Jamie Murray WELL Health TechnologiesWELL.TOWATCHJan 07, 2026

He has followed it for many years. He feels it is right to focus on Canadian assets which give higher returns on invested capital. It is consolidating clinics across Canada. There is still more to do in divesting non-core operations in the US. It is too competitive in the US but in Canada it has a competitive advantage of understanding the market structure and how these clinics operate.

It's a drag on the stock that they haven't sold their large American assets. They're spinning off their software business. They own part of a company that AI health software. They have all the parts to make an interesting story, but the market wants to see clean growth and synergies. If ti works, it could be really good. On his watch list.

Electronic medical records plus operating clinics. Making acquisitions to grow. Institutions remember the stock going down, and they won't go back in until there's some major catalyst. On pure valuation, looks attractive.

Tries to be a technology company, but has yet to prove it. Built up a great business during the pandemic, but has lost its execution way. Used to own, but then sold as dead money.

Divesting non-core US operations (taking longer than expected). Has 2% market share, could get 10+% easily. In process of IPO'ing its crown jewel technology company -- doing really well, should command healthy multiple.

Cheap valuation. Numbers on a fundamental basis look really good on paper, yet stock price has really struggled to break out. Acquisitions haven’t moved the needle. He’d want it to break out, perhaps above $6 or so, before adding.

Concern from the Competition Bureau about some of its acquisitions. Revenue growth last quarter was up 56%, organic growth up 19%. Sees bit of weakness in the growth story over next 12 months.

Really cheap at 9x PE for an exciting growth play. One you want to own in a non-registered account. Not an "if" story, but a "when" story. Thinks your patience will be rewarded.

Was a pandemic darling. WELL should work, but the stock can't get its footing. The regulatory environment is not great with many healthcare regulations. Pays no dividend and is a small cap, so riskier. It relies too much on government regulation.

Good company, likes the CEO quite a bit. Great buying opportunity right now, lots of upside. Especially likes that they're divesting from the US, which they absolutely need to do. Less than 2% market share, with lots of runway to consolidate in Canada. As they do that, investors will get more comfortable with the overall business.

Also, intends to IPO Wellstar this year -- the crown jewel, should command a healthy multiple, unlocking value.

He sold it. It frustrated the crap out of him. Like Knight Therapeutics, it's a Canadian health stock that seemed to have a good story and decent earnings. But it didn't catch fire. The chart shows it bottoms around $3.75. At best, it will hold that level and march up. Canadian healthcare stocks need a lot of patience.

Being investigated for some mergers as potentially anti-competitive. Q3 was in line. Strength in US patients and SaaS segments. Affirmed outlook. Margins beat. Revenue growth up 56% YOY, organic growth up 19%. Analysts have upgraded.

Because of acquisitions, earnings outlook not steady enough. Very cheap at 9.5x PE for 2027. For riskier, more speculative capital, you can own it in a non-registered account.

They bought CRH Medical which has physical locations. This augmented WELL's original online health services. Some investors feel that some companies they've bought don't fit together. It's too early to see how this plays out. Good CEO and digital health is good. The PE has always been too high for him. If they can integrate and show a clear strategy, shares should rise down the road.

Numbers just came out and were in line, though US side was a little sloppier than Canadian side. Remote health is a growing industry. Trades at 10x operating cashflow. Wants to see them divest some US assets and focus on Canada.

Sometimes the market doesn't get it right so there is an opportunity here and you should be rewarded for waiting. It beat on Q2 and confirmed 2025. There is some softness in the US but it has a good valuation at 8.9 times EBITA.