WELL Health Reports Record Revenue and EBITDA Growth in 2025
Event summary
- WELL Health reported record revenue of $1.40 billion in 2025, up 52% from 2024.
- Adjusted EBITDA rose 336% to $203.7 million, with a 14.5% margin.
- Canadian Patient Services revenue increased 39% to $444.3 million.
- WELLSTAR's revenue grew 59% to $68.1 million, driven by organic growth and acquisitions.
- The company expanded its credit facility to $400 million with a $100 million accordion.
The big picture
WELL Health's record financial performance in 2025 underscores its strategic pivot towards building a comprehensive healthcare infrastructure in Canada. The company's focus on high-margin primary care and diagnostics assets, coupled with its expanding SaaS and AI capabilities, positions it as a key player in the digital transformation of healthcare. The recent credit facility expansion and acquisition pipeline highlight WELL's aggressive growth strategy, but the success of its US portfolio divestiture and WELLSTAR spin-out will be critical in realizing long-term value for shareholders.
What we're watching
- Strategic Focus
- Whether WELL can sustain its high-growth trajectory in Canada while unlocking value from its US portfolio.
- Execution Risk
- The pace at which WELL integrates its recent acquisitions and expands its credit facility.
- Market Dynamics
- How the planned spin-out of WELLSTAR will impact the company's valuation and shareholder returns.
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