- An important part of HEALWELL’s forward growth and value creation strategy involves acquiring, investing in and/or partnering with data focused companies such as electronic medical record (“EMR”), electronic health record (“EHR”), patient flow and/or other similar businesses and integrating our Artificial Intelligence (“AI”) technologies that will provide next-generation AI-powered clinical decision support capabilities and new revenue streams. These technologies will provide patients and physicians with powerful tools to drive better health outcomes at lower costs in a manner aligned with global Value Based Care (“VBC”) trends.
- HEALWELL subsidiary KHURE HEALTH has re-engaged its Clinical Decision Support (CDS) commercial roadmap with life sciences and pharmaceutical companies resulting in fresh commercial wins, repeat/extended projects, and new pharmaceutical customers amongst the largest global pharmaceutical and life science companies.
- HEALWELL subsidiary Pentavere has launched an innovative Real-World Evidence (RWE) product for Dermatologists to better support unmet patient needs. This product is called DERMAID and has already established its market presence with an immediate commercial win from a top 5 pharmaceutical company.
TORONTO, Jan. 23, 2024 (GLOBE NEWSWIRE) -- HEALWELL AI Inc. (“HEALWELL” or the “Company”) (TSX: AIDX, OTCQX: HWAIF), a healthcare technology company focused on AI and data science for preventative care, is pleased to provide a corporate update highlighting updates on the Company’s recent commercial successes and acquisition strategy.
Dr. Alexander Dobranowski, CEO of HEALWELL commented, “We live in a world where we know that healthcare costs are on the rise and burdening the economies of most industrialized and modern medical systems globally in an unsustainable manner. This has ushered in a new era of focus on Value Based Care related trends that are designed to drive down costs, improve efficiency, alleviate provider burnout, and improve patient outcomes. One of the most powerful tools being enlisted by health systems globally is to add data driven clinical decision support systems to EHR platforms to better support providers. The prevalence of AI in healthcare is now poised to firmly disrupt clinical decision support systems.”
Dr. Dobranowski adds, “At HEALWELL, we’ve acquired a competitive suite of AI technology not only in Canada but globally, and we are poised to not only drive the proliferation of this technology to clinical decision support systems, but we also intend on vertically integrating our AI technologies to create far superior clinical decision support capabilities that will support Value Based Care trends.”
Active Capital Allocation Program Supported by a Strong Balance Sheet
In a short time since the Company’s recapitalization event on October 1, 2023, that was led by strategic partner WELL Health Technologies Corp. (“WELL”), HEALWELL has raised approximately $29.5 million, completed the majority stake acquisition of Pentavere Research Group (“Pentavere”), which to our knowledge and research is one of the foremost healthcare AI data science companies in Canada, and completed a minority investment and strategic alliance in a rapidly growing German based EMR company, doctorly.
HEALWELL’s acquisition pipeline is robust and expanding daily. The Company has looked at over 100 potential acquisition opportunities. Heading further into 2024, HEALWELL is in conversations with multiple parties and is working to identify additional investments and acquisition opportunities in the near future. Part of our M&A philosophy is to target companies that have mature revenue, strong positive EBITDA and a compelling growth opportunity going forward.
An important part of HEALWELL’s forward growth and value creation strategy involves acquiring, investing in and/or partnering with data focused companies such as EMR, EHR, patient flow and/or other similar businesses and integrating our best-in-class AI capabilities that will provide next-generation AI-powered clinical decision support capabilities that will provide patients and providers with powerful tools to drive better health outcomes at lower costs in a manner aligned with global Value Based Care (“VBC”) trends.
Digital software offerings combined with AI technologies are expected to drive transformational change in healthcare. In other words, software (such as EMRs) combined with AI are the future of healthcare. HEALWELL plans to add its disruptive AI capabilities in order to drive next generation benefits for physicians, clinics, hospitals and the pharmaceutical industry. This will further ease burdens on healthcare providers and systems, while dramatically improving the time to intervention as a result of using HEALWELL’s tools and technology.
Accelerating Commercial Success
Another key growth strategy for HEALWELL is to grow its operating businesses that work closely with the life sciences and pharmaceutical industries. Companies that advance scientific research initiatives with and on behalf of pharmaceutical companies benefit from the integration and leveraging of HEAWELL’s AI systems.
Including both the KHURE HEALTH (“KHURE”) and Pentavere divisions, as of December 31, 2023, HEALWELL had 17 services agreements in our development pipeline with pharma companies. In addition, the Company has services agreements with 7 hospitals and provincial health authorities in Canada, and 3 service agreements with US based healthcare systems. The combination of KHURE and PENTAVERE has expanded the Company’s pipeline of existing pharma relationships. Moreover, in 2024, the Company expects to launch new AI commercial initiatives in a number of additional specializations including dermatology, ophthalmology, migraine, diabetes, oncology (Breast, Lung, Prostate) heart failure and vascular disease.
KHURE has made progress reaccelerating its Clinical Decision Support (CDS) commercial roadmap with life sciences and pharmaceutical companies. This has resulted in new commercial activity, repeat/extended projects, and the addition of new pharmaceutical customers amongst the largest global pharmaceutical and life science companies. Part of this success has been attributed to the adoption of the KHURE technology within the WELL ecosystem as WELL AI DECISION SUPPORT. This has now provided KHURE with access to thousands of WELL providers as per the strategic alliance agreement executed on October 1, 2023. KHURE has also expanded its core capability by developing and validating additional algorithms in a wider disease purview that now also includes chronic conditions in addition to rare and ultra-rare diseases. Previous pharmaceutical and life sciences customers are repeating or extending business with KHURE; a positive indicator that re-enforces our confidence in the outlook for 2024.
