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Mar 31, 2023
American Well Q1 2023 Earnings Report
Announced financial results, demonstrating progress with customer migrations and strategic clients going live on Converge.
Key Takeaways
Amwell reported a total revenue of $64.0 million for Q1 2023. The company's net loss was ($398.5) million, which includes a non-cash goodwill impairment charge of $330.3 million. Adjusted EBITDA was ($44.6) million. Total visits were 1.7 million, with Converge visits growing to 36% of the total.
Total revenue was $64.0 million.
Subscription revenue reached $28.7 million.
AMG Visit revenue was $32.5 million.
Gross margin was 39.5%.
Revenue by Segment
Forward Guidance
The Company reiterated its guidance, which calls for revenue in the range of $275 and $285 million, AMG visits between 1.45 and 1.65 million , and an Adjusted EBITDA range of between ($150) million and ($160) million.
Positive Outlook
- Revenue in the range of $275 and $285 million
- AMG visits between 1.45 and 1.65 million
- An Adjusted EBITDA range of between ($150) million and ($160) million
Historical Earnings Impact
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Avg. Return Before/After Earnings
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