HEALWELL Halves Its Net Loss In Q1 On Huge Surge In Sales
HEALWELL AI (AIDX.TO), a healthcare artificial-intelligence company, after trade Thursday said it halved its first-quarter loss as revenue from continuing operations soared by more than 300%.HEALWELL reported a loss from continuing operations of $6.85 million in the quarter, compared to a loss of $14.1 million in the year-prior period.HEALWELL reported revenue from continuing operations of $33.2 million, a rise of 316% compared to $8.0 million a year earlier. It said revenue growth was largely driven by the Orion Health acquisition and organic growth in the company's AI division.HEALWELL reported positive Adjusted EBITDA of $0.7 million, compared to an Adjusted EBITDA loss of $2.3 million. It said the improvement in Adjusted EBITDA is attributable to the Orion Health acquisition and improved performance across HEALWELL operating segments.During the quarter, HEALWELL secured its first AI contract with a major governmental health system in the Middle East and continued expanding enterprise deployments across North America, reinforcing the company's growing international footprint and adoption of its AI solutions.HEALWELL signed a multi-million dollar U.S. Health Information Exchange (HIE) contract, strengthening its position in clinical data interoperability and enabling large-scale aggregation and normalization of healthcare data across hospitals, clinics, labs, and public health agencies.The company's shares closed down $0.02 to $0.95 on the Toronto Stock Exchange.
