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What is the revenue and EPS growth rate for American Well year over year?

What is the market's earnings forecast for American Well next quarter?

- **Strategic Platform Shift**: Transition to SaaS-based tech platform with 15 payer renewals in 2025, targeting cash flow breakeven in Q4 2026.
- **AI-Driven Growth**: Integrating AI clinical programs (e.g., behavioral health) to reduce costs and improve outcomes, with same-store growth as key driver.
- **Financial Improvement**: 2025 net loss reduced by $100M, 2026 guidance for $195-205M revenue and positive cash flow by Q4.
- **Government Opportunity**: Largest RFP pipeline in history, with potential federal funding wins in 2027.
- **DHA Renewal Risk**: Key 2026 contract with $10M+ upside if behavioral health programs reinstated.


**【CEO Summary Section】**
- **Strategic Shift to Tech Platform**: Amwell transitioned from telehealth provider to a SaaS-based tech platform, focusing on high-quality, sticky revenue. 2025 saw 15 payer contract renewals, including a 3-year renewal with Elevance, and reduced non-core activities to achieve cash flow breakeven by Q4 2026.
- **AI Integration and Efficiency**: AI-driven clinical programs (e.g., behavioral health, MSK) are central to growth. The platform enables seamless integration of third-party solutions, reducing integration costs and improving member experience. Same-store growth is a key driver, with examples like Blue Cross Blue Shield of Florida going live in January 2026.
- **Government and Security Strengths**: The Defense Health Agency (DHA) contract, renewed with stringent Zero Trust security standards, validates Amwell's platform as a critical infrastructure for federal programs. Government opportunities in ACCESS, BALANCE, and Rural Health Transformation are prioritized.

**【CFO Financial Commentary】**
- **2025 Financial Performance**: Total revenue $249.3M, with subscription revenue at 53% (vs. 45% in 2024). Net loss reduced by $100M YoY, driven by cost cuts (30.7% YoY decline in operating expenses) and improved gross margin (51.2%).
- **Q4 2025 Results**: Revenue $55.3M (-22.1% YoY), subscription $28.8M (-22% YoY) due to DHA step-down and portfolio shifts. Adjusted EBITDA loss $10.3M (55% improvement YoY). Cash burn $19M, ending 2025 with $182M cash.
- **2026 Guidance**: Revenue $195-205M, AMG visits 1.32-1.37M, adjusted EBITDA loss $24-18M. Targeting positive cash flow from operations in Q4 2026.

**【Q&A Highlights】**
- **Contract Renewals**: 2026 has minimal renewals except DHA (summer 2026), with >$10M potential upside if behavioral health programs reinstated.
- **AI Competition**: Amwell's platform优势在于整合AI临床程序的能力，提供一致的基础设施，减少客户集成负担。
- **Government Growth**: Largest pipeline in company history, with 50-state RFP participation. Wins expected in 2027, but not included in 2026 guidance.
- **Divestitures Impact**: Residual non-core revenue negligible by 2028, freeing resources for platform innovation.
- **Growth Profile**: Same-store growth (adding AI programs, expanding visit volume) is primary driver, with government and payer segments leading.


American Well Corporation (AMWL) Q4 2025 Earnings Call Transcript

- **Revenue Growth**: Q3 subscription revenue up 18% YoY, driven by virtual primary care expansion. 
- **AI Impact**: AI reduces 30-day readmissions by 50% and enables $500/patient savings for payers. 
- **Financial Health**: Gross margin expands to 52%, with $201M cash on hand and no debt. 
- **2026 Target**: On track for cash flow breakeven through cost cuts and AI-driven efficiency. 
- **Customer Win**: Secured Florida Blue deal by solving vendor fragmentation challenge. 


**【CEO Summary Section】**
- **Strategic Focus**: AmWell is prioritizing two main initiatives: (1) developing a next-generation, enterprise-grade platform with AI integration and (2) optimizing operational efficiency to achieve cash flow breakeven by end-2026. 
- **Market Momentum**: Q3 2025 results reflect stronger subscription retention and visit volume in virtual primary care. AI-driven solutions are reducing 30-day readmissions by 50% and generating high customer satisfaction (NPS scores). 
- **Customer Wins**: Secured a major Florida Blue deal by offering a unified platform that reduces vendor fragmentation and complexity. 
- **Legacy Assets**: Will continue supporting legacy solutions (e.g., inpatient telehealth) but redirect resources to high-margin clinical programs like virtual primary care and behavioral health. 

