business, we capture anywhere from 20% to 50% of their economic output and they are happier.

This is because when we sell our SAS tools, we capture roughly 1 to 4% of the economic output of a physician, whereas when that care provider joins a well patient services business, we capture anywhere from 20 to 50% of their economic output and they are happier.

Well strategy of empowering and modernizing healthcare practitioners is working practitioners that use wells tools have consistently demonstrated that they have more time to focus on patients.

well strategy of empowering and modernizing healthcare practitioners is working. Practitioners that use wealth tools have consistently demonstrated that they have more time to focus on patients and spend less time on the burdens of back office and administration and running a business.

And less and spend less time on the burdens of back office and administration and running our business.

This not only increases their billable hours that also improves their operating environment and lessons physician burnout a cigna.

This is this not only increases their billable hours, but also improves their operating environment and lessons physician burnout a significant and serious matter that is an understated aspect of health care.

Significant and serious matter that.

As an understated aspect of health care.

Another way of thinking about the world stories that we're providing investors with a unique opportunity to not only have the economic exposure to this phenomenal group of humans, who provide care, but also derive benefits as care providers.

Another way of thinking about the well story is that we're providing investors with a unique opportunity to not only have economic exposure to this phenomenal group of humans who provide care, but also derive benefits as care providers.

Generating operating efficiencies and improvements as a result of innovation.

generating operating efficiencies and improvements as a result of innovation.

Over the past four years, we have grown both organically and inorganically into a category leader.

Over the past four years, we have grown both organically and inorganically into a category leader.

Across numerous verticals within the Canadian and U S health care systems we.

across numerous verticals within the Canadian and U.S. healthcare systems.

We have sought to build a compelling ecosystem that leverages technology to empower practitioners.

we have sought to build a compelling ecosystem that leverages technology to empower practitioners.

We believe level is the most consequential health system in Canada, and we have a burgeoning business in the U S. Our businesses serve millions of patients and tens of thousands of practitioners and employ thousands of talented people.

We believe Wellis is the most consequential health system in Canada, and we have a burgeoning business in the U.S. Our businesses serve millions of patients, empower tens of thousands of practitioners, and employ thousands of talented people.

Operationally well has organized all of its businesses into two key lines of business. The first being Omnichannel patient services and the second being virtual services. These two lines of business are both profitable and growing.

Operationally Well has organized all of its businesses into two key lines of business. The first being omni-channel patient services and the second being virtual services.

These two lines of business are both profitable and growing.

Omnichannel patient services includes all patient services that have any material exposure to in person operations. This includes our clinic network My health in CRH Amit.

Omnichannel patient services includes all patient services that have any material exposure to in-person operations. This includes our clinic network, My Health and CRA.

Omnichannel patient services generates most of our revenue and EBITDA. However, it is a slower growth business.

Omnichannel patient services generates most of our revenue in EBITDA, however, it is a slower growth business.

Our second line of business, virtual services, is comprised of businesses that are almost entirely digital in nature, inclusive of SaaS and services, revenues from the company's practitioner enablement platform, or patient services businesses that have little to no exposure to in-person care, and is comprised of highly scalable digital businesses, which today generate less revenue in EBITDA in the company as a whole, but are growing at a much faster rate.

Our second line of business virtual services is comprised of businesses that are almost entirely digital in nature inclusive inclusive of SaaS and services revenues from the Companys practitioner enablement platform or patient services businesses that have little to no exposure to in person care and is comprised of highly scalable digital.

<unk>, which today generate less revenue and EBITDA in the company as a whole but are growing at a much faster rate.

I would now like to provide some color on our recently announced bought deal financing.

I would now like to provide some color on our recently announced spot deal finance.

Yesterday, after market closing, well announced they bought deal offering of common shares.

Yesterday after market closing well announce the bought deal offering of common shares.

The offering was a comparatively small offering as compared to our previous financing, providing $34 $5 million inclusive of the underwriters option or green shoot.

offering was a comparatively small offering as compared to our previous financing providing $34.5 million inclusive of the underwriters option or green shoe.

We're pleased to report that even during these unprecedented times the offering quickly sold out and was significantly oversubscribed and completed shortly after launch.

We're pleased to report that even during these unprecedented times, the offering quickly sold out and was significantly oversubscribed and completed shortly after launch.

Despite this additional demand we did not upsize the offering as we were looking to minimize dilution to less than 5%.

Despite this additional demand, we did not up-size the offering as we were looking to minimize dilution to less than 5%.

However, we did accept a little bit of dilution here, because we felt that given these unprecedented times. It was important for us to prove our defense and enhance our offensive procedure cluster let.

However, we did accept a little bit of delusion here because we felt that given these unprecedented times, it was important for us to improve our defense and enhance our offensive procedure posture. Let me first

Let me first speak to the defense, we're entering into a new phase of macroeconomic uneasiness brought upon by war escalating inflation, increasing interest rate environment and continued COVID-19 related uncertainties, including recent harsh lockdowns in markets such as China that are rippling through the supply chain.

We're entering into a new phase of macroeconomic uneasiness brought upon by war, escalating inflation, increasing interest rate environment, and continued COVID-related uncertainties, including recent harsh lockdowns in markets such as China that are rippling through the supply chain.

While we have a solid balance sheet given the period that we're entering we felt that it was prudent to have more cash on the balance sheet to address any rainy day scenarios that could arise.

While we have a solid balance sheet, given the period that we're entering, we felt that it was prudent to have more cash on the balance sheet to address any rainy day scenarios that could arise.

To be clear I don't anticipate such rainy days, but I often feel that management teams are to focus on optimizing for price and put themselves in a position where they cannot withstand shocks to their business and.

To be clear, I don't anticipate such rainy days, but I often feel that management teams are too focused on optimizing for price and put themselves in a position where they cannot withstand shocks to their business and put themselves in a position to suffer catastrophic value loss because they have not practiced good risk management.

And put themselves in a position to suffered catastrophic value loss because they have not practice good risk management.

As a result of these additional funds on the balance sheet, we have further improved our net debt and have put the company on a more resilient footing.

As a result of these additional funds on the balance sheet. We have further improved our net debt and to put the company on a more resilient footing.

This is all about risk management and I believe this financing positions us as having a better risk posture.

This is all about risk management, and I believe this financing position for us is having a better risk posture.

Now I'll speak to how these funds position us for improved offensive posture.

Now I'll speak to how these funds position us for improved offensive possible.

As of late we have seen the weakness in the market produced some very significant opportunities for highly accretive capital allocation opt.

As of late, we have seen the weakness in the market produce some very significant opportunities for a highly accretive capital allocation.

Opportunities, which in our view are unprecedented and only available while the market's continued these declines.

opportunities which in our view are unprecedented and only available while the markets continue these declines as a result of the challenges that the world is facing.

As a result of the challenges that the world is facing.

we felt that this was absolutely the right thing to do. Otherwise, we would need to be in a fairly defensive posture given marketing condition.

We felt that this was absolutely the right thing to do otherwise, we would need to be in a fairly defensive posture given market conditions.

and could not participate in some of these growth opportunities.

And could not participate in some of these growth opportunities.

As capital Allocators, we don't just look at the price at which we're issuing stock we look at what multiples. We can deploy such capital. If there is a significant improvement or arbitrage that can benefit well and its shareholders.

As capital allocators, we don't just look at the price at which we're issuing stock. We look at what multiples we can deploy such capital. If there's a significant improvement or arbitrage that can benefit well and its shareholders

meaning that we can continue to grow revenues, EBITDA, and free cash flow available to shareholders on a per share basis. We should do that. Again, the key here is to grow revenues, EBITDA, and free cash flow available to shareholders on a per share basis.

Meaning that we can continue to grow revenues EBITDA and free cash flow available to shareholders on a per share per share basis, we should do that again. The key here is to grow revenues EBITDA and free cash flow available to shareholders on a per share basis.

So we are pleased to announce that we have a number of such targets already lined up and ready to transact within the next few weeks and months. However, we are not going to be proceeding.

So we are pleased to announce that we have a number of such targets already lined up and ready to transact within the next few weeks and months. However, we are not going to be proceeding very quickly. We are going to be proceeding very cautiously and only taking deals that demonstrate the greatest accretion.

