Telehealth Platform Amwell Reports $679 Million Loss For 2023, Anticipates Growth In 2025 Through Defense Contract

Telehealth provider organization Amwell reported a net loss of $679.2 million for 2023, but is projecting upward growth for 2025 driven by a defense contract. In 2022 the company had reported a net loss of $272.1 million. The 2023 loss reflects a non-cash goodwill impairment charge of $436.5 million caused by a decline in its share price during the first three quarters of 2023. In a strategy to control costs, at the end of 2023, the company cut its workforce by 10%.

During 2023, Amwell completed 6.3 million visits through its platform. Subscription revenue totaled . . .