By Sabela Ojea
American Well sold its psychiatric care arm to Avel eCare, a provider of clinician-to-clinician telehealth services, for about $21 million in cash.
The digital care company, which does business as Amwell, on Thursday said that the sale of Amwell Psychiatric Care would allow it to drive efficiency across its operations as it seeks to achieve positive cash flow in 2026.
The sale includes APC technology, personnel and Asana, the psychiatric clinical network affiliated with Amwell.
In addition, the company reiterated its guidance for the year as it guided for revenue in the range of $247 million to $252 million.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
January 09, 2025 08:30 ET (13:30 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.