09:03 AM EDT, 03/21/2024 (MT Newswires) -- HEALWELL AI Inc. (AIDX.TO), a healthcare technology company focused on AI and data science for preventative care, which saw its shares rise 3% yesterday, on Thursday reported preliminary financial results for its fiscal fourth quarter and year ended Dec. 31, 2023.

The company said annual revenue from continuing operations is expected to be $7.3 million during fiscal 2023 while quarterly revenue from continuing operations is expected to be $1.9 million.

The company is expecting a net loss from continuing operations of $30.2 million.

As at Dec. 31, 2023, HEALWELL had net assets of $22 million and cash of $19.2 million.

"During the fourth quarter we solidified our balance sheet, which enabled the Company to complete the Intrahealth acquisition in Q1-2024. Our 2023 results are not indicative of the Company's current run-rate revenues as Intrahealth is expected to achieve over $12 million revenue this year and we are expecting both Khure Health and Pentavere revenues to also accelerate in 2024. In addition, we are also expecting to improve our profitability and cash flow profile in the coming quarters," Scott Nirenberski, HEALWELL's CFO, said.

HEALWELL will release its financial results for the Year Ended Dec. 31, 2023, next week.