Q2 2025 WELL Health Technologies Corp Earnings Call

Welcome to the warehouse Technologies Corp, second quarter 2025 financial results Conference call. My name is Joana and that will 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 for analysts only.

Please note that this conference is being recorded.

I'll now turn the call over to <unk> Investor Relations manager Mr. <unk> you may begin.

Speaker #4: Welcome to the WELL Health Technologies Corp's second quarter 2025 financial results conference call. My name is Joanna, and I will be your operator for today's call.

Joanna: Welcome to the WELL Health Technologies Corp's second quarter 2025 financial results conference call. My name is Joanna, and I will be your operator for today's call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session for analysts only. Please note that this conference is being recorded. I'll now turn the call over to Tyler Baba, investor relations manager. Mr. Baba, you may begin.

Thank you operator, and welcome everyone Cabal health fiscal second quarter financial results conference call for the first three months.

Speaker #4: At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session for analysts only. Please note that this conference is being recorded.

The three months ended June 32025, joining me on the call today are how much you, Bob <unk>, Chairman and CEO and even following the company's CFO.

Dress that everyone has received a copy of our financial results press release that was issued earlier today.

Speaker #4: I'll now turn the call over to Tyler Baba, Investor Relations Manager. Mr. Baba, you may begin.

Portions of today's call.

Speaker #5: Thank you, Operator, and welcome everyone to WELL Health's fiscal second quarter financial results conference call for the first three months for the three months ended June 30th, 2025.

Other than historical performance include statements of forward looking information within the meaning of applicable securities law, including future oriented financial information and financial outlook information. These forward looking statements involve known and unknown risks uncertainties assumptions and other factors many of which are outside of our control that may cause.

Tyler Baba: Thank you, operator, and welcome everyone to WELL Health's fiscal second quarter financial results conference call for the first three months ended June 30th, 2025. Joining me on the call today are Hamed Shahbazi, chairman and CEO, and Eva Fong, the company CFO. I trust that everyone has received a copy of our financial results press release that was issued earlier today. Portions of today's call, other than historical performance, include statements of forward-looking information within the meaning of applicable securities law, including future-oriented financial information and financial outlook information. These forward-looking statements involve known and unknown risks, uncertainties, assumptions, and other factors, many of which are outside of WELL's 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.

Speaker #5: Joining me on the call today are Hamed Shahbazi, 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 earlier today.

The actual results performance or achievements of well to differ materially from the anticipated results performance or achievements implied by such forward looking statements.

Speaker #5: Portions of today's call, other than historical performance, include statements of forward-looking information within the meaning of applicable securities law, including future-oriented financial information and financial outlook information.

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

Speaker #5: These forward-looking statements involve known and unknown risks, uncertainties, assumptions, and other factors, many of which are outside of WELL's 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.

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 assumptions or circumstances on.

Speaker #5: These factors are further outlined in today's press release and in our management discussion and analysis. We provide forward-looking statements solely for the purpose of providing information about management's current expectations and plans relating to the future.

Tyler Baba: These factors are further outlined in today's press release and in our management discussion and analysis. 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, assumptions, or circumstances on which any such statement is based, except if it is required by law. We may use terms such as adjusted gross profit, adjusted gross margin, adjusted EBITDA, adjusted EBITDA margin, shareholder EBITDA, adjusted net income, and adjusted free cash flow on this conference call, all of which are non-GAAP and non-IFRS measures.

Which any such statement is based except if it is required by law.

We may use terms such as adjusted gross profit adjusted gross margin.

Adjusted EBITDA adjusted EBITDA margin shareholder EBITDA, adjusted net income and adjusted free cash flow on this conference call all of which are 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 in our management discussion and analysis.

Speaker #5: 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, assumptions, or circumstances on which any such statement is based, except if it is required by law.

The company believes that adjusted EBITDA is a meaningful financial metrics as a measure of cash generated from operations, which the company can use to fund working capital requirements service feature interest and principal debt repayments and fund future growth initiatives adjusted EBITDA should not be construed as an alternative to net income or loss determined in accordance with IRS and with.

Speaker #5: We may use terms such as adjusted gross profit, adjusted gross margin, adjusted EBITDA, adjusted EBITDA margin, shareholder EBITDA, adjusted net income, and adjusted free cash flow on this conference call.

Speaker #5: All of which are non-GAAP and non-IFRS measures. For more information on how we define these terms, please refer to the definitions set out in our press release today and in our Management Discussion and Analysis.

Tyler Baba: For more information on how we define these terms, please refer to the definition set out in today's press release and in our management discussion and analysis. The company believes that adjusted EBITDA is a meaningful financial metric as it measures cash generated from operations, which the company can use to fund working capital requirements, service future interest and principal debt repayments, and fund future growth initiatives. Adjusted EBITDA should not be construed as an alternative to net income or loss determined in accordance with IFRS. And with that, let me turn the call over to Mr. Hamed Shahbazi, chairman and CEO.

Let me turn the call over to Mr. How much about the chairman and CEO.

Speaker #5: The company believes that adjusted EBITDA is a meaningful financial metric, as it measures cash generated from operations, which the company can use to fund working capital requirements, service future interest and principal debt repayments, and fund future growth initiatives.

Thank you Tyler and good day, everyone. We appreciate everyone for joining us today as we discuss our Q2 245 financial results.

We are extremely proud to deliver what we feel may be our best financial as ever to our shareholders.

Speaker #5: Adjusted EBITDA should not be construed as an alternative to net income or loss, determined in accordance with IFRS. And with that, let me turn the call over to Mr. Hamed Shahbazi, Chairman and CEO.

Much to talk about on today's call as it relates to the numbers and performance.

Especially given the fact that quarterly revenues reached an annualized figure of approximately $1 4 billion.

Speaker #6: Thank you, Tyler, and good day, everyone. We appreciate everyone for joining us today as we discuss our Q2 2025 financial results. We are extremely proud to deliver what we feel may be our best financials ever to our shareholders.

Hamed Shahbazi: Thank you, Tyler, and good day, everyone. We appreciate everyone for joining us today as we discuss our Q2 2025 financial results. We are extremely proud to deliver what we feel may be our best financials ever to our shareholders. There's much to talk about on today's call as it relates to numbers and performance, especially given the fact that quarterly revenues reach an annualized figure of approximately $1.4 billion. But before we do that, we wanted to profile the evolution of the company for shareholders. As we discussed last quarter, we're working on strategic alternatives and divestiture processes for all three of our US care delivery divisions, and we'd be pleased to provide more updates later in the call on this. This WELL family tree slide provides a view of our corporate family once those processes have been completed.

Before we do that we wanted to profile the evolution of the company for shareholders.

As we discussed last quarter, we're working on strategic alternatives the divestiture processes for all three of our U S care delivery divisions, and we'd be pleased to provide more updates later in the call on this.

Speaker #6: There is much to talk about on today's call as it relates to numbers and performance, especially given the fact that quarterly revenues reached an annualized figure of approximately $1.4 billion.

This will family tree Slide provides a view of our corporate family once those processes have been completed.

Speaker #6: But before we do that, we wanted to profile the evolution of the company for shareholders. As we discussed last quarter, we're working on strategic alternatives and divestiture processes for all three of our U.S. care delivery divisions, and we'd be pleased to provide more updates later in the call on this.

Well health technology that provides exposure to for a pure play digital health markets and segments.

Our largest division by revenues as our Canadian clinics network, which is focused purely on tech enabled health care delivery. This includes our primary specialize and diagnostic imaging businesses, which.

Speaker #6: This WELL family tree slide provides a view of our corporate family once those processes have been completed. WELL Health Technologies provides exposure to four pure-play digital health markets and segments.

<unk> are the largest the most scale in the country.

Then you have well start which is our pure play SaaS and services company focused on technologies that support the care provider.

Hamed Shahbazi: WELL Health Technologies provides exposure to four pure-play digital health markets and segments. Our largest division by revenues is our Canadian Clinics Network, which is focused purely on tech-enabled healthcare delivery. This includes our primary, specialized, and diagnostic imaging businesses, which are the largest and most scaled in the country. Then you have Wellstar, which is our pure-play SaaS and services company focused on technologies that support the care provider. Then we have HealWell AI, which yesterday reported record financial results and advised the market of the board's decision to immediately become a pure-play AI data science and healthcare software company by divesting all non-SaaS and digital businesses. Finally, we have Cyberwell, our pure-play data protection and cybersecurity business, which works extremely hard and competently to protect a significant portion of healthcare data in Canada and beyond, and which is in an exciting ramp-up stage in its revenue and development.

Speaker #6: Our largest division by revenues is our Canadian clinics network, which is focused purely on tech-enabled healthcare delivery. This includes our primary specialized and diagnostic imaging businesses, which are the largest and most scaled in the country.

And then we have <unk>, which yesterday reported record financial results and advise them the market over the board's decision to immediately become a pure play AI data science and health care software company by divesting, all non SaaS and digital businesses.

Speaker #6: Then you have WellStar, which is our pure-play SaaS and services company focused on technologies that support the care provider. Then we have HealWell AI, which yesterday reported record financial results and advised the market of the board's decision to immediately become a pure-play AI data science and healthcare software company by divesting all non-SaaS and digital businesses.

Finally, we are cyber well, our pure play data protection and cyber security business, which works extremely hard and confidently to protect a significant portion of health care data in Canada, and beyond which is an exciting ramp up stage and its revenue and developments. We believe will be an excellent spinout candidate and a few <unk>.

Years.

Shareholders of the parent company will help will benefit from the consolidated financial statements and enterprise value of all these pure play areas. We also note to investors that any capital raised by well star or <unk> will not be dilutive to our shareholders.

Speaker #6: Finally, we have CyberWell, our pure-play data protection and cybersecurity business, which works extremely hard and competently to protect a significant portion of healthcare data in Canada and beyond, and which is in an exciting ramp-up stage in its revenue and development.

This structure is very capital efficient for wealth shareholders could benefit from <unk> ownership in these key segments.

Speaker #6: We believe [it] will be an excellent spin-out candidate in a few years. Shareholders of the parent company, WellHealth, will benefit from the consolidated financial statements and enterprise value of all these pure-play areas.

Hamed Shahbazi: We believe we'll be an excellent spin-out candidate in a few years. Shareholders of the parent company, Well Health, will benefit from the consolidated financial statements and enterprise value of all these pure-play areas. We also note to investors that any capital raised by Wellstar or HealWell will not be dilutive to Well shareholders. This structure is very capital efficient for Well shareholders who benefit from Well's ownership in these key segments. Moving on, in Q2 2025, Well delivered another record performance, and it's safe to say that we really shattered records and delivered our best performances ever, really across the board this quarter. This slide shows some of our key quarterly financial highlights. Well achieved quarterly revenues of $356.7 million in Q2, an increase of 57% year over year, driven by total enterprise-wide organic growth of 19% and acquisitions.

Moving on.

In Q2, 2025, well delivered another record performance and it's safe to say that we really shattered records and delivered our best performances ever really across the board. This quarter. This slide shows some of our key quarterly financial highlights.

Speaker #6: We also note to investors that any capital raised by WellStar or HealWell will not dilute Well shareholders. This structure is very capital-efficient for Well shareholders, who benefit from Well's ownership in these key segments.

<unk> achieved quarterly revenues of $356 7 million in Q2, an increase of 57% year over year.

Speaker #6: Moving on, in Q2 2025, Well delivered another record performance. It's safe to say that we really shattered records and delivered our best performances ever, really across the board this quarter.

Driven by total enterprise wide organic growth of 19% and acquisitions.

<unk> achieved adjusted EBITDA of $49 7 million in Q2 dollars 25, an increase of 231% year over year.

Speaker #6: This slide shows some of our key quarterly financial highlights. We achieved quarterly revenues of $356.7 million in Q2, an increase of 57% year over year.

And excluding the impact of circle medical deferred revenues Q2 would have been a little bit less at $347 million, representing 53% growth, while adjusted EBITDA would have been $40 million, representing 166% increase compared to the previous year.

Speaker #6: Driven by total enterprise-wide organic growth of 19% and acquisitions, we achieved an adjusted EBITDA of $49.7 million in Q2 2025, an increase of 231% year over year. Excluding the impact of Circle Medical deferred revenues, Q2 would have been a little bit less at $347 million, representing 53% growth. Adjusted EBITDA would have been $40 million, representing a 166% increase compared to the previous year.

Hamed Shahbazi: Well achieved adjusted EBITDA of $49.7 million in Q2 2025, an increase of 231% year over year. And excluding the impact of Circle Medical deferred revenues, Q2 would have been a little bit less at $347 million, representing 53% growth, while adjusted EBITDA would have been $40 million, representing a 166% increase compared to the previous year. Importantly, Well's consolidated gross margin was 44.5% in the quarter. Even without the Circle Medical deferred revenue impact, gross margins would have been 43%, which are higher than last year and last quarter. Free cash flow attributable to shareholders was approximately $11.7 million in Q2 2025, an increase of 34% as compared to $8.7 million last year. Please note that our free cash flow available to shareholders metric was impacted by elevated cash taxes and capital expenditures, which were focused on investments in upgrading our clinical portfolio.

Importantly, well consolidated gross margin was 44, 5% in the quarter, even without the circle medical deferred revenue impact gross margins would have been 43%, which are higher than last year and last quarter.

Free cash flow attributable to shareholders was approximately $11 7 million in Q2.

25, an increase of 35, 34% as compared to $8 7 million last year. Please note that our free cash flow available to shareholders.

Speaker #6: Importantly, Well's consolidated gross margin was 44.5% in the quarter. Even without the Circle Medical deferred revenue impact, gross margins would have been 43%, which are higher than last year and last quarter.

<unk> was impacted by elevated cash taxes and capital expenditures, which were focused on investments in upgrading our clinical portfolio.

Speaker #6: Free cash flow attributable to shareholders was approximately $11.7 million in Q2 2025, an increase of 34% as compared to $8.7 million last year.

Had we had not had these elevated expenditures we would've had record cash flows go up.

Moving on before we get into the operational highlights I wanted to just share with you an illustrative case in which we looked at the performance of just well Canada in CRH.

Speaker #6: Please note that our free cash flow available to shareholders metric was impacted by elevated cash taxes and capital expenditures, which were focused on investments in upgrading our clinical portfolio.

This case was good and feel well Q2 is the first time, we are including <unk> in our consolidated financials.

Speaker #6: Had we not had these elevated expenditures, we would have had record cash flow as well. Moving on, before we get into the operational highlights, I want to just share with you an illustrative case in which we look at the performance of just WELL Canada and CRH.

And <unk> does not factor into our historic results. We also excluded circle medical.

Hamed Shahbazi: Had we not had these elevated expenditures, we would have had record cash flow as well. Moving on, before we get into the operational highlights, I want to just share with you an illustrative case in which we look at the performance of just Well Canada and CRH. In this case, we excluded HealWell as Q2 is the first time we're including HealWell in our consolidated financials, and HealWell does not factor into our historic results. We also excluded Circle Medical and its deferred revenue, as well as WISP from this analysis, as both of these assets have been in process of divestment the longest. The objective of this illustrative view is to demonstrate a clear year-over-year comparison and margin profile and helps illustrate the strong underlying performance of the rest of the business.

Deferred revenue as well as with from this analysis as both of these assets have been in process of divestment for longest.

The objective of this illustrative view demonstrated clear year over year comparison and margin profile and helps illustrate the strong underlying performance of the rest of the business. So as you can see a quarterly revenue in Q2, and this illustrative case for wealth candidates duration with $254 million an increase of 36.

Speaker #6: In this case, we excluded HealWell, as Q2 is the first time we're including HealWell in our consolidated financials. And HealWell does not factor into our historic results.

Speaker #6: We also excluded Circle Medical and its deferred revenue, as well as WISP from this analysis, as both of these assets have been in the process of divestment the longest.

Percent year over year.

Compared to Q2, 2024 and organic growth of 20%.

Speaker #6: The objective of this illustrative view is to just demonstrate a clear year-over-year comparison and margin profile, and helps illustrate the strong underlying performance of the rest of the business.

Gross profit in Q2 was 90, $198 1 billion, an increase of 37% year over year.

Speaker #6: So, as you can see, quarterly revenue in Q2 in this illustrative case for WELL Canada and CRH was $254 million, an increase of 36% year-over-year.

Hamed Shahbazi: So, as you can see, quarterly revenue in Q2 in this illustrative case for Well Canada and CRH was $254 million, an increase of 36% year over year as compared to Q2 2024, and organic growth of 20%. Gross profit in Q2 was $98.1 million, an increase of 37% year over year as compared to Q2 2024. Well achieved 49% gross margin percentage in Canada and 28% gross margin percentage in CRH. Quarterly adjusted EBITDA in Q2 for Well Canada and CRH was $38.4 million, a 40% increase as compared to Q2 2024. Adjusted EBITDA margin percentage was very healthy at 15.1%. This strong EBITDA margin is reflective of a healthy and profitable core business. Looking at just Well Canada, we achieved revenue of $131.4 million, representing total growth of 40% and 25% organic growth. Meanwhile, Well Canada achieved adjusted EBITDA of $23 million and outstanding 76% year-over-year improvement.