Very quickly we are going to be proceeding very cautiously and only taking deals and debt that demonstrate the greatest accretion.

This means that there is really no deviation from our previously stated plan. We had indicated before we are not interested in large M&A and we're interested in focusing on smaller tuck ins. This additional capital will put us in a position where we can actually continue with our plan otherwise given market conditions, we would have needed to be more defensive than I would.

This means that there is really no deviation from our previously stated plan. We had indicated before we are not interested in large M&A and we're interested in focusing on smaller tuckins.

This additional capital will put us in a position where we can actually continue with our plan. Otherwise, given market conditions, we would have needed to be more defensive than I would have liked.

Right.

We will be measured and methodical as always but we will have clearly demonstrated that we have what it takes to identify acquire integrate and benefit from acquisitions of all sizes.

We will be measured and methodical as always, but we will have clearly demonstrated that we have what it takes to identify, acquire, integrate, and benefit from acquisitions of all sizes.

This is why we went from buying a small amount of shares as part of our NCI or buyback program to selling some stock and adding cash to treasury. We understand that this could have come across as counterintuitive given that these actions occurred within a few weeks of one another but we want shareholders to consider a few things here. One we've made very few purchases of stock.

This is why we went from buying a small amount of shares as part of our NCIB or buyback program to selling some stock and adding cash to Treasury. We understand that this could have come across as counterintuitive given that these actions occurred within a few weeks of one another, but we want shareholders to consider a few things here. One, we made very few purchases of stock before at $4.85, a total of 50,000 shares in total, which really was designed to demonstrate that we felt the price of the shares was undervalued.

Before at $4 85 at.

A total of 50000 shares in total, which really was designed to demonstrate that we felt the price of the shares was undervalued.

To be clear, we do not believe the fair price of our shares to be $3 70, or anything close to that but we also understand that the sentiment in the capital markets is currently very bearish for the reasons I mentioned before and we felt it was important to be practical and necessary to raise a small sum at this juncture to improve our <unk>.

To be clear, we do not believe the fair price of our shares to be $3.70 or anything close to that, but we also understand that the sentiment of the capital markets is currently very bearish for the reasons I mentioned before, and we felt it was important to be practical and necessary to raise a small sum at this juncture to improve our defensive and offensive posture.

We have an offensive posture.

And we've limited supply at these levels and while we could have taken a lot more capital we decided to restrict the most patient and supportive investors.

To that end, we've limited supply at these levels, and while we could have taken a lot more capital, we decided to restrict to the most patient and supportive investment.

We do not anticipate much of the stock to be in the market anytime soon. It is phenomenally out.

We do not anticipate much of the stock to be in the market anytime soon it is phenomenally allocated.

We believe when it's all said and done the accretion dilution benefit associated with raising these funds will far outweigh in their benefit to shareholders.

We believe when it's all said and done, the accretion-dilution benefit associated with raising these funds will far outweigh in their benefit to shareholder.

Lastly, investors should consider then in accepting these funds into our treasury, we are able to attract world class investors to invest in this round at a time when the concept of a bought deal is virtually unheard of.

Lastly, investors should consider that in accepting these funds into our treasury, we are able to attract world-class investors to invest in this round, at a time when the concept of a bot deal is virtually unheard of. Very few are happening, if any. We are pleased to announce that the lead orders and connections with the offering are from a large international sovereign wealth fund, in fact one of the world's largest such funds, as well as Hong Kong businessman Lee Ka-shing and his partner, Celina Chao.

Very few are happening if any.

We're pleased to announce that the lead orders in connection with the offering or from a large international sovereign wealth fund in fact, one of the world's largest such funds as well as Hong Kong businessmen Lee caching and his partner Selina Chow.

The financing also included orders from the large multibillion dollar Canadian pension fund it.

The financing also included orders from a large multi-billion-dollar Canadian pension fund and another award-winning multi-billion-dollar asset manager very much known for investing in top-tier management.

And another award winning multibillion dollar asset manager very much known for investing in top tier management management teams.

We're all shareholders should feel very confident and reassured.

Well, shareholders should feel very confident and reassured that their company has not only been enhanced from a defensive and offensive perspective, but it has also done so while listening to support of extremely powerful and supportive institutions who now have a reason to further support and back well. We have gone from strength to strength.

That their company has not only been enhanced from a defensive and offensive perspective, but it has also done so while listening to support of extremely powerful and supported institutions, who now have a recent to further support and back well, we have gone from strength to strength.

The company intends to use the net proceeds of the offering to fund growth initiatives, including internal capital allocation opportunities with high IRR as well as potential future acquisitions in the areas of physician acquisition.

The company tends to use the net proceeds of the offering to fund growth initiatives, including internal capital allocation opportunities with high IRR, as well as potential future acquisitions in the areas of physician acquisition, higher margin specialty clinics, and executive health opportunities.

Higher margin specialty clinics and executive health opportunities.

We are deeply appreciative to Mr. Li crushing and one of the worlds, leading sovereign wealth funds for their support.

We are deeply appreciative to Mr. Lee Cushing and one of the world's leading sovereign wealth funds for their support of this financing initiative. With that introduction, I would now like to turn the call over to our CFO Eva Fong, who will review the financials for the first quarter of 2022. I will then come back and provide further commentary on how our business units in our future outlook.

This financing initiative.

With that introduction I would now like to turn the call over to our CFO <unk>.

Who will review the financials for the first quarter of 2022, I will then come back and provide further commentary on how our business units and our future outlook.

Thank you thank you Amit.

Thank you. Thank you, Hamid. Thank you, Hamid. I'm pleased to report that we have very strong results for the first three months and at March 31, 2022. Our first quarter results were as follows. Well achieved record quarterly revenue of $126.5 million in Q1 2022 compared to revenue of $25.6 million generated during Q1 of last year, an increase of 395% driven by acquisitions during the past year, and organic growth.

Amit I'm pleased to report that we had very strong results for the first three months ended March 31 2022.

Our first quarter results were as follows well achieved record quarterly revenue of $126 5 million in Q1 2022 compared to revenue of $25 6 million generated during Q1 of last year, an increase of 395% driven.

Driven by acquisitions during the past year and organic growth.

Well achieved record adjusted gross profit of $69 4 million in Q1 2022 compared to adjusted gross profit of 10 million in Q1, 2021, representing an increase of 591%.

Wall achieved record adjusted gross profits of 69.4 million in Q1 2022 compared to adjusted gross profits of 10 million in Q1 2021, representing an increase of 591 percent.

While achieved adjusted gross margin percentage of 54, 8% during Q1 2022 compared to adjusted gross margin percentage of 39, 3% in Q1 of last year. The increase in adjusted gross margin percentage is driven by the addition of higher margin CRH and my health acquisitions as well as an increase.

while achieved adjusted gross margin percentage of 54.8% during Q1 2022 compared to adjusted gross margin percentage of 39.3% in Q1 of last year. The increase in adjusted gross margin percentage is driven by the addition of higher margin CRH and MI Health acquisitions as well as an increase in virtual services revenue over the past year.

In <unk> services revenue over the past year.

Adjusted EBITDA was $23 5 million for Q1 2022 compared to adjusted EBITDA of <unk> 5 million in Q1 of last year.

Adjusted EBITDA was $23.5 million for Q1 2022 compared to Adjusted EBITDA of $0.5 million in Q1 of last year. Adjusted EBITDA was positively impacted in the quarter by healthy EBITDA margins in the company's Omnichannel Patient Services businesses.

Adjusted EBITDA was positively impacted in the quarter by healthy EBITDA margins in the Companys Omnichannel patient services businesses.

Adjusted EBITDA attributable to wall shareholders was $16 1 million for Q1, 2022 compared to adjusted EBITDA attributable to well shareholders.

Adjusted EBITDA attributable to well-shared holders was $16.1 million for Q1 2022 compared to adjusted EBITDA attributable to well-shared holders of $0.5 million in Q1 of last year.

$5 million in Q1 of last year.

adjusted net income was 8.6 million or 4 cents per share in Q1 2022 compared to adjusted net loss of 2.4 million or 1 cent loss per share in Q1 of last year.

