WELL Health is continuing its US expansion with the acquisition of a majority stake in San Francisco’s WISP for up to USD $41 million in cash and common shares.
Founded in 2018, WISP is a rapidly growing innovator in the delivery of quality telehealth and e-pharmacy experiences specializing in women’s health. By offering discrete, timely access to treatments for ailments such as yeast infections, UTI’s, herpes, and other ailments related to sexual health.
While the global women’s health market is a $30+ billion industry growing at 6% annually, there has been a chronic under-supply of female focused healthcare services designed by female physicians.
WISP has served 200,000 patients to date, and is currently on a run-rate of approximately 500,000 patient encounters annually accounting for an annualized revenue run-rate of USD $28 million.
WELL Chairman and CEO Hamed Shahbazi plans to leverage the know-how of the WISP operations in the US to launch similar services in other countries, starting with Canada.
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The acquisition builds on WELL’s US telehealth presence, having previously entered the US market with the majority stake acquisition of Circle Medical. Combined with Circle Medical, WELL is approaching USD $50 million in US-based telehealth revenue.
“WELL has a compelling history of growth, innovation and serving the underserved and for this reason, we are thrilled to be joining the WELL family,” commented Matthew Swartz, founder and CEO of WISP.
“Our patient centric online experience has demonstrated that it can deliver for women when they need support, and we look forward to continuing to rapidly scale our products and services to the female focused population in the United States and other countries starting with Canada.”
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