Q2, 2024, well achieved 49% gross margin percentage in Canada, and 28% gross margin percentage.

CRH.

Speaker #6: As compared to Q2 2024, the organic growth was 20%. Gross profit in Q2 was $98.1 million, an increase of 37% year over year, as compared to Q2 2024.

Quarterly adjusted EBITDA in Q2, well candidates CRH was $38 4, million% to 40% increase as compared to Q2 2024.

Adjusted EBITDA margin percentage was very healthy at 15, 1%. This strong EBITDA margin is reflective of a healthy and profitable core business.

Speaker #6: Well achieved a 49% gross margin percentage in Canada and a 28% gross margin percentage in CRH. Quarterly adjusted EBITDA in Q2 for Well Canada and CRH was $38.4 million, a 40% increase compared to Q2 2024.

Looking at just well, Canada, we achieved revenue of $131 $4 million, representing total growth of 40% and 25%.

Organic growth.

Meanwhile, well, Canada achieved adjusted EBITDA of $23 million.

Speaker #6: Adjusted EBITDA margin percentage was very healthy at 15.1%. This strong EBITDA margin is reflective of a healthy and profitable core business. Looking at just Well Canada, we achieved revenue of $131.4 million, representing total growth of 40% and 25% organic growth.

Outstanding 76% year over year improvement.

As you can see the core business remains not only an excellent help but also growing with exceptional growth rates. These results in particular highlight the strength of our Canadian business, which is a core focus of the company moving forward.

Speaker #6: Meanwhile, WELL Canada achieved adjusted EBITDA of $23 million, an outstanding 76% year-over-year improvement. As you can see, the core business remains not only in excellent health, but also growing at exceptional rates.

And now I'll share with you some of our operational highlights for Q2 2025 at the end of Q2, well had 4300 providers clinicians delivering care across our network of physical and virtual clinics.

Hamed Shahbazi: As you can see, the core business remains not only in excellent health but also growing with exceptional growth rates. These results, in particular, highlight the strength of our Canadian business, which is a core focus of the company moving forward. And now I'll share with you some of our operational highlights for Q2 2025. At the end of Q2, Well had 4,300 providers and clinicians delivering care across our network of physical and virtual clinics. Of that number, we now have just over 1,000 physicians in Canada, which is just over 1% of all physicians practicing in the country. We have tremendous runway to continue to expand our footprint across Canada. In addition, over 42,000 healthcare providers across the country, the majority of which are physicians benefit from our SaaS and technology services provided by Wellstar.

Of that number we now have just over 1000 physicians in Canada, which is just over 1% of all physicians practicing in the country. We have tremendous runway to continue to expand our footprint across Canada.

Speaker #6: These results in particular highlight the strength of our Canadian business, which is a core focus of the company moving forward. Now, I'll share with you some of our operational highlights for Q2 2025.

In addition over 42000 health care providers across the country.

Speaker #6: At the end of Q2, Well had 4,300 providers and clinicians delivering care across our network of physical and virtual clinics. Of that number, we now have just over 1,000 physicians in Canada, which is just over 1% of all physicians practicing in the country.

The majority of which are positioned to benefit from our SaaS and technology services provided by well start with that.

To meet that more than 40% of all positions in Canada engage with the World Star technology platform in some capacity.

Speaker #6: We have tremendous runway to continue to expand our footprint across Canada. In addition, over 42,000 healthcare providers across the country, the majority of which are physicians, benefit from our SaaS and technology services provided by WellStar.

We continue to expand our digital capabilities and deliver best in class AI powered solutions, it's clear that well is playing an increasingly vital role in Canada. The health care ecosystem, we remain committed to driving innovation and making a meaningful positive impact on the future of care in this country.

Speaker #6: We estimate that more than 40% of all physicians in Canada engage with the WellStar technology platform in some capacity. As we continue to expand our digital capabilities and deliver best-in-class AI-powered solutions, it's clear that Well is playing an increasingly vital role in Canada's healthcare ecosystem.

Hamed Shahbazi: We estimate that more than 40% of all physicians in Canada engage with the Wellstar technology platform in some capacity. As we continue to expand our digital capabilities and deliver best-in-class AI-powered solutions, it's clear that Well is playing an increasingly vital role in Canada's healthcare ecosystem. We remain committed to driving innovation and making a meaningful positive impact on the future of care in this country. Looking at our patient visits, which are a strong indicator of the health of our business and of revenue growth, we delivered 1.6 million patient visits in Q2, a 21% year-over increase from the prior year, with strong organic growth of 14%. These results demonstrate our strong fundamentals and unique platform, which is winning in the marketplace. Canadian patient visits reached a major milestone, surpassing 1 million patient visits in a single quarter for the first time.

Looking at our patient visits which are a strong indicator of the health of our business and our revenue growth. We delivered $1 6 million patient visits in Q2, a 21% year over increase from the prior year with strong organic growth of 14%.

Speaker #6: We remain committed to driving innovation and making a meaningful, positive impact on the future of care in this country. Looking at our patient visits, which are a strong indicator of the health of our business and of revenue growth, we delivered 1.6 million patient visits in Q2, a 21% year-over-year increase from the prior year, with strong organic growth of 14%.

Our results demonstrate our strong fundamentals and unique platform, which is winning in the marketplace.

Canadian patient visits reached a major milestone surpassing 1 million patient visits in a single quarter for the first time.

Total patient visits increased 38% year over year, including organic growth of 12% accounting for both clinic absorptions and same clinic expansion.

Speaker #6: These results demonstrate our strong fundamentals and unique platform, which is winning in the marketplace. Canadian patient visits reached a major milestone, surpassing 1 million patient visits in a single quarter for the first time.

Hello care interactions, which is defined as total patient visits plus technology interactions pluses pillar provider hours were over $2 5 million in Q2, which represented a 34% increase compared to last year and represented 27% organic growth.

Speaker #6: Total patient visits increased 38% year-over-year, including organic growth of 12%, accounting for both clinic absorptions and same-clinic expansion. Total care interactions, which is defined as total patient visits plus technology interactions plus biller provider hours, were over 2.5 million in Q2. This represented a 34% increase compared to last year and accounted for 27% organic growth.

Hamed Shahbazi: Total patient visits increased 38% year over year, including organic growth of 12%, accounting for both clinic absorptions and same-clinic expansion. Total care interactions, which is defined as total patient visits plus technology interactions plus biller provider hours, were over 2.5 million in Q2, which represented a 34% increase compared to last year and represented 27% organic growth. Now that we've covered off the key results, I'd like to go over a few key presentation themes that we'll be covering in the rest of the presentation. These won't surprise you. One, Canadian Clinics Update. Two, Wellstar. Three, HealWell AI. And fourth, we'll provide an update on our strategic alternative processes for our US assets. The first thing I'd like to address this morning is the success of our Canadian business. As you can see from these charts, the historical performance of our Canadian Clinics business has been exceptionally strong.

Now that we've covered off the key results I'd like to go over a few key presentation themes that will be covering the rest of the presentation.

These won't surprise you one Canadian clinics update two well start three Gol AI and of course, we'll provide an update on our strategic alternative processes for our U S assets.

First thing I'd like to address this morning is the success of our Canadian business as you can see from these charts the historical performance of our Canadian clinics business.

Speaker #6: Now that we've covered the key results, I'd like to go over a few key presentation themes that we'll be covering in the rest of the presentation.

Been exceptionally strong over the past four years, our Canadian clinics business has exceeded 50% CAGR.

Speaker #6: These won't surprise you. One, Canadian clinics update. Two, WellStar. Three, HealWell AI. And fourth, we'll provide an update on our strategic alternative processes for our U.S. assets.

During the six months ended June 32025, Canadian clinics achieved revenue of $214 million and adjusted EBITDA attributable to our Canadian clinics business has grown at a CAGR of over 44% during the six months ended June 30 Canadian.

Speaker #6: First thing I'd like to address this morning is the success of our Canadian business. As you can see from these charts, the historical performance of our Canadian clinics business has been exceptionally strong.

Canadian clinics achieved adjusted EBITDA of $32 million.

Speaker #6: Over the past four years, our Canadian clinics business has exceeded 50% CAGR. During the six months ended June 30, 2025, Canadian clinics achieved revenue of $214 million, and adjusted EBITDA attributable to our Canadian clinics business has grown at a CAGR of over 44%.

Hamed Shahbazi: Over the past four years, our Canadian Clinics business has exceeded 50% CAGR. During the six months ended June 30th, 2025, Canadian Clinics achieved revenue of $214 million, and adjusted EBITDA attributable to our Canadian Clinics business has grown at a CAGR of over 44%. During the six months ended June 30, Canadian Clinics achieved adjusted EBITDA of $32 million. Our Canadian Clinics network has grown to 222 clinics at the end of Q2 compared to 128 starting Q1 2022. We expect this strong performance will continue in 2025 and beyond, driven by healthy organic growth and our very significant M&A pipeline. As I mentioned on our call, on our last call, we have a really special capital allocation program at Well that we've worked very hard to improve over the years.

Our Canadian clinics network has grown to 222 clinics at the end of Q2 compared to 128.

Starting with Q1 2022.

We expect this strong performance will continue into 2025 and beyond driven by healthy organic growth and are very significant M&A pipeline.

Speaker #6: During the six months ended June 30, Canadian clinics achieved adjusted EBITDA of $32 million. Our Canadian clinics network has grown to 222 clinics at the end of Q2 compared to 128 clinics at the beginning of Q1 2022.

As I mentioned on our call our last call. We had a really special capital allocation program that well that we've worked very hard to improve over the years.

Here. We've included an updated the same slide we showed at our last conference call that speaks to all of our clinical lab acquisition since inception.

Speaker #6: We expect the strong performance to continue in 2025 and beyond, driven by healthy organic growth and our very significant M&A pipeline. As I mentioned on our last call, we have a really special capital allocation program at WELL that we've worked very hard to improve over the years.

Note that on this slide you can see our clinical acquisitions grouped into cohorts by year of acquisition for each cohort we provided the EBITDA multiples associated with our original acquisition of these clinics shown in the dark Blue color and then we also show the resulting or improved implied EBITDA multiple that we've achieved for each of these cohorts.

Speaker #6: Here, we've included and updated the same slide we showed at our last conference call that speaks to all of our clinical acquisitions since inception.

Hamed Shahbazi: Here, we've included and updated the same slide we showed at our last conference call that speaks to all of our clinical acquisitions since inception. Note that on this slide, you can see our clinical acquisitions grouped into cohorts by year of acquisition. For each cohort, we've provided the EBITDA multiple associated with our original acquisition of these clinics, shown in the dark blue color. And then we also show the resulting or improved implied EBITDA multiple that we've achieved for each of these cohorts since then, due to the improvements we've made over time. This is shown in the light blue color. On the right-hand side of the slide, we provided total figures, total comprehensive figures, not cherry-picking, not disconcluding anything. As you can see, we've allocated $280.7 million overall in 31 separate transactions, and we have acquired $273 million in revenues.

Since then due to the improvements we've made over time. This is shown in the light blue color.

Speaker #6: Note that on this slide, you can see our clinical acquisitions grouped into cohorts by year of acquisition. For each cohort, we've provided the EBITDA multiple associated with our original acquisition of these clinics, shown in the dark blue color. We also show the resulting or improved implied EBITDA multiple that we've achieved for each of these cohorts since then, due to the improvements we've made over time.

On the right hand side of this slide we provided total figures total comprehensive figures not cherry picking not including anything as you can see we've allocated $287 million overall, it's 31 separate transactions and we have acquired $273 billion in revenues our total deal multiple for all.

Acquisitions was nine four times EBITDA at the time of acquisition.

Speaker #6: This is shown in light blue. On the right-hand side of the slide, we provided total figures and total comprehensive figures—not cherry-picking, not excluding anything.

Then we grow the EBIT of our acquired assets by 101% re rating the implied multiple to four seven times.

Speaker #6: As you can see, we've allocated $280.7 million overall and 31 separate transactions, and we have acquired $273 million in revenues. Our total deal multiple for all acquisitions was 9.4 times EBITDA at the time of acquisition.

Which which was pushed up by our largest Canadian acquisition to date, which was myself interestingly one takes out might health, which was our single largest the most expensive acquisition candidate the remaining portfolio would be almost entirely primary care oriented in this population. The average original multiple that we transfer.

Hamed Shahbazi: Our total deal multiple for all acquisitions was 9.4 times EBITDA at the time of acquisition. Since then, we've grown the EBITDA of our acquired assets by 101%, rerating the implied multiple to 4.7 times, which was pushed up by our largest Canadian acquisition to date, which was MyHealth. Interestingly, if one takes out MyHealth, which was our single largest and most expensive acquisition in Canada, the remaining portfolio would be almost entirely primary care-oriented. In this population, the average original multiple that we transacted against was 5.8 times EBITDA. But given that we've substantially improved the EBITDA for these businesses, the implied multiple after improvements currently is just at 3 times EBITDA. I'll point out a couple other observations here. Well achieved 101% adjusted EBITDA growth across all cohorts, demonstrating our ability to improve the efficiency and operating margins after we acquire a clinic.

Speaker #6: Since then, we've grown the EBITDA of our acquired assets by 101%, re-rating the implied multiple to 4.7 times. This increase was driven by our largest Canadian acquisition to date, which was MyHealth.

Back to the gates was five eight times EBITDA, but given that we've substantially improved the EBITDA for these businesses. The implied multiple after improvements currently is just three times EBITDA.

Speaker #6: Interestingly, if one takes out MyHealth, which was our single largest and most expensive acquisition in Canada, the remaining portfolio would be almost entirely primary care oriented.

I'll point out a couple of other observations here well achieved 101% adjusted EBITDA growth across all cohorts, demonstrating our ability to improve the efficiency and operating margins. After we acquire a clinic.

Speaker #6: In this population, the average original multiple that we transacted against was 5.8 times EBITDA. However, given that we've substantially improved the EBITDA for these businesses, the implied multiple after improvements currently is just at 3 times EBITDA.

Note that in 2021, we had our highest original deal multiples tenant, which again was our acquisition of the <unk> platform. Since then.

Significantly improved the EBITDA myself and the implied multiple of that cohort is now closer to five one times.

Speaker #6: I'll point out a couple of other observations here. We achieved 101% adjusted EBITDA growth across all cohorts, demonstrating our ability to improve the efficiency and operating margins after we acquire a clinic.

Okay.

We hope you agree that this is a very clear demonstration of the power of our platform true value accretion is one when one can repeatedly deliver above average returns over time consistently we've been able to demonstrate steady performance over a significant period of time, where we have methodically deliver great returns and this is due to the.

Speaker #6: Note that in 2021, we had our highest original deal multiple of 10.5, which again was our acquisition of the MyHealth platform. Since then, we've significantly improved the EBITDA of MyHealth, and the implied multiple of that cohort is now closer to 5.1 times.

Hamed Shahbazi: Note that in 2021, we had our highest original deal multiple of 10.5, which again was our acquisition of the MyHealth platform. Since then, we've significantly improved the EBITDA of MyHealth, and the implied multiple of that cohort is now closer to 5.1 times. We hope you agree that this is a very clear demonstration of the power of our platform. True value creation is when one can repeatedly deliver above-average returns over time consistently. We've been able to demonstrate steady performance over a significant period of time where we have methodically delivered great returns. And this is due to the great work of our clinic transformation teams and the people on the ground and our technologists who provide incredible tools.

Great work of our clinic transformation teams and the people on the ground.

Speaker #6: We hope you agree that this is a very clear demonstration of the power of our platform. True value creation is one where one can repeatedly deliver above-average returns over time consistently.

And our technologists, who provide incredible tools.

We continue to find ways to convey.

We will continue to find ways to compare the results of our capital allocation program to shareholders and demonstrates strong accountability and discipline in carrying out this program.

Speaker #6: We've been able to demonstrate steady performance over a significant period of time, where we have methodically delivered great returns. This is due to the great work of our clinic transformation teams, the people on the ground, and our technologists who provide incredible tools.

Moving on our Canadian clinics business continued its strong growth trajectory in Q2, 2025 patient visits and Canadian clinics totaled $1 1 billion in the second fiscal quarter.

Speaker #6: We continue to find ways to convey that we will continue to find ways to convey the results of our capital allocation program to shareholders and demonstrate strong accountability and discipline in carrying out this program.

