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Here are 1-3 brief analogies for American Well (AMWL):

• Zoom for healthcare. (Focuses on the virtual interaction platform.)
• Salesforce for virtual care. (Highlights its role as a cloud-based enterprise platform for healthcare organizations.)
• Shopify for virtual healthcare. (Emphasizes that it provides the platform and tools for healthcare providers to offer their services online.)

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• Converge™ Telehealth Platform Service: Provides a comprehensive, scalable virtual care infrastructure that enables healthcare providers, health plans, and employers to deliver a wide range of telehealth services.
• Virtual Care Program Services: Offers ready-to-deploy clinical programs, including urgent care, behavioral health, chronic disease management, and specialty consultations, delivered virtually through the Amwell platform.
• Integrated Telehealth Device Solutions: Provides specialized hardware like virtual care carts and kiosks that seamlessly integrate with the Converge platform to facilitate virtual consultations in diverse clinical environments.

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American Well (AMWL) primarily operates on a Business-to-Business (B2B) model, providing its hybrid care enablement platform and telehealth services to other companies within the healthcare ecosystem. Its major customers are health plans, health systems, and other provider groups.

Based on their business model and general market information regarding their partnerships, the company's major customers include large national health plans. While Amwell's financial reports do not name specific customers due to confidentiality, past public announcements and market knowledge suggest partnerships with leading insurers that fit the profile of their largest customers.

Major Customer Companies:

• UnitedHealth Group (NYSE: UNH): A major diversified healthcare company whose UnitedHealthcare segment is a significant health plan customer for digital health solutions.
• Elevance Health (NYSE: ELV): Formerly Anthem, this company operates numerous Blue Cross Blue Shield plans and other health benefits businesses, making it a key partner for Amwell's platform within the payer segment.
• The Cigna Group (NYSE: CI): Through its various entities, including Evernorth, Cigna is another large national health services organization that has integrated Amwell's solutions for its members.

Additionally, Amwell serves a broad base of healthcare provider customers, including over 2,000 hospitals and health systems. While specific individual health systems are not typically identified as "major customers" in the same way large health plans are due to the sheer volume, this category collectively represents a significant portion of Amwell's business.

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• Google Cloud Platform (Alphabet Inc. - GOOGL)

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Ido Schoenberg, M.D. Chairman and CEO

Ido Schoenberg co-founded Amwell in 2006 with his brother, Roy Schoenberg, and oversees the company's corporate strategy. He has a track record of successfully leading technology companies in the healthcare field. In 1996, he co-founded iMDSoft with Phyllis Gotlib, a provider of enterprise software for automating hospital critical care units, which he grew into a market leader. iMDSoft was later sold to TPG. In 2001, he became CEO of CareKey Inc., taking the company through its acquisition by the TriZetto group, and then served as TriZetto's Chief Business Strategy Officer until 2006. Amwell is his fourth venture, all focused on improving healthcare access.

Mark Hirschhorn Chief Financial Officer & Chief Operating Officer

Mark Hirschhorn joined Amwell as Chief Financial Officer and Chief Operating Officer, effective October 21, 2024. He is a seasoned leader in the healthcare technology sector with over three decades of expertise in financial and strategic operations across both public and private companies. Most recently, he served as CEO of TapestryHealth. Prior to that, he spent seven years at Teladoc Health as CFO and COO. He also played a pivotal role in the growth and strategic repositioning of Talkspace as its President and COO.

Roy Schoenberg, M.D., M.P.H. Executive Vice Chairman

Roy Schoenberg co-founded Amwell in 2006 with his brother Ido Schoenberg. He previously served as President and Co-CEO of Amwell. Prior to Amwell, Roy was the founder of CareKey and served as Chief Information Security Officer at TriZetto following its acquisition of CareKey. He holds over 50 U.S.-issued patents in healthcare technology and serves on the advisory board of the MIT Sloan Health Initiative.

