Amwell® (NYSE: AMWL), a leader in digital healthcare enablement, today announced financial results for the fourth quarter and full year ended December 31, 2022.
Fourth Quarter 2022 Highlights:
Recorded total revenue of $79.2 million in the fourth quarter of 2022, representing 9% growth compared to $72.8 million in the fourth quarter of 2021
Achieved subscription revenue of $30.7 million
Recorded AMG Visit revenue of $35.1 million
Reported gross margin of 42.4% compared to 39.9% in the fourth quarter of 2021
Net loss was ($61.6) million compared to ($70.6) million in the third quarter of 2022
Adjusted EBITDA of ($43.4) million compared to ($41.9) million in the third quarter of 2022
Total active providers rose 11% to approximately 107,000 compared to 96,000 in the fourth quarter of 2021
Total visits were 1.7 million, 10% higher than the fourth quarter of 2021
Visits on Converge represented 28% of total visits for the fourth quarter of 2022
Financial Outlook
The Company is providing the initial outlook for 2023 and expects:
Revenue between $275 and $285 million
AMG visits between 1.45 and 1.65 million
Adjusted EBITDA between ($150) and ($160) million
Quarterly Conference Call Details
The company will host a conference call to review the results today, Wednesday February 22, 2023 at 5:00 p.m. E.T. to discuss its financial results. The call can be accessed via a line audio webcast at https://investors.amwell.com 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, at the same web link, and will remain available for approximately 90 days.
https://finance.yahoo.com/news/amwell-announces-results-fourth-quarter-210500266.html
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