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spk02: 24 financial results conference call. At this time, all participants are on a listen-only mode.
spk00: After the speaker's presentation, there will be a question and answer session. to ask the question during the session, you would need to press star one one on your telephone.
spk02: You would then hear an automated message advising your hand to withdraw. Hello, thank you, operator.
spk00: Joining me on the call today are Dr. Alexander Dorbornowski,
spk02: CEO of HealWell, and Scott Nirenbersky, the company's CFO. I trust that everyone has received a copy of our financial results press release that was issued earlier today.
spk06: We are also encouraged to download a copy of our quarterly financial statements and management discussion analysis, which will be available later tonight on CDAR+. Please note, portions of today's call, other than historical performance, include statements of forward-looking information within the meaning of applicable securities laws. These statements are made under the safe harbor provisions of those laws. Please refer to today's press release and to our management discussion analysis for more details on the company's risks and forward-looking statements. We provide forelooking statements solely for the purpose of providing information about management's current expectations and plans relating to the future. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forelooking statements to reflect any change in our expectations or any change in advanced conditions, assumptions, or circumstances. on which any such statement is based, except if it is required by the law. We use terms such as adjusted EBITDA on this conference call, which is a non-IFRS and non-GAAP measure. For more information on how we define these terms, please refer to the definitions to set out in our management discussion and analysis. And with that, let me turn the call over to Dr. Alexander Dorbonovsky, CEO.
spk08: Thank you, Pardeep, and good day, everyone. We truly appreciate everyone for joining us today.
spk02: I'd like to start today by providing a little background on what is HealWell AI and who we are. HealWell AI is a healthcare technology company focused on AI and data science for preventative care.
spk03: Our mission is to improve healthcare and save lives to the early identification and detection of disease.
spk02: Using our own proprietary technology, we are also developing and commercializing advanced clinical decision support systems.
spk03: We're also referred to as co-pilot technologies that can help healthcare providers detect hundreds of diseases,
spk02: complex, chronic, and rare conditions improve efficiency of their practice, accelerate R&D efforts for therapeutic
spk08: and clinical research and ultimately and most importantly help to materially improve patient health outcomes the earlier the detection the greater the likelihood of treatment being successful this is where AI comes in AI can
spk02: screen, and structure historical patient clinical information to help inform physicians about markers and signals for potential disease in patients earlier, helping to dramatically reduce detection time.
spk08: Utilizing AI technologies can allow us to identify patients in a more personalized and proactive manner before their health reaches higher risk stages. following which I'll provide a more fulsome discussion highlighting our vision, strategic plan for the company, tremendous market opportunity, and also some very exciting and material updates on what we have accomplished subsequent to the quarter. Afterwards, we'll have time for Q&A and concluding remarks. The first quarter marked an exceptional continuation of our journey and embracing of our mission to revolutionize healthcare and enhance long-term disease detection, powered by our cutting-edge AI and data science technologies. Now, let's look at some of our recent achievements. HealWell debuted on October 1, 2023, and since then, we've been extremely busy, and we have achieved many key milestones. We forged a transformative strategic partnership with WellHealth Technologies, who owns and operates the largest clinic network in Canada, the largest shareholder.
spk02: We completed three final advances, including a $10 million convertible to venture, an
spk08: and an $11.5 million bought deal equity financing, both of which were upsized. In addition, we recently announced a bought deal equity financing of up to $20 million, which we expect to close on or around May 24th. Counting all four financings and assuming full uptake on the most recent financing, would effectively bring the total amount of capital raised to $49.5 million in civil relations as well seven months ago. In parallel, our M&A team has been very active, having successfully completed two exciting and last year was the end of year and intra-health and made an equity investment in Dr. Lee.
spk02: On the business development side, We announced new commercial agreements with Well Health USA and Circle Medical, expanding our footprint into the U.S.
spk08: market.
spk03: Plus, we made material headway from an AI perspective.
spk02: As highlighted by Pentaview's groundbreaking publication,
spk03: validating the use of generative AI to identify rare lung cancer patients as a global first.
