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HEALWELL AI (AIDX) AI Stock Analysis
HEALWELL AI
(TSX:AIDX)
Overall score reflects improving operating trajectory but still constrained fundamentals: persistent net losses and negative TTM cash flows are the largest drag. The latest earnings call was a relative bright spot (better H1 profitability/cash flow and margin targets), while technicals are only moderately supportive and valuation remains challenged due to negative earnings and no dividend.
HEALWELL AI (AIDX) vs. iShares MSCI Canada ETF (EWC)
- Market Cap
- CAD 220.67M
- Dividend Yield
- ―
- Average Volume (3M)
- 175.65K
- Price to Earnings (P/E)
- -5.2
- Beta (1Y)
- 0.95
- Revenue Growth
- 54.06%
- EPS Growth
- 51.07%
- Country
- Canada
- Employees
- 570
- Sector
- Healthcare
- Sector Strength
- 51
- Industry
- Medical - Care Facilities
HEALWELL AI Business Overview & Revenue Model
Company Description
Healwell AI Inc., a Toronto-based healthcare technology firm established in 2012, specializes in leveraging artificial intelligence and data science to advance preventative medical care. The company develops an AI-powered platform designed to assist...
How the Company Makes Money
HEALWELL AI’s revenue model is based on selling and operating healthcare software and technology-enabled services. The company generates revenue primarily through (1) recurring fees for software platforms and AI/analytics tools used by healthcare org...
HEALWELL AI Earnings Call Summary
Overall the call combined strong year‑to‑date financial and operational progress—notably a 60% increase in first‑half revenue (driven by the Orion acquisition), a ~2,574% improvement in first‑half adjusted EBITDA, positive operating cash flow improvement (~145%), and compelling platform scale and clinical validation—with near‑term execution and timing headwinds. The primary negatives were a flat Q2 revenue, a smaller Q2 adjusted EBITDA versus the prior year quarter, gross‑margin mix pressure, subscription volatility that prompted investor questions, and longer enterprise sales cycles causing revenue recognition timing risks. Management emphasized that the business is transitioning through the trough of integration into an enterprise recurring model and is targeting ~10% adjusted EBITDA margin by year‑end, while expecting some AI/DS growth to be realized later as enterprise contracts are deployed.
Q2-2026 Updates
Positive Updates
Negative Updates
Company Guidance
Management reiterated a push to margin and recurring enterprise revenue, targeting approximately a 10% adjusted EBITDA margin by year‑end while noting 2026 growth will likely be at the lower end of the prior 30–50% range; reported results to date include Q2 revenue of $33.0M (Q2 2025: $33.2M), Q2 adjusted EBITDA $1.1M (Q2 2025: $2.3M), Q2 gross profit $17.9M (gross margin 54%), H1 revenue $66.2M (+60% YoY vs $41.2M), H1 adjusted EBITDA $1.9M (vs $0.1M, +2,574%), H1 gross profit $37.4M (gross margin 57%), and positive operating cash flow of $4.5M for the first half (a $14.4M, ~145% improvement); product and scale metrics highlighted include 150M patient records, 770k clinicians, 1,291 physicians onboarded, 22k providers, DARWEN screening 123 diseases and identifying >62,000 high‑risk patients in Q2; commercial KPIs and expectations include a 10% cross‑sell target (halfway through the year), enterprise deal sizes of roughly $1M–$3M versus pilots of ~$200k–$300k, an AI/Data Science FY25 base of ~$10M with management implying ~ $13M for FY26, a SpaceX stake valued at ~CAD23M (June 30) up from CAD4.6M (Mar 31), short‑term net liabilities near ~1x adjusted EBITDA and ~ $30M of long‑term convertible debt, and an overall outlook of larger, stickier subscription and SaaS revenue recognized as implementation milestones complete in H2 and into 2027.
HEALWELL AI Financial Statement Overview
Summary
Financials are improving but still weak overall. Revenue scaled sharply versus prior years and gross margin improved (~44.8% TTM), but the company remains loss-making (net margin ~-29% TTM) with negative operating and free cash flow (OCF -$5.3M; FCF -$8.0M TTM). The balance sheet is comparatively steadier with sizable equity and moderate leverage (debt-to-equity ~0.71), though increased leverage versus 2024 and ongoing losses keep the score low.
