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Mar 31, 2024
American Well Q1 2024 Earnings Report
Announced financial results for the first quarter of 2024.
Key Takeaways
Amwell reported a total revenue of $59.5 million for Q1 2024. The company is focused on deploying its solution for the Military Health System and migrating visit volume onto its Converge platform. They are also optimizing their cost structure with the aim to achieve profitable growth.
Total Revenue was $59.5 million.
Subscription revenue was $24.9 million.
Amwell Medical Group (AMG) visit revenue was $31.1 million.
Gross margin was 31%.
Forward Guidance
The company reiterated its 2024 guidance.
Positive Outlook
- Revenue in the range of $259 to $269 million
- AMG visits between 1.6 and 1.7 million
- Revenue in the range of $335 to $350 million for 2025
- Adjusted EBITDA in the range of between ($45) million to ($35) million for 2025.
- Objective to attain adjusted EBITDA breakeven in 2026.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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