Amwell® Announces Results for Fourth Quarter 2021 and Full Year 2021

February 24, 2022

Total 2021 revenue of $252.8 million

Gross margins of 41% for full year

Total visits of 5.8 million

Total active providers of approximately 91,000 at year end versus 80,000 last quarter and 72,000 last year

Provides initial 2022 guidance

BOSTON--(BUSINESS WIRE)-- Amwell (NYSE: AMWL) (the "Company"), a leading enterprise software company enabling digital delivery of care for healthcare’s key stakeholders, today announced financial results for the fourth quarter and full year ended December 31, 2021.

“Our fourth quarter marks a strong end to a strategic year. We continue to make meaningful progress on the launch and implementation of Converge™, our scalable, omnichannel platform designed to enable trusted healthcare players to deliver the next-generation of care and enhance their ability to meet their strategic, operational, financial and clinical objectives. Feedback has been strong, and is demonstrated by a record number of active providers on the platform and recent recognition from industry leaders,” said Dr. Ido Schoenberg, Chairman and CEO.

Dr. Schoenberg continued, “During 2022, we expect to complete the build out of Converge and begin to normalize our recent Converge-related R&D expenditures. We will also strive to resume our bookings momentum as we migrate existing customers to the platform, incorporate new modules of care, and drive new customer bookings. We believe this will result in a mix shift to margin rich revenue growth and ultimately, EBITDA profitability.”

Fourth Quarter 2021 Financial Highlights:

All comparisons, unless otherwise noted, are to the three months ended December 31, 2020.

• Total Revenue was $72.8 million, compared to $60.4 million
• Subscription revenue was $30.1 million, compared to $26.3 million
• Visit revenue was $31.2 million, compared to $26.2 million
• Gross margin was 39.9%, compared to 37.4%
• Net loss was ($47.9) million, compared to ($50.6) million
• Adjusted EBITDA was ($41.1) million, compared to ($35.4) million
• Total active providers were ~91,000, compared to ~80,000 last quarter
• Total visits were ~1.5 million, compared to ~1.4 million last quarter

Full Year 2021 Financial Highlights:

All comparisons, unless otherwise noted, are to the full year ended December 31, 2020.

• Total visits were ~5.8 million, compared to ~5.9 million
• AMG visits were ~1.4 million or 24% of total visits, compared to ~1.6 million or 27% of total visits
• Total Revenue was $252.8 million, compared to $245.3 million
• Subscription revenue was $108.3 million, compared to $98.4 million
• Visit revenue was $116.6 million, compared to $117.2 million
• Average number of health plans clients of 58 and average number of health system clients of 154
• Average contract values increased from $334,000 to $356,000 for Health Systems and from $612,000 to $723,000 for Health Plans
• AMG Revenue per visit increased from $73 to $82
• Gross margin was 41.3%, compared to 36.1%
• Net loss was $176.8 million, compared to $228.6 million
• Adjusted EBITDA was ($122.7) million, compared to ($92.7) million

Financial Outlook

Cash and short-term securities as of quarter-end were approximately $746.4 million

The Company is providing the initial 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, Thursday, February 24, 2022 at 5:00 p.m. E.T. to discuss its financial results. The call can be accessed via a line audio webcast 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, and will remain available for approximately 90 days.

About Amwell

Amwell is a leading enterprise software company enabling digital delivery of care for healthcare’s key stakeholders 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 the digital care programs of over 55 health plans, which collectively represent more than 80 million covered lives, as well as approximately 150 of the nation’s largest health systems, encompassing more than 2,000 hospitals. For more information, please visit the Amwell website.

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 metrics 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 adjusted EBITDA as the primary measure of our performance.

Media Contact:

• Lindsay Sharifipour
  press@amwell.com
  508-494-3422

Investor Contact:

• Asher Dewhurst
  investors@amwell.com