Corporate wellness is a necessity all over the world, which is beneficial for companies such as Wellteq Digital Health Inc. (CSE:WTEQ), Teladoc Health Inc. (NYSE:TDOC), WELL Health Technologies Corp. (TSX:WELL)(OTC:WLYYF), DarioHealth Corp. (NASDAQ:DRIO), and MindBeacon Holdings Inc. (TSX:MBCN). Along the way, the corporate wellness market could grow from around $57.4 billion to $100 billion, according to Precedence Research.
For one, such programs look to help improve employees’ mental, financial, and physical health. Did you know that around 12 billion workdays could be lost annually between 2016 and 2030 due to mental health issues? Or that it could cost the global economy about $900 billion? Even a report from the Harvard Business School claims that medical expenses for American-based companies fell by nearly $3.27 for every dollar spent on wellness programs. Employee absenteeism also declined by approximately $2.73. In addition, The RAND Corporation further claims that more than approximately 80% of U.S. companies with more than 50 employees appear to offer some sort of wellness program.
Look at Wellteq Digital Health Inc. (CSE:WTEQ) for example
Wellteq Digital Health Inc. (CSE:WTEQ) is a corporate wellness platform paid for by employers, insurers, and health providers. It also provides employers and employees with actionable health recommendations, ongoing support and coaching with medical professionals.
Most recently, it announced that it will begin trading under its new name “Wellteq Digital Health Inc.” and symbol “WTEQ” effective at the market open on March 23, 2021. Trading of Wellteq under its new symbol follows the completion of the previously announced business combination involving Wellteq Limited, CBDS Health Inc. and Terra Nova Resources Inc., and the successful raise of more than $9.5 million through an oversubscribed brokered private placement offering led by Canaccord Genuity Corp. and Gravitas Securities Inc. as co-lead agents.
“With the support of Canaccord, Gravitas and our investors, Wellteq is now uniquely positioned to emerge as one of the world’s leading global health and wellness platforms. Covid-19 has restacked health as a much higher priority for almost everyone around the world. WellteQ is accelerating investment toward extending our services from corporate wellness all the way through to virtual healthcare, we will soon offer this full continuum of care and are incredibly excited about the next chapter on our journey as a fast-growing public company,” said Scott Montgomery, CEO of Wellteq.
Other related developments from around the markets include:
Teladoc Health Inc. (NYSE:TDOC), the global leader in whole-person virtual care, reported strong financial results for the fourth quarter and full year ended December 31, 2020. “As virtual care shifted to become a consumer expectation in 2020, Teladoc Health not only met the rapidly growing demand, but we transformed our company to define a new category of whole-person virtual care,” said Jason Gorevic, chief executive officer of Teladoc Health. “By accelerating our mission to transform the health care experience, we exceeded our fourth-quarter and full-year 2020 expectations and see strong momentum across our global business in 2021 as the market embraces the breadth and depth of our unique capabilities.”
WELL Health Technologies Corp. (TSX:WELL)(OTC:WLYYF), a company focused on consolidating and modernizing clinical and digital assets within the healthcare sector, is pleased to announce it has upsized the previously announced C$295.5M financing by C$7M and completed the full upsized financing for C$302.5M with a group of institutional and individual investors including Mr. Li Ka-shing. The financing was structured as a non-brokered offering of subscription receipts at a price of C$9.80 per subscription receipt. The Offering price represented a 25% premium to the 5-day volume weighted average price of WELL’s common shares on the Toronto Stock Exchange preceding the announcement on February 8, 2021 of the Offering and the related agreement to acquire all of the issued and outstanding shares of CRH at US$4.00 per share in cash representing an equity consideration of approximately US$292.7 million and a transaction value of approximately US$369.2 million, inclusive of a CRH credit facility.
DarioHealth Corp. (NASDAQ:DRIO), a pioneer in the global digital therapeutics market, reported financial results for the fourth quarter and full year 2020 and provided a corporate and commercial update. "The year 2020 was transformational for our company, as we made significant progress across all three pillars of growth: our transformation to a software as a service (SaaS) business model with high margin recurring revenues; our transition to a Business-to-Business-to-Consumer (B2B2C) focused digital therapeutics provider with larger member pools and lower customer acquisition costs; and the ongoing expansion of our product offering to manage multiple chronic conditions," stated Erez Raphael, Chief Executive Officer of Dario. "We won multiple contracts during the year that I believe validate our transition to B2B2C and provide a foundation for meaningful growth in 2021. We believe that our successful implementation and penetration of these contracts will contribute to growing revenue throughout 2021.
MindBeacon Holdings Inc. (TSX:MBCN),a company specializing in the delivery of a comprehensive continuum of mental healthcare, using digital technologies, announces its financial results for the three months and year ended December 31, 2020. "2020 was a pivotal year for MindBeacon. In response to the demand generated by both the growth in mental health awareness and the pandemic, we scaled our business massively while maintaining and growing our offerings and outcomes. We are continuing to add new services, creating what we believe is the most robust mental healthcare company in Canada, that no other company is close to matching. In addition, we successfully completed our Initial Public Offering" said Sam Duboc, Chair and CEO of MindBeacon. "We are very thankful for the support we have received from the investment community and we see the success of the IPO validating our strategy. When we started, digital and virtual mental healthcare was relatively new and unknown, and we worked hard to build awareness. As we move forward, we have a lot of work ahead of us and we are now focused on growing our consumer base and enterprise membership in existing geographies as well as expanding into new geographies such as the U.S. We are also expanding use cases and our continuum of care and we continue to produce successful client outcomes. We see significant opportunity to incorporate artificial intelligence and machine learning into our platform driving further value and enhancing our capabilities and efficiencies and most importantly our ability to help more people get the care they need."
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