Amwell Sells Psychiatric Care Business for $21M

Dow Jones

Jan 09, 2025

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)

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