Vancouver-based healthtech company Well Health was one of the few tech companies to make the Toronto Stock Exchange’s (TSX) annual list of the top performing stocks over a three-year period.
The companies included in the list were revealed on Thursday, in which oil and gas companies made up the majority of it. Named the TSX30, the program was created in 2019 to recognize companies listed on the exchange with “exceptional” shareholder returns.
Other tech companies that managed to crack the TSX30 include space infrastructure tech firm Maxar Technologies and PyroGenesis Canada, which is a high-tech company that designs, develops, manufactures, and commercializes advanced plasma processes.
Well Health’s inclusion in the TSX30 is notable as Canadian tech companies in the public market have taken a hard hit this past year. The previous TSX30 list included the likes of Shopify, Goeasy, Absolute Software, Real Matters, as well as Tecsys Inc. — all of which did not return for this year’s lineup. A notable performer last year, 2022 has looked very different for Shopify. After reaching a high of nearly $214 on the TSX in November 2021, Shopify’s stock price has since fallen to $44.64 at time of publication. The changing public market and e-commerce sector have resulted in the company’s recent layoffs and executive changes.
Well Health, which was founded in 2010, was originally listed on the TSX Venture Exchange. It later graduated from the TSXV to begin trading on the TSX in 2020. In recent months, Well Health also began trading on the OTCQX Market.
Led by founder and CEO Hamed Shahbazi, Well Health offers a healthcare practitioner enablement platform that includes tools for digital patient engagement, electronic medical records, revenue cycle management, and data protection services. The Vancouver company also claims to own and operate Canada’s largest network of outpatient medical clinics.
In recent months, Well Health expanded its $200 million credit facilities led by the Royal Bank of Canada to include the Canadian Clinics Business Unit and extend the agreement until 2026. According to Well Health, access to additional credit will help the company in expanding its fleet of outpatient clinic locations.
In July, Well Health announced the formation of a new business unit to consolidate its Canadian outpatient clinic businesses into an integrated national “bricks and clicks” clinic to deliver hybrid healthcare.
As a testament to its performance that the TSX30 recognized, Well Health’s 2022 second quarter results recorded quarterly revenues of $140.3 million, representing a 127 percent year-over-year increase compared to the same period last year.
The TSX30 highlighted that Well Health’s market cap was at $87 million in 2019. Over a three-year period, that figure rose to $682.4 million.
Strategic acquisitions are also a core component of Well Health’s growth strategy, as the company continues to buy up companies in the healthcare space. Last month, Well Health completed its acquisition of Calgary-based healthcare provider INLIV.
Featured image from Well Health’s website.
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