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Sep 30, 2023
American Well Q3 2023 Earnings Report
Announced results, reporting a total revenue of $61.9 million and a net loss of $137.1 million.
Key Takeaways
Amwell reported Q3 2023 financial results, with total revenue of $61.9 million. The company's net loss was $137.1 million, which included non-cash goodwill impairment charges of $78.9 million. Adjusted EBITDA improved to ($38.5) million. The company reached its goal of 50% of visits on Converge one quarter ahead of schedule.
Total revenue was $61.9 million.
Subscription revenue reached $28.4 million.
Amwell Medical Group (AMG) visit revenue totaled $26.7 million.
Net loss was ($137.1) million, including non-cash goodwill impairment charges of $78.9 million.
Revenue by Segment
Forward Guidance
The Company’s guidance for 2023 calls for revenue in line with prior guidance range of $257 to $263 million; AMG visits between 1.525 and 1.575 million; and a new Adjusted EBITDA range of between ($162) million to ($167) million.
Positive Outlook
- Revenue in line with prior guidance range of $257 to $263 million
- AMG visits between 1.525 and 1.575 million
Challenges Ahead
- Adjusted EBITDA range of between ($162) million to ($167) million, compared to previous guidance of ($160) million to ($165) million.
- Reflects incremental Research and Development investment in Q4 associated with deployment of the previously announced Defense Health Agency “Digital First” win.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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