Technologies ticker symbol w-e-l-l on

the TSX recently reported its 2023 q1

results beating the streets consensus

estimate for revenue and adjusted ebitda

and in a report issued this week Raymond

James analyst said quote we're impressed

by Wells capacity to drive powerful

growth across its diverse business units

in the absence of M A joining me today

is CEO Hamed chabazi to look at what's

next for well health good to see you sir

how are you great to see you Richard

thanks very much for having me great to

have you uh congratulations on your 17th

consecutive quarter of record Revenue

can you share some insights into what's

Driven these results historically and in

the past quarter as well

yeah thank you we we're very excited

about our uh q1 2023 results and as you

mentioned uh we've had a long you know

successful uh string of of uh you know

continued growth and record growth

um we also had accelerating organic

growth and I think um a big part of the

success of our franchise here is the

incredibly sticky and predictable

Revenue that we have you know well over

90 of our business is either highly

reoccurring as in uh the you know highly

predictable uh results of our two-sided

network of patients and providers or

truly recurring as in scheduled or

subscribed revenues and this allows us

to essentially make sure that that uh

you know we're on track it obviously you

know like any other business things

happen uh and sometimes it's hard to

meet those results but what's really

being unique about our platform is we do

have exposure to all kinds of different

aspects of healthcare you know we have

Prime primary care and Specialized Care

on both sides of the Border in the US

and Canada so we have exposure to

different types of business models we

have exposure to the U.S payer Network

which has higher per unit economics than

Canada and of course the stability and

uh and and sort of higher Fidelity uh

kind of Collections and revenue cycle

process that Canada has over the United

States where you don't have to kind of

deal with all of that uh at that payment

noise so just a lot of I think strength

built into the platform because of the

diversity of different Healthcare

businesses that we support

and uh where do you see Well's future

growth coming from which part of the

business uh excites you the most right

now yeah well look the centrifugal force

of well is the healthcare provider and

we exist to uh Tech enable and

ameliorate the business of that of that

Tech of that healthcare provider uh and

and and that's what we're laser focused

on and and what we're seeing is

providers not wanting to run businesses

anymore it's very simple and so we have

a digital platform and providers can

either acquire what they want and need

from our digital platform and implement

it themselves

or they can decide that they don't want

to run a business anymore they don't

want to configure and manage technology

which is becoming a bigger and bigger

part of their world every single day and

when we see what we've seen with that

Dynamic is that uh is that a lot of them

are now just wanting to work in a place

where where all the technology is

configured for them it's wrapped around

them and they have a competent operating

partner that is supporting the organ the

the practice uh and and taking care of

the front office in the back office so

that they can focus on providing care

this results in them seeing more

patients uh and and being happier

because you know they became doctors to

see patients not so they can manage uh

workers and and deal with HR issues and

deal with labs and all that kind of

stuff excellent and I know too that

Acquisitions have played a key role in

well can you share any insights into how

the Acquisitions fit into Wells growth

strategy

sure in in look in 2020 and 2021 we did

a lot of Acquisitions in 2022 we took a

bit of a breather and we've really

focused on integration and I think

that's one of the reasons why you saw

this accelerating organic growth we

really were able to demonstrate that we

could bring together the different

elements of our technology platform we

started to sell bundles we started to

really derive Synergy uh and activate uh

you know more sales as a result of

selling uh all the different products

and services with one voice with One

Vision uh so we made it easier for

providers to use their technology and I

think that was a big reason uh for our

growth now M A as you know where Capital

allocation company we're never far from

it and so we did continue to have you

know tuck-ins here and there and in fact

today uh we announced that we've

acquired uh the Alberta operations of uh

MCI one Health and other publicly traded

company uh who was looking to raise

funds to support their business we're

very pleased with with this acquisition

it just demonstrates our continued

discipline these are you know great

primary care clinics in in Canada right

in the greater Calgary area and uh uh

you know just allows us to grow our

footprint in Alberta which is an

important Province for us and it it's

it's if you look at the price if you

look at what we're getting uh you know

it's just demonstrative of our continued

uh discipline and just you know a few

days ago at our conference call I

mentioned uh that we had you know a

really strong lineup of Acquisitions uh

and you know they're starting to uh uh I

think uh come to fruition for us

a company on the grown-up question I you

recently announced a new AI investment

program last month what specific areas

of healthcare technology or AI are you

focusing on and what's the strategy when

it comes to AI

yes uh look AI as as I'm sure you're

aware is it's become you know really uh

an incredibly important topic in in all

aspects of of business and and you know

