Healwell revenue more than doubled in Q1 2025 thanks to acquisition spree and AI

Toronto healthtech Healwell AI has reported a record revenue of $14.1 million CAD in the first quarter of 2025, a 208-percent increase year-over-year.
The preventative care company credited the growth to both acquisitions over the past year as well as a 224-percent jump in revenue from its artificial intelligence (AI) and data science business. Healwell struck deals in June 2024 to acquire data platform VeroSource Solutions as well as contract researcher BioPharma Services. It also bought software provider Intrahealth, AI healthcare documentation company Mutuo, and patient identification firm Pentavere.

“The combination of world-class artificial intelligence technology, experienced management, and firsthand access to some of the largest health systems globally positions Healwell for sustainable growth and long-term leadership in the global health AI ecosystem.”
Alexander Dobranowski
CEO,
Healwell AI

Recently appointed CEO Alexander Dobranowski attributed the ai and data science division’s success to healthcare stakeholders’ “rapid adoption” of Khure Health, as well as enterprise interest in Pentavere.

“These technologies are fundamentally reshaping how at-risk patients are compliantly identified, understood, and treated across the healthcare ecosystem,” Dobranowski said.

Healwell still recorded a $14-million net loss in Q1, and said it began “cost optimization efforts” in February that included layoffs. The company claims these reductions will save $3 million per year. Dobranowski said Healwell was primarily focused this quarter on funding and implementing its acquisition of New Zealand data management firm Orion Health. Healwell obtained over $100 million in financing, including $25.5 million in equity, $30 million in convertible debentures, and a $50-million credit facility led by RBC and Scotiabank.

The Orion Health deal closed on April 1, just after the end of Q1. Healwell claims the purchase should contribute about $100 million in annual revenue starting in Q2. It also believes the company’s Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) will be “positive for the full year” as a result. Dobranowski saw the acquisition as key to Healwell’s future.

“The combination of world-class artificial intelligence technology, experienced management, and firsthand access to some of the largest health systems globally positions Healwell for sustainable growth and long-term leadership in the global health AI ecosystem,” he said.

The earnings report comes weeks after Vancouver-based Well Health exercised its call rights to take a majority controlling interest in Healwell, a long-running strategic partner. Well Health CEO and Healwell chairman Hamed Shahbazi said at the time that the union would combine Well Health’s scale with Healwell’s experience with global health information systems.

Feature image courtesy of Nappy on Unsplash.