HEALWELL AI Provides Corporate Update and Preliminary Financial Results for the Year Ended December 31, 2023

• HEALWELL debuted in the fourth quarter of 2023 and since then has achieved significant milestones including raising approximately $29.5 million, completing the acquisition of a majority interest in AI healthcare company Pentavere, announcing that it is powering WELL AI Decision Support, the first AI-powered physician co-pilot product adopted by WELL Health Technologies (TSX: WELL), and announcing the acquisition of Intrahealth, an enterprise class EHR driving current yearly run-rate revenues to over $20 million, most of which is attributable to SaaS and services.
  
• Management provides a positive outlook based on strong and active acquisition and business development pipeline with the potential to more than double HEALWELL’s yearly revenue run-rate to over $40 million using the Company’s existing cash on hand and without further financing resources.
• HEALWELL AI to hold a conference call and simultaneous webcast next week, details will be provided separately when they are available.
  

TORONTO, March 21, 2024 (GLOBE NEWSWIRE) -- HEALWELL AI Inc. ("HEALWELL" or the "Company") (TSX: AIDX) (OTCQX: HWAIF), an AI and data science company focused on preventative care, is pleased to provide a corporate update including the release of preliminary financial results for its Fiscal Fourth Quarter and Year Ended December 31, 2023. These results are unaudited and remain subject to the completion of the Company’s year-end financial reporting processes, audit, and any potential adjustments that might result.  

Selected unaudited financial result expectations for the periods include:

• Annual revenue from continuing operations of $7.32 million during fiscal 2023. Quarterly revenue from continuing operations of $1.92 million during Q4-2023.
• Net Loss from continuing operations of $30.20 million.
• As at December 31, 2023, HEALWELL had Net assets of $21.96 million and cash of $19.16 million.
  

Dr. Alexander Dobranowski, HEALWELL’s CEO, commented, “Fourth quarter was a historic chapter in HEALWELL’s journey as we marked our debut, with an unwavering commitment to revolutionize healthcare through AI innovation. During the fourth quarter we forged a transformative partnership with WELL Health Technologies Corp. (TSX: WELL), secured approximately $29.5 million through convertible debt and equity financings, and completed the acquisition of a majority interest in Pentavere, one of the leading healthcare AI platforms in Canada. Our recent acquisition of Intrahealth further strengthens HEALWELL’s position as a leading AI and data science company in the healthcare sector.”