American Well Corporation (Amwell) reported its financial results for the third quarter and the nine months ended September 30, 2024, reflecting significant changes compared to the previous fiscal period. Total revenue for Q3 2024 was $61.0 million, a slight decrease of 1% from $61.9 million in Q3 2023. For the nine months ended September 30, 2024, revenue totaled $183.4 million, down 3% from $188.4 million in the same period last year. The decline in subscription revenue was attributed to customer churn during the re-platforming process, which decreased by $6.5 million for the nine months.
Total costs and operating expenses for Q3 2024 were $108.4 million, a significant reduction of 47% from $205.3 million in Q3 2023. For the nine months, costs decreased by 57% to $358.1 million from $823.6 million in the prior year. This led to a loss from operations of $47.4 million for Q3 2024, an improvement of 67% compared to a loss of $143.4 million in Q3 2023. The nine-month loss from operations also improved to $174.8 million, down 72% from $635.2 million in the previous year.
Net loss for Q3 2024 was $44.0 million, a 68% improvement from a net loss of $137.1 million in Q3 2023. For the nine months, the net loss was $168.1 million, down 73% from $629.1 million in the same period last year. The net loss per share attributable to common stockholders for Q3 2024 was $(2.87), compared to $(9.54) in Q3 2023.
As of September 30, 2024, cash and cash equivalents were $244.6 million, a decrease from $372.0 million at the end of 2023. Total current assets also fell to $356.9 million from $449.6 million, while total liabilities increased to $132.9 million from $109.5 million. Stockholders’ equity decreased to $336.7 million from $464.2 million at the end of 2023.
Strategically, Amwell approved a 1-for-20 reverse stock split effective July 10, 2024, to address a previously disclosed deficiency in its stock price. The company continues to focus on enhancing its digital healthcare solutions, particularly through its Amwell Converge platform, which supports hybrid care delivery. The company has also been investing in government healthcare solutions and migrating clients to its new platform.
Overall, Amwell's financial performance indicates a significant reduction in losses and operational costs, despite a slight decline in revenue, as the company navigates its strategic transformation and market challenges.
About American Well Corp
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