spk08: In addition, just six months after powering our partner, Wells' first-generation co-edition profile, which was focused on rare disease detection, we have launched what we believe to be the Canadian
spk02: in markets only commercially available mobile I portion co-pilot that is integrated with a major EMR and assists with chronic disease detection given the the leading cause of death and disability.
spk03: We couldn't be more proud to bring this profound new capability to physicians who should partner with Well Health.
spk02: And our exclusive role is powering their Well AI decision support tools.
spk08: And what we've recently introduced is a solution for the Bushnell AI decision support waves powered by HealWell technology. These milestones have established the framework for the company's growth and future success. We're very optimistic about our future trajectory, driven by a combination of organic growth and future discussions. As we mentioned in our Q4 conference call only a few weeks ago, currently our robust acquisition pipeline positions us to potentially doubling our current revenue run rate $20 million to exceeding $40 million annually, leveraging our existing cash reserves. With a strong foundation in place, HealWell is primed for sustained growth. Beyond activities, our key areas of focus include ramping up physician adoption of the HealWell platform, deepening our integration within the Well Health ecosystem, accelerating the sales of our AI tools and technology under the Cure Health and Pentavir platforms, adding new commercial agreements in partnership with life sciences companies, health systems, and other commercial partners, and broadening the reach of our intra-health age and adding AI capabilities. We're witnessing an unprecedented opportunity in healthcare AI, and we're uniquely poised to capitalize it. Although still in its early days, the healthcare AI sector is rapidly evolving and also rapidly growing. We believe the landscape could be more ideal for us to be positioned as an early mover and build a high growth leading AI company. I'll expand on this, but also provide additional details on the company's outlook, but first I'd like to turn it over to our CFO, Scott, who will review the financial results for the first quarter of 2024.
spk07: Thank you, Alex. It's important to note that our Q1 results do not fully reflect the company's current revenues as the intra-health acquisition finalized in February is anticipated to contribute over $12 million in annualized revenue.
spk02: Looking forward, we are optimistic about the prospects for both our top and bottom line performance, as well as well as the financial strength of the company. Our first quarter 2020-2024 results are as follows. These results are results from continuing operations. Heal Well achieved quarterly revenues 4.58 million was driven by the acquisitions of for health and Cure continued to make progress in its recovery and actually achieved its highest revenue level in the last 12 months. HealWell achieved gross profit of $2.84 million in Q1 2021-2024.
spk07: compared to 661,000 during Q1 2023. Hill-Wells gross margin percentage in Q1 2024 was 62% compared to 33% in Q1 2023. The increase in margin percentage was due to
spk02: contribution from higher margin revenues from IntraHealth and Pentavir, as well as solid growth in clinic research operations at MCI Polyclinic Group and ongoing recovery in CURE.
spk07: During Q1 2024, HealWell reported adjusted EBITDA loss of $1.56 million compared to an adjusted EBITDA loss of $1.8
spk02: $86 million in Q1 2023.
spk07: The larger loss was driven by the companies marketing to drive sales and its brand awareness and elevate its brand awareness. I will now provide an update on our cash and debt position. We ended the quarter March 31st, 2024, with $11.3 million in cash. Total reported debt was $21.2 million and really consists of $9.6 million in face value of convertible debentures, $7.5 million in legacy debt, which is expected to be forgiven in the coming quarters, a $5B loan to Well for the acquisition of IntraHealth, and $1.6 million in low-interest loans at Pentavir. It is important that a significant portion of the company's debt is either expected to be forgiven or converted at favorable prices. If you assume all of this debt is either forgiven or converted, it would leave the company with only 6.2 million in debt, of which 5 million is the VTB loan which will be paid off during 2024. leaving us with a remaining of only 1.6 million low-interest-bearing loans to Pentavir. As such, on completion of the recently announced bought deal financing, we anticipate having plans to continue fueling the company's acquisition and organic growth strategies. The cash decline from $19.2 million in 2023 to $11.3 million at the end of Q1 was largely due to the intra-health acquisition as well as increased marketing activities that we discussed earlier in the call for sales and branding awareness.
