PYMNTS.com July 31, 2024
Telehealth provider Amwell on Wednesday (July 31) reported second-quarter revenue of $62.8 million (above guidance of $61.1 million), driven by $27.5 million in subscription revenue and $28.7 million from visits to Amwell Medical Group (AMG).
Despite a net loss of $49.9 million — down from $73.4 million in Q1 2024 — Amwell achieved a reduced adjusted EBITDA loss of $35 million, compared to $45.7 million in the prior quarter. Amwell’s gross margin stood at 37% while total visits reached 1.5 million, with about 70% occurring on the Converge telehealth platform.
“We’re very focused on making sure Converge becomes a reliable asset in the market,” Amwell CEO Ido Schoenberg said during the earnings call.
In mid-June, Amwell announced that co-founder Roy...
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