WELL Health Technologies: Stifel Reaffirms Buy Rating as Patient Demand Rises

Analyst Confidence Supports Well Health Technologies

Stifel analyst Justin Keywood maintained his “Buy” rating and C$9.00 target for WELL Health Technologies in a Nov. 25 update, signaling confidence in the company’s long-term growth. As Canada’s population grows, patient visits rise, which directly supports WELL’s clinics and technology-driven care. With Canada now at 41.65 million, this population increase places significant pressure on the healthcare system. Consequently, it drives demand for clinic visits, diagnostics, and digital health services. WELL Health is well-positioned to meet this demand, and despite a strong operational year, the stock remains down—creating a potential golden opportunity for investors.

WELL Health Technologies Reports Significant Growth in Patient Visits

WELL’s recent results clearly demonstrate accelerating demand. In Q1 2025, the company recorded 1.6 million patient visits, up 23% year-over-year, with Canadian patient services rising 29%. Then, in Q2, visits reached 1.7 million, a 21% increase, surpassing one million Canadian visits in a single quarter for the first time. By Q3 2025, system-wide visits exceeded 1.7 million, a 19% annual increase. These numbers contributed to record revenue of $364.6 million and a 296% surge in Adjusted EBITDA, highlighting WELL’s operational strength.

Expanding National Presence

The well health technologies stock remains a reliable investment, partly because the company continues to expand its national footprint. WELL integrates virtual care with in-clinic services, which improves efficiency and patient experience. Every well health diagnostic centre, including WELL Health Diagnostic Centres – Milton, plays a vital role in the national network. Moreover, WELL’s scale strengthens its position on the TSX – Stock exchange, showcasing its leadership as a technology-driven healthcare company in Canada.

Upcoming WELLSTAR Technology IPO

Another key growth driver emerges with the upcoming WELLSTAR Technology IPO. WELLSTAR focuses on digital healthcare software, AI-enabled tools, and operational platforms. Spinning off this high-growth division could attract new investors, unlock hidden value, and highlight WELL’s technology capabilities alongside its clinic network.

Growth Backed by Acquisitions and Structural Demand

WELL Health’s growth benefits from Canada’s aging population and rising demand for outpatient and chronic care services. Its hybrid model—combining clinics, telehealth, AI systems, and diagnostics—allows the company to serve more patients efficiently and profitably. Although the stock may experience daily ups and downs, WELL’s aggressive acquisition strategy remains its greatest strength. This focus on growth through acquisitions positions the company for continued expansion and long-term success into 2025 and beyond.