spk02: Subsequent to the end of the quarter, on May 6, 2024, the company announced a third spot deal public offering. The third spot deal with public offering financing at a price of $1.35 per unit. For aggregate gross proceeds, this offering has been upsized with an option to the underwriters to purchase
spk07: additional units, which, if exercised in full, gross proceeds of the offer would be up to $20 million. In summary, I'm pleased to report that Hill Wells Outlook is in strong financial position and has capital to fund future acquisitions and execute on its growth strategy initiatives. I'll now call back over to Alex.
spk08: Thank you, Scott. I'd like to continue by providing an update on the Well Health relationship. As we know, Well Health is Canada's largest owner-operator of outpatient medical clinics and leading digital health services, providing software for more than one-third of all Canadian physicians. while also has a substantial business in the United States.
spk02: On February 27th, the company announced the appointment of Hamed Shabazz as the chairman of the board of Heal Well. Hamid is currently the chairman and CEO of Wealth. And it has served Heal Wealth since its launch on October 1st, 2023. The appointment of Hamid to the chair of is strategically important given the shared objectives between the companies.
spk08: On March 21, 2024, we announced service agreements with both Well Health USA and U.S.-based Circle Medical Technologies to expand our footprint in the U.S. and equip health care providers with an advanced suite of AI-driven preventative care solutions. One way to conceptualize the Heal Well relationship with Well Health is to highlight that Well Health has a multi-jurisdictional clinical footprint, digital tools, and the patient volumes, while heal well with artificial intelligence technology and data science capabilities and expertise. We need to continue to onboard and engage with providers. This is critical to the success of any technology or AI-oriented healthcare company.
spk02: and WellHealth provides us with this access.
spk08: WellHealth effectively white labeling HealWell technology as WellAI decision support. HealWell and WellHealth introduced the second generation of the WellAI decision support waves. This information features advanced chronic disease screening, including detection capabilities for chronic kidney disease, hypertension, and diabetes.
spk02: WAVES now identifies over 100 diseases, providing actionable clinical insights at the point of care, to aid inpatient risk stratification. Treatment of chronic disease-related costs in Canada.
spk03: Estimated at a staggering approximately 190 billion annually.
spk08: This highlights the commitment of WellHealth to these technologies and why this will be a driver of success for HealWell.
spk02: What an opportunity this is for the entire WellHealth clinic provider footprint. I'd like to spend a few minutes And it's now talking about our revenue segments. The company generates revenue in three distinct sections. One, AI and data science. Two, healthcare staff.
spk08: And three, patient services and clinical research. The first section I'll unpack is AI and data science, which is an integration of cutting-edge artificial intelligence technologies within the healthcare landscape through technology-enabled rare and chronic disease screening from its
spk02: Pure Health, and Pentavir divisions.
spk08: Leveraging state-of-the-art AI algorithms and advanced analytics, Hewell analyzes extensive clinical data sets to extract invaluable insights. These insights are then transformed into actionable recommendations for physicians with early disease detection capabilities.
spk03: proactive approach optimizes the patient care pathway, ensuring swift and accurate diagnosis and treatment.
spk02: Our AI and Data Science Division serves a clientele of life sciences, pharmaceutical, medical, and precision medicine companies.
spk08: I'm proud to announce that we have signed MSAs or Master Service Agreements with 14 different pharma and life sciences companies, including six of the top 10 largest pharma companies in the world. This is a substantial accomplishment for a small company like HealWell, and we expect this number to continue to grow in the coming quarters. We are also exploring a strategy to grow our AI-oriented revenues within the public sector framework. leveraging Well's ability to work successfully commercially with the public sector, plus also with insurance space. I will provide more updates on this in the future. Our AI and data science business network. On one side are the life sciences companies and other commercial partners, and on the other side is our compliant access to various types of relationships with entities such as well health, hospitals, and healthcare systems. Although it may take additional effort to design and scale a two-sided network, in our view, once established, these types of networks tend to be durable and highly valuable.