Adjusted net income was $8 6 million or <unk> <unk> per share in Q1, 2022 compared to adjusted net loss of $2 4 million or one loss per share in Q1 of last year.

Free cash flow attributable to west shareholders as defined by shareholder adjusted EBITDA minus cash taxes minus cash interest cost and minus Capex was $11 8 million in Q1 of last in Q1 2022.

Free cash flow attributable to where shareholders, as defined by shareholder adjusted EBITDA, minus cash taxes, minus cash interest costs, and minus cat-backs, was $11.8 million in Q1 2022.

In terms of our segment reporting Omnichannel patient services accounted for 70% of total revenue in the quarter, while virtual services was 30% of total revenue in Q1 2022.

In terms of our cement reporting, omnichannel patient services accounted for 70% of total revenue in the quarter, while virtual services was 30% of total revenue in Q1 2022.

Omnichannel patient services revenue increased 657% to $88 4 million in Q1, 2022 compared to $11 7 million in Q1 of last year.

Omnichannel patient services revenue increased 657% to 88.4 million in Q1 2022 compared to 11.7 million in Q1 of last year. Omnichannel patient services includes primary care, CRH, and my help.

Omi channel patient services includes primary care CRH in my head.

Primary care revenues increased 38% to $16 1 million in Q1, 2022 compared to $11 7 million in Q1 2021.

Primary care revenues increased 38% to 16.1 million in Q1 2022 compared to 11.7 million in Q1 2021. First quarter is generally a seasonally strong quarter for our primary care business due to higher patients' volumes in the winter months. Also, Q1 tends to have higher complex care buildings in British Columbia, which are typically done earlier in the year.

First quarter is generally a seasonally strong quarter for our primary care business due to higher patient volumes in the winter months also Q1 tends to have higher complex Cam billings in British Columbia, which are typically done earlier in the year.

In Q1 of 2022, <unk> achieved revenue of approximately $48 2 million compared to zero in Q1 2021, as we have not yet quite CRH in the first quarter of last year.

In Q1 of 2022, CLH achieved revenue of approximately 48.2 million compared to 0 in Q1 2021 as we had not yet acquired CLH in the first quarter of last year.

On a sequential quarter over quarter basis.

On a sequential quarter over quarter basis, CLH's revenue increased 2% from 47.1 million in Q4 2021.

Revenue increased 2% pumps $47 1 million in Q4 2021.

The first quarter.

The first quarter is CLH seasonally weakest quarter because many patients with commercial insurance plans tend to have endoscopic procedures in the second half of the year, when the deductibles have generally been met.

Seasonally weakest quarter, because many patients with commercial insurance plans tend to have apples endoscopic procedures in the second half of the year when the deductibles have generally been met.

This year the seasonal decline in <unk> business was less impactful as compared to prior years due to seasonality is that is being somewhat tempered by post COVID-19 as pent up demand.

This year, the seasonal decline in CRX business was less impactful as compared to prior years due to seasonality effects being somewhat tempered by post-COVID pent-up demand.

The seasonality effects were also offset by the contribution from the acquisitions of Utah Anaesthesia Jesper.

the seasonality effects were also offset by the contribution from the acquisitions of Utah Anesthesia, Jesper Anesthesia Care Associates, Greater Connecticut Anesthesia Associates, and increased ownership position of Western Carolina Anesthesia Associates.

<unk> and.

<unk> can't associate Greater Connecticut, anesthesia associates, and increased ownership position of Western Carolina, and Ccs Associates.

Our core business is performing as expected with strong caseload and staple per unit economics.

CLHS core business is performing as expected with strong caseload and stable per unit economic.

So yes, it's completed over 117600 anesthesia cases and sold over 'twenty 100 Reagan units in the first quarter.

CLH completed over 117,600 NSV surcases and sold over 2100 O'Regan units in the first quarter.

In Q1 2020 to my health achieved revenue of $24 2 million compared to zero in Q1 2021, as we had not yet acquired my health in Q1 of last year on.

In Q1 2022, my health achieved revenue of 24.2 million compared to zero in Q1 2021, as we had not yet acquired my health in Q1 of last year. On a sequential quarter over quarter basis, my health revenue grew 4 percent compared to 23.2 million in Q4 2021, which is generally in line with our expectations given seasonality factors.

On a sequential quarter over quarter basis.

<unk> revenue grew 4% compared to $23 2 million in Q4, 2021, which is generally in line with our expectations given the seasonality factors.

We're just emphasis revenues increased 174% to $38 1 million in Q1 2022 compared to a purchase services revenue of $13 9 million in Q1 2021.

Virtual services revenues increased 174% to $38.1 million in Q1 2022 compared to virtual services revenue of $13.9 million in Q1 2021 and increased 22% quarter over quarter when compared to virtual services revenue of $31.3 million in Q4 2021. While under Q1 2021,

And increased 22% quarter over quarter, when compared to virtual services revenue of $31 3 million in Q4 2021.

Well end of Q1, 2022, with a solid balance sheet.

At March 31, 2022, well have cash and cash equivalents of $36 million during.

As of March 31, 2022, we all had cash and cash equivalents of $36 million. During the quarter, we made long repayments of $29.8 million. We felt that it was a prudent measure to bring down our total amount of debt.

During the quarter, we made no repayments of $29 8 million, we felt that it was a prudent measure to bring down our total amount of debt.

As at March 31, 2022, the total drawn amount under both the CRH and might help credit facilities is approximately 200 $265 million in Canadian dollars mm.

as of March 31st, 2022, the total drawn amount under both the CHH and MyHealth credit facilities is approximately $260.5 million in Canadian dollars. I'm pleased to report that the company is compliant with all components related to its credit facilities.

I am pleased to report that the company is compliant with all covenants related to its credit facilities.

In terms of our shared capitalization, as of May 11, 2022, well had 235,167,058 fully diluted secretes issued and outstanding.

In terms of our share of capitalization as of May 11, 2022, we'll have $235 million 167058 fully diluted <unk> issued and outstanding.

While has also substantially increased its revenue and EBITDA on a per share basis, indicating that the company's capital capital allocation and organic growth program is delivering real value to shareholders.

while has also substantially increased its revenue and EBITDA on a per share basis. Indicating that the company's capital allocation and organic growth program is delivering real value to shareholders.

For instance was revenue per share went from $15 seven per share in Q1 2021 to <unk> 60 per share in Q1 2022.

For instance, world's revenue per share went from $0.15 per share in Q1 2021 to $0.60 per share in Q1 2022 on an undiluted basis.

And diluted basis.

Meanwhile, adjusted EBITDA attributable to well shareholders per share increased from <unk> <unk> per share in Q1 2021 to $7 seven per share in Q1 2022.

Meanwhile, adjusted EBITDA attributable to well shareholders per share increased from 0.3 cents per share in Q1 2021 to 7.7 cents per share in Q1 2022. This reflects an over 2,600 percent increase in this all-important metric.

This reflects an over 2600% increase in this all important metrics.

Our M&A program has slowed down compared to last year as we follow a disciplined capital allocation strategy we.

Our M&A program has slowed down compared to last year as we follow a disciplined capital allocation strategy.

We have done two tuck in deals in Q1 2022 as follow.

We have done two token deals in Q1 2022 as follows.

Effective January one 2020 to see how it increased its ownership of Western Carolina anesthesia associates from 15% to 51% and as a result, we now include <unk> in our consolidated revenue.

Effective January 1st, 2022, CLH increased its ownership of western Carolina anesthesia associates from 15% to 51%. And as a result, we now include WCAA in our consolidated revenue.

On March 7, 2022, CLH entered into an asset contribution and exchange agreement to acquire 100% interest in greater Connecticut anesthesia associate, a gastroenterology anesthesia services provider in Connecticut that is expected to generate more than US $3 million in shareholder IPDA. That is my financial update and I tend to call

On March seven 2020 to CRH entered into an asset contribution in exchange agreement to acquire 100% interest in greater Connecticut anesthesia Associates Gastroenterology anesthesia services provider in combat ticket that is expected to generate more than $3 million in shareholder EBITDA.

That is my financial update and I'll turn the call back over to Hana.

Thank you Eva I will now review, our overall patient visits in the quarter.