Phyllis Gotlib President, Amwell International

Phyllis Gotlib leads Amwell's international operations. Before joining Amwell, she was an Executive Partner at Flare Capital. She also co-founded and served as CEO of iMDsoft, a clinical information technology company, with Ido Schoenberg in 1996.

Dr. Cynthia Horner, M.D. Chief Medical Officer

Dr. Cynthia Horner holds a B.A. in History from Duke University and earned her M.D. at the Virginia Commonwealth University School of Medicine.

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The key risks to American Well (AMWL) are primarily centered around its financial viability, intense market competition, and client concentration.

1. Financial Distress and Unprofitability: American Well faces significant financial challenges, including a high probability of bankruptcy, estimated at over 50% by some analyses. The company has a history of substantial net losses, reporting an accumulated deficit of $1,965.9 million as of December 31, 2024, and a net loss of $212.6 million for 2024. American Well has consistently been unprofitable and is not forecast to achieve profitability in the near term, with projections indicating large operating losses for 2025. This ongoing cash burn raises concerns about the need for additional capital and potential future equity dilution.
2. Intense Competition: The telehealth market is highly competitive and volatile, with numerous established and emerging players. American Well faces strong competition from major rivals such as Teladoc Health, MDLIVE, and others, which impacts its market position, revenue growth, and ability to scale. The company has underperformed the broader U.S. healthcare services industry and the overall U.S. market in terms of stock performance over the past year.
3. Client Concentration: A significant portion of American Well's revenue is derived from a limited number of clients. For instance, its largest client, Elevance Health, accounted for a substantial percentage of its revenue, representing 27% in 2024, 24% in 2023, and 23% in 2022. The potential loss of such key clients could have a material adverse impact on the company's financial performance and overall revenue.

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The emergence of large technology companies, most notably Amazon, as direct competitors and disruptors in the virtual care and primary care markets. Amazon's launch of Amazon Clinic, offering on-demand virtual care for common conditions, and its acquisition of One Medical, which combines virtual and in-person primary care services, position it as a formidable and well-resourced player. This directly threatens American Well by competing for patients, employers, and health systems seeking virtual care solutions, leveraging Amazon's vast customer base, brand recognition, and focus on convenience to potentially divert market share and reduce demand for third-party telehealth platforms.

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American Well (AMWL) operates within the dynamic digital health and telehealth markets, offering a comprehensive platform and clinical services to health systems, health plans, employers, and government entities. The company's main products and services primarily revolve around facilitating virtual care across various medical specialties, including urgent care, behavioral health, chronic care management, and virtual primary care.

Based on American Well's own estimates from 2022, their total addressable market is approximately $76.9 billion in the U.S.

Specifically for behavioral health, a key area for Amwell, the addressable market is estimated to be $29 billion in the U.S. and $52 billion internationally.

Looking at the broader markets in which American Well's solutions operate:

• The U.S. telehealth market was valued at approximately $42.61 billion in 2024 and is projected to increase to $52.76 billion in 2025, with forecasts estimating it to reach around $358.96 billion by 2034. Other estimates place the U.S. telehealth market at $43.78 billion by 2024, growing to $317.19 billion by 2034.
• The U.S. virtual care market, an umbrella term often used interchangeably with telehealth, was estimated at $8.83 billion in 2024 and is expected to reach $11.40 billion in 2025, with projections indicating it could reach $46.29 billion by 2030. Another source reports the U.S. virtual care market at $2.98 billion in 2024, predicted to grow to approximately $48.54 billion by 2034.
• The larger U.S. digital health market, which encompasses telehealth, virtual care, mHealth, and other digital solutions, reached an estimated $160.4 billion in 2024 and is projected to reach $695.2 billion by 2033. Another estimate for the U.S. digital health market is $79.14 billion in 2024, expected to grow to $88.38 billion in 2025, and further to $238.65 billion by 2034.

