Amwell Announces Results for Second Quarter 2022

August 4, 2022

BOSTON--(BUSINESS WIRE)-- Amwell® (NYSE: AMWL), a digital care delivery leader, today announced financial results for the second quarter ended June 30, 2022.

Amwell Second Quarter 2022 Highlights:

• Recorded Total Revenue of $64.5 million in the second quarter of 2022, representing a 7% increase compared to $60.2 million in the second quarter of 2021
• Achieved subscription revenue of $29.6 million, a 10% increase over $26.8 in the second quarter of 2021
• Recorded AMG Visit revenue of $29.7 million, representing 8% growth over the second quarter of 2021
• Reported gross margin of 43.4%
• Improved adjusted EBITDA to ($42.8) million from ($47.1) million in the first quarter of 2022
• Total active providers grew 46% to 103,500, compared to 71,000 in the second quarter of 2021
• Total visits grew 19% to 1.5 million compared to the second quarter of 2021
• Cash and short-term securities as of quarter-end were approximately $630.1 million

“Q2 was another important quarter for our company as we make progress on delivering our industry-leading digital care delivery enablement platform,” said Dr. Ido Schoenberg, Chairman and co-Chief Executive Officer of Amwell, “We are executing well during this transition year. Customer migrations are underway, we are seeing healthy engagement across our products, and large, strategic customers are rolling out our solution.”

Dr. Schoenberg continued, “Our teams are gearing up to accelerate out of this transitional time. We are going to market with a plan for Converge that demonstrates the ROI benefits of our unified, future-ready, enterprise offering that allows clients to select the modules and programs they need now and expand when they are ready.”

Financial Outlook

The Company is reiterating the following outlook for 2022 and expects:

• Revenue between $275 and $285 million
• AMG visits between 1.4 and 1.5 million
• Adjusted EBITDA between ($200) million and ($190) million

About Amwell

Amwell is a leading digital care delivery enablement platform in the United States and globally, connecting and enabling providers, insurers, patients, and innovators to deliver greater access to more affordable, higher quality care. Amwell believes that digital care delivery will transform healthcare. The Company offers a single, comprehensive platform to support all digital health needs from urgent to acute and post-acute care, as well as chronic care management and healthy living. With over a decade of experience, Amwell powers digital health solutions for over 2,000 hospitals and 55 health plan partners with over 36,000 employers, covering over 80 million lives. For more information, please visit https://business.amwell.com/.

Non-GAAP Financial Measures:

To supplement our financial information presented in accordance with generally accepted accounting principles in the United States, of US GAAP, we use adjusted EBITDA, which is a non-U.S GAAP financial measure to clarify and enhance an understanding of past performance. We believe that the presentation of adjusted EBITDA enhances an investor’s understanding of our financial performance. We further believe that adjusted EBITDA is a useful financial metric to assess our operating performance from period-to-period by excluding certain items that we believe are not representative of our core business. We use certain financial measures for business planning purposes and in measuring our performance relative to that of our competitors. We utilize adjusted EBITDA as the primary measure of our performance.

The following table presents a reconciliation of adjusted EBITDA from the most comparable GAAP measure, net loss, for the three and six months ended June 30, 2022 and 2021: