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American Well Corporation Class A (AMWL-1.87%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenue of $254.4 million, a decrease from $259.0 million in the previous year. The decline is attributed to a reduction in visit volume and lower utilization in specialty care.
Cost of revenue, excluding depreciation and amortization, was $155.4 million, down from $164.3 million in the previous year. This decrease was driven by lower employee and provider costs and reduced consulting expenses.
Research and development expenses decreased to $86.1 million from $105.8 million, reflecting a reduction in consulting spend and employee-related costs.
Sales and marketing expenses were $76.3 million, down from $86.5 million, due to decreases in employee-related costs and marketing spend.
General and administrative expenses decreased to $121.2 million from $126.6 million, primarily due to lower employee-related costs and insurance expenses.
The company reported a net loss of $212.6 million, compared to a net loss of $679.2 million in the prior year. The previous year's loss included a goodwill impairment charge of $436.5 million.
Cash used in operating activities was $127.3 million, compared to $148.3 million in the previous year, reflecting improvements in working capital management.
As of December 31, 2024, American Well had cash and cash equivalents totaling $228.3 million, down from $372.0 million at the end of 2023.
The company announced the sale of its telepsychiatry services business to Avel eCare, LLC for $20.7 million, as part of its strategic focus on the Converge platform and profitability goals.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the American Well Corporation Class A annual 10-K report dated February 12, 2025. To report an error, please email earnings@qz.com.