Hamed Shahbazi: We continue to find ways to convey, we will continue to find ways to convey the results of our capital allocation program to shareholders and demonstrate strong accountability and discipline in carrying out this program. Moving on, our Canadian clinics business continued its strong growth trajectory in Q2 2025. Patient visits in Canadian clinics totaled 1.1 million in the second fiscal quarter. Our first quarter with a million patient visits and up 38% from 766,000 in Q2 2024, demonstrating a significant increase in patient volume and engagement. The number of billable providers within this network reached 1,935 in Q2, up 13% from 1,706 in Q2 2024, highlighting the growth, a growing magnitude of our scale. In Q2 25, our patient per billable provider was 548 compared to 449 in the prior year, representing an increase of 22%.

Our first quarter with 8 million patient visits and up 38% from 766000 in Q2 2024, demonstrating a significant increase in patient volume and engagement.

Speaker #6: Moving on, our Canadian clinics business continued its strong growth trajectory in Q2 2025. Patient visits in Canadian clinics totaled 1.1 million in the second fiscal quarter, our first quarter with a million patient visits, and up 38% from 766,000 in Q2 2024, demonstrating a significant increase in patient volume and engagement.

The number of billable providers within this network reached 1935 in Q2 up 13% from 17 six in Q2 2024, highlighting the growth are.

Our growing magnitude of our scale.

In Q2 25, our patient per billable provider was 548 compared to 449 in the prior year, representing an increase of 22% with.

Speaker #6: The number of billable providers within this network reached 1,935 in Q2, up 13% from 1,706 in Q2 2024, highlighting the growth and a growing magnitude of our scale.

With patient visits growing faster than the number of billable providers in wealth.

In clinic network, we are demonstrating increasing efficiency in our claims resulting in an increase in the number of patients per billable provider.

Speaker #6: In Q2 2025, our patients per billable provider was 548, compared to 449 in the prior year, representing an increase of 22%. With patient visits growing faster than the number of billable providers in Well's Canadian clinic network, we are demonstrating increasing efficiency in our clinics, resulting in an increase in the number of patients per billable provider.

While there are many factors that contribute to this improvement we believe improved tooling and technology provided by well start and source from <unk> AI to be one of those two reasons.

Hamed Shahbazi: With patient visits growing faster than the number of billable providers in Well's Canadian clinic network, we are demonstrating increasing efficiency in our clinics, resulting in an increase in the number of patients per billable provider. While there are many factors that contribute to this improvement, we believe improved tooling and technology provided by Wellstar and sourced from HealWell AI to be one of those key reasons. Our platform allows providers to spend more time seeing patients and not to have to worry about the overhead tasks or managing a clinic or spending hours on charting patient records. This shows that our business model is working and we are successful in helping the most important constituent in our business, the healthcare provider.

Our platform allows providers to spend more time seeing patients and not to have to worry about the overhead tasks, we're managing a clinic or spending hours on targeting patient records. This shows that our business model is working and we are successful in helping the most important constituent and are busy.

Speaker #6: While there are many factors that contribute to this improvement, we believe improved tooling and technology provided by WellStar and sourced from HealWell AI to be one of those key reasons.

This health care provider.

Now looking at our Canadian business, including Canadian clinics, well started cyber well.

Speaker #6: Our platform allows providers to spend more time seeing patients and not to have to worry about the overhead tasks or managing a clinic or spending hours on charting and patient records.

Well, Canada business is experiencing accelerating growth as you can see from both of these grafts in Q2 25 Canadian clinics generated $131 million.

Speaker #6: This shows that our business model is working, and we are successful in helping the most important constituent in our business: the healthcare provider. Now, looking at our Canadian business, including Canadian clinics, WellStar, and CyberWell, our Well Canada business has experienced accelerating growth.

Appeared to $93 six the prior year, an increase of 40%.

Right.

Hamed Shahbazi: Now, looking at our Canadian business, including Canadian clinics, Wellstar, and Cyberwell, our Well Canada business is experiencing accelerating growth, as you can see from both of these graphs. In Q2 25, Canadian clinics generated $131 million compared to 93.6% the prior year, an increase of 40% as compared to the prior year's growth of 39%, thus the acceleration. Similarly, adjusted EBITDA for our Canadian clinics business reached $23 million in Q2 25, up from $13 million in Q2 24, representing an increase of 76% as compared to the prior year growth of 19%. That is a good segue to this new slide, which shows our very steady history of improving EBITDA growth, adjusted EBITDA growth in Canada, which is comprised of Canadian clinics, Wellstar, and Cyberwell.

As compared to the prior year's growth of 39%, thus the acceleration similarly, adjusted EBITDA for our Canadian clinics business reached $23 million in Q2, 25 up from $13 million in Q2, 24, representing an increase of 76% as compared to the prior year growth of 19%.

Speaker #6: As you can see from both of these graphs, in Q2 2025, Canadian clinics generated $131 million compared to $93.6 million the prior year, an increase of 40%.

That is a good segue to this new slide which shows are very steady history of improving EBITDA growth.

Speaker #6: As compared to the prior year's growth of 39%, this represents an acceleration. Similarly, adjusted EBITDA for our Canadian clinics business reached $23 million in Q2 2025, up from $13 million in Q2 2024, representing an increase of 76% compared to the prior year's growth of 19%.

Adjusted EBITDA growth in Canada, which is comprised of Canadian clinics, while starting to cycle well.

Just last quarter, we indicated that it was our goal to reach $100 million and adjusted EBITDA on a run rate basis by the end of 2026 inclusive organic and inorganic growth.

Speaker #6: That is a good segue to this new slide, which shows our very steady history of improving EBITDA growth. Adjusted EBITDA growth in Canada, which is comprised of Canadian clinics, WellStar, and CyberWell.

Note that we are now targeting to reach this milestone by mid 2026, which would be at least two quarters earlier.

We believe it may be possible for us to pull this schedule even further as we continue to accelerate and improve our business stay tuned next quarter for an update on this.

Speaker #6: Note that just last quarter, we indicated that it was our goal to reach $100 million in adjusted EBITDA on a run-rate basis by the end of 2026, inclusive of organic and inorganic growth.

Hamed Shahbazi: Note that just last quarter, we indicated that it was our goal to reach $100 million in adjusted EBITDA on a run-rate basis by the end of 2026, inclusive organic and inorganic growth. Note that we are now targeting to reach this milestone by mid-2026, which would be at least two quarters earlier. We believe it may be possible for us to pull this schedule even further as we continue to accelerate and improve our business. Stay tuned next quarter for an update on this. Note that in 2025, we're expecting our adjusted EBITDA in Canada to experience over 25% growth, inclusive of both organic and inorganic growth. We see this target as entirely within reach and are fully committed to making it a reality. Turning our attention to the Canadian clinic market, Well is the largest network of outpatient clinics in the country.

Note that in 2025, we're expecting our adjusted EBIDTA candidate experience over 25% growth.

Speaker #6: Note that we are now targeting to reach this milestone by mid-2026, which would be at least two quarters earlier. We believe it may be possible for us to pull this schedule even further as we continue to accelerate and improve our business.

<unk>, both organic and inorganic growth we see this target is entirely within the reach within.

We can reach and are fully committed to making it a reality.

Okay.

Turning our attention to the.

Speaker #6: Stay tuned. Next quarter for an update on this. Note that in 2025, we're expecting our adjusted EBITDA in Canada to experience over 25% growth.

Canadian clinic market.

Well is the largest outpaced network of outpatient clinics in the country to put that perspective in Canada that are roughly 290 million patient visits each year as well as Canadian clinics current run rate accounts for approximately $4 1 million of those visits.

Speaker #6: Inclusive of both organic and inorganic growth, we see this target as entirely within reach and are fully committed to making it a reality.

Speaker #6: Turning our attention to the Canadian clinic market, Well is the largest network of outpatient clinics in the country. To put that in perspective, in Canada, there are roughly 290 million patient visits each year, and Well's Canadian clinics' current run rate accounts for approximately 4.1 million of those visits.

It still represents only about one 6% of the total Canadian patient visits nationwide. This small market share highlights the significant growth opportunity ahead of us even as the market leader we have.

Hamed Shahbazi: To put that in perspective, in Canada, there are roughly 290 million patient visits each year, and Well's Canadian clinics' current run rate accounts for approximately 4.1 million of those visits. Well still represents only about 1.6% of the total Canadian patient visits nationwide. This small market share highlights the significant growth opportunity ahead of us. Even as the market leader, we have a substantial runway to expand both our clinic count and our patient base. On the right-hand side here, you can see how our clinical footprint is larger than the next five Canadian clinic peers combined. The takeaway here is clear. There is a large and fragmented market in front of us with thousands of clinics and hundreds of millions of patient visits, and we believe we are uniquely positioned to capture a more significant portion of market share over time.

Substantial runway to expand both our clinic count and our patient base.

On the right hand side here you can see how our clinical footprint is larger than the next five Canadian clinic peers combined.

Speaker #6: Well, it still represents only about 1.6% of the total Canadian patient visits nationwide. This small market share highlights the significant growth opportunity ahead of us.

The takeaway here is clear.

A large and fragmented market in front of us with thousands of clinics and hundreds of millions of patient visits and we believe we are uniquely positioned to capture a more significant portion of market share over time.

Speaker #6: Even as the market leader, we have a substantial runway to expand both our clinic count and our patient base. On the right-hand side here, you can see how our clinical footprint is larger than the next five Canadian clinic peers combined.

In Q2 2025, we continue to execute on our strategic growth plan through the expansion of our clinic network.

Speaker #6: The takeaway here is clear. There is a large and fragmented market in front of us, with thousands of clinics and hundreds of millions of patient visits. We believe we are uniquely positioned to capture a more significant portion of market share over time.

Wired three clinics generating $8 million in annual revenue are owned and operated clinic network welcomed 45, new providers in the second quarter further strengthening our capacity.

While Q2 activity was technically lower compared to Q1 several transactions we have been working on closed just after the end of the quarter at the beginning of Q3 as you can see here. Thus far in Q3, we've already acquired four clinics, adding was $15 billion in revenue and welcoming 70, new providers to our network with.

Speaker #6: In Q2 2025, we continue to execute on our strategic growth plan through the expansion of our clinic network. We acquired three clinics generating $8 million in annual revenue.

Hamed Shahbazi: In Q2 2025, we continue to execute on our strategic growth plan through the expansion of our clinic network. We acquired three clinics generating $8 million in annual revenue. Our owned and operated clinic network welcomed 45 new providers in the second quarter, further strengthening our capacity. While Q2 activity was technically lower compared to Q1, several transactions we had been working on closed just after the end of the quarter, at the beginning of Q3. As you can see here, thus far in Q3, we've already acquired four clinics, adding more than $15 million in revenue and welcoming 70 new providers to our network. With a diversified clinic strategy, a growing physician base, and a scalable expansion model, we are well positioned to drive long-term growth and operational efficiency. On this slide, we highlight our M&A pipeline.

Speaker #6: Our owned and operated clinic network welcomed 45 new providers in the second quarter, further strengthening our capacity. While Q2 activity was technically lower compared to Q1, several transactions we had been working on closed just after the end of the quarter.

The diversified clinic strategy of growing physician base and a scalable expansion model, we are well positioned to drive long term growth and operational efficiency.

On this slide we highlight our M&A pipeline as you can see we have a very healthy pipeline of clinic acquisition opportunities, which believe is directly correlated with the challenges doctors are feeling in the marketplace and wells growing brand recognition.

Speaker #6: At the beginning of Q3, as you can see here, thus far in Q3, we've already acquired four clinics, adding more than $15 million in revenue and welcoming 70 new providers to our network.

Speaker #6: With a diversified clinic strategy of growing our physician base and a scalable expansion model, we're well-positioned to drive long-term growth and operational efficiency. On this slide, we highlight our M&A pipeline.

We continue to focus on painting acquired a Canadian clinics under both our absorption model inner acquisition model as a reminder, under the absorption model, we're usually acquiring clinics with lower operating margins for nominal consideration.

Speaker #6: As you can see, we have a very healthy pipeline of clinic acquisition opportunities, which we believe is directly correlated with the challenges doctors are feeling in the marketplace and WELL's growing brand recognition.

Hamed Shahbazi: As you can see, we have a very healthy pipeline of clinic acquisition opportunities, which we believe is directly correlated with the challenges doctors are feeling in the marketplace and Well's growing brand recognition. We continue to focus on acquiring Canadian clinics under both our absorption model and our acquisition model. As a reminder, under the absorption model, we're usually acquiring clinics with lower operating margins for nominal consideration. Meanwhile, under the acquisition model, we're acquiring more profitable clinics that can typically be acquired for approximately three to four to five times multiple. Our current pipeline of Canadian clinic acquisition opportunities is very active. In Canadian clinics, we currently have seven signed LOIs representing 25 clinics and approximately $48 million in annual revenue. This is an improvement from our prior call in May, where we had 10 clinics with $44 million in annual revenue under LOI.

Meanwhile, the acquisition model, we are acquiring more profitable clicks they can typically.

The acquired for approximately three to four to five times multiple.

Speaker #6: We continue to focus on acquiring Canadian clinics, under both our absorption model and our acquisition model. As a reminder, under the absorption model, we're usually acquiring clinics with lower operating margins for nominal consideration.

Our current pipeline of Canadian clinic acquisition opportunities is very active in and Canadian clinics. We currently have seven signed Loi's, representing 25 clinics and approximately $48 million in annual revenue. This is an improvement from our prior call in May where we had 10 clinics with four.

Speaker #6: Meanwhile, under the acquisition model, we're acquiring more profitable clinics that can typically be acquired for approximately three to five times multiple. Our current pipeline of Canadian clinic acquisition opportunities is very active.

$4 million in annual revenue under LOI.

In total across the organization, including Canadian clinics, Wildstar, well USA and heal well, we have a total of 15 signed loi's representing $134 million in annualized revenue.

Speaker #6: In Canadian clinics, we currently have seven signed Letters of Intent (LOIs) representing 25 clinics and approximately $48 million in annual revenue. This is an improvement from our prior call in May, where we had 10 clinics with $44 million in annual revenue under LOI.

We're expecting to execute on this pipeline of signed otherwise in a non dilutive manner to current operating margins.

We also have a very large pipeline of target acquisitions that are in the pre LOI stage, we have more than 35 targets engaged representing about $440 million in annual revenue and more than 110 clinics represented.

Speaker #6: In total, across the organization, including Canadian clinics, WellStar, WellUSA, and HealWell, we have a total of 15 signed Letters of Intent (LOIs) representing $134 million in annualized revenue.

Hamed Shahbazi: In total, across the organization, including Canadian clinics, Wellstar, WellUSA, and HealWell, we have a total of 15 signed LOIs representing $134 million in annualized revenue. We're expecting to execute on this pipeline of signed LOIs in a non-dilutive manner to current operating margins. We also have a very large pipeline of target acquisitions that are in the pre-LOI stage. We have more than 35 targets engaged, representing about $440 million in annual revenue and more than 110 clinics represented. Now, let's talk about the long-term vision for Well's Canadian clinic market share. Looking forward, our target is ambitious but highly achievable. We see a path to 1,400 plus clinics delivering $4.5 billion plus in revenue and $650 million in EBITDA. We estimate this represents more than 40 million patient visits each year, which is approximately capturing an 8% to 10% of the market share with growth implied within that.

Speaker #6: We're expecting to execute on this pipeline of signed LOIs in a non-dilutive manner to current operating margins. We also have a very large pipeline of target acquisitions that are in the pre-LOI stage.

Now, let's talk about the long term vision for wells Canadian.

Clinic market share looking forward, our target is ambitious but highly achievable.

We see a path to 1400, plus clinics, delivering $4 $5 billion plus in revenue and $650 million in EBITDA.

Speaker #6: We have more than 35 targets engaged, representing about $440 million in annual revenue and more than 110 clinics represented. Now, let's talk about the long-term vision for WELL's Canadian clinic market share.

We estimate this represents more than 40 million patient visits each year, which is approximately capturing and.

8% to 10% of the market share.

Speaker #6: Looking forward, our target is ambitious but highly achievable. We see a path to over 1,400 clinics delivering over $4.5 billion in revenue and $650 million in EBITDA.

With growth implied within that.

We have a scalable acquisition engine already in place supported by a robust clinical pipeline that can drive accelerated expansion in the near term or a dedicated transformation team combined with AI driven acquisition and integration workflows enables us to significantly shorten timelines and enhanced.

Speaker #6: We estimate this represents more than $40 million in patient visits each year, which approximately captures an 8% to 10% market share, with growth implied within that.

<unk>. This is backed by a proven track record of optimizing hundreds of clinics across Canada.

Speaker #6: We have a scalable acquisition engine already in place, supported by a robust clinic pipeline that can drive accelerated expansion in the near term. Our dedicated transformation team, combined with AI-driven acquisition and integration workflows, enables us to significantly shorten timelines and enhance efficiency.