Pentavere is also excited to announce it has launched an innovative and first-of-its-kind; Real-World Evidence (RWE) insight and quality improvement product for Dermatologists and life sciences companies to better support unmet patient needs in the community. This product is called DERMAID, and it harnesses PENTAVERE’s DARWEN™ artificial intelligence platform to extract valuable and actionable clinical insights that support dermatology patient care pathway decisions. DERMAID has already established its market presence with relevant commercial activity with a top 5 pharmaceutical company.
The global market for clinical decision support systems was estimated to be worth USD $4.9 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 10.6% from 2023 to 2030(1). The growing demand for quality care and alignment with Value Based Care trends coupled with advancements in data science and artificial intelligence will drive significant growth in the market for viable clinical decision support systems.
Footnote:
(1) Source: https://www.grandviewresearch.com/industry-analysis/clinical-decision-support-system-market
Dr. Alexander Dobranowski
Chief Executive Officer
HEALWELL AI Inc.
About HEALWELL AI
HEALWELL AI is a healthcare technology company focused on AI and data science for preventative care. Its mission is to improve health care and save lives through early identification and detection of disease. As a physician-led organization with a proven management team of experienced executives, HEALWELL AI is executing a strategy centered around developing and acquiring technology and clinical sciences capabilities that complement the Company's road map. HEALWELL is publicly traded on the Toronto Stock Exchange under the symbol “AIDX” and on the OTC Exchange under the symbol “HWAIF”. To learn more about HEALWELL AI, please visit: https://healwell.ai/.
Forward Looking Statements
Certain statements in this press release, constitute "forward-looking information" and "forward looking statements" (collectively, "forward looking statements") within the meaning of applicable Canadian securities laws and are based on assumptions, expectations, estimates and projections as of the date of this press release. Forward-looking statements in this press release include statements with respect to, among other things: HEALWELL’s future plans including it’s ability to execute on its strategic goals, including HEALWELL’s ability to identify and close acquisition targets and to launch new AI commercial initiatives, the achievement of profitability and revenue targets; HEALWELL’s future growth prospects and business outlook including without limitation the expected demand for its products, the allocation of resources and funds, the planned growth of HEALWELL’s customer base and the expected growth of operations, and the future conditions of the health care and health care AI market. Forward-looking statements are often, but not always, identified by words or phrases such as "to become", "improve", "growth", "ensuring", "continue", "anticipated", "expects", "proceed", "potential", "future", "consider", "result in", "increase", "deliver", "emerging", “is poised”, "plan", "position", "opportunities", "expansion", "exercise", "ensure", "achieve", "acquire", "complete", "satisfy", "entitle", "subject to" or variations of such words and phrases or statements that certain future conditions, actions, events or results "will", "may", "could", "would", "should", "might" or "can" be taken, occur or be achieved, or the negative of any of these terms . Forward-looking statements are necessarily based upon management’s perceptions of historical trends, current conditions and expected future developments, as well as a number of specific factors and assumptions that, while considered reasonable by HEALWELL as of the date of such statements, are outside of HEALWELL's control and are inherently subject to significant business, economic and competitive uncertainties and contingencies which could result in the forward-looking statements ultimately being entirely or partially incorrect or untrue. Forward looking statements contained in this press release are based on various assumptions, including, but not limited to, the following: favorable global AI regulations going forward, the continued adoptions of the software, tools and solutions created by HEALWELL, the impact of increasing competition and the ability to market HEALWELL’s products and services successfully, that HEALWELL will be successful in identifying, executing and integrating new acquisitions, investments and/or partnerships, the stability of general economic and market conditions; HEALWELL's ability to comply with applicable laws and regulations; HEALWELL's continued compliance with third party intellectual property rights; and that the risk factors noted below, collectively, do not have a material impact on HEALWELL's business, operations, revenues and/or results. By their nature, forward-looking statements are subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections, or conclusions will not prove to be accurate, that assumptions may not be correct, and that objectives, strategic goals and priorities will not be achieved.
Known and unknown risk factors, many of which are beyond the control of HEALWELL, could cause the actual results of HEALWELL to differ materially from the results, performance, achievements, or developments expressed or implied by such forward-looking statements. Such risk factors include but are not limited to those factors which are discussed under the section entitled "Risk Factors" in HEALWELL's most recent annual information form dated March 31, 2023, and in the preliminary short form base shelf prospectus dated January 19, 2024, both of which are available under HEALWELL's SEDAR+ profile at www.sedarplus.com. The risk factors are not intended to represent a complete list of the factors that could affect HEALWELL and the reader is cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking statements. There can be no assurance that forward looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management’s expectations and plans relating to the future. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, HEALWELL disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law. All of the forward-looking statements contained in this press release are qualified by these cautionary statements.
For more information:
Pardeep S. Sangha
Investor Relations, HEALWELL AI Inc.
Phone: 604-572-6392
ir@healwell.ai
