Amwell� Announces Results for Third Quarter 2021
Amwell® Announces Results for Third Quarter 2021
November 10, 2021
Revenue of $62.2 million in the third quarter
Gross margins of 43% of revenue compared to 33% last year
Total visits of 1.4 million
Total active providers of approximately 80,000 at the end of the third quarter versus 71,000 last quarter and 62,000 last year
Converge platform development and implementation on track
BOSTON-- Amwell (NYSE: AMWL) (the "Company"), a national telehealth leader, today announced financial results for the third quarter ended September 30, 2021.
“In the third quarter, we were pleased to see further acceleration of user adoption and use case expansion on the Amwell platform. This was demonstrated by strong growth in active providers and recurring consumer visits. The transition to Converge is moving forward well. The addition of Conversa® Health and SilverCloud® Health further enhances our differentiation as a single, digital care delivery platform designed to serve the full care spectrum across physical, virtual and automated modalities. We were thrilled to see so many existing and new clients and partners already commit to Converge as their long-term platform,” said Dr. Ido Schoenberg, Chairman and CEO.
Dr. Schoenberg continued, “Together with our clients and partners, we can now offer consumers a highly intuitive, fully integrated, cohesive healthcare experience. It features a hybrid combination of digital first capabilities with strong ties to traditional and trusted care pathways. Finally, it is apparent that our ability to contain and embed a whole spectrum of third party innovative apps, modules and programs will further solidify Amwell as a dependable, future ready choice for providers, payers and innovators.”
Third quarter 2021 Financial Highlights:
All comparisons, unless otherwise noted, are to the three months ended September 30, 2020.
- Total Revenue was $62.2 million, compared to $62.6 million
- Subscription revenue was $26.7 million, compared to $25.8 million
- Visit revenue was $30.0 million, compared to $28.5 million
- Gross margin was 43.5%, compared to 32.7%
- Net loss was ($50.9) million, compared to ($64.6) million
- Adjusted EBITDA was ($31.5) million, compared to ($26.2) million
- Total active providers were ~80,000, compared to ~71,000 last quarter
- Total visits were ~1.4 million, compared to ~1.3 million last quarter
Financial Outlook
For 2021, the Company is narrowing and adjusting their previous visits outlook as a direct result of the impact of the COVID-Delta variant and now expects:
- Revenue between $246 and $253 million from the previous range of $252 to $262 million
- Mainly to account for decreases in visit volume and shifts in visit-type mix toward urgent care versus specialty due to the COVID-Delta variant
- AMG visit volume to end the year at the lower quartile of the range of 1.4 and 1.5 million
- Adjusted EBITDA between ($143) and ($136) million from the previous range of ($154) and ($146) million
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.
Financial Data
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
(unaudited)
| September 30, 2021 | December 31, 2020 | |
|---|---|---|
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $790,402 | $941,616 |
| Restricted cash | - | 1,095 |
| Accounts receivable | 39,851 | 45,296 |
| Inventories | 9,100 | 9,128 |
| Total current assets | 854,594 | 1,113,287 |
| Total assets | $1,484,358 | $1,376,646 |
| Liabilities and Stockholders' Deficit | | | | Current liabilities: | | | | Accounts payable | $5,278 | $5,797 | | Accrued expenses and other current liabilities | 45,910 | 42,135 | | Total current liabilities | 127,108 | 120,982 | | Total liabilities | 186,696 | 130,449 |
| Stockholders' Equity | | | | Common stock | 2,595 | 2,357 | | Additional paid-in capital | 2,038,012 | 1,841,405 | | Total stockholders' equity | 1,297,662 | 1,246,197 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(in thousands, except share and per share amounts)
(unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| Revenue | $62,223 | $62,551 | $180,039 | $184,833 |
| Net loss | (50,932) | (64,596) | (128,873) | (178,040) |
| Net loss per share attributable to common stockholders | $(0.20) | $(0.92) | $(0.51) | $(3.38) |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands, except share and per share amounts)
(unaudited)
| Nine Months Ended September 30, | ||
|---|---|---|
| Cash flows from operating activities: | ||
| Net cash used in operating activities | $(96,614) | $(87,934) |
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.