spk02: In order to attract world-class pharma and life sciences companies because of our credibility in healthcare AI, punctuated by the fact that we have now published over 25 manuscripts in peer-reviewed medical journals that confirm the efficacy of some of our articles. artificial intelligence technologies in certain clinical applications.
spk03: The second revenue stream is healthcare software as a service revenue provided by IntraHealth.
spk08: IntraHealth is an enterprise-grade EHR platform And HealWell benefits from IntraHealth's clientele of health care providers, hospitals, and clinics, extensive network of over 15,000 health care service providers across multiple jurisdictions spanning Canada, Australia, and New Zealand.
spk02: IntraHealth's SAS-based model has historically yield over 80% gross margins.
spk08: Alongside positive EBITDA and cash flows, significant portion of revenue deriving from high margin and recurring sources. The third revenue segment of patient services consists of clinical research delivered by Canada Phase Onward
spk02: HealWell CRO, providing life science research services and revenue-related consultations delivered through the company's Polyclinic Group in Ontario. Clinical research revenues are contract-based revenues. This operates on a per visitor per project basis and has a track record of positive EBITDA.
spk08: It also caters to diverse clientele including government health insurance reimbursement and life science research sectors.
spk03: Importantly, I'll now provide more details on our M&A strategy.
spk02: QWAL is executing a strategy centered around developing and acquiring technology and clinical sciences capabilities and abilities that help them accomplish their goals in the program.
spk08: With this strategy, HealWell is targeting AI and data science companies that expand our current early disease detection capabilities along with technology and healthcare software companies that provide access to additional clinical information and mature recurring revenue. Since our debut in October, we've made two notable acquisitions of PENTAVIR and IntraHealth. On December 4th, HealWell acquired PENTAVIR Research Group, one of Canada's leading non-linear AI companies focused on early disease detection. Pentavir is a healthcare AI company that helps identify patients for approved medications and medications that are in their revisions, finding effectively patients that have fallen through the cracks. Pentavir has developed and validated AI capabilities and data string interaction, a key competency to unlock clinical value for patients and providers,
spk03: with a proven track record and commercialization of real-world evidence of five new farmer relationships to the Heel Wall ecosystem.
spk08: Then, on February 1st, Heel Wall acquired IntraHealth, the enterprise that created our culture, which I mentioned, in 2015.
spk02: We have 10,000 healthcare service providers across multiple jurisdictions and provides the company with access to deploy its artificial intelligence technology. IntraHealth is a SAS-based multinational EHR provider supporting work across Canada. Australia and New Zealand. Historically, intra-health has achieved over 80% growth margins, produced positive EBITDA and positive cash flows.
spk03: Over 80% of its revenue is high margin recurring revenue.
spk02: We are currently executing on a plan to deeply integrate our tools within intra-health to create a next generation of AI-powered EHR to help significantly amplify healthcare providers and allow them to drive better health outcome providers
spk08: providers and allow them to drive better health outcomes. We have started by integrating our clinical co-pilot tools into the intra-health offering, providing both AI-enabled rare and chronic disease screening.
spk02: We have a very full and active pipeline of acquisition opportunities. We are currently looking at numerous compelling acquisitions that fall into two distinct categories. The first are AI and data science companies that expand current capabilities and are focused on early disease detection across all of Maine.
spk03: These types of targets are now starting to demonstrate revenue traction.
spk08: Targets are now starting to demonstrate revenue traction and achieving validation that their technologies work safely and blindly.
spk02: This is a very exciting time to be targeting AI-oriented healthcare companies. As companies with these types of capabilities simply didn't exist before. Pentavir is an excellent example of the kind of companies we
spk03: we are targeting in this first category.
