#Canada #Vancouver #WELL Health #Canadian Clinics #Buy Canadian

WELL Health Expands Canadian Clinics

In recent developments, WELL Health Technologies Corp. has reported impressive growth as it continues to expand its Canadian Clinics network. Since February 2025, the company has successfully added 11 clinics, including 9 acquisitions and 2 absorbed locations. Collectively, these new additions are expected to generate approximately $29 million in revenue, contributing $2 million in EBITDA. With this expansion, WELL reinforces its position as a leader in Canada's healthcare sector, demonstrating significant momentum in the face of a growing public sector technology services pipeline.

WELL's Canadian clinics exhibited strong organic growth throughout 2024, achieving a remarkable overall growth rate of 24%. This figure comprises 12% growth from revenue generated by existing clinics and another 12% resulting from new clinics being integrated into the network. Hamed Shahbazi, the founder and CEO of WELL, highlighted that the expansion of their Clinics Platform and growth in public sector technology opportunities underscore WELL's potential for effective implementation of its growth strategy.

Surge in 'Buy Canadian' Sentiment

The current political climate in Canada, particularly the surge in 'Buy Canadian' sentiment, presents a golden opportunity for WELL Health. On February 1, 2025, British Columbia's Premier David Eby announced a restriction on new procurements from U.S. companies due to recently imposed tariffs. This initiative aims to protect local businesses and workers, encouraging public sector entities like health services and BC Hydro to prioritize Canadian goods and services when considering new contracts. This move aligns perfectly with WELL’s mission of strengthening the healthcare ecosystem within Canada.

Supportive voices from other provinces have emerged as Ontario Premier Doug Ford and Quebec Premier François Legault both advocate for prioritizing Canadian suppliers. Federal initiatives introduced by Canada’s Minister of Innovation, Science, and Industry, François-Philippe Champagne, further reinforce these efforts, encouraging national businesses to adopt 'Buy Canadian' policies.

Growing Pipeline of Opportunities

As WELL continues to navigate this evolving landscape, its pipeline for Canadian public sector opportunities has expanded significantly, now tracking nearly 70 potential deals across various provinces with an estimated combined value exceeding $300 million. This represents the largest public sector opportunity pipeline in the company’s history, tripling in size from the previous year. Shane Sabatino, Chief People Officer at WELL, remarked on the unprecedented interest from public sector leaders, noting that WELL is poised to make a profound impact within the healthcare delivery landscape in Canada.

Moreover, WELL is currently assessing 34 acquisition opportunities which can contribute around $450 million in revenues. The company is committed to acquiring clinics that not only complement its existing network but also align with its long-term strategic objectives.

Despite the economic uncertainties surrounding tariff implications on cross-border services, it has been confirmed that WELL has no current exposure. The focus remains on fortifying healthcare services domestically, ensuring the company’s resilience in challenging macroeconomic environments. With over 60% of WELL's revenues generated from U.S.-based entities, the business remains insulated due to the healthcare sector’s inherently defensive nature.

Future Outlook

As WELL Health Technologies continues to capitalize on the favorable 'Buy Canadian' sentiment, it stands well-positioned to optimize its growth trajectory amid favorable economic policies that support local businesses. With committed efforts to enhance healthcare delivery through innovation and technology, WELL is charting a path that not only strengthens its market standing but also contributes positively to Canada's economic landscape. The next few years will reveal just how WELL leverages these unique opportunities for its growth and expansion goals.

With the expansion of services and the increasing support for these initiatives, WELL is set to make one of the biggest impacts in Canada's healthcare industry in the foreseeable future.