WELL reported quarterly revenues of $170.9 million and record Adjusted EBITDA of $27.8 million, beating estimates of $160.0 million and $25.1 million. WELL surpassed 1 million patient visits for the first time this quarter. Year-to-date, the company has achieved an organic growth of 15%. SaaS revenue decreased by 21.8% this quarter related to the timing of contracts in the cybersecurity-related business. Adjusted gross margin decreased from 53.8% in the second quarter of 2022 to 53.1% this quarter. Earnings per share of $0.06 declined from $0.08 in 2Q22, meeting street consensus. Management upped guidance for 2023 revenue from $740 million to $760 million reflecting the improved organic growth expectations for the rest of the year. It was a decent quarter and the upped guidance helped investor sentiment.
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