Thank you, Eva. I will now review our overall patient visits from the quarter. I'm pleased to report that we'll achieve the total of 1,064,987 patient interactions in Q1 2022, representing an annual run rate of 4.26 million patient interactions.

I am pleased to report that well achieve the total of $1 million 64987 patient interactions in Q1, 2022, representing an annual run rate of $4 $2 6 million patient interactions.

Total omnichannel patient visits in Q1, 2022 were 772093, representing a year over year increase of 62% from 477325 in Q1 2021.

Total on the channel patient visits in Q1 2022 were 772,093, representing a year-over-year increase of 62% from 477,325 in Q1 2021.

On a quarter over quarter basis, total omnichannel patient visits increased 10% compared to 700000.

on a quarter-over-quarter basis total omni-channel patient visits increased 10% compared to 700,000 and 359 total omni-channel patient visits in Q4 2021.

359, total omnichannel patient visits in Q4 2021.

During the first quarter of 2022, in-person patient visits at our clinics and businesses accounted for 37% of the total visits, while telehealth patient visits, which include both telephone visits and virtual care patient visits, represented 63% of total visits.

During the first quarter 2022 in patient in person patient visits at our clinics and businesses accounted for 37% of the total visits while telehealth patient visits which include both telephone visits and virtual care patient visits represented 63% of total visits.

In person patient visits at our clinics and businesses accounted for 285260 patient visits in Q1 2022, representing a year over year increase of 100% compared to 142944 in person patient visits in Q1 2021.

in-person patient visits that our clinics and businesses accounted for 285,260 patient visits in Q1 2022, representing a year-over-year increase of 100 percent compared to 142,944 in-person patient visits in Q1 2021.

Telehealth patient visits which included both telephone visits and virtual care patient visits accounted for 483833 patient visits in Q1 2022, representing a 46% increase from 334381 telehealth visits last year in Q1 2020.

Telehealth patient visits, which included both telephone visits and virtual care patient visits, accounted for 483,833 patient visits in Q1 2022, representing a 46% increase from 334,381 telehealth visits last year in Q1 2021.

John .

In addition to these patient visits my health conducted 149906 in person diagnostic visits while wisp completed 142988 asynchronous patient patient consultations.

In addition to these patient visits, my health conducted 149,906 in-person diagnostic visits while WISP completed 142,988 asynchronous patient consultations.

We're pleased to report that all of our business units are executing very well otherwise it would not be possible to beat and raise as we have been doing for a number of quarters in a row now.

We're pleased to report that all of our business units are executing very well. Otherwise, it would not be possible to beat and raise as we have been doing for a number of quarters in a row now.

I'd like to speak a bit about our outlook for the rest of this year and for 2022.

I'd like to speak a bit about our outlook and for the rest of this year and for 2022.

Well the outlook for 2022 remains strong and resilient.

wealth outlook for 2022 remains strong and resilient.

The company's performance is very positive across all its business units and for the entire company as a whole.

The company's performance is very positive across all its business units and for the entire company as a whole.

The cash flows generated by the company will continue to be reinvested in the business and allocated in a disciplined manner, which may come in the form of further acquisitions and to accelerate organic growth.

The cash flows generated by the company will continue to be reinvested in the business and allocated in a disciplined manner, which may come in the form of further acquisitions.

And to accelerate organic growth and if.

If the situation calls for it to continue to.

if the situation calls for it to continue to look at share buybacks as well.

Look at share buybacks as well.

As a result of wells strong organic growth profile. The company is increasing its guidance for 2020 to annual revenue to exceed $525 million from the previous guidance of over $500 million in annual revenue.

As a result of well strong organic growth profile, the company is increasing its guidance for 2022 annual revenue to exceed $525 million from the previous guidance of over $500 million in annual revenue.

Furthermore, well expects to generate a just to be approaching 100 million in 2022.

Furthermore, well expects to generate adjusted EBITDA approaching $100 million in 2022.

While it remains on track to achieve its goals for 2022 to one build out and refine its practitioner enablement platform and deploy it surfaces, both internally to Welsh healthcare practitioners as well as offer its services to practitioners outside the company to achieve organic growth across all operating units.

While it remains on track to achieve its goals for 2022, to one, build out and refine its practitioner enablement platform and deploy its services both internally to health care practitioners as well as offered services to practitioners outside the company.

2. Achieve organic growth across all operating units. 3. Follow a disciplined capital allocation strategy. Continue to grow and activate our business. And 4. Well expect to be profitable for the full year of 2022 and an unadjusted net income basis.

We follow a disciplined capital allocation strategy continue to grow and activate our business and for well expects to be profitable for the full year of 2022, and then on adjusted net income basis.

As a rule of thumb the company aims to have the sum of its adjusted EBITDA margin percentage plus its organic growth percentage to exceed 30. In 2022. This is sometimes referred to as the <unk> for.

As a rule of thumb, the company aims to have the sum of its adjusted EBITDA margin percentage plus its organic growth percentage to exceed 30 in 2022. This is sometimes referred to as the rule of 30. For instance, in Q1, we exceeded the rule of 30 with organic growth rate of approximately 15% and adjusted EBITDA margin of 18%. The sum of these two percentages

For instance in Q1, we exceeded the rule of 30 with organic growth rate of approximately 15% and adjusted EBITDA margin of 18% the sum of these two percentages.

32% it will be a key goal for us to continue to generally be in line with rule of 30 for the entire year and beyond.

It will be a key goal for us to continue to generally be in line with Rule of 30 for the entire year and beyond.

Despite the current geopolitical inflationary and turbulent economic environment. The company does not see any material influences or challenges that would impair its ability to deliver on its strong outlook in 2022, many of the key variables inherent in the execution of wells business are firmly in its own glass and not dependent on outside factor.

Despite the current geopolitical inflationary and turbulent economic environment, the company does not see any material influences or challenges that would impair its ability to deliver on its strong outlook in 2022. Many of the key variables inherent in the execution of wealth business are firmly in its own grasp and not dependent on outside facts.

<unk>.

I'll speak to some commentary on some of our various business units now in Canada, well is quickly expanding on what it has built the most consequential network of non governmental health care assets across the country with significant operations and interoperability between its outpatient clinics EMR diagnostic and telecom businesses.

I'll speak to some commentary on some of our various business units now in Canada, as well as quickly expanding on what it has built, the most consequential network of non-governmental health care assets across the country with significant operations and interoperability between its outpatient clinics, EMR, diagnostic, and telehealth businesses.

Yes.

Primary clinic business.

Primary clinic business is proving to be resilient thus far. However, we're expecting a slight slowdown as we entered to the summer months where there tends to be fewer patient visits in the warmer months and physicians generally take vacation time in the summer.

Proving to be resilient, thus far.

However, we're expecting a slight slowdown as we entered the summer months, where there tends to be fewer patient visits in the warmer months and physicians generally take vacation time in December .

And any patient volumes are expected to increase again in the fall and winter months in the latter part of the year keep in mind. This is all included as part of our guidance and this is entirely within the seasonal context of the business.

And any patient volumes are expected to increase again in the fall and winter months in the latter part of the year. Keep in mind, this is all included as part of our guidance and this is entirely within the seasonal context of the business.

We are witnessing by health volumes, increasing in Q2, which tends to be the seasonally strongest quarter for the company.

We are witnessing my health volumes increasing in Q2, which tends to be the seasonally strongest quarter for the company.

As I mentioned on our previous quarterly call. We have started the creation of a new provider focused business unit, which combines the divisions of the EMR group, Dr Kerr and digital apps businesses.

As I mentioned on our previous quarterly call, we have started the creation of a new provider focused business unit, which combines the divisions of the well EMR group, doctor care, and digital apps business

This new consolidated group would focus on bringing together the company's tools and effectively bundling them to help simplify and support healthcare practice.

This new consolidated group will focus on bringing together the companys tools and effectively bundling them to help simplify support health care practitioners.

The group would include companies and brands such as cognizant M D.

The group would include companies and brands such as Cognizant MD, Aware MD, IntraHealth, Oscar Pro, Doctor Care, and Doctor Services Group. More than one out of five doctors in Canada is being served by Wells providers.

Where I'm D intra health Oscar Pro Doctor care and Doctor Services group.

