Amwell Announces Results for First Quarter 2022
Amwell Announces Results for First Quarter 2022
Date: May 9, 2022
Total Revenue was $64.2 million, compared to $57.6 million
Gross margin was 42.8%, compared to 38.0%
Total active providers were ~102,000 compared to 91,000 last quarter
Total visits were ~1.8 million, compared to ~1.5 million last quarter
Converge platform development and implementation on track
BOSTON--(BUSINESS WIRE)-- Amwell ® (NYSE: AMWL), a national telehealth leader, today announced financial results for the first quarter ended March 31, 2022.
"Q1 was a great start to an important year for Amwell. We made meaningful progress on the launch of Converge, our platform designed to enable trusted healthcare players to deliver the next generation of healthcare," said Dr. Ido Schoenberg, co-Chief Executive Officer of Amwell. "Our teams were busy with customer migrations to Converge, they drove a record number of active providers on the platform and visits on Converge also grew."
Dr. Schoenberg continued, "Also in Q1, we launched important new programs designed to keep treatment on track and improve outcomes with digital interactions in musculoskeletal and dermatological health. These programs address two of the most pressing cost containment goals facing healthcare today and add to our list of more than 40 modules and programs that deliver hundreds of powerful use cases and enhance the value of our solution."
First Quarter 2022 Financial Highlights:
All comparisons, unless otherwise noted, are to the three months ended March 31, 2021.
- Total Revenue was $64.2 million, compared to $57.6 million
- Subscription revenue was $28.7 million, compared to $24.6 million
- Visit revenue was $30.7 million, compared to $27.8 million
- Gross margin was 42.8%, compared to 38.0%
- Net loss was ($70.3) million, compared to ($39.8) million
- Adjusted EBITDA was ($47.1) million, compared to ($26.4) million
- Cash and short-term securities as of quarter-end were approximately $674.9 million
- Total active providers were ~102,000 compared to 91,000 last quarter
- Total visits were ~1.8 million, compared to ~1.5 million last quarter
- Converge platform development and implementation on track
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
Quarterly Conference Call Details
The company will host a conference call to review the results today, Monday, May 9, 2022 at 5:00 p.m. E.T. to discuss its financial results. The call can be accessed via a line audio webcast at https://investors.amwell.com or by dialing 1-888-510-2008 for U.S. participants, or 1-646-960-0306 for international participants, referencing conference ID #7830032. A replay of the call will be available via webcast for on-demand listening shortly after the completion of the call, at the same web link, and will remain available for approximately 90 days.
About Amwell
Amwell is a leading telehealth 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 telehealth 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 telehealth 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/.
Forward-Looking Statements
This press release contains forward-looking statements about us and our industry that involve substantial risks and uncertainties and are based on our beliefs and assumptions and on information currently available to us. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations, financial condition, business strategy and plans and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "will," or "would," or the negative of these words or other similar terms or expressions.
Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks are not exhaustive.
Financial Statements
AMERICAN WELL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
| March 31,2022 | December31,2021 | |
|---|---|---|
| Cash and cash equivalents | $176,934 | $746,416 |
| Investments | 497,972 | - |
| Accounts receivable | 47,146 | 51,375 |
| Inventories | 8,025 | 7,530 |
| Total current assets | 753,151 | 827,296 |
| Total assets | $1,361,798 | $1,445,836 |
| Total liabilities | 153,010 | 184,961 |
| Total stockholders' equity | 1,208,788 | 1,260,875 |
| Total liabilities and stockholders' equity | $1,361,798 | $1,445,836 |
AMERICAN WELL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(in thousands, except share and per share amounts)
| Three Months Ended March 31, | ||
|---|---|---|
| Revenue | $64,232 | $57,599 |
| Net loss | (70,253) | (39,805) |
| Comprehensive loss | (74,239) | (39,206) |
AMERICAN WELL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands, except share and per share amounts)
| Three Months Ended March 31, | ||
|---|---|---|
| Net cash used in operating activities | (62,191) | (41,139) |
| Cash, cash equivalents, and restricted cash at end of period | $177,729 | $897,177 |
Non-GAAP Financial Measures:
To supplement our financial information presented in accordance with generally accepted accounting principles in the United States (GAAP), we use adjusted EBITDA, which is a non-GAAP financial measure that enhances understanding of past performance. We calculate adjusted EBITDA as net loss adjusted to exclude specific items regarded as not representative of our core business.
| Three Months Ended March 31, | ||
|---|---|---|
| (in thousands) | 2022 | 2021 |
| Adjusted EBITDA | $(47,135) | $(26,447) |
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Media:
Lindsay Sharifipour
Press@amwell.com
Investors:
Sue Dooley
sue.dooley@amwell.com