WELL Health Technologies., a digital healthcare company, reported that it exceeded $1 billion annualized revenue run-rate with record revenue of $251.7 million in the third quarter of 2003, a 23% increase from the $204.5 million reported in the same period last year.
The company also reported that Canadian Patient Services revenue was $78 million in Q3 2024, an increase of 35% compared to $57.8 million in Q3 2023.
U.S. patient services revenue was $158.2 million in Q3 of this year compared to $130.7 million in Q3 2023, an increase of 21%.
Adjusted gross profit was $112.3 million in the third quarter of the year, an increase of 19% compared to $94.2 million in Q3 2023.
Adjusted gross margin percentage was 44.6% during Q3 2024 compared to a percentage of 46.1% in Q3 2023. The decrease in percentage was attributed to the addition of recruiting revenue from the acquisition of CarePlus, which the company said has lower margins compared to other patient services and SaaS and technology services revenue.
Adjusted EBITDA was $32.7 million in Q3 2024, an increase of 16% compared to $28.2 million in Q3 2023.
The company reported adjusted net income of $13 million, or $0.05 per share in Q3 of 2024, compared to $12.9 million, or $0.05 per share in Q3 of 2023 with record adjusted EBITDA of $32.7 million in Q3 2024, an increase of 16% compared to the same period last year.
“Third quarter of 2024 was one of the best quarters in the company’s history by just about every objective and important metric,” Hamed Shahbazi, founder and CEO of WELL Health, said in a statement.
“WELL delivered record quarterly performances for revenue, Adj EBITDA, free cash flow, patient visits and organic growth in the third quarter. We are also pleased to report that we surpassed $1 billion in annualized revenue run-rate, one quarter ahead of our previously stated plan.”
DarioHealth, a digital chronic-condition management platform, reported total revenue for the third quarter of $7.42 million, an 111% increase from $3.52 million compared to Q3 2023, which was driven by the expansion of its business-to-business-to-consumer (B2B2C) revenues.
Third quarter operating loss decreased consecutively by 25.7% to $12 million on a generally accepted accounting principles (GAAP) basis and by 33.3% to $7.1 million on a non-GAAP basis over Q2 2024.
In the wake of the Twill acquisition, Dario says it implemented focused cost-management strategies that reduced GAAP operating expenses to $15.9 million, a 16% sequential decrease from Q2 2024 and non-GAAP operating expenses to $12.3 million, a 15.9% drop from Q2 2024.
Net loss was $12.3 million in Q3 2024, a decrease of $3.4 million or 21.6%, compared to a net loss of $15.7 million in the third quarter of 2023.
“Our third quarter included strong execution of our multi-year strategic plan of being a profitable provider of comprehensive chronic care management solutions which engage members and improve outcomes at a reduced cost of care,” Erez Raphael, CEO of Dario, said in a statement.
“Our efforts to streamline costs following the Twill merger, combined with revenue growth across multiple channels, have positioned us for ongoing success. We’re seeing clear progress in our transformation, and we remain focused on achieving profitability run rate by the end of 2025.”
Medicare Advantage insurtech company Clover Health reported total revenue for the third quarter of 2024 of $331 million compared to $306 million in Q3 2023.
Adjusted EBITDA climbed to $19.3 million compared to $2.7 million in the same period last year.
For the year-to-date 2024 period, the company reported that GAAP net loss from continuing operations improved to $24.8 million from a loss of $142.2 million year-to-date in 2023.
Year-to-date adjusted EBITDA increased to $62.3 million in 2024 compared to a loss of $24.9 million in the same period in 2023.
The company reported a net loss of $8.8 million compared to $33.6 million in the same period last year.
Insurance revenue during the third quarter 2024 rose by 7% year-over-year to $322.6 million and by 9% year over-year to $1.0 billion on a year-to-date basis.
That growth was driven by strong member retention and continued intra-year growth.
“We delivered another strong quarter on all metrics,” Clover Health CEO Andrew Toy, said in a statement.
“This demonstrates the strength of our model during a period where other approaches are facing significant headwinds. Underpinned by our ability to use technology to empower any physician on a wide network, our results position us to drive membership growth while maintaining strong underlying financial performance.”
eHealth reported total revenue for the third quarter of $58.4 million compared to Q3 2023 revenue of $64.7 million, a decrease of 10% year-over-year, driven mostly by lower positive net adjustment revenue.
In the third quarter of 2024, the company reported a positive net adjustment revenue of $1.2 million compared to $12.2 million in Q3 2023.
GAAP net loss was $42.5 million, a 15% increase compared to Q3 2023 loss of $37 million.
Non-GAAP net loss was $43.3 million, which excludes the post-tax impact of positive net adjustment revenue and restructuring charges, improved 6% year-over-year.
The company reported an adjusted EBITDA loss of $34.8 million in Q3 2024 compared to a loss of $28.1 million in the same period last year, an improvement of $4.3 million year-over-year driven largely by MA approved member growth, improved Medicare acquisition costs and continued fixed cost reduction efforts.
“In the third quarter, eHealth achieved our revenue and profitability targets, delivered significant growth in Medicare application volume, and completed our final preparations for the Annual Enrollment Period,” Fran Soistman, CEO of eHealth, said in a statement.
“We maintained this strong momentum in the first weeks of the annual enrollment period, with call volume, online visits to our platform and conversion rates across enrollment channels, up meaningfully year-over-year and exceeding our expectations. We have also implemented a multi-faceted plan to serve eHealth’s existing members, including dedicated advisor support and plan monitor tools available on our online platform, to ensure customers continue to be enrolled in coverage that best fits their needs.”