One out of Canada.

Canada is being served by wells provider.

Okay.

We believe the opportunity to provide integrated offerings will allow <unk> to leverage its unique platform featured continued to grow its market share.

We believe the opportunity to provide integrated offerings will allow well to leverage its unique platform features and continue to grow its market share.

Yeah.

The ocean platform by cognizant M D.

It's something that I'd like to speak a little bit about. We acquired cognizant back in Q4 or 2021, and we are seeing it continue to flourish and become the dominant player in digital patient engagement in Canada.

It's something that I'd like to speak a little bit about we acquired cognizant back in Q4, 2021, and we are seeing it continue to flourish and become the dominant player in digital patient engagement candidate.

Here's just some of their accomplishment only since the start of the year, this year, 2022, just a few months ago, since January 1st, 2022, over 800 new physicians have started using the ocean tools for patient care and referral.

Here are just some of their accomplishment only since the start of the year. This year 2022, just a few months ago. Since January one 2020 to over 800, new physicians have started using the ocean tools for patient care and referrals.

Other than 200 physicians have added online patient booking on ocean, which equates to.

more than 1,200 physicians have added online patient booking on Ocean, which equates to roughly 1.4 million more Canadians having access to online booking. 1,100-plus physicians have added patient messaging on Ocean, making it easier for patients to connect with their healthcare provider.

Roughly one 4 million more Canadians, having access to online bookings.

700, plus physicians have added patient messaging on ocean, making it easier for patients to connect with their health care provider and.

And over 43000 referrals have been sent on Ocean monthly with real time updates for patients. This is improving transparency and reducing wait times for patient care.

And over 43,000 e-referrals have been sent on Ocean Monthly with real-time updates for patients. This is improving transparency and reducing wait times for patient care.

Overall close to 10000 physicians now use ocean tools for patient care and referrals in Canada and the company has made approximately 640000 referrals overall.

Overall, close to 10,000 physicians now use Ocean's tools for patient care and referrals in Canada, and the company has made approximately 640,000 referrals overall.

Please keep in mind that there are only about 80,000 physicians in the entire country for all sub-specialties.

Keep in mind that there are only about 80000 physicians in the entire country for all sub specialties.

These figures are accelerating as we believe ocean is quickly becoming the de facto E referral tool for the country as it currently is in Ontario.

quickly becoming the de facto e-referral tool for the country as it currently is in Ontario. We note that many provinces are currently prioritizing e-referral projects and planning due to the important nature of this function for public health and safety, and Oceans Platform is extremely favourably positioned to win this arena.

We note that many provinces are currently prioritizing your referral projects and planning due to the important nature of this function for public health and safety and Ocean platform is extremely favorably positioned to win this theory.

In this arena.

Meanwhile, in the United States wealth strategy to focus on key specialty areas, such as Gastroenterology Women's health.

Meanwhile, in the United States, well, strategy to focus on key specialty areas such as gastroenterology, women's health, and primary care with a focus on specialty niches such as mental health continues to gain.

And primary care with a focus on specialty niche as such as mental health continues to gain.

Momentum.

<unk> patient services business in the U S include CRH, we're very pleased with CRH has results in Q1, and thus far in Q2 here a few more details.

Wells patient services business in the US includes CRH. We're very pleased with CRH's results in Q1 and thus far in Q2. Here are a few more details.

Expecting Q2 to be seasonally better than Q1, and we're expecting an even stronger back half of the year when volumes for endoscopic procedures increase as noted by Eva earlier, we experienced an acceleration in organic growth, which increased to 10% and same store sales on a year over year basis. We believe this elevated.

We are expecting Q2 to be seasonally better than Q1, and we're expecting an even stronger back at half of the year when volumes for endoscopic procedures increase, as noted by Eva earlier. We experienced an acceleration in organic growth, which increased to 10% in same-store sales on a year-over-year basis. We believe this elevated growth was as a result of pent-up demand due to COVID disruptions.

Growth was as a result of pent up demand due to Covid disruptions.

previous COVID disruptions and our team's excellent execution and being able to support that elevated demand.

Previous COVID-19 disruptions and our team's excellent execution and being able to support that elevated demand.

We believe the elevated demand and growth may last for at least another one to two years and perhaps even longer depending on the market.

we believe the elevated demand and growth may last for at least another one to two years and perhaps even longer depending on the market. Also, we've had a good start to our hemorrhoids.

Also we've had a good start to our hemorrhoid banding clinic program, we're still expecting a minimum of seven to eight clinics by the end of the year and still believe banding as a $50 million to $100 million.

We're still expecting a minimum of seven to eight clinics by the end of the year and still believe banding is a fifty to hundred million dollars and more potentially revenue business just in the United States over the long term with with strong and resilient margin.

And more potentially revenue business just in the United States over the long term with with strong and resilient margins. This is an area of keen focus as we believe the intellectual property of our patented in FTE approved banding device positions us to be the market leader in clinical services for hemorrhoid and lower digested related matters.

This is an area of keen focus as we believe the intellectual property of our patented and FDA-approved banding device positions us to be the market leader in clinical services for hemorrhoids and lower-digester-related matters.

We believe the key here is education, given the extremely high level of clinical success patients are having with banding is.

We believe the key here is education, given that the extremely high level of clinical success patients are having with banding is not well understood enough. Most patients and many physicians are not aware of how successful these tools are and how strong patient outcomes have been.

Not well understood enough most patients and many.

Physicians are not aware of how successful these tools are and how strong patient outcomes have been.

As such we are experimenting with a number of different ideas to educate the market about bending we've launched a number of digital tools online education initiatives and are telling the story in a more forceful in effective way than ever before.

As such, we're experimenting with a number of different ideas to educate the market about banding. We've launched a number of digital tools, online education initiatives, and are telling the story in a more forceful and effective way than ever before.

The key here is that we believe we can grow the market and take a share out of the multibillion dollar U S hemorrhoid care and treatment market.

The key here is that we believe we can grow the market and take a share out of the multi-billion dollar U.S. hemorrhoid care and treatment market.

The two virtual services businesses in the U S.

Operated by well include circle medical and West.

operated by, well, include circle medical and WIS.

Based on March 'twenty to 'twenty two results the combined businesses generated positive adjusted EBITDA with a revenue run rate exceeding $100 million and Canadian dollars.

Based on March 22 results, the combined businesses generated positive adjusted EBITDA with the revenue run rate exceeding $100 million in Canadian dollars.

It is expected that the combined businesses, which will exceed $130 million in Canadian dollars on a run rate basis later this year.

It is expected that the combined businesses will exceed $130 million in Canadian dollars on a run rate basis later this year.

Circle Medicals year over year growth in Q1, 2022 was driven by patient visits.

Circle Medical's year-over-year growth in Q1 2022 was driven by patient visits.

increasing by 343% on a year-over-year basis.

Increasing by 343% on a year over year basis.

The number of practitioners working with circle medical Q1 increased by 206% over the same period.

the number of practitioners working with Circle Medical Q1 increased by 206% over the same period.

Similarly, WISP's growth in Q1 2022 was driven by an 83% year-over-year increase in asynchronous patient consultations, driving significant incremental e-pharmacy evidence.

Similarly, with <unk> growth in Q1, 2022 was driven by an 83% year over year increase in asynchronous patient consultations driving significant incremental pharmacy revenue.

Overall, we're pleased to note that wells pure virtual health businesses are profitable if you combine our Tia health Canadian business with our circle in which businesses, they're growing extremely quickly and they are profitable on a combined basis I don't believe any other virtual care provider in the world operating at scale.

Overall, we're pleased to note that Wells' pure virtual health businesses are profitable. If you combine our TIA Health Canadian business with our Circle and WIS businesses, they're growing extremely quickly and they are profitable on a combined basis. I don't believe any other virtual care provider in the world operating at scale can currently say that.

Currently say that.

And now an update on our ESG program.

In 2021, well developed and launched our ESG program that is an integral part of our growth strategy and reflects our ongoing commitment to delivering on our mission vision and purpose in 2022, well, we'll embark on an ESG strategy implementation, including publishing our inaugural ESG report and.