**【CFO Financial Commentary】**
- **Q3 2025 Results**: 
  - Total revenue: $56.3M (down 8% YoY, but +1.3% when excluding APC sale)
  - Subscription revenue: $30.9M (+18% YoY, 55% of total revenue)
  - Gross margin: 52% (vs. 37% YoY)
  - Adjusted EBITDA: -$12.7M (vs. -$31M YoY)
  - Cash burn: $18M (ending Q3 with $201M cash)
- **Cost Optimization**: 
  - R&D expenses down 6%
  - Sales & marketing down 46%
  - G&A expenses down 14%
- **2025 Guidance Update**: 
  - Full-year revenue: $245-248M (vs. prior $245-250M)
  - Q4 revenue: $51-54M
  - Adjusted EBITDA: -$15M to -$12M
- **2026 Outlook**: Targeting positive cash flow from operations through continued expense reduction and margin expansion.

**【Q&A Highlights】**
1. **AI Monetization**: 
   - Integrates AI into clinical programs (e.g., predictive readmission models) to reduce costs and improve outcomes. 
   - Monetizes through program referrals (e.g., 30-day readmission savings sharing) rather than direct platform fees. 
2. **Divestiture Strategy**: 
   - Actively exploring sales of non-core assets (e.g., inpatient telehealth) to focus on high-growth clinical programs. 
   - No immediate impact on 2025 guidance, but could accelerate 2026 cash flow. 
3. **Macroeconomic Impact**: 
   - Health systems prioritize value-based care solutions despite IT budget caution. 
   - Minimal tariff exposure; U.S.-based software development limits trade risks. 
4. **Customer Retention**: 
   - 79% of Gen Z now use health tech monthly, driving demand for AmWell's personalized care navigation. 
   - AI-driven program matching improves member engagement and reduces churn. 


American Well Corporation (AMWL) Q3 2025 Earnings Call Transcript

- **DHA Contract Extension**: 1-year deal excludes behavioral/automated care due to budget, but validates platform success (virtual visits tripled). 2025 revenue guidance adjusted to $245-250M.
- **Financial Strength**: Q2 EBITDA improved 85% YoY to -$4.7M, cash burn $3M. Gross margin 56.1%, up 3.3pts QoQ.
- **AI-Driven Growth**: Launched Amwell Navigate for cost-effective client support. Targeting 60%+ EBITDA margin improvement YoY.
- **2026 Vision**: On track for positive cash flow, with $190M cash by year-end and no debt.
- **Market Momentum**: New client wins (Florida Blue), renewals, and pipeline traction reflect solution resonance in cost-focused healthcare.


**【Management Opening Remarks】**
- Sue Dooley welcomed participants and highlighted the company's focus on forward-looking statements and financial measures reconciliation.
- The call emphasized alignment with healthcare cost reduction trends and AI's role in care evolution.

**【CEO Summary Section】**
- **Q2 Highlights**: Revenue growth driven by DHA contract extension, Florida Blue win, and client renewals. Adjusted EBITDA improved to -$4.7M (vs. -$35M YoY), with cash burn reduced to $3M.
- **DHA Contract**: 1-year extension excludes behavioral health and automated care due to budget constraints, impacting 2025 guidance. Platform tripled virtual visits, with high satisfaction.
- **AI Integration**: Launched Amwell Navigate for cost-effective client support. Targeting 60%+ EBITDA margin improvement YoY.
- **2026 Goal**: Positive cash flow from operations, supported by leaner teams and AI-driven efficiency.

**【CFO Financial Commentary】**
- **Revenue**: Q2 total $70.9M (+13% YoY), software revenue $40.4M (57% mix, +47% YoY). Normalized for APC sale, revenue +25% YoY.
- **Gross Margin**: 56.1% (vs. 52.8% Q1), driven by software mix and cost initiatives.
- **Cost Reduction**: R&D down 12.2% YoY, Sales/Marketing -32%, G&A -25.7%. 2025 guidance: $245-250M revenue, EBITDA -$50M to -$45M.
- **Cash Position**: $219M ending Q2, targeting $190M by year-end.

**【Q&A Key Highlights】**
- **DHA Contract Details**: Annualized subscription revenue slightly higher than prior, excluding behavioral/automated care. DHA may add programs post-budget normalization.
- **AI Impact**: Used to streamline operations, reduce costs, and enhance client experience (e.g., Amwell Navigate).
- **Sales Pipeline**: Strong demand in payer/provider markets, driven by cost focus and AI-enabled solutions. No macro-related elongation of sales cycles.
- **Gross Margin Outlook**: Flattish for 2025, with 2026 guidance to follow.
- **2026 Cash Flow Path**: Combines revenue mix shift, cost reductions, and AI-driven efficiency.


