Toronto-based Healwell AI posts $14.1M in Q1 2025 revenue, driven by major acquisitions and strong growth in AI and data science operations.
Toronto-headquartered Healwell AI has posted a record-breaking $14.1 million CAD in revenue for Q1 2025, marking a 208% year-over-year increase. This leap, according to the company, was powered by a strategic mix of acquisitions and a booming artificial intelligence and data science division.
Strategic Acquisitions Reshape the Company’s Growth Trajectory
In a twelve-month span, Healwell executed a string of acquisitions, expanding both its technological footprint and service capabilities. These included:
- VeroSource Solutions (data platform)
- BioPharma Services (clinical research)
- Intrahealth (health software provider)
- Mutuo (AI healthcare documentation)
- Pentavere (patient identification tools)
Each deal has played a critical role in strengthening Healwell’s position within the global health tech space.
AI Adoption Fuels New Business Momentum
Healwell reported a 224% increase in AI and data science revenue, attributing much of this success to enterprise adoption of Khure Health and growing traction for Pentavere’s technology.
“These technologies are fundamentally reshaping how at-risk patients are compliantly identified, understood, and treated,” said CEO Alexander Dobranowski, who took the reins recently to guide Healwell through its next phase of growth.
Orion Health Acquisition Sets Stage for Strong Q2
Although Q1 closed with a $14 million net loss, the company is optimistic. In April, Healwell completed its acquisition of Orion Health, a major New Zealand-based data management firm, just after the quarter’s end.
This acquisition is expected to generate $100 million in annual revenue and significantly improve Healwell’s Adjusted EBITDA, which the company believes will turn positive for the full year.
Financial Backing for Aggressive Growth
To fund the Orion Health acquisition, Healwell raised over $100 million CAD, including:
- $25.5 million in equity
- $30 million in convertible debentures
- A $50 million credit facility led by RBC and Scotiabank
The funding round and acquisition are central to Healwell’s long-term strategy of becoming a leader in health AI solutions on a global scale.
Cost Optimization Amid Growth
Despite the top-line growth, Healwell initiated cost optimization efforts in February, including workforce reductions expected to save the company $3 million annually. The company maintained that these changes are part of a broader push toward sustainable scaling.
Industry Integration with Well Health Continues
The earnings release also follows Well Health’s move to take majority control of Healwell, solidifying a long-standing strategic partnership. Hamed Shahbazi, CEO of Well Health and now chairman of Healwell, said the collaboration would blend Well’s scale with Healwell’s health systems expertise.
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