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Sep 30, 2022
American Well Q3 2022 Earnings Report
Announced financial results, showing revenue growth and improved adjusted EBITDA.
Key Takeaways
Amwell reported an 11% increase in total revenue to $69.2 million for Q3 2022, driven by subscription revenue growth of 19%. The company's gross margin was 40%. Net loss was ($70.6) million. Adjusted EBITDA improved to ($41.9) million. The company refines its guidance as follows: revenue in the lower end of previously provided range of $275 and $285 million and a new Adjusted EBITDA range of between ($180) million and ($190) million.
Total revenue reached $69.2 million, an 11% increase compared to Q3 2021.
Subscription revenue grew by 19% to $31.9 million.
Gross margin was reported at 40%.
Total active providers increased by 23% to 98,500.
Revenue by Segment
Forward Guidance
The Company believes revenues will be within its original guidance range, set at the first of the year, and is refining its guidance as follows: revenue in the lower end of previously provided range of $275 and $285 million; AMG visits between 1.4 and 1.5 million and a new Adjusted EBITDA range of between ($180) million and ($190) million.
Positive Outlook
- Clear visibility to achieving revenue in the lower end of previously provided range of $275 and $285 million
- AMG visits between 1.4 and 1.5 million
- Adjusted EBITDA range of between ($180) million and ($190) million, $10 million better than the prior range of ($190) million and ($200) million
- Excellent feedback on Converge™ platform
- Made great progress with customer migrations this quarter
Historical Earnings Impact
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Avg. Return Before/After Earnings
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