In 2021, well-developed and launched our ESG program that is an integral part of our growth strategy and reflects our ongoing commitment to delivering on our mission, vision, and purpose.

In 2022, WELL will embark on an ESG strategy implementation, including publishing our inaugural ESG report and establishment of our ESG committee comprised of key management to oversee the delivery of our ESG committee.

<unk> of our ESG Committee comprised of key management to oversee the delivery of our ESG commitments.

our emerging ESG strategy established a number of ESG priorities which support our overall growth strategy. One, safeguarding patient data by elevating the privacy and security posture of patient data through our risk management process.

Our emerging ESG strategy established a number of ESG priorities, which support our overall growth strategy one safe.

Safeguarding patient data by elevating the privacy and security posture of patient data through our risk management processes.

to digital practitioner enablement by supporting practitioners to provide timely, accessible, and high-quality patient care while reducing environmental impacts through our use of digital solutions.

<unk> digital practice share enablement by supporting practitioners to provide timely accessible and high quality patient care, while reducing environmental impacts to our use of digital solutions three healthy place to work by upholding a culture of respect prioritizing health and wellbeing and taking targeted actions.

Three, a healthy place to work by upholding a culture of respect, prioritizing health and well-being, and taking targeted actions to support diversity, equity, and inclusion within the workplace environment.

<unk> to support diversity equity and inclusion within the workplace Mark workplace environment.

And for disciplined governance and risk framework that provides strong and effective corporate governance oversight and transparency across our business activities well is the well diversified fast growing digital health and tech enabled healthcare company delivering on a strong ESG mandate and building societal value.

and for disciplined governance and risk framework that provides strong and effective corporate governance, oversight, and transparency across our business activities. Well as a well-diversified, fast-growing digital health and tech-enabled healthcare company delivering on a strong ESG mandate and building societal value. Well as a purpose-driven business that aims to transform the world for the better, and as such the company is embarked on an ongoing ESG program. This is not a box

Well as a purpose driven business that aims to transform the world for the better and as such the company has embarked on an ongoing ESG program.

This is not a box checking exercise for us.

We mean business with our ESG program. The company plans on publishing a report in the coming weeks, highlighting the strategy, reporting initiatives, and its targeted actions, and demonstrating accountability to these commitments.

<unk> main business with our ESG program. The company plans on publishing a report in the coming weeks, highlighting this strategy reporting initiatives and its targeted actions and demonstrating accountability to these commitments.

In closing I want to thank all of you for joining us on this call today and thank our shareholders and investors for their continued support capital markets have been very supportive of our vision and it provided provided us with the funding and patients needed to pursue our goals.

including I want to thank all of you for joining us on this call today and thank our shareholders and investors for their continued support.

Capital markets have been very supportive of our vision and it provided provided us with the funding and patients needed to pursue our goal.

I would also like to thank well senior management team and all of our employees and contractors for their tremendous effort. In particular, I would like to thank our team of health care practitioners and our frontline workers who continue to keep our clinics open and provide unbeatable.

I'd also like to thank wells senior management team and all of our employees and contractors for their tremendous effort and.

Particular, I would like to thank our team of health care practitioners and our frontline workers, who continue to keep our clinics open and provide unbeatable care.

They remind us every day why we are here and why we are here to support them.

They remind us every day why we are here and why we are here is to support them.

Thank you and with that we'll open the call to questions. Operator, Please help us with your questions.

Thank you. And with that, you'll open the call to questions. Operators, please help us answer the questions.

Thank you Sir.

Thank you, sir. Ladies and gentlemen, we will now begin the question and answer session. If you would like to ask a question, please press the star followed by the number one on your telephone keypad. If you would like to withdraw your question, please

Ladies and gentlemen, we will now begin the question and answer session.

If you would like to ask a question. Please press the star followed by the number one on your telephone keypad.

If you would like to withdraw your question. Please press the star followed by the number too.

Please standby for your first question.

Your first question comes from Christians CRO of eight capital. Please go ahead.

Your first question comes from Christian Scrow of Eight Capital. Please go ahead.

Yes.

Hi, good afternoon, and thanks for taking my question first one here is a two parter on the guidance.

Good afternoon and thanks for taking my question. The first one here is a two-parter on the guidance

First quick question is does the revenue guidance for the year include any future unannounced M&A and then maybe the second part of the question is just from when you issued it to know which business units have outperformed or contributed most of the increase.

The first quick question is, does the revenue guidance for the year include any future unannounced M&A? And then maybe the second part of the question is, just from when you issued it to now, which business units have outperformed or contributed most to the increase?

Thanks Christian yes.

<unk>.

Well I'll start.

Well, I'll start with the question around, you know, contribution.

I'll start with the with the question around.

<unk>.

I would say that our digital our U S business.

I would say that our digital, our U.S. business, while we're seeing, you know, very good performance from all of our business units, our U.S. businesses I think are definitely leading in terms of driving that, you know, revenue enhancement, particularly the U.S. digital businesses, which as you know, has had very strong organic growth. But as I noted here, you know, CRH has also seen some very strong organic growth as well.

We're seeing very good performance from all of our business units. Our U S businesses I think are definitely leading in terms of.

Driving that.

Revenue enhancement, particularly the U S digital businesses, which as you know has had very strong organic growth, but as I noted here.

CRH has also seen some very strong organic growth as well.

And I would say we have minimal M&A included in that revenue guide.

And I would say we have minimal M&A.

M&A included in that revenue guidance.

Okay. That's helpful. My second question might ask today is on the.

That's helpful. The second question I'd ask today is on the M&A strategy and the offensive posture you've spoken about. You touched on this a little bit, but maybe what acquisition targets you think might fit best. And then as a follow-on there, we've seen public sector multiples come down, but have you seen multiples come down at all in the private sector?

The M&A strategy in the offensive posture and you've spoken about you touched on it a little bit, but maybe what acquisition targets you think might go bust and then as a follow on there.

Public sector multiples come down, but have you seen multiples come down at all in the private sector.

Yeah, so listen, I think in terms of the types of assets.

Yeah, So listen I think in terms of the types of assets.

you know they're not going to be out of scope to our current business. As I mentioned before we like our you know we really like our business in terms of the current scope and we're just getting deeper and and we're using the Tuckins to complete white space regionally in subspecialty areas or to you know gain additional traction in areas that we think are important.

They're not going to be out of scope to our current business.

As I've mentioned before we like our.

We really like our business in terms of the current scope and were just getting deeper and we are using the tuck ins to complete white space regionally in some specialty areas or to gain additional traction in areas that we think are important.

We continue to really believe primary care is a is a great place we want.

You know we continue to really believe primary care is a is a great place we want

you know, we want to have more exposure to primary care, you know, while

<unk>.

We want to have more exposure to primary care.

While while the per unit economics are a bit lower in primary care. We believe those per unit economics are likely on the way up as a result of the scarcity factor that.

While the per unit economics are a bit lower in primary care, we believe those per unit economics are likely on the way up as a result of the scarcity factor that the world's currently seeing in primary care, especially here in North America. And also, you know, you start your.

The world's currently seeing in primary care, especially here in North America.

And also you start your journey in health care with your primary care provider and so they end up controlling and driving a lot of economic output and I think a big part of unlocking the value of <unk>.

journey in healthcare with your primary care provider, so they end up controlling and driving a lot of economic output. And I think a big part of unlocking the value of the opportunity that WELL has is not only being able to start that journey, but also fulfilling different elements of that journey.

<unk>.

The opportunity that well has is not only being able to start that journey, but also fulfilling different elements of that journey.

Um, and so, uh, and so, you know, primary care is interesting to us, uh, as, as our specialty care areas, uh, as say in the, my health business or the business.

And so and so primary care is interesting to us.

Our specialty care areas I'd say in the my health business or the CRH business.

But I think what you're going to be seeing is for us to really focus on, you know, opportunities where we are buying at a much, much more creative level, given what we're seeing in some of these multiples, which is, I think, Katie, your second question.

But I think what youre going to be seeing is for us to really focus on.

Opportunities, where we are buying it at a much much more accretive level given what we're seeing.

And some of these multiples, which is I think key to your second question.