Hamed Shahbazi: We have a scalable acquisition engine already in place, supported by a robust clinic pipeline that can drive accelerated expansion in the near term. Our dedicated transformation team, combined with AI-driven acquisition and integration workflows, enables us to significantly shorten timelines and enhance efficiency. This is backed by a proven track record of optimizing hundreds of clinics across Canada. From a unit economics perspective, incremental clinics are highly accretive, delivering strong returns on incremental capital invested, which in turn raises our long-term ROIC. We monitor payback periods closely and focus on the speed at which each acquisition begins contributing EBITDA, and the results so far give us confidence in our ability to hit these targets. The second theme I'd like to talk about is Wellstar.

From a unit economics perspective incremental clinics are highly accretive delivering strong returns on incremental capital invested which in turn raises our long term ROIC.

We monitor payback periods closely and focus on the speed at which each acquisition begins contributing EBITDA and the results. So far gives us confidence in our ability to hit these targets.

Speaker #6: This is backed by a proven track record of optimizing hundreds of clinics across Canada. From a unit economics perspective, incremental clinics are highly accretive, delivering strong returns on incremental capital invested, which in turn raises our long-term ROIC.

The second theme I'd like to talk about as well started as a reminder, well start as a well subsidiary, which we intend to spin out as a publicly listed high growth profitable pure play SaaS.

Speaker #6: We monitor payback periods closely and focus on the speed at which each acquisition begins contributing EBITDA, and the results so far give us confidence in our ability to hit these targets.

Software as a service health care Technology company, which would still be majority owned by well.

Well it starts with technology platform that powers wells, one clinical ecosystem. In addition to serving thousands of clinics and doctors outside of wells, one clinics, who purchased <unk> solutions in fact, 95% of <unk> revenue comes from external customers.

Speaker #6: The second theme I'd like to talk about is WellStar. As a reminder, WellStar is a subsidiary that we intend to spin out as a publicly listed, high-growth, profitable pure-play SaaS (Software as a Service) healthcare technology company, which would still be majority owned by Well.

Hamed Shahbazi: As a reminder, Wellstar is a Well subsidiary, which we intend to spin out as a publicly listed, high-growth, profitable pure-play SaaS or software as a service healthcare technology company, which would still be majority owned by Well. Wellstar is a technology platform that powers Well's own clinical ecosystem in addition to serving thousands of clinics and doctors outside of Well's own clinics who purchase Wellstar's solutions. In fact, 95% of Wellstar's revenue comes from external customers. Wellstar is dedicated to empowering healthcare providers with innovative solutions that enhance patient care and optimize operational efficiency. Wellstar is laser-focused on addressing the diverse needs of healthcare providers by streamlining care delivery, integrating fragmented care systems, reducing provider burnout, and improving patient experiences and outcomes. As noted before, over 40% of all providers in the country use at least one product from Wellstar.

Well start is dedicated to empowering health care providers with innovative solutions that enhance patient care and optimize operational efficiency.

Speaker #6: WellStar is a technology platform that powers Well's own clinical ecosystem, in addition to serving thousands of clinics and doctors outside of Well's own clinics.

<unk> is laser focused on addressing the diverse needs of health care providers by streamlining care delivery integrating fragmented care systems, reducing provider burnout and improving patient experiences and outcomes.

Speaker #6: Who purchased WellStar's solutions? In fact, 95% of WellStar's revenue comes from external customers. WellStar is dedicated to empowering healthcare providers with innovative solutions that enhance patient care and optimize operational efficiency.

As noted before over 40% of all providers in the country use at least one product from westar.

Believe well start will be a very strong strong IPO candidate on the <unk> Board.

Speaker #6: WellStar is laser-focused on addressing the diverse needs of healthcare providers by streamlining care delivery, integrating fragmented care systems, reducing provider burnout, and improving patient experiences and outcomes.

Sometime as early as Q4 of this year, depending on market conditions.

Our plan is to build additional scale before going forward with the go public initiatives by completing additional acquisitions and enhancing our organic growth. This will position well start towards achieving more than $100 million in annualized revenue on a run rate basis.

Speaker #6: As noted before, over 40% of all providers in the country use at least one product from WellStar. We believe WellStar will be a very strong IPO candidate on the TSX main board, sometime as early as Q4 of this year, depending on market conditions.

Hamed Shahbazi: We believe Wellstar will be a very strong IPO candidate on the TSX main board sometime as early as Q4 of this year, depending on market conditions. Our plan is to build additional scale before going forward with the GoPublic initiative by completing additional acquisitions and enhancing our organic growth. This will position Wellstar towards achieving more than $100 million in annualized revenue on a run-rate basis. We can't predict how the capital markets environment will be in the future, but our plan is to be ready for any market opportunity that may appear in late 2025 or early 2026. As well as a majority voting shareholder of Wellstar, we expect to continue consolidating Wellstar's financial results into Well in accordance with IFRS accounting rules, even after Wellstar is its own public company with its own listing. Now, let's look at Wellstar's financial performance.

We can't predict how the capital markets environment will be in the future, but our plan is to be ready for any market opportunity that may appear.

Speaker #6: Our plan is to build additional scale before going forward with the public initiative by completing additional acquisitions and enhancing our organic growth. This will position WellStar towards achieving more than $100 million in annualized revenue on a run-rate basis.

Late 2025 or early 2026.

As well as the majority voting shareholder of <unk>, we expect to continue consolidating <unk> financial results into well in accordance with Ifr S accounting rules, even after well start is its own public company with its own listing.

Speaker #6: We can't predict how the capital markets environment will be in the future, but our plan is to be ready for any market opportunity that may appear in late 2025 or early 2026.

Now, let's look at <unk> financial performance, we're pleased to report that well start delivered another exceptional quarter generating revenue of $16 8 million and adjusted EBITDA of $4 4 million. This reflects approximately 15% organic growth and adjusted EBITDA margins of 26%.

Speaker #6: As well as being a majority voting shareholder of WellStar, we expect to continue consolidating WellStar's financial results into Well in accordance with IFRS accounting rules.

Speaker #6: Even after WellStar is its own public company, with its own listing. Now, let's look at WellStar's financial performance. We're pleased to report that WellStar delivered another exceptional quarter, generating revenue of $16.8 million and adjusted EBITDA of $4.4 million.

Okay.

Shared services basis.

Well I'll start is operating on a rule of 40 or better.

Operating as a rule of 40 or better business, well star achieved annualized recurring revenue or <unk> $53 million in Q2, an increase of 51% compared to Q2 of last year.

Hamed Shahbazi: We're pleased to report that Wellstar delivered another exceptional quarter, generating revenue $16.8 million and adjusted EBITDA of $4.4 million. This reflects approximately 15% organic growth and adjusted EBITDA margins of 26% on a pre-shared services basis. Wellstar is operating on a rule of 40 or better, operating as a rule of 40 or better business. Wellstar achieved annualized recurring revenue, or ARR, $53 million in Q2, an increase of 51% compared to Q2 of last year. Wellstar is already one of the most relevant and consequential companies in Canada's healthcare technology landscape and has firmly established itself as a de facto market leader in technology enabling clinicians across the country. Wellstar operates in three distinct segments. First is EMR, or electronic medical records, where we serve approximately 16,000 providers working in over 3,700 clinics. Secondly is our digital health app segment.

Speaker #6: This reflects approximately 15% organic growth and adjusted EBITDA margins of 26%. On a pre-shared services basis, WellStar is operating on a rule of 40 or better, functioning as a rule of 40 or better business.

Well start is already one of the most relevant and consequential companies in Canada's health care technology landscape and has firmly established itself as a de facto market leader in technology, enabling clinicians across the country.

Speaker #6: WellStar achieved annualized recurring revenue (ARR) of $53 million in Q2, an increase of 51% compared to Q2 of last year. WellStar is already one of the most relevant and consequential companies in Canada's healthcare technology landscape and has firmly established itself as a de facto market leader in technology enabling clinicians across the country.

Whilst our operates in three distinct segments first is EMR or electronic medical records, where we serve approximately 16000 providers working in over 3700 clinics. Secondly is our digital health apps segment. This includes App start health marketplace and Ocean M D as well.

Our suite of AI solutions, including next AI altogether, reaching approximately 25000 providers.

Speaker #6: WellStar operates in three distinct segments. First is EMR, or electronic medical records, where we serve approximately 16,000 providers working in over 3,700 clinics. Secondly, our digital health app segment.

And finally.

The billing and practice management division that serves almost 14000 practitioners working in over 1500 clinics.

I wanted to zoom in on Ocean empty now just a reminder, ocean M. D is the Canadian leader in patient engagement tools and E referrals Ocean MTS trusted by over 49000 providers and clinic staff at over 5600 clinics and hospitals across Canada.

Speaker #6: This includes the Apps.health marketplace and OceanMD, as well as our suite of AI solutions, including Nexus AI, all together reaching approximately 25,000 providers. And finally, the billing and practice management division that serves almost 14,000 practitioners working in over 1,500 clinics.

Hamed Shahbazi: This includes apps.health marketplace and OceanMD, as well as our suite of AI solutions, including Nexus AI, altogether reaching approximately 25,000 providers. And finally, the billing and practice management division that serves almost 14,000 practitioners working in over 1,500 clinics. I want to zoom in on OceanMD now. Just a reminder, OceanMD is the Canadian leader in patient engagement tools and e-referrals. OceanMD is trusted by over 49,000 providers and clinic staff at over 5,600 clinics and hospitals across Canada. Ocean's patient engagement tools are the most used across the country, with over 3 million online appointment bookings annually and 36 million annualized automated reminders sent to patients. Ocean's e-referral platform facilitates over 1.7 million annual e-referrals and is growing rapidly. Ocean is active in nine provinces across Canada and is winning larger contracts all the time.

Oceans patient engagement tools are the most used across the country with over 3 million online appointment bookings annually and $36 million annualized automated reminder, sent to patients.

Speaker #6: I want to zoom in on OceanMD now. Just a reminder: OceanMD is the Canadian leader in patient engagement tools and e-referrals. OceanMD is trusted by over 49,000 providers and clinic staff at over 5,600 clinics and hospitals across Canada.

<unk> E referral platform facilitates over one 7 million annual E referrals and growing rapidly ocean is active in nine provinces across Canada and is winning larger contracts all the time.

Speaker #6: Ocean's patient engagement tools are the most used across the country, with over 3 million online appointment bookings annually and 36 million annualized automated reminders sent to patients.

We look forward to telling you more about oceans recent wins in the coming weeks they are very exciting.

The third theme I'd like to talk about is Hugh well AI.

Speaker #6: Ocean's e-referral platform facilitates over 1.7 million annual e-referrals and is growing rapidly. Ocean is active in nine provinces across Canada and is winning larger contracts all the time.

We are very pleased with the progress at heel will accompany that we had a central and foundational role in conceiving and developing after we acquired its NCI clinics.

In October 2023, we took on a major leadership role in capitalizing and Relaunching the company and shaping its fund raising and M&A journey, along with the management team.

Speaker #6: We look forward to telling you more about Ocean's recent wins in the coming weeks. They are very exciting. The third theme I'd like to talk about is HealWell AI.

Hamed Shahbazi: We look forward to telling you more about Ocean's recent wins in the coming weeks. They are very exciting. The third theme I'd like to talk about is HealWell AI. We are very pleased with the progress at HealWell, a company that we had a central and foundational role in conceiving and developing after we acquired its MCI clinics in October 2023. We took on a major leadership role in capitalizing and relaunching the company and shaping its fundraising and M&A journey, along with the management team. We're also very pleased to report our first quarter with the inclusion of HealWell AI, a company that, again, we helped incubate two years ago, in which we took a majority voting control position just this past April.

We're also very pleased to report.

Speaker #6: We are very pleased with the progress at HealWell, a company that we had a central and foundational role in conceiving and developing after we acquired its MCI clinics in October 2023.

Our first quarter with the inclusion of <unk> <unk> company.

That again helps.

Incubate.

Two years ago in which we took a majority voting control position just this past April.

Speaker #6: We took on a major leadership role in capitalizing and relaunching the company, and shaping its fundraising and M&A journey, along with the management team.

As a reminder, <unk> is a global data science and AI leader, serving 70 of the largest health systems here in Canada and globally in 11 countries, including customers such as the NHS in the U K, the governments of France, Spain, Saudi Arabia, Abu Dhabi and UAE.

Speaker #6: We're also very pleased to report our first quarter with the inclusion of HealWell AI, a company that, again, we helped incubate two years ago, in which we took a majority voting control position just this past April.

Zealand, Australia and health systems in the United States as well.

Hello, Welles Q2, 'twenty five financial results revealed a truly transformational quarter for the company, where <unk> achieved quarterly revenue from continuing operations of $40 $5 million, 645% higher than the $5 4 million generated in Q2 'twenty for revenue growth in.

Speaker #6: As a reminder, HealWell AI is a global data science and AI leader serving 70 of the largest health systems here in Canada and globally, in 11 countries, including customers such as the NHS in the UK, the government of France, Spain, Saudi Arabia, Abu Dhabi, UAE, New Zealand, Australia, and health systems in the United States as well.

Hamed Shahbazi: As a reminder, HealWell AI is a global data science and AI leader, serving 70 of the largest health systems here in Canada and globally in 11 countries, including customers such as the NHS in the UK, the governments of France, Spain, Saudi Arabia, Abu Dhabi, and UAE, New Zealand, Australia, and health systems in the United States as well. HealWell's Q2 25 financial results revealed a truly transformational quarter for the company, where HealWell achieved quarterly revenue from continuing operations of $40.5 million, 645% higher than the $5.4 million generated in Q2 of '24. Revenue growth in the quarter was largely driven by the Orion acquisition, resulting in a record 1,064% year-over-year increase in the company's healthcare software business compared to Q2 of '24. The company also had excellent growth in its all-important AI division.

The quarter was largely driven by the Orion acquisition.

Speaker #6: HealWell's Q2 2025 financial results revealed a truly transformational quarter for the company, where HealWell achieved quarterly revenue from continuing operations of $40.5 million, 645% higher than the $5.4 million generated in Q2 2024. Revenue growth in the quarter was largely driven by the Orion acquisition, resulting in a record 1,064% year-over-year increase in the company's healthcare software business compared to Q2 2024. The company also had excellent growth in its all-important AI division.

Resulting in a record 1064% year over year increase in the companies.

Health care software business compared to Q2 24. The company also had excellent growth and its all important AI division.

During Q2, 'twenty five heald, all reported positive adjusted EBITDA of $1 9 million compared to an adjusted EBITDA loss of $3 seven in the prior year. This marks the company's first quarter of positive adjusted EBITDA.

<unk> strong operating fundamentals and accelerating business momentum.

Yesterday, <unk> announced that it is seeking strategic alternatives for the company's clinical research and patient services business units and has signed a number of non binding otherwise to investigate this effort with the goal to become a pure play digital SaaS and services company with a focus on enterprise grade data science.

Speaker #6: During Q2 2025, HealWell reported positive adjusted EBITDA of $1.9 million, compared to an adjusted EBITDA loss of $3.7 million in the prior year. This marks the company's first quarter of positive adjusted EBITDA, reflecting strong operating fundamentals and accelerating business momentum.

Hamed Shahbazi: During Q2 25, HealWell reported positive adjusted EBITDA of $1.9 million compared to an adjusted EBITDA loss of $3.7 million in the prior year. This marks the company's first quarter of positive adjusted EBITDA, reflecting strong operating fundamentals and accelerating business momentum. Yesterday, HealWell announced that it is seeking strategic alternatives for the company's clinical research and patient services business units and has signed a number of non-binding LOIs to investigate this effort with the goal to become a pure-play digital SaaS and services company with a focus on enterprise-grade data science and AI offerings. This is a major strategic initiative by HealWell. By divesting of its clinical research and patient services businesses, HealWell envisions becoming a pure-play enterprise-grade provider of high-margin AI data science and SaaS software services to some of the largest health systems globally.

And AI offerings.

This is a major strategic initiative by heal well by divesting of its clinical research and patient services businesses Hill will if vision, becoming a pure play enterprise grade provider of high margin AI data science in SaaS software services to some of the largest.

Speaker #6: Yesterday, HealWell announced that it is seeking strategic alternatives for the company's clinical research and patient services business units and has signed a number of non-binding LOIs to investigate this effort, with the goal to become a pure-play digital SaaS and services company.

Speaker #6: With a focus on enterprise-grade data science and AI offerings, this is a major strategic initiative by HealWell. By divesting its clinical research and patient services businesses, HealWell envisions becoming a pure-play enterprise-grade provider of high-margin AI data science and SaaS software services to some of the largest health systems globally.

Health systems globally.

And we are very excited about their ability to connect surface.

And.

To connect surface and analyze complex health care today.

The fourth theme I'd like to talk about is our current strategic review of our U S assets. We are limited in what we can obviously say about the strategic review processes with our U S assets until they come to terms with binding commitments, but I will try to give you some high level color as we are making progress we remain committed to.

Speaker #6: And we are very excited about their ability to connect, surface, and analyze complex healthcare data. The fourth theme I'd like to talk about is our current strategic review of our U.S. assets.