spk08: The second category of acquisition targets are mature operating companies with strong financial profiles that would be vertically integrated with our AI technologies to drive incremental revenue and cash flow. Healthcare software companies, clinical research companies, and also digital health companies are great examples. These companies provide us with a vector of access to more patients, providers, and clinical information. but also, importantly, have a very strong profile financial fundamentals perspective with maturing revenues, positive data on free cash flows. IntraHealth is an excellent example of the kind of companies are getting in the second category. I will now provide brief details further explaining advanced clinical decisions or, in other words, what are our physician co-pilot tools, and how this ties back to our main strategy. As we continue to expand on our capabilities at HealWell, we will ultimately build a platform that can not just help screen and risk-identify patients for rare and chronic diseases, but will also have robust capabilities to support clinician decision-making across all clinical domains. This is what we mean by advanced clinical decision support, and this is what we're working towards.
spk02: As we acquire and also build out these capabilities, we will be continuing to launch in parallel what we call pilot tools that will be specific for a particular clinical domain. For instance, Our first validated and commercialized pilot that was built under our CURE Health banner and white-labeled while AI decision support, which created updated to its second generation this quarter. Looking towards the future, you can picture Hewell's AI capabilities.
spk03: These rapidly growing position of targets as I mentioned in the first category, building out the foundational platform for advanced clinical decision support.
spk02: And then we will be deploying these technologies into our partner health care systems, like WellHealth. also into our own platforms of access, highlighted by our second category of targeted companies.
spk08: This, we believe, to be quite a compelling and sustainable strategy. Now, from an outlook perspective, we have an extremely positive outlook based on our organic growth profile and our M&A strategy. I am most excited by the immense potential for growth and innovation, particularly in the realm of AI technology. HealWell's strategic focus on inter-tech growth aligns perfectly with this trend.
spk02: We currently have a strong and active acquisition of HealWell.
spk08: with the potential to more than double our revenue by the end of the year using just the cash we have on hand. Then, the cash proceeds from the recently announced $20 million final financing will allow us to even further accelerate our ability to execute on our capital allocation and M&A strategy. I want to reiterate that HealWell is a healthcare AI and data science company that has proven results in revenue from six of the top 10 largest pharma companies. The Well Health relationship accelerates our growth with exclusive access to providers across North America. As Scott reported, we have a very strong balance sheet which enables us to execute on our capital allocation plan. M&A will play a significant role We have already completed two key transactions with a path to more than double our revenue, as I mentioned, in the coming months. We believe that since we have the necessary building blocks in place to successfully execute in healthcare AI, the time is now to plant our flag in healthcare AI and execute against this mission. Finally, I'd like to thank the entire team at HealWell, whose hard work continues to help me at a higher level. I'd like to thank our investment banking partners.
spk02: I'd like to thank Hamid and the leadership team at WellHealth. Plus, I'd like to thank my board of directors, Rex. Also, I'd like to thank you all for joining us on this call today. We look forward to providing an update. Thank you.
spk00: Ladies and gentlemen, as a reminder to ask the question, please press star 111 on your telephone and wait to hear your name announced. To withdraw your question, please press star 111 again.
spk02: Please stand by while we compile the Q&A roster.
spk00: Our first question comes from the line of Jason Zandberg with .
spk02: Your line is open.
spk09: Hi, and thanks for taking my questions. Congratulations on a great quarter. Better than I've anticipated, so again, congratulations on the top line.
spk02: I'm just wondering if you could break out, I haven't seen the MDNA, so I'm not sure if you're breaking something.
spk09: If you could break out the contribution from IntraHealth in those two months after the acquisition was closed.
spk07: Yeah, give me one second, Chase, and I'll get that for you.
spk09: I mean, I would make the assumption that it's, you know, 12 million run rate, two months equals 2 million, but I'm not sure if that's true.
spk07: Yeah, no, no, that's a fair point. It's pretty close to what you said. It's obviously growing. And it's actually did a little bit better than what we had expected it to do, you know, in the two months that we were operating it.
spk03: So it's actually off to a really, really great start.
