Amwell Q3 revenue $61.9M, net loss $137.1M includes $78.9M goodwill impairment; guidance revised

American Well Corp

2023-Q3 EPS reported -$2.21 revenue$188,370,000

Revenue $61.9M (subscription $28.4M, AMG visit revenue $26.7M); gross margin 35%.
Net loss $137.1M vs. $93.5M in Q2 2023, primarily from $78.9M non-cash goodwill impairment.
Adjusted EBITDA improved to ($38.5M) from ($45.3M) in Q2; cash and short-term securities $418.1M.
Total visits 1.4M; Converge platform visits reached 50% of total vs. 43% in Q2.
2023 guidance: revenue $257-263M; Adjusted EBITDA now ($162M) to ($167M), reflecting Defense Health Agency win investment.

item 2.02 item 9.01

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

American Well Corp reported third quarter ended Sept. 30, 2023 results: revenue $61.9 million, net income ($137.1) million. Guidance reaffirmed.

Period: third quarter ended Sept. 30, 2023
Revenue: $61.9 million
Net income: ($137.1) million
Guidance: reaffirmed
Result: reported results

Exact text from the filing

leader in hybrid care enablement, today announced financial results for the third quarter ended Sept. 30, 2023. Amwell Third Quarter 2023 Highlights: • Recorded Total Revenue of $61.9 million o Achieved subscription revenue of $28.4 million o Recorded Amwell Medical Group (“AMG”) visit revenue of $26.7 million • Reported gross margin of 35% • Net loss was ($137.1)

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Source: SEC EDGAR

accession 0000950170-23-057440

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