In fact, Well Health Technologies Corp., one of the biggest private medical software providers, is under investigation right now by Canada’s Competition Bureau. The complaint looks at the ways the company applies AI to scrutinize patient records. Its ostensible goal is to find out which people pharmaceutical companies might like to speak to. This recent scrutiny follows the Well Health acquisition after the bureau reached out to the company about the May 15th acquisition.
On Monday, Well Health’s stock closed at $3.94. This is a dramatic drop from the height of its stock price – almost $9 per share in 2021. The firm has stuck around the mid-single digits ever since hitting its zenith. This stagnation creates some worry for investors over its long-term viability with growing regulatory scrutiny.
Well Health first went public in 2017 by completing a reverse takeover on the TSX venture exchange. The company runs 227 medical clinics, which range from primary-care and diagnostics to executive-health facilities. It went on to list on the Toronto Stock Exchange (TSX) at the start of 2020. Now, during the first quarter of 2025, the company earned a stunning $1 billion in revenue, almost exclusively driven by patient services. It nevertheless still managed a net loss of $27.5 million over that time span.
The Competition Bureau has ruled that WellHealth provide the majority of these records within 75 days. This reporting requirement is a crucial component of their long-term inquiry. This requirement has made waves among stakeholders and industry experts as they describe the detrimental effects it will have on the company’s operations.
James Gotowiec, a legal expert, commented on the situation, stating, “With respect, it should not be the case that a bureau investigation is so onerous that it risks undermining the commercial viability of a business.”
Despite the ongoing Department of Justice investigation, Tyler Baba, Well Health’s chief strategy officer, said the company feels “very secure” about continuing to operate. He stated, “We are confident that the outcome of the Bureau investigation will NOT materially impact the business and operations of WELL Health.”
Adding to its recent developments, Well Health completed an acquisition of Orion Health on April 1 this year and exercised a call option to take majority ownership in Healwell on the same date. These strategic moves indicate Well Health’s efforts to expand its presence in the healthcare sector and enhance its service offerings.
Despite facing challenges from the Competition Bureau, Well Health remains committed to maintaining its growth trajectory. Industry analysts are keeping a close watch. They want to know how it would affect the company’s long-term financial success and shape investor trust.