Hamed Shahbazi: And we are very excited about their ability to connect, surface, and analyze complex healthcare data. The fourth theme I'd like to talk about is our current strategic review of our US assets. We are limited in what we can obviously say about these strategic review processes with our US assets until they come to terms with binding commitments, but I will try to give you some high-level color as we are making progress. We remain committed to our strategy of divesting the company's US care delivery assets, including WISP, Circle Medical, and CRH. We believe these divestments could result in significant cash benefit for Well. Our strategy would be to redeploy this capital into our Canadian clinic footprint, where we have significant leadership advantage and exceptional robot potential.

Our strategy of divesting the company's U S carrier delivery assets, including with circle medical and CRH. We believe these divestments could result in significant cash benefit for well our strategy would be to redeploy this capital into our Canadian clinic footprint, where we have significant leadership advantage and exceptional growth potential.

Speaker #6: We are limited in what we can obviously say about these strategic review processes with our U.S. assets until they come to terms with binding commitments.

Speaker #6: But I will try to give you some high-level color as we are making progress. We remain committed to our strategy of divesting the company's U.S. care delivery assets, including WISP, Circle Medical, and CRH.

Recently over the last few months when we started to see the capital markets improve and get back to record levels. We have also witnessed.

Increasing levels of interest and activity in these assets frankly at levels that we've never experienced before since we started the initial processes over a year ago.

Speaker #6: We believe these divestments could result in significant cash benefits for WELL. Our strategy would be to redeploy this capital into our Canadian clinic footprint, where we have a significant leadership advantage and exceptional potential.

Currently we have multiple advanced conversations occurring across these assets. Our objective is to announce at least one divestment by the end of the year.

Speaker #6: Recently, over the last few months, when we started to see the capital markets improve and get back to record levels, we have also witnessed increasing levels of interest and activity in these assets.

Hamed Shahbazi: Recently, over the last few months, when we started to see the capital markets improve and get back to record levels, we have also witnessed increasing levels of interest and activity in these assets, frankly, at levels that we never experienced before since we started the initial processes over a year ago. Currently, we have multiple advanced conversations occurring across these assets, and our objective is to announce at least one divestment by the end of the year. We'd also like to take note that although we are exiting our patient care and digital delivery businesses in the United States, including WISP, Circle, and CRH, our technology-focused subsidiaries such as HealWell, Wellstar, and Cyberwell will continue to serve customers in the US and around the globe with their SaaS and services offerings.

We'd also like to take note that although we are exiting our patient care in digital delivery businesses.

Speaker #6: Frankly, at levels that we have never experienced before since we started the initial processes over a year ago. Currently, we have multiple advanced conversations occurring.

In the United States.

Including with circle in CRH are technology focused subsidiaries, such as <unk> cyber well will continue to serve customers in the U S and around the globe.

Speaker #6: Across these assets, our objective is to announce at least one divestment by the end of the year. We would also like to note that although we are exiting our patient care and digital delivery businesses in the United States, including WISP, Circle, and CRH, our technology-focused subsidiaries such as HealWell, WellStar, and CyberWell will continue to serve customers in the U.S. and around the globe.

With their SaaS and services offerings. In fact, we believe the U S to be an excellent growth market for SaaS and services.

And we are less interested in the U S for care delivery businesses and that is why we are executing on these.

Divestiture processes.

And now a quick word on west which continues to demonstrate strong business fundamentals with consistent revenue growth and operating margin expansion.

Speaker #6: With their SaaS and services offerings, in fact, we believe the U.S. to be an excellent growth market for SaaS and services, and we are less interested in the U.S. for care delivery businesses.

Hamed Shahbazi: In fact, we believe the US to be an excellent growth market for SaaS and services, and we are less interested in the US for care delivery businesses. And that is why we are executing on these divestiture processes. And now a quick word on WISP. WISP continues to demonstrate strong business fundamentals with consistent revenue growth and operating margin expansion. WISP had a very strong Q2 with quarterly revenue of $28 million, an increase of 15% from Q2 of last year, and it achieved positive adjusted EBITDA of $866,000 in the quarter. This performance reinforces the board's conviction in WISP's long-term value potential as we navigate our sales processes. We're expecting WISP to have solid performance in the back half of 2025 and remind investors that WISP has typically performed better in the second half of the year than the first due to some seasonality in the business.

<unk> had a very strong Q2 with quarterly revenue of $28 million, an increase of 15% from Q2 of last year and it achieved positive adjusted EBITDA of 866000 in the quarter.

Speaker #6: And that is why we are executing on these divestiture processes. Now, a quick word on WISP. WISP continues to demonstrate strong business fundamentals, with consistent revenue growth and operating margin expansion.

This performance reinforces the board's conviction and with long term value potential as we navigate our sales processes.

We're expecting <unk> to have solid performance in the back half of 2025, and <unk> and remind investors that with has typically performed better in the second half of the year than the first due to some seasonality in the business.

Speaker #6: WISP had a very strong Q2, with quarterly revenue of $28 million, an increase of 15% from Q2 of last year. It achieved positive adjusted EBITDA of $866,000 in the quarter.

And a few words about circle medical last year, we were just getting started on executing on our strategic alternatives process for circle and then we had to slow down this process due to the regulatory inquiry yearend audit and reclassification of deferred revenue, which we are now in the process of recognizing.

Speaker #6: This performance reinforces the board's conviction in WISP's long-term value potential as we navigate our sales processes. We're expecting WISP to have solid performance in the back half of 2025 and remind investors that WISP has typically performed better in the second half of the year than the first due to some seasonality in the business.

Since we've already discussed the impact of circle medical and it's deferred revenues extensively in this report in our financial statements, we won't get into the numbers here.

Speaker #6: And a few words about Circle Medical. Last year, we were just getting started on executing our strategic alternatives process for Circle. Then, we had to slow down this process due to the regulatory inquiry, year-end audit, and reclassification of deferred revenue, which we are now in the process of recognizing.

Hamed Shahbazi: And a few words about Circle Medical. Last year, we were just getting started on executing on our strategic alternatives process for Circle, and then we had to slow down this process due to the regulatory inquiry, year-end audit, and reclassification of deferred revenue, which we are now in the process of recognizing. Since we've already discussed the impact of Circle Medical and its deferred revenues extensively in this report and our financial statements, we won't get into the numbers here. We continue to be focused on improving our compliance program and clearing our regulatory review process and look forward to continuing to report on this matter in the next earnings event. And finally, CRH and provider staffing. In addition, we have now initiated a strategic review process for our CRH and provider staffing businesses, as we indicated last call.

We continue to be focused on improving our compliance program and clearing our regulatory review process and look forward to continuing to report on this matter in the next earnings event.

And finally, CRH and provider staffing.

Speaker #6: Since we've already discussed the impact of Circle Medical and its deferred revenues extensively in this report and our financial statements, we won't get into the numbers here.

Position, we have now initiated a strategic review process for our CRH and provider staffing businesses as we indicated last call. We're still early in the process and we'll provide updates as we are able to the combined CRH anesthesia staffing business has been performing very well having generated revenue of 100.

Speaker #6: We continue to be focused on improving our compliance program and clearing our regulatory review process. We look forward to continuing to report on this matter in the next earnings event.

Speaker #6: And finally, CRH and provider staffing. In addition, we have now initiated a strategic review process for our CRH and provider staffing businesses. As we indicated last call, we're still early in the process and will provide updates as we are able to.

$22 $8 million in the quarter compared to $93 3 million in Q2 of last year, an improvement of 32% year over year.

Adjusted EBITDA for the combined anesthesia and staffing with $24 million in Q2 compared to $19. Six in Q2 of last year, an improvement of 22%. These results are indicative of the growth and strong profitability of these two assets.

Hamed Shahbazi: We're still early in the process and will provide updates as we are able to. The combined CRH anesthesia and staffing business has been performing very well, having generated revenue of $122.8 million in the quarter compared to $93.3 million in Q2 of last year, an improvement of 32% year over year. Adjusted EBITDA for the combined anesthesia and staffing was $24 million in Q2 compared to $19.6 million in Q2 of last year, an improvement of 22%. These results are indicative of the growth and strong profitability of these two assets. I will now turn the call over to our CFO, Eva Fong, who will review the financials for Q2 2025. Eva?

Speaker #6: The combined CRH anesthesia and staffing business has been performing very well, having generated revenue of $122.8 million in the quarter, compared to $93.3 million in Q2 of last year—an improvement of 32% year over year.

I will now turn the call over to our CFO <unk> <unk>, who will review the financials for Q2 2025.

Speaker #6: Adjusted EBITDA for the combined anesthesia and staffing was $24 million in Q2, compared to $19.6 million in Q2 of last year, an improvement of 22%.

And do you have it.

<unk> achieved record quarterly revenue of $356 7 million in Q2, 2025, marking a 57% increase compared to $227 3 million generated in Q2 2020 for.

Speaker #6: These results are indicative of the growth and strong profitability of these two assets. I will now turn the call over to our CFO, Eva Fong, who will review the financials for Q2 2025.

This growth was driven by strong organic expansion and recent acquisitions, well, if he will contributing $45 million to the quarter's results.

Speaker #6: Eva?

Speaker #4: Thank you, Hamed. We achieved a record quarterly revenue of $356.7 million in Q2 2025, marking a 57% increase compared to the $227.3 million generated in Q2 2024.

Eva Fong: Thank you, Hamed. Well achieved record quarterly revenue of $356.7 million in Q2 2025, marking a 57% increase compared to $227.3 million generated in Q2 2024. This growth was driven by strong organic expansion and recent acquisitions, with HealWell contributing $40.5 million to the quarter's results. Adjusted EBITDA in Q2 2025 was $49.7 million, a 231% increase compared to $15 million in Q2 of last year. The strong growth in adjusted EBITDA demonstrates the underlying strength of our operations and solid financial position, with the fundamentals of our business continuing to improve as we move forward. This was the first quarter that we consolidated HealWell into our financials. As you can see in the slide, HealWell had a positive impact of $40.5 million to revenue and added $2.2 million to adjusted EBITDA in the second quarter.

Adjusted EBITDA in Q2, 2025 was $49 7 million.

231% increase compared to $15 million in Q2 of last year.

The strong growth in adjusted EBITDA demonstrates the underlying strained.

Speaker #4: This growth was driven by strong organic expansion and recent acquisitions, with HealWell contributing $40.5 million to the quarter's results. Adjusted EBITDA in Q2 2025 was $49.7 million, a 231% increase compared to $15 million in Q2 of last year.

Operations and solid financial position with the fundamentals of our business continuing to improve as we move forward.

This is the first quarter that we consolidate a wheel while into our financials. As you can see and decide you all had a positive impact of $45 million to revenue and added $2 2 million to adjusted EBITDA in the second quarter.

Speaker #4: The strong growth in adjusted EBITDA demonstrates the underlying strength of our operations and solid financial position, with the fundamentals of our business continuing to improve as we move forward.

Excluding the impact of Socal Medicals deferred revenue Q2, 2025 revenue would have been 347 million, while adjusted EBITDA would have been $40 million in Q2.

Speaker #4: This was the first quarter that we consolidated HealWell into our financials. As you can see in the slide, HealWell had a positive impact of $40.5 million on revenue and added $2.2 million to adjusted EBITDA in the second quarter.

Notwithstanding Socal medical is one result, which has seen a year over year decrease due to the focus on compliance we expect Socal Medical's depot revenue will continue to make a positive contribution to adjusted EBITDA in Q3.

Speaker #4: Excluding the impact of Circle Medical's deferred revenue, Q2 2025 revenue would have been $347 million, while adjusted EBITDA would have been $40 million in Q2.

Eva Fong: Excluding the impact of Circle Medical's deferred revenue, Q2 2025 revenue would have been $347 million, while adjusted EBITDA would have been $40 million in Q2. Notwithstanding Circle Medical's own results, which have seen a year-over-year decrease due to the focus on compliance, we expect Circle Medical's deferred revenue will continue to make a positive contribution to adjusted EBITDA in Q3 and Q4, with the impact significantly declining in the second half of next year. Now on to our quarterly adjusted net income. Overall, our Q2 2025 result reflects a solid first half of the year. Well reported record adjusted net income of $25.8 million or $0.10 per share in Q2 2025 compared to adjusted net income of $4.1 million or $0.02 per share last year. During the quarter, HealWell contributed $4.8 million to adjusted net income, while the net impact of Circle Medical deferrals contributed $2.8 million.

Significantly declining in the second half of next year.

Now onto our quarterly adjusted net income.

Speaker #4: Notwithstanding Circle Medical's own results, which have seen a year-over-year decrease due to the focus on compliance, we expect Circle Medical's deferred revenue will continue to make a positive contribution to adjusted EBITDA in Q3 and Q4, with the impact significantly declining in the second half of next year.

Overall, our Q2 2025 results reflect a solid first half of the year.

While reported record.

Adjusted net income of $25 8 million or 10 cents per share in Q2 2025 compared to adjusted net income of $4 1 million or <unk> <unk> per share last year.

During the quarter he will contribute at $4 8 million to adjusted net income while the net impact of Socal medical deferrals contributed $2 8 million.

Speaker #4: Now onto our quarterly adjusted net income. Overall, our Q2 2025 result reflects a solid first half of the year. We reported a record adjusted net income of $25.8 million, or $0.10 per share, in Q2 2025, compared to adjusted net income of $4.1 million, or $0.02 per share, last year.

Excluding the impacts from Silicon medical revenue deferrals and the inclusion of.

The company improved its.

Adjusted net income by $14 million compared to Q2 of last year, representing a significant improvement in profit.

Speaker #4: During the quarter, HealWell contributed $4.8 million to adjusted net income, while the net impact of Circle Medical deferrals contributed $2.8 million. Excluding the impacts from Circle Medical revenue deferrals and the inclusion of HealWell, the company improved its adjusted net income by $14 million compared to Q2 of last year, representing a significant improvement in profitability over the past year.

Luckily over the past year.

We achieved record free cash flow in Q2 2025 and.

Eva Fong: Excluding the impacts from Circle Medical revenue deferrals and the inclusion of HealWell, the company improved its adjusted net income by $14 million compared to Q2 of last year, representing a significant improvement in profitability over the past year. We achieved record free cash flow in Q2 2025. Adjusted free cash flow attributable to shareholders was $11.7 million in Q2 2025, an increase of 34% from $8.7 million in Q2 of last year. This increase was largely attributed to an increase in shareholder EBITDA, which was offset by taxes, interest, and capital expenditures. In Q2 2025, we had high quarterly cash taxes for the company. Capital expenditures were also greater than normal due to investments in new equipment and clinical facilities to drive new revenue, especially related to our executive health clinics.

Adjusted free cash flow attributable to shareholders.

Plus $7 million in Q2, 2025, an increase of 34% from $8 7 million in Q2 of last year.

This increase was largely attributed to increased quota.

The EBITDA, which was offset by taxes interest and capital expenditures.

Speaker #4: We achieved record free cash flow in Q2 2025. Adjusted free cash flow attributable to shareholders was $11.7 million in Q2 2025, an increase of 34% from $8.7 million in Q2 of last year.

In Q2, 2025, we have high quarterly cash taxes for the company.

Capital expenditures were also greater than normal due to investments in new equipment and clinical facilities to drive new revenue, especially related to our executive health clinics.

Speaker #4: This increase was largely attributed to an increase in shareholder EBITDA, which was offset by taxes, interest, and capital expenditures. In Q2 2025, we had high quarterly cash taxes for the company. Capital expenditures were also greater than normal due to investments in new equipment and clinical facilities to drive new revenue, especially related to our executive health clinics.

Note also that circle and wit combined had a negative incremental impact up to $1 million to free cash flow.

Turning to our balance sheet as of June 32025.

Q2, 2025, with a solid balance sheet bought in cash and cash equivalents up $98 9 million.

Speaker #4: Note also that Circle and WISP combined had a negative incremental impact of $2.1 million to free cash flow. Turning to our balance sheet as of June 30, 2025.

Eva Fong: Note also that Circle and WISP combined had a negative incremental impact of $2.1 million to free cash flow. Turning to our balance sheet as of June 30th, 2025. Well ended Q2 2025 with a solid balance sheet, holding cash and cash equivalents of $98.9 million. We remain in good standing and fully compliant with all covenants related to our two credit lines, JPMorgan in the US and Royal Bank in Canada. The outstanding debt from these credit lines was approximately $253.2 million in Canadian dollars as of June 30th, 2025. Orion Health, a wholly owned subsidiary of HealWell, entered into a new credit facility with the Bank of Nova Scotia in Q1 2025, with an outstanding debt balance of $44.3 million as of June 30th, 2025.

We remain in good standing and fully compliant with all covenants related to our two credit lines Jpmorgan in the U S and Royal Bank in Canada.

The outstanding debt from these credit lines was approximately $253 2 million in Canadian dollars as of June 32025.