American Well Corporation (AMWL) Q2 2025 Earnings Call Transcript

- **Software Growth Accelerates**: Q1 software revenue up 30% YoY, now 48% of total. 
- **Margin Expansion**: Gross margin hits 52.8%, with EBITDA improving 60% YoY. 
- **DHA Contract Confidence**: Automated behavioral health programs set to launch Q3, renewal expected. 
- **Cost Efficiency**: R&D, S&M, and G&A expenses down 17%, 51%, and 29% YoY respectively. 
- **Cash Flow Ambition**: 2026 positive free cash flow target, backed by $222M cash on hand.

**【CEO Summary Section】**
- Q1 2025 marked a strong start with software revenue growing 30% YoY, driven by the full deployment of scheduled virtual visits across the Military Health System (MHS). 
- Adjusted EBITDA improved sequentially for the fourth consecutive quarter, with a focus on cost reduction and margin expansion. 
- The DHA contract renewal remains on track, with automated behavioral health programs expected to go live in Q3 2025. 
- New Chief Product & Technology Officer, Dan Zamansky, is integrating AI and automation to enhance platform efficiency and scalability. 

**【CFO Financial Commentary】**
- Total Q1 revenue: $66.8M (+12% YoY), with software revenue at $32.2M (48% of total, +30% YoY). 
- Gross margin expanded to 52.8% (vs. 48.5% Q4 2024), driven by higher software mix and cost control. 
- Operating expenses declined: R&D (-17% YoY), Sales & Marketing (-51% YoY), G&A (-29% YoY). 
- 2025 guidance: Revenue $250-260M, adjusted EBITDA -$55M to -$45M (60% YoY improvement). 

**【Q&A Key Highlights】**
- **Government Contracts**: High confidence in DHA renewal, with no material changes to economics expected. 
- **Market Momentum**: Pipeline growth across payers and providers, with AMG visits up 6.6% YoY (normalized). 
- **Tariff Impact**: Minimal direct exposure; platform ROI offsets macro uncertainty for clients. 
- **Cash Flow**: Targeting positive free cash flow in 2026, ending 2025 with ~$190M in cash. 
- **Product Strategy**: Leveraging AI to streamline consumer experience and integrate third-party clinical programs.

American Well (AMWL)-1 May 25-2025 Q1 Earnings call transcript

- **Subscription Surge**: 2025 subscription revenue to reach 60% of total ($150M+), up from 52% in 2024.
- **DHA Dominance**: 2025 contribution from MHS deployment ~$40M+, with 3+ year renewal likely.
- **Profit Path**: 2025 adjusted EBITDA improvement to -$55M to -$45M (60% YoY), with 2026+ positive cash flow.
- **Pipeline Power**: 2025 pipeline 6x larger, favoring high-margin software with 60%+ renewals.

**【CEO Opening Remarks】**
- **Strategic Refinement**: Focused on core mission, unified technology-enabled care platform, and cost reduction to achieve cash flow positive by 2026.
- **Key 2024 Achievements**: 
  - Military Health System (MHS) deployment progress with positive client feedback.
  - Divestiture of Amwell Psychiatric Care (APC), adding $30M to cash.
  - 60%+ improvement in adjusted EBITDA year-over-year.
- **2025 Priorities**: 
  - Full MHS deployment by Q3 2025.
  - Expand government and commercial contracts.
  - Margin expansion through subscription software growth.

**【CFO Financial Review】**
- **Q4 2024 Results**: 
  - Total revenue: $71M (flat YoY), subscription revenue: $37M (+36% YoY).
  - Adjusted EBITDA: -$22.8M (improvement of $14.1M YoY).
  - Gross margin: 48% (up 11pts vs Q3 2024).
  - Operating expenses: $68.6M (-29% YoY in R&D, -29% in S&M).
- **2025 Guidance**: 
  - Revenue: $250M-$260M (60%+ subscription mix).
  - Adjusted EBITDA: -$55M to -$45M (60% YoY improvement).
  - Cash end 2025: ~$190M; 2026+ positive cash flow.

**【Q&A Key Takeaways】**
- **DHA Contract**: 
  - Full deployment by Q3 2025; likely renewal for 3+ years.
  - 2025 contribution: ~$40M+ (half from subscription, half from implementation).
- **Subscription Growth**: 
  - ACV for health plans: $963K (+7% YoY); health systems: $488K (+17% YoY).
  - 2025 pipeline: 6x larger and higher quality than 2024.
- **Government Expansion**: 
  - 6+ material opportunities in 2025; leveraging Leidos partnership.
  - Long sales cycle but proven track record in MHS.
- **Cost Efficiency**: 
  - 2025 R&D: -10% YoY; S&M: -25% YoY; G&A: -20% YoY.
  - 2026+ free cash flow driven by 11-20% revenue growth and margin expansion.

