The transformation of Healwell AI into a pure-play artificial intelligence software provider is accelerating, marked by a significant boardroom change and a strategic divestiture. Founder Ian McCrae is stepping down from the board, with Chief Commercial Officer Brad Porter taking his seat. This shift coincides with the company’s signed letter of intent to sell its subsidiary, HEAL Access Canada, a move designed to sharpen its focus on its core AI platform business.
Porter, who also serves as CEO of the recently integrated Orion Health, brings over 15 years of global health technology experience to the board, including prior leadership roles at Fisher & Paykel Healthcare. His appointment signals a deliberate pivot from integration management to a phase of aggressive commercial growth, following the completion of the Orion Health acquisition in April 2025.
Financially, the benefits of that acquisition are now crystallizing in Healwell’s accounts. For the full year 2025, revenue from continuing operations skyrocketed to CAD 103.8 million, a staggering 427% increase over the prior year. Operationally, the company achieved its first full year of positive adjusted EBITDA at CAD 2.3 million, with the fourth quarter alone swinging to a CAD 1.4 million profit from a CAD 5 million loss. This marked the third consecutive profitable quarter.
Despite this operational progress, Healwell reported a significant IFRS net loss of CAD 39.1 million for 2025. The gap between its adjusted profitability and its accounting-standard results remains a key point of scrutiny for institutional investors, a group the management recently addressed at the Bloom Burton Healthcare Conference in Toronto.
Should investors sell immediately? Or is it worth buying Healwell AI?
The centerpiece of Healwell’s growth narrative is its upcoming Amadeus AI platform. Scheduled for a North American launch in the first half of 2026, Amadeus will unify the company’s existing Khure and Pentavere products under a single AI engine powered by its proprietary DARWEN technology. The system already draws on a substantial data pool, having processed information from over 150 million patients across 15 countries. The company has also secured a new multi-year software contract in the U.S. Health Information Exchange segment, with international expansion planned for late 2026.
For the current year, management has set ambitious targets, aiming for roughly 50% growth in AI-related revenue and an adjusted EBITDA margin of approximately 10%. The stock, currently trading around €0.57, has gained about 8% since the start of the year but remains roughly 46% below its 52-week high of €1.04.
A critical test of this new strategy is imminent. The company will release its first-quarter 2026 results in May, a period management has already flagged as seasonally weak and likely the softest of the year. This report will provide the first concrete evidence of whether recent U.S. contract wins and the strategic pivot can translate into sustainable financial performance, moving the Amadeus vision beyond announcements.
Ad
Healwell AI Stock: Buy or Sell?! New Healwell AI Analysis from April 23 delivers the answer:
The latest Healwell AI figures speak for themselves: Urgent action needed for Healwell AI investors. Is it worth buying or should you sell? Find out what to do now in the current free analysis from April 23.
Healwell AI: Buy or sell? Read more here...