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American Well (AMWL) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. Growth in Subscription Revenue and Shift to Higher-Margin Software Offerings: Amwell is strategically focused on increasing its subscription revenue and transitioning towards higher-margin software solutions. This is evidenced by an 18% year-over-year increase in subscription revenue in Q3 2025 and a substantial 47% increase in subscription software revenue in Q2 2025. The company anticipates subscription software to contribute 53% of total revenues in 2025, highlighting a shift towards more stable, recurring income streams.
2. Expansion of Government Business, Particularly the DHA Contract: The contract with the U.S. Defense Health Agency (DHA) is a significant growth catalyst. This partnership is expected to unlock substantial opportunities within the government sector and is poised to become Amwell's largest account. While a recent extension was for one year, the anticipated renewal aims for a multi-year contract, with Amwell's share potentially reaching $60 million per year. The successful implementation of Converge scheduled visits for the DHA further solidifies this driver.
3. Introduction and Expansion of AI-Driven Healthcare Solutions and Automated Programs: Amwell is committed to advancing its AI-driven healthcare solutions and digital behavioral health services. AI and innovation are central to the company's strategy, with confidence in the market's demand for cost-saving, AI-enabled solutions. The planned rollout of automated programs is also projected to contribute to a sequential rise in subscription revenue.
4. Strategic Partnerships and Client Expansions: The company is focused on maintaining and expanding its existing client relationships while securing new partnerships. Notable expansions include collaborations with Stanford Health and Wellstar for virtual nursing, and Capital Blue Cross for integrating the Sword Health Musculoskeletal Program. Amwell Medical Group (AMG) is also strategically important for facilitating client expansions and new client acquisitions.
5. Focus on High-Quality, High-Margin Growth and Operational Efficiency: Amwell's strategic direction emphasizes "high-quality, high-margin growth" in 2025, supported by efforts to streamline its cost structure and operations. This approach involves prioritizing more profitable revenue streams, such as a mix shift within AMG visits towards specialty programs, which has contributed to a 7% increase in average revenue per visit year-over-year in Q3 2024.

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Share Repurchases

• American Well has not engaged in significant share repurchases over the last 3-5 years, with reports indicating $0.00 in share buybacks.
• The company's 6-Month Share Buyback Ratio was negative (-3.33%) as of June 2025, suggesting a net issuance of shares rather than repurchases.

Share Issuance

• In September 2020, Amwell completed its Initial Public Offering (IPO), issuing 41,222,222 shares of Class A common stock at $18.00 per share, raising approximately $742 million in gross proceeds.
• A secondary public offering by selling stockholders in January 2021 involved 12,972,744 shares of Class A common stock, generating approximately $356.8 million, though Amwell did not receive any proceeds from this offering.
• To meet NYSE compliance requirements, American Well executed a 1-for-20 reverse stock split of its common stock, effective July 10, 2024, which reduced the number of outstanding shares.

Inbound Investments

• As part of a strategic partnership with Google Cloud, Google pledged to invest $100 million in Amwell by purchasing Class C shares in a private placement concurrent with the company's IPO in August 2020.

Outbound Investments

• In July 2021, Amwell acquired two digital health companies, SilverCloud Health and Conversa Health, for a combined value of $320 million, aimed at enhancing its behavioral healthcare offerings and integrating automated digital check-ins.
• In early 2025, Amwell divested its Amwell Psychiatric Care business, a move expected to add up to $30 million in cash to its balance sheet and allow for a stronger focus on its core platform.

Capital Expenditures

• Over the past five years, American Well's average capital expenditure has been approximately $9.32 million, with a median of $9.95 million.
• For the trailing twelve months leading up to Q3 2025, capital expenditures were reported as -$12,000.
• The company has focused significant investments on building ecosystem interoperability, including seamless data exchange and deep integration with existing Electronic Health Records (EHRs) and clinical systems, to position itself as a dependable and scalable technology platform.