Income Statement
38NegativeBalance Sheet
55NeutralCash Flow
33Negative| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 128.74M | 103.80M | 38.97M | 7.32M | 10.42M | 47.82M |
| Gross Profit | 57.70M | 40.39M | 17.32M | 1.26M | 3.71M | 15.01M |
| EBITDA | 10.12M | -13.28M | -18.42M | -14.25M | -13.94M | -11.44M |
| Net Income | -29.53M | -46.94M | -26.29M | -31.60M | -21.09M | -15.67M |
Balance Sheet | ||||||
| Total Assets | 296.79M | 284.99M | 125.53M | 53.70M | 45.63M | 60.89M |
| Cash, Cash Equivalents and Short-Term Investments | 39.81M | 18.63M | 9.68M | 19.16M | 1.80M | 7.68M |
| Total Debt | 84.51M | 86.13M | 22.20M | 20.93M | 17.42M | 14.35M |
| Total Liabilities | 165.53M | 161.04M | 51.86M | 32.23M | 32.13M | 31.14M |
| Stockholders Equity | 131.26M | 123.94M | 63.89M | 12.65M | 11.78M | 28.03M |
Cash Flow | ||||||
| Free Cash Flow | -7.99M | -20.16M | -23.93M | -10.86M | -9.49M | -9.47M |
| Operating Cash Flow | -5.30M | -19.42M | -22.62M | -10.80M | -8.35M | -7.10M |
| Investing Cash Flow | 920.00K | -69.84M | -15.37M | 1.35M | -1.17M | -8.64M |
| Financing Cash Flow | -2.66M | 95.50M | 28.24M | 27.20M | 3.78M | 21.99M |
HEALWELL AI Technical Analysis
Price Trends
Market Momentum
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:AIDX, the sentiment is Negative. The current price of 0.67 is below the 20-day moving average (MA) of 0.71, below the 50-day MA of 0.75, and below the 200-day MA of 0.79, indicating a bearish trend. The MACD of -0.02 indicates Positive momentum. The RSI at 36.65 is Neutral, neither overbought nor oversold. The STOCH value of 66.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:AIDX.
HEALWELL AI Peers Comparison
Overall Rating
- TSE:AIDX50Neutral
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| Sector * | 51Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
| TSE:AIDX | 50Neutral | CAD 221.89M | -5.18 | -23.76% | ― | 54.06% | 51.07% |
* Healthcare Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| TSE:AIDX | Healwell Ai Inc. | 0.66 | -0.79 | -54.48% | |
| TSE:EKG | Cardiocomm Solutions | 0.01 | 0.00 | 0.00% | |
| TSE:RHT.H | Reliq Health Technologies | 0.21 | 0.00 | 0.00% | |
| TSE:JUMP | Leveljump Healthcare Corp. | 0.06 | 0.01 | 37.50% | |
| TSE:KOVO | Kovo HealthTech Corporation | 0.01 | -0.03 | -75.00% | |
| TSE:NURS | Hydreight Technologies Inc | 3.13 | -1.92 | -38.02% |
HEALWELL AI Corporate Events
Competition Bureau Clears WELL Health’s Majority Acquisition of HEALWELL AI
PositiveHEALWELL AI Inc. and WELL Health Technologies Corp. announced that Canada’s Competition Bureau has completed its review of WELL’s acquisition of a controlling interest in HEALWELL and issued a No Action Letter. The letter, dated October 2...
HEALWELL AI Earns TIME HealthTech Honour and Expands Real-World Evidence Program
PositiveHEALWELL AI has been named to TIME’s World’s Top HealthTech Companies of 2026 in the AI & Data Analytics category, highlighting its financial performance, reputation and online engagement among global peers. The recognition underscore...
HEALWELL AI Extends SMART Summary Clinical AI Rollout to New Brunswick
PositiveHEALWELL AI has expanded deployment of its DARWEN-powered SMART Summary tool to more than 400 clinicians in New Brunswick, embedding AI-generated clinical summaries directly into the Profile electronic medical record system. The rollout, supported by...
HEALWELL AI and WELL Health Push AI-Driven Clinical Trial Network Past 100,000 Consented Patients
PositiveHEALWELL AI and WELL Health Technologies are expanding a consent-based patient network that integrates OceanMD’s digital check-in and EMR connectivity to support AI-powered clinical trial matching. WELLTRUST, managed by WELL and underpinned by...
HEALWELL AI Wins Multi-Year Iowa HIE Deal for Traceable Clinical AI Tools
PositiveHEALWELL AI has signed a multi-million-dollar, multi-year deal with Converge Health Iowa to deploy its DARWEN-powered SMART Search and SMART Summary tools across Iowa’s statewide health information exchange, which connects data from 115 hospita...
HEALWELL’s DARWEN AI Platform Secures International Prix Galien Nomination
PositivePentavere’s DARWEN AI platform has earned international recognition by advancing from winning the 2024 Prix Galien USA Award for Best Digital Health Startup to being nominated for the 2026 International Prix Galien Award in the Best Startup cat...
HEALWELL AI Holds Q2 Revenue Steady as Recurring AI Sales and Cash Flow Improve
PositiveHEALWELL AI reported Q2 2026 revenue of $33 million from continuing operations, essentially flat year over year as non-recurring professional services seen in the prior period did not repeat, while recurring subscription, support and maintenance reve...
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.
Date of analysis: Aug 26, 2026