WELL Health Technologies Shares Drop as U.S. Subsidiary Investigation Delays Full-Year Filing

Dow Jones

31 Mar

By Adriano Marchese

WELL Health Technologies fell sharply Monday morning after the company said that it will delay filing its year-end results due to complications with its U.S. subsidiary, Circle Medical Technologies.

Shares fell over 24% to 3.77 Canadian dollars ($2.63).

The Canadian digital health platform said late Friday that the subsidiary is being investigated by the U.S. Attorney's Office for the Northern District of California for how it handles its billings.

The company doesn't expect the resolution of the matter to have any material effect on its cash position or available resources, but said it doesn't expect to complete the statements for 2024 before a March 31 deadline.

Scotiabank analyst Kevin Krishnaratne thinks this won't be taken well by investors.

"Although Circle Medical itself represents a smaller piece of the WELL story--about 13% of revenue and 6% of earnings before interest, taxes, depreciation and amortization through first nine months of 2024--we believe the news of an investigation and delay will nevertheless be viewed as negative," Krishnaratne said in a report.

WELL Health said it continues to look for strategic alternatives for Circle Medical and confirmed it is committed to carrying out this process in due course.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

March 31, 2025 10:33 ET (14:33 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.

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