We are seeing multiples decline, and this is one of the reasons why I wanted to maintain an offensive posture with the environment out there, given just how bearish and how elevated risks are. A company like, well, would have needed to be very defensive in this arena. Just even in a matter of weeks and months, the situation has deteriorated quite a bit.

We are seeing multiples declined and this is one of the reasons why I wanted to maintain.

Offense of posture with the environment out there given just how bearish and how elevated risks are.

A company like well would have needed to be very defensive in this arena.

Just even in a matter of weeks and months.

The situation has deteriorated quite a bit the financing that we announced yesterday really position us to not only have that improved resilience, but to also now be on the offensive posture and I think that as I.

the financing that we announced yesterday really position us to not only have that improved resilience, but to also now be on an offensive posture. And I think that, as I mentioned, we will see very strong results as part of how we allocate this capital, which will obviously be cautious and methodical as always. That's very helpful context.

And we will see very strong results as part of how we allocate this capital, which will obviously be cautiously methodical as always.

That's very helpful context, thanks for taking my questions I'll pass the line.

Your next question comes from David Kwan of TD Securities. Please go ahead.

Your next question comes from David Kwan of TD Securities. Please go ahead.

Good morning.

Good commentary there <unk> any of that I appreciate that.

Good commentary there, Hamid, and Yvette, I appreciate that. It was curious as it relates to the primary care that you were just talking about. Obviously, there's been a lot of media reports just on the ongoing shortages of family doctors, especially out here. Are you finding more doctors looking to move their practices to one of your clinics so they can...

I was curious as it relates to the primary care that you were just talking about obviously theres been a lot of media reports on the ongoing shortages of family doctors, especially out here.

Are you finding more doctors looking to move their practices to one of your clinic. So they can do more less admin work and kind of focus more on patient care and as well maybe doctors.

do less admin work and kind of focus more on patient care and as well, maybe, you know, doctors that are looking to keep their own practices, but maybe leverage your, your suite of solutions to help increase the automation and kind of reduce the manual work, the charting, et cetera, et cetera.

Doctors that are looking to keep their own practices, but maybe leverage your suite of solutions to help increase the automation and kind of reduce the manual work, the chartering et cetera et cetera.

Yeah, absolutely David.

Yeah, absolutely. David, that is...

That isn't I think a clear and unmistakable trend.

That is, I think, a clear and unmistakable trend, and we don't acquire small clinics anymore. We absorb them. We recruit them. We go to single practitioner clinics or very small clinics, and we don't offer them capital to join us. We demonstrate the benefits in joining us, and they're joining us.

And we don't acquire small clinics anymore, we absorb them we recruit them.

We go to.

Single practitioner clinics were very small clinics, and we don't offer them capital to join us.

Demonstrate the benefits of joining us and they are joining us.

And that's, I think, something that likely is not really priced into our story, just how powerful that idea is and the kind of flywheel that we're starting to see emerging from doctors being acclimated to our tools, trusting well because they use our tools, and then understanding that, hey, I don't have to run this business anymore, and I could probably make as much, if not more, because someone else can run it in a more efficient and practical way for me.

And that's I think something that likely is not really priced into our story just how powerful that idea is.

And the kind of flywheel that we're starting to see emerging from.

Doctors being acclimated to our tools trusting well because they use our tools and then understanding that hey, I don't have to run this business anymore, and I could probably make as much if not more because someone else can run it in a more efficient and practical way for me and so I.

And so I think this is a trend that I often talk about as a corporatization trend, as opposed to a privatization trend.

I think I think this is a this is a trend that I often talk about is the corporatization trend as opposed to a privatization trend.

much is being made of talking about privatization in Canada, about, you know, two tiers of medical availability.

Much has been made of talking about privatization in Canada about.

Two tiers of medical availability.

I think the more interesting trend is the fact that practitioners don't want to run these businesses anymore and are looking for corporate support.

I think the more interesting trend is.

Is the fact that practitioners don't want to run these businesses anymore, and our and our and are.

Looking for.

Corporate support.

And I think Well is absolutely the best position company to capitalize on that trend.

And I think well there is absolutely the best positioned company to capitalize on that on that on that.

Trent.

That's helpful. Thanks, and thanks to all of it.

Oh, it's helpful. Thanks. Thanks, Thomas. And, you know, one other question. Just as it relates to CIRCLE and WIS also, we've seen some pretty strong growth there. Your guidance suggests roughly 30% growth in the balance of the year.

And one other question just as it relates to circle and West I'll say, we've seen some pretty strong growth there in your guidance suggests roughly 30% growth in the balance of the year.

How should we think about that growth kind of beyond that, like looking at say 2023, like how long do you think we could see these, you know, very high growth rates, and would I assume that you guys would probably look to still run these businesses either on a break even or a profitable basis.

How should we be thinking about that growth kind of beyond that looking out say 2023 like how how long do you thinking we could see these very high growth rates and I assume that you guys would probably look to still run these businesses either on a breakeven or profitable basis.

Yeah, I mean listen I think.

Yeah, I mean, listen, I think what's what's really remarkable about their growth about the growth of these assets is that it's all organic and it's and so capital efficient, right? And, and I just don't know of anyone else that is.

What's what's really remarkable about their growth.

About the growth of these assets is it it's all organic.

So capital efficient right.

And I, just don't know of anyone else that is.

Running.

you know, running these businesses as efficiently as our operators currently are. I note that our operators of Circle believe that we're currently here in this month in May on likely a $50 million U.S. revenue run rate. So we're not far from exceeding a $100 million ARR business, you know,

These businesses as efficiently as our operators currently are.

I note that.

Our operators have circle believes that we are currently here in this month in may on likely a $50 million of U S.

Revenue run rate.

No.

Sure.

Not far from exceeding $100 million <unk> business.

you know, on a run rate business and Wispis is, you know, closely behind.

On a run rate business and with this.

<unk> is closely behind.

And I think.

I think our CACs, our LTVs are strong. I think that one of the really exciting things that we're seeing is a real emphasis on supporting the patient. What I love about what CIRCL is doing is that they're acquiring through niche vehicles, but they're converting into customer, patients into being long-term primary care patients.

Our tax our Ltvs are strong I think that one of the really exciting thing that we're seeing is a real emphasis on supporting the patient.

About with circle is doing is that they are acquiring through niche vehicles, but theyre converting into.

Customer patients into into being long term primary care patients and I think and I think that's that's really the winter I mean, theres a lot of people out there trying to acquire a patient to provide a.

And I think, and I think that's, that's really the winner. I mean, there's a lot of people out there trying to acquire a patient to provide a medical consultation or maybe a mental health visit or to try and offer them some, some kind of interventional treatment.

Medical consultation or maybe a mental health visit or to try and offer them some kind of interventional treatment, but the idea of being able to convert those patients into long term primary care longitudinal care patients I think is really key.

But the idea of being able to convert those patients into long-term primary care, longitudinal care patients, I think is really the key. And I think that if you don't do that, I think it's tough to win out there. And we've seen from other companies that have had tough

And I think that's if you don't do that I think it's tough to win out there and we've seen from other companies that have had tough.

And they've delivered tough guidance lately that they're kind of at the whim of, of, of, of, you know, they're, they're the acquisition costs out there. And, and,

Deliver tough guidance lately that they are kind of at the whim of.

They're there.

Acquisition costs out there.

And I think.

The key is your LTV. The key is what what are you really doing with those patients. Once you acquire them and I think we've got really the best posture there.

The key is your LTV, the key is what, you know, what are you really doing with those patients once you acquire them? And I think we've got really the best posture there. And so that's why I'm so hopeful about this business moving forward.

And so.

That's why I'm, so hopeful about this business moving forward.

Thanks, all of it I think I know what company you're talking about.

Thanks, Holland. I think I know what company you're talking about. I don't need to mention it, but I appreciate the call, and good luck.

You mentioned it but I appreciate the color and good luck.

Thank you David.

Your next question comes from Jim Rome duplicate of David Barden. Please go ahead.

Your next question comes from Jerome Dubray of Desjardins. Please go ahead.

Hi, Thank you for taking my question for you or for some modeling question on your on your comment.

Hi, thank you for taking my question, for the modeling question on your comment about the possible

About the possible minimal additional M&A.

minimal additional M&A and definitely it's now more possible with the additional dry powder that you have. You cited areas of interest being physician acquisition.

