Circle Medical Surpasses $100M USD Revenue Run Rate, Announces AI Partnerships and Leadership Hires

In July 2024 , San Francisco based Circle Medical which is majority owned by WELL Health reported $8.87M in sales reflecting 65% year-over-year organic growth, surpassing an annualized revenue run rate of over $100M USD for the first time. 

 Circle Medical has been profitable on an Adj EBITDA basis for more than 2.5 years now and continues to maintain strong gross margins of approximately 55%. 

 Circle Medical has established key AI partnerships and made strategic leadership hires to drive future expansion. 

 Circle Medical has retained JP Morgan as exclusive financial advisor to explore strategic options to fuel its next phase of growth. 

 
 SAN FRANCISCO and VANCOUVER, BC , Aug. 13, 2024 /PRNewswire/ - WELL Health Technologies Corp. (TSX: WELL) (OTCQX: WHTCF ) (" WELL " or the " Company "), a digital healthcare company focused on positively impacting health outcomes by leveraging technology to empower healthcare practitioners and their patients globally, is pleased to announce that its majority-owned subsidiary, Circle Medical, the leading digital-first primary care practice in the United States has surpassed a $100M USD revenue run rate, underscoring the company's impressive growth and continued profitability. 

 In July 2024 , Circle Medical reported $8.87M in revenue, reflecting a remarkable 65% year-over-year increase. This growth has been achieved while maintaining a 99% patient satisfaction rating as measured by industry standard CSAT surveys , highlighting Circle Medical's dedication to delivering exceptional patient care. Circle Medical has been able to maintain a strong gross margin of approximately 55% and has generally operated profitably on and adjusted EBITDA basis for the last 2.5 years. Circle Medical has retained JP Morgan as exclusive financial advisor to explore strategic options to fuel its next phase of growth. 

 "Our growth and success is the result of our continued commitment to delivering high-quality medical care while continuing to innovate on patient experience," said George Favvas, Co-founder and CEO of Circle Medical. "We are proud of this important milestone and look forward to working with the JP Morgan team to help identify the appropriate partners as we continue to grow towards $1 billion in revenue." 

 Circle Medical's majority shareholder, WELL, will discuss Circle Medical's record revenue run-rate in its quarterly earnings call on August 14, 2024 . WELL has previously indicated it would pursue strategic alternatives for its majority stake in Circle Medical, which has grown its revenue run-rate from $5M to over $100M USD in less than four years since WELL acquired its stake. 

 To support this rapid growth, Circle Medical has made strategic leadership hires and formed key partnerships in artificial intelligence (AI). The company is heavily investing in AI technologies that enhance patient care and operational efficiency, including AI-powered scribes for documentation and compliance tools for clinical revi

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