Amwell posts a net loss of $70.6M in Q3

Amwell reported a total revenue of $69.2 million in the third quarter of 2022, up 11 percent from $62.2 million in the third quarter of 2021. 

"[The third quarter] was another important quarter for our company, and we are executing well through a transition time," said Ido Schoenberg, MD, chair and co-CEO of Amwell, in a Nov. 7 press release. "Feedback is excellent on Converge, our digital care delivery enablement platform. We made great progress with customer migrations this quarter."

Four thing to know about the telehealth company's revenue:

  • Despite the total revenue increase, Amwell reported a $70.6 million net loss, an increase from 2021 when the company reported a $69.7 million net loss during the same period.

  • The company's subscription revenue grew by 19 percent compared to the third quarter of 2021, to $31.9 million.
     
  • Total visits remained the same year over year for Amwell at 1.4 million.

  • Total active providers increased 23 percent to 98,500, compared to 80,000 in the third quarter of 2021.

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