Amwell� Announces Results for First Quarter 2021
Amwell® Announces Results for First Quarter 2021
May 12, 2021
Total active providers of approximately 81,000 at the end of the first quarter increased 240% compared to a year ago.
Total visits of 1.6 million in the first quarter increased 120% compared to a year ago.
Total visits since inception surpassed 10 million in the first quarter with 5.9 million added in 2020.
Revenue of $57.6 million in the first quarter increased 7% over COVID enhanced volume first quarter last year.
BOSTON Amwell (NYSE: AMWL) (the "Company") a national telehealth leader, today announced financial results for the first quarter ended March 31, 2021.
“Our first quarter results represent a strong start to the year and demonstrate continued momentum across our business. As telehealth evolved from a complimentary service to a fundamental enabler of mainstream healthcare, we too have advanced our innovation and investment strategy: our next generation platform Converge is designed to enable healthcare’s most trusted players to carry out digitally empowered, full-spectrum, unified online and in-person care. At its core, we believe Converge offers exceptional usability, reliability, scalability and flexibility. With its modular open architecture and longitudinal capabilities, we believe Converge will simplify innovative collaboration across the ecosystem. We expect Converge to expand our market opportunity and enhance our own efficiencies over time. We also expect it to accelerate innovators’ ability to impact clinical and financial outcomes by creating a faster path to implement new technologies and services in a single integrated platform,” said Dr. Ido Schoenberg, Chairman and Co-CEO.
First quarter 2021 Financial Highlights:
All comparisons, unless otherwise noted, are to the three months ended March 31, 2020.
- Total active providers grew to ~81,000, compared to ~24,000 last year and ~72,000 last quarter.
- Total visits were ~1.6 million, compared to ~725,000.
- Amwell Medical Group (“AMG”) visits were 20% of total visits, compared to 50% of total visits.
- Total visits since inception surpassed 10 million in the first quarter with 5.9 million added in 2020.
- Total Revenue was $57.6 million, compared to $53.7 million.
- Subscription revenue was $24.6 million, compared to $21.8 million.
- Visit revenue was $27.8 million, compared to $26.5 million.
- Gross margin was 38.0%, compared to 38.5%.
- Net loss was $39.8 million, compared to $25.2 million.
- Adjusted EBITDA was $(26.4) million, compared to $(17.7) million, as a result of increased R&D investment in the Converge technology platform.
Financial Outlook
For 2021, the company reiterates their previous outlook of:
- Revenue between $260 and $270 million.
- AMG visit volume between 1.5 and 1.7 million.
- Adjusted EBITDA between ($157) million and ($147) million.
Quarterly Conference Call Details
The company will host a conference call to review the results today, Wednesday, May 12, 2021 at 5:00 p.m. E.T. to discuss its financial results.
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 over 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.
| Three Months Ended March 31, | |
|---|---|
| (in thousands) | 2021 |
| Net loss | $(39,805) |
| Add: | |
| Depreciation and amortization | 2,506 |
| Interest income and other income (expense), net | (61) |
| Expense from income taxes | 309 |
| Stock-based compensation | 8,642 |
| Public offering expenses | 1,223 |
| Acquisition-related income | - |
| COVID-19-related expenses(1) | - |
| Litigation expense | 739 |
| Adjusted EBITDA | $(26,447) |
(1) COVID-19-related expenses include non-recurring provider bonus payments, emergency hosting licensing fees and non-medical provider temporary labor costs related to on-boarding non-AMG providers incurred in response to the initial outbreak of the COVID-19 virus as Amwell attempted to scale quickly to meet unusually high patient and non-AMG provider demand.
The following tables present a summary of Amwell's financial highlights in a structured manner.