American Well (AMWL)-12 Feb 25-2024 Q4 Earnings call transcript

- **DHA Contract Progress**: Enterprise-wide deployment on track for Q4 2024, positioning Amwell as a government sector leader.
- **Cost Efficiency**: Adjusted EBITDA improved to -$142M to -$137M for 2024, driven by reduced R&D, sales, and G&A expenses.
- **2025 Growth Focus**: Subscription revenue to stabilize near 2023 levels, with high-margin wins in virtual nursing and musculoskeletal programs.
- **Financial Strength**: $245M cash on hand, no debt, and gross margin maintained at 37%.
- **Risks**: Softness in visit volumes and client execution challenges may impact near-term growth, but 2026 cash flow positive target remains intact.

**【CEO Opening Remarks】**
- **DHA Contract Milestone**: Converge scheduled and group visits went live in Q3, with enterprise-wide deployment expected by end of 2024. This positions Amwell as a key player in the government sector.
- **Cost Optimization**: Improved 2024 EBITDA guidance reflects progress in aligning cost structure with strategic priorities. Full-year 2024 adjusted EBITDA now expected to be -$142M to -$137M.
- **2025 Growth Strategy**: Focus on high-margin subscription revenue, with pipeline quality improving and RFP traction increasing. Notable wins include Stanford Health, Wellstar, and Capital Blue Cross.

**【CFO Financial Highlights】**
- **Revenue Performance**: Q3 total revenue $61M (flat YoY). Subscription revenue $26.2M (-5% QoQ), but expected to stabilize near 2023 levels for full year. AMG visit revenue $27.5M (+7% YoY) due to specialty program mix shift.
- **Gross Margin**: 37% gross margin, consistent with prior quarters. Full-year gross margin expected to approximate 2023 levels.
- **Cost Management**: GAAP R&D expenses down 5% QoQ, with further reductions expected in Q4. Sales and marketing expenses $16.8M (-9% YoY). G&A expenses $25.2M (-12% YoY).
- **Balance Sheet**: $245M cash on hand with no debt.

**【Q&A Key Takeaways】**
- **2025 Growth Visibility**: CEO emphasizes subscription-heavy revenue with less reliance on variable visit volumes. 2025 pipeline includes high-quality, high-margin contracts.
- **DHA Contract Risks**: CFO highlights execution risks related to client pull-through and macroeconomic factors, but maintains confidence in 2026 cash flow positive target.
- **Platform Integration**: CEO explains Amwell's role as an orchestration layer for clinical programs, enabling third-party vendors to access patient populations via revenue share agreements.
- **Customer Relationships**: Focus on real-time outcome reporting to demonstrate ROI, aligning with industry shift toward value-based care models.


Actual	-7.9062	-4.2	-3.2	-3	-4	-3.6	-5.2	-5	-5	-4.4	-28.4	-6.6	-9.6	-3.4	-5	-3.36	-2.87	-2.77	-1.19	-1.24	-2	-1.52
Forecast	-5.8515	-4.5364	-3.8335	-3.8635	-4.7436	-5.466	-4.7689	-5.2319	-5.17	-5.1049	-4.2282	-4.4783	-4.1852	-3.957	-3.9964	-3.9858	-3.4066	-2.9266	-2.766	-1.7729	-1.8138	-1.8013
Surprise	-35.11%	+7.42%	+16.53%	+22.35%	+15.68%	+34.14%	-9.04%	+4.43%	+3.29%	+13.81%	-571.68%	-47.38%	-129.38%	+14.08%	-25.11%	+15.70%	+15.75%	+5.35%	+56.98%	+30.06%	-10.27%	+15.62%

AMWL

AMWL fundamentals

AMWL Q4 2025 Earnings

Earnings Call

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AMWL

AMWL fundamentals

AMWL Q4 2025 Earnings

Earnings Call

AMWL Earnings Call Summary for Q4/20255:00 PM on Feb 12, 2026

AMWL Earnings Call Summary for Q3/20255:00 PM on Nov 4, 2025

AMWL Earnings Call Summary for Q2/20255:00 PM on Aug 5, 2025

AMWL Earnings Call Summary for Q1/20255:00 PM on May 1, 2025

AMWL Earnings Call Summary for Q4/20245:00 PM on Feb 12, 2025

You can ask Aime