WELL Health Technologies, a Canadian digital health technology company, has reported a narrowed loss in the second quarter. This positive result can be attributed to increased patient visits, which have driven revenue growth.
The company reported a loss of 2 million Canadian dollars ($1.5 million), or C$0.03 per share, compared to a larger loss of C$10.6 million, or C$0.06 per share, in the same period last year.
Adjusted earnings fell by C$0.02 per share to C$0.06 per share. Analysts, however, were expecting a steeper decline to C$0.05 per share, according to FactSet.
Sales experienced a significant increase of nearly 22%, reaching C$170.9 million, slightly surpassing analyst expectations of C$170 million.
WELL Health achieved a milestone by surpassing a total of 1 million patient visits for the first time. Additionally, it reported nearly 1.5 million total patient interactions.
Thanks to the strong performance in the first half of the year, the company anticipates its annual revenue to be in the upper half of its guided range of C$740 million to C$760 million.
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