<unk> now more possible would be additional dry powder that you have.

You sided.

Areas of interest being a physician acquisition special.

Specialty clinics and executive health opportunities. So we should we should probably model

Specialty clinics and executive health opportunity. So we should we should probably model.

Future opportunities in the Omnichannel.

future opportunities in the omnichannel business segment, right? And then my second question is in terms of the reopening.

This segment right and then.

My My second question is in terms of the of the reopening.

You mentioned that there could be elevated demand for for one to two years.

You mentioned that there could be elevated demand for one to two years, definitely consistent with what we've seen from industry publications. I wonder what type of accept capacity you currently have within your assets that could make you capitalize on this opportunity?

Definitely consistent with what we've seen from from industry publications I Wonder what type of access capacity you currently have.

Within your assets that are that could make you capitalize on this opportunity. Thanks.

Yes, thanks for the questions Jerome.

Yeah, thanks for the questions Jerome. As far as modeling our M&A, I think we have dramatically reduced our M&A and as Eva discussed, we only had a couple of small tuck-ins to speak of in this quarter. And I think that kind of cadence is reasonable and maybe even lower depending on how big the tuck-ins are. But I think that

As far as modeling our M&A I think.

We have we have dramatically reduced our M&A and as EBIT discussed we only had a couple of small tuck ins to speak off in this quarter and I think that kind of cadence is reasonable and maybe even lower.

Depending on how big the tuck ins are but I think I think that.

In general and again it just depends on.

The in general, and again, it just depends on on on on how strong and accretive these these acquisitions opportunities look like. I mean, we have a number of things lined up. They are spread across primary specialized care and virtual services.

On how.

Strong.

Accretive. These these acquisition opportunities look like I mean, we have a number of things lined up they are spread across primary specialized care and virtual services.

So it's it's it's tough I think to kind of dig into all the all of the.

So, it's tough, I think, to kind of dig into all the permutations of what it could look like. But I think if you were to look at recent M&A activity and model accordingly, that would be probably a reasonable approach. No doubt, Pardi can give you some additional perspectives as he's working with analysts.

All the permutations of what it could look like but I think if you were to look at recent M&A activity and model accordingly that would be probably a reasonable approach.

No doubt party can give you some additional perspective as he is working with analysts.

On the elevated demand question I think listen see 10% same store sales growth in CRH.

On the elevated demand question, I think, listen, seen 10% same store sales growth in CRH is has been has been very good. And I do think that.

It is has been has been very good and I do think that.

The biggest difference I think that we're seeing right now is normally.

you know the biggest difference I think that we're seeing right now is normally if you wanted to schedule a you know a case you know a colonoscopy and and and accompanying anesthesia you know before you could do it within a few days and now you know they're scheduling two three months in advance this has the effect of obviously

You wanted to schedule.

Case, colonoscopy and the accompanying anesthesia.

Before you could do it within a few days and now.

Theyre scheduling two three months in advance.

This has the effect of obviously.

Yes.

you know, making sure that we have, you know, strong

Making sure that we have strong.

Timetables and cute and Qs in terms of patients and making sure that we're very methodical and inefficient in terms of tackling the.

timetables and cues in terms of patients and making sure that we're very methodical and efficient in terms of tackling the cases that are there. But it also minimizes your no shows, right? Every business, every healthcare business does deal with no shows.

The cases that are there, but it also minimizes.

No shows right.

Every business every health care business does deal with no shows and if you know that youre not going to get another opportunity to.

And if you know that you're not going to get another opportunity to have that consultation for months.

To have that consultation for months.

the chances that you will not show up go down dramatically. That's one of the things that we've seen. So I think there are a number, and listen, our team has really executed. There's a number of things we've done in terms of workflow. We're always optimizing our business. We're always doing everything we can to improve the different aspects of it. And that's certainly one of the reasons why we did this acquisition, because, you know,

Is that you will not show up.

Down dramatically that's one of the things that we've seen so.

I think there are a number and listen to our team has really executed theres a number of things we've done in terms of workflow.

These optimizing our business we're always.

Doing everything we can to improve.

The different aspects of it and that's certainly one of the one of the one of the reasons why we did this acquisition because.

It's not just virtual virtual care is not the only way healthcare.

it's not just virtual, virtual care is not the only way health care digitization and modernization shows up. All aspects of health care, all aspects of preparing practitioners, enabling them they're from a back office perspective and empowering them to to produce results and to care for patients are taking up these tools. And I think

Digitization of Modernisation shows up all aspects of health care all aspects of preparing.

Practitioners, enabling them from a back office perspective, and empowering them to produce results and to care for patients.

Our kicking up these tools and I think.

I think.

I think that will continue to be something that we will work on in order to ensure that we see elevated performance from CRH and those practitioners.

That will continue to be something that we will work on in order to.

Ensure that we that we see elevated.

Performance from from CRH and those practitioners.

Great. Thank you.

Yeah.

Your next question comes from Justin <unk> of Stifel. Please go ahead.

Your next question comes from Justin Keywood of Stiefel. Please go ahead.

Alright, Thanks for taking my call I had a follow up question on the West medical asset.

Hi, thanks for taking my call. I had a follow-up question on the WISP medical asset. Just given the Supreme Court case going on in the U.S. role versus Wade and some potential ramifications for that in women's health, is that business preparing for any type of change in demand? I know there's provide some contraception products and related services, or how do you see that shaping up?

Just given the Supreme Court case going on in the U S. Our Roe versus Wade and some potential ramifications for that in our women's health is that business preparing for any type of change in demand I know there's provide some contraception.

<unk> and related services or how do you see that shaping up.

Hi, Justin I think it's a very on point question.

Justin, I think it's a very on point question that the team actually at WISP is working on a number of different, you know, product opportunities and I do believe that there are

The team actually wisp is working on a number of different.

Product opportunities and I do believe that there are.

Some.

So some likely some benefits in terms of.

Some likely some benefits in terms of with being in a position to better support, you know,

With being in a position to better support.

Women in the United States as a result of some of these changes.

women in the United States as a result of some of these changes and

Um, you know, we have tremendous connectivity with, um, you know, with, with, with our patient base today, they trust us. And so, uh,

We have tremendous connectivity.

<unk>.

With our patient base today, They trust us and so.

Yes.

We are focused on.

you know, we are focused on, you know, reproductive health and I believe that there are a number of different products and services that we could be adding and I know I don't want to take the wind out of the sales of any launches or say anything but just I will say that there is, you know, tremendous product development activity taking place and I do expect that to be a catalyst.

Reproduction reproductive health and and I and I believe that there are a number of different products and services that we could be adding and I know I don't want to take the wind out of the sales of any launches, we're saying anything but I will say that there is.

Tremendous product development activity, taking place and I do expect that to be a catalyst.

Great and.

Great. And of the expected run rate for the US virtual businesses, are you able to sparse out what the Wisp business is run rating at?

Of the expected run rate for the U S. Virtual businesses are you able to spur so what the wisp business is run rating up.

I believe, I don't know if I have where we're at in May, but I believe we were over 40 million U.S. comfortably, you know, is likely where we're at right now.

I believe I don't know if I have where we're at in May but I believe we were over 40.

Over $40 million U S comfortably.

Like where we're at right now.

Okay. Thank you for taking my questions.

There are no further questions.

There are no further questions. There are no further questions from the phone lines. I'll now turn the call back to Mr. Shabazi for closing comments.

There are no further questions from the phone lines I will now turn the call back to Mr. <unk> for closing comments.

Thank you all for your questions and everyone for your attendance today and again. Thank you for all your support of well.

Thank you all for your questions and everyone from your attendance today, and again, thank you for all your support of well. It's management team and all the practitioners and employees that are out there every day caring for patients. We appreciate your support and look forward to speaking with you next quarter.

Its management team and all the practitioners and employees that are out there everyday caring for patients. We appreciate your support and look forward to speaking with you next quarter.

Ladies and gentlemen, this does conclude your conference call for today, we would like to thank you for participating and ask you to please disconnect your lines.

Ladies and gentlemen, this does conclude your conference call for today. We would like to thank you for participating and ask you to please disconnect your line.

The.

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