Amwell Q1 revenue $64M; net loss $398.5M with $330.3M goodwill impairment

American Well Corp

2023-Q1 EPS reported -$1.42 revenue$64,001,000

Revenue $64.0M (subscription $28.7M, AMG visits $32.5M); gross margin 39.5%.
Net loss ($398.5M) vs ($61.6M) in Q4 2022; includes $330.3M non-cash goodwill impairment.
Adjusted EBITDA ($44.6M) vs ($43.4M) in prior quarter.
Total visits 1.7M; Converge platform visits grew to 36% of total (from 28% in Q4 2022).
FY 2023 guidance reaffirmed: revenue $275-285M, Adj. EBITDA ($150M)-($160M).

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

American Well Corp reported first quarter ended March 31, 2023 results: revenue $64.0 million, net income ($398.5) million. Guidance reaffirmed.

Period: first quarter ended March 31, 2023
Revenue: $64.0 million
Net income: ($398.5) million
Guidance: reaffirmed
Result: reported results

Exact text from the filing

in digital healthcare enablement, today announced financial results for the first quarter ended March 31, 2023. Amwell First Quarter 2023 Highlights: • Recorded Total Revenue of $64.0 million o Achieved subscription revenue of $28.7 million o Recorded AMG Visit revenue of $32.5 million • Reported gross margin of 39.5% • Net loss was ($398.5) million, compared to

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Source: SEC EDGAR

accession 0000950170-23-017192

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