not just business socially as well

everyone's talking about uh this this

new breakthrough disruptive technology

the large language models and generative

AI

um I mean look AI uh has been about a 80

year old overnight success a lot of

people have been working on this for a

long time generative AI is just sort of

you know the culmination of a lot of

things coming together and working uh

but it is uncorked enormous uh

Innovation and and we think that um this

there's a very good news story about

this in healthcare particularly where we

were looking to look we were looking to

unlock uh the value of of the data that

that we all produce every single day

um as as humans and and so we've

established an AI investment program

because no one company can can tackle

all of these Innovations themselves and

what well has done too is it's taken a

very much an ecosystem approach by

establishing its apps.health Marketplace

and so we're very excited about not only

uh allocating Capital into promising

young AI companies that are focused on

digital health and solving Healthcare

problems but also giving them access to

um you know safely and securely to our

provider Network to our uh you know to

to our Outpatient Clinic Network which

is the largest owned and operated

Network in Canada by far uh so

um and and when these and it's it was

remarkable when we announced this

program we've had just in the in the

first uh week to 10 days we've had over

a hundred uh inbound prospects come in

uh that that wanted to you know

collaborate with us and again I don't

think that's necessarily for the money

you know we're saying we would invest a

minimum of a quarter of a million

dollars you know a lot of them will

likely be higher than a quarter of a

million dollars

so it's not life-changing money but but

our structural advantages and and and

the benefits that we have in the Well

Network those are extremely hard to come

by uh and I think and I think uh uh

you'll see us uh you know help some of

these companies uh succeed and they will

help us drive uh you know more

Innovation to that helps the provider

but speaking of this very interesting AI

I know your company just launched well

AI voice this is super interesting tell

me what it is and the impact it could

have on health care providers

yeah thanks for uh asking Richard our

providers uh are thrilled with this you

know we've we've had a number of of of

our own well providers testing this

technology and it it it really feels

like magic to them it's essentially an

ambient AI powered scribe so it's a it's

a service that with the consent of the

parties involved listens to the

conversation between a patient and

provider and then uh essentially

condenses that into a medically relevant

note for the chart files uh typically

that is a lengthy process a doctor has

to transcribe notes then review those

notes and make sure that uh a a a a

appropriate medically oriented and

structured node is is is uh prepared and

put into the chart and that could take

you know sometimes more than more time

than the actual consultation uh time and

so we believe that on average if it's

used regularly and consistently this can

give providers back at least a third of

their day

um and and it's it's just a game changer

uh and and uh we have now gone into

General release with this product it's

widely available in Canada uh it has

been integrated into our EMR which makes

it even more valuable tools like this

are going to start popping up but if

they're not integrated into your

practice management system then you have

to kind of have data in in more than one

place and and move that around a little

bit which which makes it a little bit

more difficult especially with HIPAA

requirements and and regulations so

again I think this is the first of many

types of different products and services

that allow doctors to place more

emphasis and focus on the patient

experience instead of having their head

in a laptop and looking at you once in a

while they'll be looking at you and

speaking to their practice management

system and I think this you know think

about it as Alexa for for our doctors uh

you know this this ability to speak uh

and and have you know uh you know Voice

driven AI assistant that does things

like this I think are going to be you

know incredibly helpful and valuable uh

for for healthcare providers

super fascinating I mean we're just

hearing you know more about AI maybe AI

for the first time but here you are with

a product already on the market in the

in the healthcare field that's going to

be pretty attractive to be out there uh

right ahead of many other people right

thank you Richard thanks for that

recognition that's been Our intention we

we want to demonstrate that we uh you

know that we're all in on ensuring that

technology that benefits providers uh is

is is accelerated and uh de-risked and

provided uh you know um in in a timely

way you know providers need this help we

we have a healthcare crisis in the

country that is generally characterized

as a as a lack of doctors and so imagine

if we can get our doctors to be 20 or 30

percent more productive through the use

of these types of tools well they're

going to just see more patience and and

that's going to help all of us and uh

and look if you step back Wells business

model is all about having exposure to

the success of doctors and doing our

best to help them be more successful

because we're in a revenue share

relationship with most of the doctors

that we work with and so this uh this is

good for the ecosystem it's great for

the provider and it's great for well as

well super fascinating I'm Ed shabazzi

CEO well Health Technologies ticker

w-e-l-l great to catch up again thank

you sir

thank you Richard appreciate you having

me

[Music]

thank you