spk02: But basically, it was just north of $2 million. Okay. $2 million and then $30 million. Perfect. I'm not strange. As well, your G&A expense for the quarter was 6.1.
spk09: I just wanted to find out whether there's any sort of noise in that number given some sort of one-time expense.
spk02: or whether or sort of a number that we can use to model going forward you know give or take a small yes the G definitely had had some noises in it because you know there is we did we did You know, for legal and acquisition expenses, that was over half a million dollars, $525,000.
spk09: Okay. Okay, so maybe half a million to a million dollars in sort of noise in that quarter.
spk07: Yeah, and then for the quarter, you know, there was also $480,000 in share-based expense, so non-cash expense that was in there.
spk02: Got it. Okay, well, that's helpful. just, you know, the work that we did with the J&J study and Princess Margaret College. I've talked to a few people that have essentially said that the generative AI that was used to analyze and structure this data would have been possible to do the study without that component. So I'm just wondering, Michael, As this work creating sort of ripples. Sort of is this, as this would work, creating sort of where you're seeing inbound inquiries from from other organizations seeking similar services for other studies. Hey, Jason. Really good to speak with you, and thanks for the questions. So the answer to that is yes. And look, we I don't think we we have to, you know, every research artifact that we produce, but was especially important because it was an example of working with the largest pharmaceutical company in the world and one of the most prestigious cancer institutes globally, right? globally, right? And applying a globally, right? And globally, right? And right and globally right and globally right and globally right and globally globally, right? And, and, and, and, and, and, So, in our view, there was actually a global... We have had some... You know... those that want to participate and use of these types of technology is those that want to learn more or it's been fairly exciting. Okay, that's fantastic, and congrats on the strong quarter, and I'll pass the line. Thanks, Jason. Thank you. Please stand by for our next question. Our next question comes from the line of . Hi, guys. So congratulations to you as well. Yeah, I'd like to touch on that. chronic diseases. Are you going to be adding more specialty diseases there, or are there other capabilities you want to maybe do without buying?
spk05: or are there other capabilities you want to maybe build without buying?
spk03: Yeah, Kieran, very good to speak to you. Thanks for attending and for your questions.
spk02: The answer to your question is absolutely. We're add to we're going to add to this clinical domains both through our own R&D efforts and through acquisition. Right there. Thank you. that we're not going to endeavor to try to build organically, but definitely complement through through acquisition. Got it. And your commentary, Alex, touched on improving adoption of the CDS with physicians, comment on some of the measures you're doing. Well, yeah. you know, here in one, one, one, one, one, one, one, one, one, one, We're more extramarital. is just how many physicians are being onboarded. And then the continuing use of our platform, right? And so both of these metrics are quite important and we're seeing success along both. And then finally here you have an increased capacity for M&A. And then finally here you have an increased capacity for M&A.
spk05: Now, does this change? the profile of the two types of targets you're looking at today maybe versus earlier this year?
spk03: And I'll leave it there. Yeah. So, you know, as I've previously communicated, right, we have confidence in and a strong line of sight.
spk02: to our top line, and that was harnessing the cash we had on hand prior to this financing. So to answer your question, so to answer your question, so to answer your question,
spk08: So to answer your question, when this financing closes, right, then we may make some adjustments in terms of the profile that we're targeting.
spk02: Thanks, guys. Thanks, Kim. Thank you.
spk00: As a reminder, ladies and gentlemen, that's Start11 to ask the question. Please stand by for our next question.
spk02: Our next question comes from . Your line is open. Good afternoon, and thanks for taking my questions. There's two things. Alex, during your preamble, you alluded to, you know, potentially doing some work with, you know, You know, potentially doing some work with private and public insurers. I'm just curious if you can elaborate a little bit on that. what some of your goals are within that region there. Yeah. Okay, but this is an important part of our
spk08: It's an early days, right? And we've been successfully now commercializing with life sciences partners.