Speaker #4: We ended Q2 2025 with a solid balance sheet, holding cash and cash equivalents of $98.9 million. We remain in good standing and fully compliant with all covenants related to our two credit lines: JP Morgan in the U.S. and Royal Bank in Canada.

Oh, Ryan Health, a wholly owned subsidiary of Q, well well enter into a new credit facility with the bank of Nova Scotia in Q1, 2025, with an outstanding debt balance of $44 3 million as of June 32025.

Speaker #4: The outstanding debts from these credit lines were approximately $253.2 million Canadian dollars as of June 30, 2025. Orion Health, a wholly owned subsidiary of HealWell, entered into a new credit facility with the Bank of Nova Scotia in Q1 2025, with an outstanding debt balance of $44.3 million as of June 30, 2025.

Our balance sheet continues to be strong and we are confident that we will continue to see strong free cash flow generation in 2025.

We've also assumed a normal course issuer bid or CIB in the second quarter.

Great.

13 2025, the company has bought back approximately 175000 shares in 2025.

Speaker #4: Our balance sheet continues to be strong, and we are confident that we will continue to see strong free cash flow generation in 2025. We've also resumed our normal course issuer bid, or NCIB, in the second quarter.

And we are expecting to continue with our share buyback program in the second half of the year as permitted.

Eva Fong: Our balance sheet continues to be strong, and we are confident that we will continue to see strong free cash flow generation in 2025. We've also resumed our normal course issuer bid or NCIB in the second quarter. Year to date, as of August 13, 2025, the company has bought back approximately 175,000 shares in 2025, and we are expecting to continue with our share buyback program in the second half of the year as permitted. I'm pleased to report that we have the cash and available resources to continue to fund our M&A program. This is true for Canadian clinics and Wellstar, where the majority of our M&A pipeline is focused on. That concludes my financial update, and I will now turn the call back over to Hamed.

I'm pleased to report that we have the cash and available resources to continue to fund our M&A program. This is true for Canadian clinics, and while stock well, where the majority of our M&A pipeline is focused on.

Speaker #4: Year to date, as of August 13, 2025, the company has bought back approximately 175,000 shares in 2025. We are expecting to continue with our share buyback program in the second half of the year as permitted.

That concludes my financial update and I will now turn the call back over to have it.

Thank you Eva.

I'm very excited and confident about our outlook for the balance of the year and into 2026 for the balance of the year. We believe shareholders can expect to see us continue to achieve new levels.

Speaker #4: I'm pleased to report that we have the cash and available resources to continue to fund our M&A program. This is true for Canadian clinics and WellStar, where the majority of our M&A pipeline is focused on.

In revenue adjusted EBITDA, and adjusted net income as well as cash flow until divestments take place at which time, we will issue updated outlook and guidance figures.

Speaker #4: That concludes my financial update, and I will now turn the call back over to Hamed.

Speaker #5: Thank you, Eva. I'm very excited and confident about our outlook. For the balance of the year, and into 2026, for the balance of the year, we believe shareholders can expect to see us continue to achieve new levels in revenue, adjusted EBITDA, and adjusted net income.

Hamed Shahbazi: Thank you, Eva. I'm very excited and confident about our outlook for the balance of the year and into 2026. For the balance of the year, we believe shareholders can expect to see us continue to achieve new levels in revenue, adjusted EBITDA, and adjusted net income, as well as cash flow until divestments take place, at which time we will reissue updated outlook and guidance figures. As for the current guidance, we are reaffirming and slightly updating and upgrading. I will explain. We're pleased to reaffirm our 2025 annual guidance for revenue to between $1.4 to $1.45 billion, representing 52% to 58% annual growth as compared to 2024. Excluding the impact of the Circle Medical deferrals, the company's annual revenue guidance would be $1.35 billion to $1.4 billion. This annual revenue guidance only includes announced acquisitions.

As for the current guidance, we are reaffirming and slightly updating.

And upgrading I will explain we are pleased to reaffirm our 2025 annual guidance for revenue to between one four to $1 45 billion, representing 52% to 58% annual growth as compared to 2024, excluding the impact of the circle medical deferrals the Companys annual.

Speaker #5: As well as cash flow until divestments take place, at which time we will reissue updated outlook and guidance figures. As for the current guidance, we are reaffirming and slightly updating and upgrading.

Revenue guidance would be 1.35 billion to $1 4 billion. This annual revenue guidance only includes.

Speaker #5: We are pleased to reaffirm our 2025 annual guidance for revenue to be between $1.4 billion and $1.45 billion, representing 52% to 58% annual growth compared to 2024.

Announced acquisitions, however, well expected to be in the upper half of this guidance range with the inclusion of client acquisitions in the second half of the year.

Speaker #5: Excluding the impact of the Circle Medical deferrals, the company's annual revenue guidance would be $1.35 billion to $1.4 billion. This annual revenue guidance only includes announced acquisitions.

Furthermore, we are pleased to increase our guidance for annual adjusted EBITDA to be in the upper half of the previously provided guidance of 190 million to $210 million. So an improvement of approximately $10 million.

Speaker #5: However, WELL expects to be in the upper half of this guidance range, with the inclusion of planned acquisitions in the second half of the year.

Hamed Shahbazi: However, Well expects to be in the upper half of this guidance range with the inclusion of planned acquisitions in the second half of the year. Furthermore, we're pleased to increase our guidance for annual adjusted EBITDA to be in the upper half of the previously provided guidance of $190 million to $210 million, so an improvement of approximately $10 million. Excluding the impact of Circle Medical deferrals, we are similarly improving our guidance for annual adjusted EBITDA to be in the upper half of our previously provided guidance of $140 to $160 million, again, roughly a $10 million improvement. This improvement of the company's annual adjusted EBITDA guidance only includes announced acquisitions. While the improvement in revenue guidance is with additional M&A, our improvement in adjusted EBITDA guidance does not require any additional acquisitions, which, of course, is highly likely to occur.

Excluding the impact of circle medical deferrals, we are similarly, improving our guidance for annual adjusted EBITDA to be in the upper half of our previously provided guidance of $140 million to $160 million again, roughly a $10 million improvement this improvement of the company's annual adjusted EBITDA guidance.

Speaker #5: Furthermore, we're pleased to increase our guidance for annual adjusted EBITDA to be in the upper half of the previously provided guidance of $190 million to $210 million.

Speaker #5: So, an improvement of approximately $10 million, excluding the impact of Circle Medical deferrals. We are similarly improving our guidance for annual adjusted EBITDA to be in the upper half of our previously provided guidance of $140 million to $160 million.

Only includes all announced acquisitions.

While the improvement in revenue guidance is with additional M&A our improvement in adjusted EBITDA guidance does not require any additional acquisitions, which of course.

It is highly likely to occur. So this shows the improving profitability profile and margins for the company.

Speaker #5: Again, roughly a $10 million improvement. This improvement in the company's annual adjusted EBITDA guidance only includes announced acquisitions. While the improvement in revenue guidance is with additional M&A, our improvement in adjusted EBITDA guidance does not require any additional acquisitions.

Second quarter was a milestone quarter as we included <unk> financial results for the first time and with an exceptional quarter for if you will will surpass the $40 million revenue milestone and achieved positive adjusted EBITDA our.

Speaker #5: Which, of course, is highly likely to occur. This shows that we are improving our profitability profile and margins for the company. The second quarter was a milestone quarter as we included HealWell's financial results for the first time. It was an exceptional quarter for HealWell, where it surpassed the $40 million revenue milestone and achieved positive adjusted EBITDA.

Our Canadian clinic business, including Canadian clinics, and well start is out.

Hamed Shahbazi: So this shows the improving profitability profile and margins for the company. The second quarter was a milestone quarter as we included HealWell's financial results for the first time, and it was an exceptional quarter for HealWell, where it surpassed the $40 million revenue milestone and achieved positive adjusted EBITDA. Our Canadian clinic business, including Canadian clinics and Wellstar and Cyberwell, is outperforming, and we have many tailwinds in the healthcare market, including the buy Canadian sentiment from federal and provincial governments that we expect will activate over time. We're expecting Well Canada's adjusted EBITDA to grow by at least 25% this year, inclusive of acquisitions. Our longer-term view of the Canadian market remains bullish.

And cyber wells outperforming and we have many tailwind in the health care market.

Including the bike Canadian sensitive from federal and provincial governments that we expect will activate over time we're in.

Well, Canada is adjusted EBITDA to grow by at least 25, 25% this year inclusive of acquisitions.

Speaker #5: A. Our Canadian clinic business, including Canadian clinics and WellStar, is outperforming, and CyberWell is outperforming. We have many tailwinds in the healthcare market.

A longer term view of the Canadian market remains bullish as we indicated last quarter, we're still targeting inclusive of Canadian clinics, and well start to be over $800 million in revenue within two years and we are ahead of plan with the companies expect that.

Speaker #5: Including the buy Canadian sentiment from federal and provincial governments that we expect will activate over time, we're expecting WELL Canada's adjusted EBITDA to grow by at least 25% this year, inclusive of acquisitions.

Expectation to be over $100 million and adjusted EBITDA by mid 2026, instead of the end of 2026, which is what we said.

Speaker #5: Our longer-term view of the Canadian market remains bullish, as we indicated last quarter. We're still targeting, inclusive of Canadian clinics and WellStar, to be over $800 million in revenue within two years, and we are ahead of plan with the company's expectation to be over $100 million in adjusted EBITDA by mid-2026 instead of the end of 2026.

Last quarter on our call.

Hamed Shahbazi: As we indicated last quarter, we're still targeting, inclusive of Canadian clinics and Wellstar, to be over $800 million in revenue within two years, and we are ahead of plan with the company's expectation to be over $100 million in adjusted EBITDA by mid-2026 instead of the end of 2026, which is what we said last quarter on our call. We are the market leader in Canada with the largest owned and operated clinic network, and we expect we will experience substantial growth and profitability improvement in the coming years as we continue to pursue our long-term market share goal of 10%. In addition, Wellstar is the healthcare technology leader in Canada whose growth will only accelerate as a publicly traded company.

We are the market leader in Canada with the largest owned and operated clinic network and we expect.

We'll experience, we experienced substantial growth and profitability improvement in the coming years as we continue to pursue our long term market share goal of 10%. In addition, while it started the healthcare technology leader in Canada, whose growth will only accelerate as a publicly traded company.

Speaker #5: Which is what we said last quarter on our call. We are the market leader in Canada with the largest owned and operated clinic network, and we expect we'll experience substantial growth and profitability improvement in the coming years as we continue to pursue our long-term market share goal of 10%.

<unk> noted earlier, we remain committed to the sale processes of our U S digital assets as well as CRH.

And our objective is to deliver at least one transaction that has unlocked value by the end of the year.

In this portfolio in summary, we're very pleased with the strengthening fundamentals of our business and look forward to delivering strong results in 2025 and beyond well its growth engine has never been stronger organic growth is operating at its optimal level. While we are executing on an extremely healthy M&A pipeline, we have a strong balance sheet.

Speaker #5: In addition, WellStar is the healthcare technology leader in Canada, whose growth will only accelerate as it publicly trades as a company. As noted earlier, we remain committed to the sale processes of our U.S. digital assets, as well as CRH, and our objective is to deliver at least one transaction that unlocks value by the end of the year.

Hamed Shahbazi: As noted earlier, we remain committed to the sale processes of our US digital assets as well as CRH, and our objective is to deliver at least one transaction that unlocks value by the end of the year in this portfolio. In summary, we're very pleased with the strengthening fundamentals of our business and look forward to delivering strong results in 2025 and beyond. Well's growth engine has never been stronger. Our organic growth is operating at its optimal level while we are executing on an extremely healthy M&A pipeline. We have a strong balance sheet and are well positioned to improve shareholder value.

<unk> and are well positioned to improve shareholder value.

Speaker #5: In summary, we're very pleased with the strengthening fundamentals of our business and look forward to delivering strong results in 2025 and beyond.

Okay.

We have a committed and disciplined team to ensure we can execute on our objectives.

And in line with that I would like to think well senior management team as well as the senior teams well clinics, well start healed, well and cyber well and all of our employees and contractors and of course, our board of directors for their tremendous effort and support.

Speaker #5: WELL's growth engine has never been stronger, and organic growth is operating at its optimal level while we are executing on an extremely healthy M&A pipeline.

Speaker #5: We have a strong balance sheet and are well positioned to improve shareholder value. We have a committed and disciplined team to ensure we can execute on our objectives. In line with that, I would like to thank Well's senior management team, as well as the senior teams at Well Clinics, WellStar, HealWell, and CyberWell, and all our employees and contractors, and of course, our board of directors for their tremendous effort and support. In particular, I would also like to thank our team of healthcare practitioners and our other frontline workers who provide unbelievable patient care.

In particular I would also like to thank our team of health care practitioners and our other frontline workers, who provide unbelievable patient care. There is a true heroes of the healthcare ecosystem and we are grateful to have an opportunity to serve them.

Hamed Shahbazi: We have a committed and disciplined team to ensure we can execute on our objectives, and in line with that, I would like to thank Well's senior management team, as well as the senior teams at Well Clinics, Wellstar, HealWell, and Cyberwell, and all our employees and contractors, and of course, our board of directors for their tremendous effort and support. In particular, I would also like to thank our team of healthcare practitioners and our other frontline workers who provide unbelievable patient care. They are the true heroes of the healthcare ecosystem, and we are grateful to have an opportunity to serve them. I would like to thank you all for joining us today on this call and thank our shareholders and investors for their continued support.

I would like to thank you all for joining us today on this call and thank our shareholders investors for their continued support the capital markets have been very supportive of our vision and it provided us with the resources and needs and support to pursue our goals.

Speaker #5: They are the true heroes of the healthcare ecosystem, and we are grateful to have an opportunity to serve them. I would like to thank you all for joining us today on this call and thank our shareholders and investors for their continued support.

And not only deliver shareholder value, but provide positive societal impact.

And with that we would be open to questions. Operator would you. Please open the line.

Thank you.

Speaker #5: The capital markets have been very supportive of our vision and have provided us with the resources, means, and support to pursue our goals and not only deliver shareholder value but also provide positive societal impact.

Ladies and gentlemen, we will now begin the question and answer session should you have a question. Please press the star followed by the one on your Touchtone phone, you'll hear a prompt that Johan has been raised if you wish to claim from the polling process. Please press star followed by the channel.

Hamed Shahbazi: The capital markets have been very supportive of our vision and have provided us with the resources and means and support to pursue our goals and not only deliver shareholder value but provide positive societal impact. And with that, we would be open to questions. Operator, would you please open the line?

Speaker #5: And with that, we would be open to questions. Operator, would you please open the line?

And if you are using a speaker phone please lift the handset before pressing any case.

Speaker #6: Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. Should you have a question, please press the star followed by the one on your touch-tone phone.

The first question comes from Rob Goff advent in capital markets. Please go ahead.

Speaker 7: Thank you. Ladies and gentlemen, we will now begin the question and answer session. Should you have a question, please press the star followed by the one on your touchtone phone. You will hear a prompt that your hand has been raised. If you wish to decline from the polling process, please press star followed by the two. And if you are using a speakerphone, please lift the handset before pressing any keys. The first question comes from Rob Goff at Ventum Capital Markets. Please go ahead.

Thank you for taking my question and congratulations on the results of the quarter.

Speaker #6: You will hear a prompt that your hand has been raised. If you wish to decline from the polling process, please press star followed by the two.

Thank you Rob I appreciate that very much.

Hum.

Speaker #6: And if you are using a speakerphone, please lift the handset before pressing any keys. The first question comes from Rob Goff at Ventum Capital Markets.

If I could tie into a well start could you talk a little bit more towards the <unk>.

Average of well start to RF.

Rfps Act.

Speaker #6: Please go ahead.

Acquisitions and.

Speaker #7: Thank you for taking my question, and congratulations on the results for the quarter.

Rob Goff: Thank you for taking my question and congratulations on the results with the quarter.

Gross.

International player versus domestic buyer.

Oh.

Speaker #5: Thank you, Rob. I appreciate that very much.

Hamed Shahbazi: Thank you, Rob. Appreciate that very much.

Sure Yeah look I.

Need a little bit of a comment.

Speaker #7: And perhaps if I could dive into WellStar, could you talk a little bit more about the leverage of WellStar to outstanding RFPs, acquisitions, and growth as an international player versus a domestic player?

Rob Goff: And perhaps if I could dive into Wellstar, could you talk a little bit more towards the leverage of Wellstar to outstanding RFPs, acquisitions, and growth as an international player versus a domestic player?

Scripts.

I sort of see the little bit that we have some good news coming.

We in fact have been participating and insignificant.

<unk> rfps across the country.

We are we have reason to believe that we have very good results that we'll be able to share with the market. Shortly as you know you referrals.

Speaker #5: Sure. Yeah. And look, I made a little bit of a comment in the script where I sort of tease a little bit that we have some good news coming.

