Healthcare DIVE May 2, 2024
The telehealth vendor has struggled with a declining stock price and mounting losses.
Dive Brief:
- Amwell’s revenue declined 7% year over year in the first quarter, missing Wall Street expectations on revenue as the telehealth vendor works to right its financial ship.
- The company reported revenue of $59.5 million, down from $64 million in the first quarter of 2023. It posted a $73.4 million net loss, compared with a $398.5 million loss last year when it racked up a hefty non-cash goodwill impairment charge.
- The telehealth vendor expects to see revenue contribution from a Department of Defense contract at the tail-end of this year, and the company could eventually see some benefit from big players like Optum and...
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