spk02: We're entering our fourth year here, so for a bit longer. So there's some pedigree in being able to deliver valuable clinical insights to these types of partners. But where would you see an additional dramatic value opportunity is actually with you know public sector participants and and so on the insurer's side, both in Thank you. Thank you. really, really, really, really, really, really, really, really, think we'll also be able to calibrate the sales of these types of products that we've Delivering to life science is also a subscription type of performance. So there'll be some updates on that front in coming quarters. Thank you. You know, I think the question asked about adoption rates, but I'm actually kind of curious in terms of your AI platform, How important is healthcare practitioner adoption? Right. I guess what's more important, adoption? or having your platform integrated into as many EMRs, EHRs as possible. So, Gabe, where we're endeavoring to take the direct you well it's true really platform of clinical decision support, right? And today and we can screen and find patients with high risk of rare diseases. So we announced recently the capability of chronic diseases. Thank you. Thank you. Thank you. Thank you. into, right? So then when a practitioner uses this technology, it's very relevant for their day-to-day work, right? Because in the back will be screening against conditions across all specialties and
spk08: We'll be screening against conditions across all specialties and subspecialties. So that's where we're headed. Now, we always want to work with our partners. So their adoption and onboarding is very important, right? This is a physician-led company, right? And we're always orienting this around, can we actually improve patient outcomes? So that's number one, right?
spk02: but there are other opportunities to scale like for instance how Pentavir has done some really important work with their focus on real-world scroll that button . That isn't necessarily reliant on any specific provider base. in partnership with other healthcare systems, you can then work with commercial partners without needing, you know, specific onboarding requirements of a number of providers. question, there's opportunity in both domains, but there's where we see the Our value of opportunity is, of course, working with providers on the two sides of the network, as I explained. Thank you. Thank you. I would now like to turn the call over to Pardeep for additional questions. Questions? Hi, yeah, I've received a call. Questions? Hi, yeah, I've received a call, a question. question here from Michael Freeman of Raymond James by email. He asked, with regards to intra-health, if you can I'm wondering if he was... Well, the only thing that's allowed is that we have a hybrid on the AI next-gen. I think the, you know, really an appropriate move right from intro health to come under Well, we have the artificial intelligence capabilities and technologies to ameliorate that platform. So as I mentioned from an M&A perspective, we're focused also on the second category of targets. which are mature operating companies that don't necessarily have Well, we have the AI where we can then level up these companies. So that was a big part of the rationale. A second question from Michael Freeman from Raymond James. With regards to Cure Health and Waves, What kind of feedback can we get in terms of the wage thus far? and also in the second generation wage clean features there are they being lost among pure health their customers as well I'll you know so I'll answer the second course and an answer is yes right it's this is not just a a level up in capability that's only been offered within Well Health. But also, we're in partnership with them.
spk03: They're using the Cure Health platform.
spk08: And to answer the first question, we had resoundingly positive feedback. And I think, you know, I'll highlight one particular individual, the chief medical officer at WellHealth. He was able to harness this technology, use it, test it, and I believe was really impressed with its capabilities.
spk02: He's also a practicing physician. He's also a practicing physician.
spk08: He's also a practicing physician. He's also a practicing physician.
spk02: And in his clinical practice, you know, live, we were able to help risk strategy by some of the patients that higher risk of certain conditions. that weren't previously identified for those issues.
spk03: That weren't previously identified for those issues.
spk02: So really strong positive feedback. Positive feedback. That's all the questions. I have on my email. Operators can provide these again for instructions again for instructions again again for questions again for again for again for again for
spk00: again for questions again for again for questions again for questions sure sure as a reminder ladies and gentlemen that's star 1 1 to ask the question I'm sure showing no further questions I would now like to turn the call back over to Alex for closing remarks I'm sure no further questions in the queue.
spk02: to turn the call back over to Alex for closing remarks. Thank you. In closing, I'd like to thank everyone once again for joining our call today. Thank you to the analysts for their questions.
spk08: Everyone, please stay safe. We look forward to providing more updates in the future.
spk02: Thank you very much.
spk00: Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.
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