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Dec 31, 2023
American Well Q4 2023 Earnings Report
Announced results for the fourth quarter and full year 2023, demonstrating progress in digital healthcare enablement and platform migration.
Key Takeaways
Amwell reported Q4 2023 total revenue of $70.7 million, with subscription revenue at $27.3 million and AMG visit revenue at $32.1 million. The company's gross margin was 34%, and it reported a net loss of $50.0 million. Total visits reached 1.6 million, with 52% occurring on the Converge platform. The company is focused on achieving profitability.
Total revenue was $70.7 million.
Subscription revenue reached $27.3 million.
AMG visit revenue was $32.1 million.
Total visits were 1.6 million, with 52% on the Converge platform.
Forward Guidance
The company provided 2024 financial guidance, along with a preliminary view on revenue and adjusted EBITDA for 2025, as well as its objective to attain adjusted EBITDA breakeven.
Positive Outlook
- Revenue in the range of $259 to $269 million in 2024.
- AMG visits between 1.6 and 1.7 million in 2024.
- Adjusted EBITDA in the range of between ($160) million to ($155) million in 2024.
- Revenue in the range of $335 to $350 million in 2025.
- Adjusted EBITDA in the range of between ($45) million to ($35) million in 2025.
Challenges Ahead
- Incremental Research and Development investment associated with the previously announced deployment supporting the Defense Health Agency’s “Digital First” initiative.
- Adjusted EBITDA in the range of between ($160) million to ($155) million in 2024.
- The Company also communicated its objective to attain adjusted EBITDA breakeven in 2026.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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