Hamed Shahbazi: Sure. Yeah. And look, I made a little bit of a comment in the script where I sort of teased a little bit that we have some good news coming. We, in fact, have been participating in significant RFPs across the country. We have reason to believe that we have very good results that we'll be able to share with the market shortly. As you know, e-referrals is one of the most important priorities for public health across Canada, both at the provincial and the federal level. Of course, Canada tends to execute on these types of initiatives at the provincial level, and Ocean has been very successful historically, and we are very bullish on its ability to continue to win business. And I think it's going to be a source of organic growth for us that we're going to be able to really count on and build on.

And one of the most important priorities for public health across Canada.

Both at the provincial and federal level of course, Canada tends to execute on these types of initiatives at the provincial level and ocean has been very successful.

Speaker #5: We, in fact, have been participating in significant RFPs across the country. We have reason to believe that we have very good results that we'll be able to share with the market shortly.

Historically.

Speaker #5: As you know, e-referrals is one of the most important priorities for public health across Canada. Both at the provincial and federal levels, of course, Canada tends to execute on these types of initiatives at the provincial level.

And we are very bullish on its ability to continue to win business and I think it's going to be a source of organic growth for us that that we're going to be able to really count on and build on so stay tuned there.

Speaker #5: And Ocean has been very successful, you know, and, you know, historically and and and we are are very bullish on its ability to continue to win business.

Look well start.

Is it Canada focused player today, but very much is looking at.

Picking our spots to expand.

This is why it was so important to highlight that we are only exiting the U S. As it relates to patient services businesses and not SaaS and services, we're very much interested in growing SaaS and services in the United States and well start is actually very deepen and looking at targets.

Speaker #5: And I think it's going to be a a source of organic growth for us that that we're going to be able to to to really count on and and build on.

Speaker #5: So, stay tuned there. Look, Wellstar is a Canada-focused player today, but is very much looking at picking its spots to expand. This is why it was so important to highlight that we are only exiting the U.S. as it relates to patient services businesses and not SaaS and services.

Hamed Shahbazi: So stay tuned there. Look, Wellstar is a Canada-focused player today, but very much is looking at picking its spots to expand. This is why it was so important to highlight that we are only exiting the US as it relates to patient services businesses and not SaaS and services. We're very much interested in growing SaaS and services in the United States, and Wellstar is actually very deep in looking at targets that span across the border and across globally as well, primarily within the Commonwealth, which of course has a similar healthcare ecosystem to us. So hopefully that's some perspective for you.

That debt.

Spanned across the border so.

And across <unk>.

Globally as well primarily within within the Commonwealth, which of course has similar health care ecosystem to us. So hopefully that's some perspective for you.

Speaker #5: We're very much interested in growing SaaS and services in the United States. And WellStar is actually very deep in looking at targets that that that that that, you know, span across the the border.

That is very good. Thank you very much and good luck.

Thank you. Thank you very much.

Thank you and the next question comes from Jeffrey along at Victor Securities. Please go ahead.

Speaker #5: So, and across, you know, globally as well, primarily within the Commonwealth, which of course has a similar healthcare ecosystem to us. So, hopefully that's some perspective for you.

Everyone. Thanks for taking my questions and congrats on all progress.

Two questions.

The focus on well Canada.

Speaker #7: That is very good. Thank you very much, and good luck.

Rob Goff: That is very good. Thank you very much, and good luck.

First on.

On the clinical side.

Given the size of the opportunity that you outlined during the presentation.

Speaker #6: Thank you.

Speaker 7: Thank you.

Speaker #5: Thank you very much.

Hamed Shahbazi: Thank you very much.

Speaker #6: Thank you. And the next question comes from Gabriel Long at Beacon Securities. Please go ahead.

Speaker 7: Thank you. And the next question comes from Gabriel Long at Bacon Securities. Please go ahead.

Are you seeing any changes to the competitive environments around M&A.

Speaker #8: Everyone, thanks for taking my questions, and congrats on all the progress. I have two questions on the focus on WELL Canada. First, Hamed, on the clinical side, you know, given the size of the opportunity that you outlined during your presentation, have you seen any changes to the competitive environment around M&A?

Gabriel Long: Hi everyone. Thanks for taking my questions and congrats on all the progress. I have two questions focused on Well Canada. First, Hamed, on the clinical side, you know, given the size of the opportunity that you outlined during your presentation, you know, have you seen any changes to the competitive environment around M&A, whether in primary care or diagnostic, or do you think that?At

Primary care or a diagnostic or do you think that your existing scale.

And I guess your tech stack via <unk>.

It's too much of a barrier for other potential entrants.

It's an excellent question.

We have started to see a little bit of competition for I'll say, the bigger assets of which they are not that many frankly.

Speaker #8: Whether in primary care or diagnostic, do you think that your existing scale and, I guess, your tech stack via WellStar is too much of a barrier for other potential entrants?

And we saw that particularly in the process related to the <unk> assets that was obviously a very well.

Speaker 1: your existing scale and I guess your tech stack via WELL Star, too much of a barrier for other potential entrants?

Publicize situation, where you had a significant player go through an insolvency process. So it was widely marketed and there were some folks that kind of bid on that I think just it just attracted so much attention because it was on TV and whatnot.

Speaker #5: It's an excellent question. We have started to see a little bit of competition for, I'll say, the bigger assets, of which there are not that many, frankly.

Eva Fong: It's an excellent question. we have started to see, a little bit of competition for, I'll say, the bigger assets, of which there are not that many, frankly. and we saw that particularly in the process related to the ELNA assets. that was obviously a very well kind of publicized situation where you had a significant player go through, an insolvency process. So it was widely marketed, and there were some folks that that kind of bid on that. And I think just it just attracted so much attention because it was on TV and whatnot. we don't see the same level of, of, kind of engagement, with the smaller assets. And, you know, in our view, small is beautiful. Small is where you get the better multiples. we don't seem to have much competition in those smaller assets.

Speaker #5: And we saw that particularly in the process related to the Elna assets. That was obviously a very well-publicized situation where you had a significant player go through an insolvency process.

We don't see the same level of of.

Kind of engagement with the smaller assets.

And argue small is beautiful smallest where you get the better multiples.

Speaker #5: So, it was widely marketed, and there were some folks that kind of bid on that. I think it just attracted so much attention because it was on TV and whatnot.

We don't seem to have much competition in those smaller asset and look the countries generally the opportunities generally characterized by smaller assets because of the deep fragmentation and extreme fragmentation of the country. So I think it's an excellent question because it is what makes us very confident in our ability to continue the pattern.

These high quality acquisitions over time.

Thanks for that.

Eva Fong: And look, the country is generally, the opportunity is generally characterized by smaller assets because of the deep fragmentation and extreme fragmentation of the country. So I think it's an excellent question because it is what makes us very confident in our ability to continue to pattern these these high-quality acquisitions over time.

Second.

Questions on well sorry.

Still early in the Orion integration, but.

Do you see any opportunities to cross sell some of your products.

And I'm thinking ocean, specifically into the Orion also our client base.

And then the second part of my question as you kind of touched on this earlier.

Speaker 1: Gosh, you know, thanks for that. second, I just have some questions on WELL Star. I know it's still early in the Orion integration, but, do you see any opportunities to cross-sell some of your products? I'm thinking Ocean specifically into the Orion Health, client base. And then the second part of my question is, and you kind of touched on this earlier, but, do you see adding, I guess, a fourth product category to WELL Star? perhaps some tools that you could sell into, you know, larger Canadian hospitals versus, primary care, clinics and maybe into some of Orion's, larger healthcare system customers? Do you see that as an opportunity? And are there any specific, modules that you'd be interested in?

But do.

Do you see adding I guess, a forest product categories well star.

Perhaps some tools that you can sell into.

Larger Canadian hospitals versus primary care clinics, and maybe into some o'brien larger healthcare system customers, you'll see that as an opportunity and are there any specific.

Molecules that could be interesting.

It's a great question.

We do believe that there are opportunities for Orion to resell certain well start products globally, we have not.

Focused on that too much yet just because theres been so much focus on integration.

And kind of like the cost side of things and just making sure that we do.

Eva Fong: It's a great question. you know, we we we do believe that there are opportunities for Orion to resell certain WELL Star products globally. We have not, focused on that too much yet just because there's been so much focus on integration, and, and, you know, kind of like the the cost side of things, and just making sure that we, you know, do a really competent job in our first sort of 100 days to, secure all aspects of the business. But this is something that we'll be investigating together. and and look, your your point is well taken that that, you know, distribution potential exists the other way as well. And whether or not we actually resell Orion services, I I think that we definitely want to be supportive of their growth. And, you know, we we really do not overlap much with them. There's very little overlap.

They were really competent job and our first 100 days to secure all aspects of the business, but this is something that will be investigating together.

And look your point is well taken that distribution potential exists the other way as well and whether or not we actually resell Orion services.

I think that we definitely want to be supportive of their growth and we really do not overlap much with them, there's very little overlap and we work at very different parts of the of the ecosystem, which I think is excellent for a number of reasons.

And.

That allows us to collaborate really well.

With time that will occur.

As you can imagine both companies right now have a very heavy.

Kind of focused on their existing businesses and so this is one of the sort of secondary items, especially when you have a kind of a pending goal for us to get to scale for an IPO, so well start to very much focus on it.

Eva Fong: And we work at very different parts of the of the ecosystem, which I think is is excellent for a number of reasons. and and and that allows us to collaborate really well. And so I I think with time that will occur. as you can imagine, you know, both companies right now have a very heavy, you know, kind of focus on on their existing businesses. And so this is one of the sort of secondary items, especially when you have, kind of a, a pending goal for us to get to to scale for an IPO. So, WELL Star is very much focused on its on its own organic and inorganic growth. And and definitely, you know, we'll be looking for opportunities to grow with Orion.

On its own organic and inorganic growth and definitely we will be looking for opportunities to grow with Orion.

Got you I appreciate all the feedback and congrats again on all the progress.

Thank you very much.

Thank you. The next question comes from Daniel Rosenberg at paradigm capital. Please go ahead.

Hi, good afternoon. Thanks for taking my questions first I wanted to dive a bit deeper in my house business. It seems like the Canadian business overall.

Speaker 1: Gotcha. I appreciate all the feedback and congrats again on all the progress.

<unk> strong growth, but it looks like profitability was particularly strong for my house. This quarter I was wondering if there's anything to call out there this quarter and how should we be thinking about.

Eva Fong: Thank you very much.

David Brown: Thank you. The next question comes from Daniel Rosenberg at Paradigm Capital. Please go ahead.

The margin profile of that business going forward.

Joanna: Hi, good afternoon. Thanks for taking my questions. first, I wanted to dive a bit deeper into my health business. It seems like the Canadian business overall is, seeing strong growth. but it looks like profitability was particularly strong for my health this quarter. I was wondering if there's anything to call out there this quarter and how should we be thinking about, the margin profile of that business going forward?

Yeah. Thanks, Daniel we did have I mean look my health is just fine.

A really fantastic story for the company over the last several years I would say.

Management.

And the team there.

<unk>.

Are really to be commended for just the excellent execution across cost management.

Eva Fong: Yeah, thanks, Daniel. we did have, I mean, look, my health is just been, a really fantastic story for the company, over the last several years. I would say management, and the team there, are are are are really to be commended for just the excellent execution across, you know, cost management, developing their their their their physician and patient base, you know, continuing to, you know, you know, to to really, create a very healthy business there. Of course, as as as you may remember, last year was sort of we we executed on our first TOCEN under the my health banner. and it's been a while since we actually done, a TOCEN under that banner. That TOCEN's gone extremely well. So some of the improved profitability is coming at the hands of of that TOCEN.

I think they or their physician and patient base continuing to.

Right.

To really create a very healthy business. There of course as you may remember last year, we executed on our first tuck in under my health better and it's been a while since we actually done.

And under that better that that tuck ins has gone extremely well so.

Some of the improved profitability is coming at the hands of that tuck in.

We also did.

Did have a kind of like a one time.

Reimbursement.

Improvement this quarter.

And look I think the provincial health authorities are still trying to find ways to counter the effects of inflation over the past few years and ensure that physicians are.

It's fairly and so those things are happening this quarter had a benefit there but note that if you even take that out.

Eva Fong: We also did did have a kind of like a one-time, reimbursement, improvement this quarter that, and and look, the I think the provincial health authorities are still trying to find ways to counter the effects of inflation over the past few years and ensure that physicians are are are being treated fairly. And so those things are happening. This quarter had a benefit there. But note that if you even take that out, my health's performance year over year was still fantastic. And what you're going to see with my health moving forward is continued really strong performance, but more TOCEN. So some of the, some of some of the pipeline that you that that that that we talked about earlier in terms of our M&A, opportunities is actually now my health. It's not all just primary care stuff. It's not all absorptions.

<unk> performance year over year was still fantastic and I think what youre going to see with myself moving forward. It continued really strong performance.

But more tuck ins so some of the.

Some of the pipeline that you that we talked about earlier in terms of our M&A.

<unk> is actually not Michael that's not all just primary care stuff, that's not all of absorptions.

A lot of it is just sort of higher quality better margin.

Diagnostic Michael type deals.

We are again very encouraged or of the results of our of our tuck in last year.

But more tuck ins so some of the.

Some up some of the pipeline that you that we talked about earlier in terms of our M&A opportunities is actually now Michael but it's not all just primary care stuff, it's not all absorptions.

And remember my hope before we bought it had done over 20 of their own acquisitions and they had an excellent history of putting in assets.

Eva Fong: It's a lot of this is sort of higher quality, better margin, you know, diagnostic my health type deals. we are, again, very encouraged of the results of our of our TOCEN last year. And and and remember, my health before we bought it had done over 20 of their own acquisitions, and they had an excellent history of tucking in assets, you know, getting new growth and demonstrating superior margins. And they really, have demonstrated that again this past year. So we want to reward them with more capital allocation.

Getting new growth and demonstrating superior margins then they really are.

A lot of this is sort of higher quality better margin.

Diagnostic might health type deals.

<unk> has demonstrated that again this past year, so we want to reward them with more capital allocation.

We are again very encouraged of the results of our of our tuck in last year and remember my health before we bought it had done over 20 of their own acquisitions and they had an excellent history of tucking in assets.

Yeah.

Good to hear thanks for that color.

On the theme of M&A activity. It sounds like the pipeline is robust it sounds like you're working through a number of integrations, especially now.

Getting new growth and demonstrating superior margins and they really.

Okay.

The umbrella.

I was just curious to hear how you're prioritizing resources.

We have demonstrated that again this past year, so we want to reward them with more capital allocation.

Outside of capital the more time and people.

Yeah.

Joanna: Good to hear. Thanks for that color. continuing on the theme of M&A activity, it sounds like the pipeline is robust. It sounds like, you're working through a number of integrations, especially now with, Orion under the umbrella. I was just curious to hear how you're prioritizing resources, you know, outside of capital, but more time and people, across business lines. how do you think about that? And then maybe if you could just comment on the cadence, you know, of integrations, as you've been executing them for a number of years now.

Good to hear thanks for that color and continuing on the theme of M&A activity. It sounds like the pipeline is robust it sounds like you're working through a number of integrations, especially now as Orion under the umbrella I was just curious to hear how you're prioritizing resources.

<unk> business lines.

How do you think about that and then maybe if you could just comment on the cadence.

Yeah.

Integrations.

As you've been executing them for a number of years now.

And David on that last part of that had a bit of a blip on my phone here.

Outside of capital, but more time and people across business lines and how do you think about that and then maybe if you could just comment on the cadence.

I was just curious if you could comment about the cadence of your integrations now.

Now that you've done so many over the past several years.

Got it okay.

Some.

Of integrations.

Yeah, so as far as how we're prioritizing resources.

As you've been executing them for a number of years now.

Look I think that we are.

Okay.

Eva Fong: And Daniel, that last part, I had a bit of a blip on my phone here.

Daniel that last part of I had a bit of a blip on my phone here.

There is a golfer to say two things. One is we are very focused on automation and AI internally.

Joanna: I was just curious if you could comment about the cadence of your integrations, now that you've done so many over the past several years.

I was just curious if you could comment about the cadence of your integrations.

And so I made a comment around this in the script, but but.

Now that you've done so many over the past several years.

Just just the use of AI in our M&A.

Eva Fong: Got it. Okay. Yeah. So as far as how we're prioritizing resources, look, I think that that we are, there I'll sort of say two things. One is we're very focused on automation and AI internally. And so I made a comment around this, in the script, but but I'm just just the use of AI in our M&A, platform, just our own M&A machine and the way that we prosecute M&A transactions and our whole process has gone from, you know, a bunch of really, you know, well-intentioned and, and, and, and kind of experienced people with spreadsheets and normal tools to, to today, it's looking a lot more like a machine. Like it is, you know, you know, tools and workflow and, and, and just the maturing of this process. Now the, the, the leveraging of AI tools has allowed us to drive productivity up very substantially.

Got it okay.

