Amwell Q2 revenue $62.4M, net loss $93.5M; cuts FY revenue guidance to $257-263M

American Well Corp

2023-Q2 EPS reported -$1.74 revenue$126,448,000

Revenue $62.4M ($28.0M subscription, $28.1M AMG visits); gross margin 39%.
Net loss $93.5M includes $27.3M non-cash goodwill impairment; Adj. EBITDA ($45.3M).
FY 2023 revenue guidance cut to $257-263M from $275-285M; Adj. EBITDA now ($160)-($165)M.
Total visits 1.5M; Converge platform visits grew to 43% of total from 36% Q1.
Cash and short-term securities $458.7M at quarter-end.

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 second quarter ended June 30, 2023 results: revenue $62.4 million, net income ($93.5) million. Guidance lowered.

Period: second quarter ended June 30, 2023
Revenue: $62.4 million
Net income: ($93.5) million
Guidance: lowered
Result: reported results

Exact text from the filing

Amwell ® (NYSE: AMWL), a leader in hybrid care enablement, today announced financial results for the second quarter ended June 30, 2023. Amwell Second Quarter 2023 Highlights: • Recorded Total Revenue of $62.4 million o Achieved subscription revenue of $28.0 million o Recorded AMG Visit revenue of $28.1 million • Reported gross margin of 39% • Net loss was ($93.5) million

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Source: SEC EDGAR

accession 0000950170-23-037175

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