Yeah, so as far as how we're prioritizing resources.

Platform, just our own M&A machine in the way that we prosecute M&A transactions in our whole process has gone from a bunch of really well intentioned.

Look I think that that we are.

They're all sort of say two things one is we're very focused on automation and AI internally.

And kind of experienced people with spreadsheets and normal tools too.

And so I made a comment around this in the script, but but.

Today is looking a lot more like a machine like it is.

Just just the use of AI in our M&A.

Tools and workflow and and just the maturing of this process now.

Platform, just our own M&A machine in the way that we prosecute M&A transactions in our whole process has gone from a bunch of really well intentioned and and kind of experienced people with spreadsheets and normal tools too.

The leveraging of AI tools has allowed us to drive productivity up very substantially similarly.

We are investing heavily in the back office automation.

We're doing this at all levels, we understand that that's going to be the key to operating leverage in the future. So we're not just for getting the juice on an on.

Today, it's looking a lot more like a machine like it is.

Tools and workflow and and just the maturing of this process now.

New M&A and that's it we want to create fundamentally a type of platform and structure that ensures very long term success, we're playing the long game here and so.

The leveraging of AI tools has allowed us to drive productivity up very substantially similarly.

Eva Fong: Similarly, we are investing heavily in the back office automation. You know, our we're doing this at all levels. We understand that that's going to be the key to operating leverage in the future. So we're not just for getting the juice on, on, on, you know, new M&A and and that's it. You know, we want to create fundamentally a type of platform and structure that ensures very long-term success. We are playing the long game here. And so, I'm I'm really proud of that effort. I I think that it's going to take some time to really show the results of that. We're starting to see some of the results, but some of these fundamental refactoring initiatives of our shared services are occurring and, and and occurring at all levels. And I think finance is a big example of that. IT is a big example of that.

We are investing heavily in the back office automation you know are we're doing this at all levels, we understand that that's going to be the key to operating leverage in the future. So we're not just for getting the juice on on on new M&A and that's it we want to create fundamentally a type of.

I'm really proud of that effort I think that's going to take some time to really show the results of that we're starting to see some of the results, but some of the fundamental refactoring initiatives of our shared services are occurring.

Platform and structure that ensures very long term success, we're playing the long game here and so.

And in a cranial levels I think finance is a big example of that is a big example of that.

Look the power of AI to help us improve our resources and our integration activities.

I'm I'm really proud of that effort I think that it's going to take some time to really show the results of that we're starting to see some of the results, but some of these fundamental refactoring initiatives of our shared services are occurring and and occurring at all levels and I think finance is a good example.

Frankly limitless.

And it's.

We're moving slower than I would like to vote, but we are we are we are very intentional and focused after going after this so.

So.

That to me is number one in terms of priority.

That is a big example of that.

Eva Fong: You know, look, the power of AI to help us improve our resources and our integration activities is just, frankly, limitless. And and it's, it's, you know, we're moving slower than I would like us to move, but we are, we are, we are very intentional and focused after going after this. And so that, to me, is number one in terms of priority. and and in terms of, you know, cadence of of of integration activity, look, I think we we we are very structured and very intentional around our integration activities. We know what we don't buy something before knowing what we're going to do like clockwork. And so that's something that I think that that is is very much programmatized in terms of in terms of the the WELL M&A activity.

You know look the power of AI to help us improve our resources and our integration activities, It's just frankly limitless and and it's it's.

And in terms of cadence.

Integration activity.

Look I think we we are very structured and very intentional around our integration activities we know.

We're moving slower than I would like to have some booth, but we are we are we are very intentional and focused after going after this.

We don't buy something before knowing what we're gonna do like Clockwork and so that's something that I think that that is very much program at times in terms of in terms of the M&A activity.

That to me is number one in terms of priority.

And in terms of cadence of of integration activity.

And I will say another note about prioritizing resources interest like zooming out how do we think about Canadian clinics.

I think we were very strong.

Structured and very intentional around our integration activities, we know well.

Look I think I think that the.

We don't buy something before knowing what we're gonna do like Clockwork and so that's something that I think that that is very much program. Its highs in terms of in terms of the well M&A activity.

People are going to up.

I hope people.

On this call I appreciated the solid gross margins, we were seeing great organic growth that we're seeing this is a high quality business and becoming more high quality two over our last acquisitions, where high quality clinics better margins you're investing in.

Eva Fong: And, I I I will say another note about prioritizing resources and just like zooming out, how do we think about Canadian clinics? look, I think I think that that the people are going to I I I hope people on the on this call appreciated the solid gross margins we're seeing, the the great organic growth that we're seeing. This is a high-quality business and becoming more high quality. Two of our last acquisitions were high-quality clinics, better margins. We are investing in, you know, executive health, concierge health. we're investing in longevity health. there is a group of of patients and consumers in the country that are very interested in preventative health, and and they're looking for the best preventative care that the country has to offer.

And I will say another note about prioritizing resources and just like zooming out how do we think about Canadian clinics.

Look I think I think that the people are going to I I hope people.

Decorative health clubs to yourself.

We're investing in longevity health.

On this call I appreciated the solid gross margins, we were seeing the great organic growth that we're seeing this is a high quality business and becoming more high quality two over our last acquisitions, where high quality clinics better margins, we are investing in our executive health conscious.

There is a group of.

Patients and consumers in the country that are very interested and preventative health and they are looking for the best preventative care that the country has to offer.

I would I would submit to you that our Vancouver Clinic Salt Creek, and our longevity program. There is the most sophisticated.

<unk> health, we're investing in longevity health.

Longevity program in the country and what it's doing with AI and how it's taking imaging.

There is a group of <unk>.

Patients and consumers in the country that are very interested and preventative health and.

Clinical data points Biomarkers all of that.

And Theyre looking for the best preventative care the country has to offer I would I would submit to you that our Vancouver clinic false Creek and our longevity program. There is the most sophisticated.

And creating a very useful blueprint for how to improve health.

Eva Fong: I would I would submit to you that our Vancouver Clinic, False Creek, and our longevity program there is the most sophisticated, longevity program in the country in what it's doing with AI and and how it's taking imaging, clinical data points, biomarkers, all that, and and and and creating a very useful, blueprint for how to improve health. So, that's all to say that that, we are very much a comprehensive, you know, platform when thinking about, you know, care across the country.

So that's all to say that.

We are very much a comprehensive.

Platform when thinking about care across the country.

Longevity program in the country and what it's doing with AI and how it's taking imaging.

Yes, thanks for taking my questions.

Ah clinical data points Biomarkers, all of that and creating a very useful blueprint for how to improve health. So that's all to say that.

Thank you. The next question comes from Jim Luca Tichy of Haywood Securities. Please go ahead.

Hi, good afternoon, guys congrats on the quarter.

We are very much a comprehensive.

Thanks, Joe look I appreciate that.

Platform when thinking about care across the country.

And I'm just wondering if you could share some perspective.

Joanna: Good to hear. Thanks for taking my questions.

Good to hear thanks for taking my questions.

On how you're thinking about ROIC targets evolving in the medium term in the Canadian business as you continue to employ the M&A playbook here in Canada.

Okay.

David Brown: Thank you. The next question comes from Gianluca Tucci at Haywood Securities. Please go ahead.

Thank you. The next question comes from John Luca <unk> at Haywood Securities. Please go ahead.

Tyler Baba: Hi, good afternoon, guys. Congrats on the quarter.

Hi, good afternoon, guys congrats on the quarter.

Yes, it's a great question look we are very disciplined we basically will not do a deal. If we do not think that we can get to a 20% IRR overtime and if you actually look at it.

Eva Fong: Thanks, Gianluca. Appreciate that.

Thanks, Joe look I appreciate that.

Tyler Baba: And I'm just wondering, if you could share some perspective on how you're thinking about ROIC targets evolving in the medium term in the Canadian business, as you continue to employ the M&A playbook here in Canada.

And I'm just wondering if you could share some perspective on how you're thinking about ROIC targets evolving in the medium term in the Canadian business as you continue to employ the M&A playbook here in Canada.

What I noted earlier in terms of our capital allocation program and just.

Sort of flagged that included all the clinics youll see that we have been very much.

Eva Fong: Yeah, it's a great question. Look, we are very disciplined. we we basically will not do a deal if we do not think that we can get to a 20% IRR over time. And and if you actually look at, you know, what I noted earlier in in terms of our capital allocation program and and and and this and and this sort of slide that that included all the clinics, you'll see that that we have been very much, able to to generally hit those numbers. and look, even in our digital acquisitions, we're seeing, you know, over time, the results that that we're seeing are demonstrative of us more often than not meeting that 20% IRR threshold. And so, you know, that that is a that is a that is a big driver of our decision-making.

Yes, it's a great question look we are very disciplined we basically will not do a deal. If we do not think that we can get to a 20% IRR overtime and if you actually look at.

<unk> two to generally hit those numbers.

And look even in our digital acquisitions, we're seeing.

Over time the results that we're seeing are help our demonstrative of us more often than not meeting that 20% IRR threshold and so.

What I noted earlier in terms of our capital allocation program and this and the sort of slide that included all the clinics youll see that we have been very much able to generally hit those numbers.

Yeah.

That.

That is a big driver of our decision making and.

And look a lot of the tools and technologies that we're thinking about now are related with getting more synergies from these acquisitions over time. So it's something that we work on every single day, it's kind of like a.

And look even in our digital acquisitions, we're seeing.

Over time the results that we're seeing are helped our demonstrative of us more often than not meeting that 20% IRR threshold and so.

Our batting average that were.

Relentlessly an obsessive focus on.

You know that that is the that is that is a big driver of our decision, making and and look a lot of the tools and technologies that we're thinking about now are related with getting more synergies from these acquisitions over time. So it's something that we work on every single day, it's kind of like a batting average that.

That's great color. Thank you.

Eva Fong: And, and and look, a lot of the tools and technologies that we're thinking about now are are related with with getting more synergies from these acquisitions over time. So it's something that we work on every single day. It's kind of like, a a batting average that we're, you know, relentlessly and obsessively focused on.

And as a follow up produced solid.

The provider.

Sure.

Which on average she mentioned that solid growth I'm. Just wondering like is there like any specific technology that you like.

Sure.

You called out like is it like an extra C I or is it a combination of things.

Relentlessly an obsessive focus on.

Helping drive that.

Tyler Baba: That's great color, Holland. Thank you. And and and as a follow-up, pretty solid, a provider, patient growth of about 22% on average, you mentioned. That's solid growth. I'm just wondering, like, is there like any specific technology that you like, you know, like can call out? Like, is it like Nexus AI, or is it a combination of things that's helping drive that, accelerated efficiency at the provider level?

That's great color, thank you and and and as a follow up pretty solid.

Accelerated efficiency at the provider level.

Yeah, It's a great question and candidly.

Provider.

<unk> growth of about 22% on average you mentioned that solid growth I'm. Just wondering like is there like any specific technology that you can call out like is it like Nexus AI or is it a combination of things that's helping drive that.

Still digging into those productivity improvements to better understand and but we think we.

We think it's the entire platform. We do believe ambient described is changing the game.

It is.

We think by far the most important piece of technology that's come out.

Accelerated efficiency at the provider level.

In digital health anywhere in the World I mean, we're seeing this kind of take up everywhere.

Eva Fong: Yeah, it's a great question. And candidly, we're we're still digging into those productivity improvements to better understand them. But we think it's we think it's the entire platform. You know, we do believe Ambien Scribe is changing the game. it is, we think, by far the most important piece of technology that's come out in in in in digital health anywhere in the world. I mean, we're seeing this kind of take up everywhere. you can't you can't sort of understate the value of giving hours back to a physician every single day. and that is what this technology has done. Of course, with Nexus, to your point, we're doing more than just Ambien Scribe, with this agentic platform that orchestrates activity. And so, and and we're in the early innings of that.

Yes, it's a great question and candidly, we're still digging into those productivity improvements to better understand and but we think it's we think it's the entire platform. We do believe ambient scribe is changing the game.

Can you can sort of understate the value of giving hours back to a physician every single day.

And that is what this technology is done of course with Nexus to your point, we're doing more than just ambient described with the <unk> platform that orchestrates activity.

It is.

We think by far the most important piece of technology, that's come out and in and in digital health anywhere in the World I mean, we're seeing this kind of take up everywhere.

So and we're in the early innings of that but we are building.

With that agenda platform in ecstasy, I something that I believe is sort of ambient scribed three dot O. We have poor vault is the competition, there and I think and.

You can't you can't sort of understate the value of giving hours back to a physician every single day.

And I think over time youll see that debt.

And that is what this technology is done of course with Nexus to your point, we're doing more than just ambient scribe with this agenda platform that orchestrates activity and so and we're in the early innings of that but we are building.

Platform, that's being developed we've not just acquiring stuff, we are really building and innovating at wealth star and <unk>.

And that has to be true that's true in the past with the apps on health marketplace with.

Eva Fong: But we are building, in with that agentic platform and Nexus AI, something that I believe is sort of Ambien Scribe 3.0. We have pole vaulted the competition there. And I think and I think over time, you'll see that that, the platform that's being developed, we're not just acquiring stuff. We're really building and innovating at Wellstar. And and and that is to be true, you know, that that's true in the past too with the AppSon Health Marketplace, with, you know, with our our work at Ocean. You know, we've we've we've really, invented, focused on, you know, building new features and functionality. And and I I do think that all this will contribute to improved ROICs over time as well.

With that agenda platform next to say I something that I believe is sort of ambient scribe three dot O. We have pull vaulted the competition, there and I think and I.

With our work in Ocean.

We really.

Invented focused on.

Building, new features and functionality and and I do think that all of this will contribute to improved ROIC over time as well.

Think over time Youll see that that the platform that's being developed but we're not just acquiring stuff. We are really building and innovating at well star and and that has to be true.

Thanks for the color on the partnership.

As true in the past too with the upstart health marketplace with.

Thank you.

I know we're over time. So we'll go ahead and stop there. Thank you so much everyone for.

With our work at Ocean, we really.

Invented focused on.

The wonderful questions and your time today.

Building, new features and functionality and and I do think that all of this will contribute to improved ROIC over time as well.

Really appreciate your support and we look forward to.

Speaking with you in November.

Where we hope that we will level up these results even further thank you very much for the opportunity.

Tyler Baba: Thanks for the color, Holland. Talk to you soon.

Thanks for the color on the talk to you soon.

Eva Fong: Thank you. And I know we're over time, so we'll, we'll go ahead and stop there. Thank you so much, everyone, for, the wonderful questions and your time today. we really appreciate your support, and we look forward to, speaking with you in November, where we hope that we will level up these results even further. Thank you very much for the opportunity.

Thank you.

Ladies and gentlemen, this concludes your conference call for today, we thank you for participating and we ask that you. Please disconnect your lines.

I know we're over time. So we will we will go ahead and stop there. Thank you so much everyone for.

The wonderful questions and your time today.

Yeah.

Welcome to <unk> technologies quite a second quarter 2025 financial results Conference call. My name is Joana and that'll be a plan for today's call. At this time all participants are in a listen only mode. Later, we will conduct a question and answer session for analysts only.

Really appreciate your support and we look forward to speaking with you in November.

Where we hope that we will level up these results even further thank you very much for the opportunity.

Okay.

David Brown: Ladies and gentlemen, this concludes your conference call for today. We thank you for participating, and we ask that you please disconnect your lines.

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating, and we ask that you please disconnect your lines.

Please note that this conference is being recorded I will now.

Ill turn the call over to Investor Relations manager Mr. Weil, you may begin.

Thank you operator, and welcome everyone to <unk> fiscal second quarter financial results conference call for the first three months.

The three months ended June 32025, joining me on the call today are how much about the chairman and CEO and Eva following the company's CFO I Trust that everyone has received a copy of our financial results press release that was issued earlier today.

On today's call.

Other than historical performance include statements are forward looking information within the meaning of applicable securities law, including future oriented financial information and financial outlook information. These forward looking statements involve known and unknown risks uncertainties assumptions and other factors many of which are outside of bulk control that may cause the <unk>.

Actual results performance or achievements of well to differ materially from the anticipated results performance or achievements implied by such forward looking statements.

We provide forward looking statements solely for the purpose of providing information about management's current expectations and plans relating to the future we.

Which any such statement is based except if it is required by law.

You may use terms such as adjusted gross profit adjusted gross margin.

EBITA adjusted EBITA margin shareholder EBITDA.

Adjusted net income and adjusted free cash flow on this conference call all of which are non-GAAP and non <unk> measures for more information on how we define these terms. Please refer to the definitions set out in our today's press release and in our management discussion and analysis.

The company believes that adjusted EBITDA is a meaningful financial metrics as a measure of cash generated from operations, which the company can use to fund working capital requirements. So this feature interest and principal debt repayments and fund future growth initiatives adjusted EBITDA should not be construed as an alternative to net income or loss determined in accordance with IRS and.