Here are 1-2 brief analogies to describe Wellgistics Health:

• Like a smaller Cardinal Health or McKesson, specializing in B2B distribution of pharmaceuticals and medical supplies.
• Imagine Grainger, but for pharmaceuticals and medical supplies to healthcare facilities.

• Generic Pharmaceutical Distribution: Provides efficient distribution of generic prescription medications to pharmacies, hospitals, and other healthcare providers.
• Branded Pharmaceutical Distribution: Distributes a diverse portfolio of branded prescription drugs to its network of healthcare customers.
• Over-the-Counter (OTC) Product Distribution: Supplies a variety of non-prescription health products and consumer goods to its client base.
• Medical Supply Distribution: Offers distribution services for a range of medical and surgical supplies used by healthcare facilities.

Wellgistics Health (WGRX) Major Customers

• Independent retail pharmacies
• Chain pharmacies
• Hospitals and clinics
• Government agencies

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The clear emerging threat for Wellgistics Health (WGRX) is the increasing presence and potential expansion of major e-commerce and technology companies, most notably Amazon, into the pharmaceutical supply chain. Amazon Pharmacy's established direct-to-consumer prescription delivery service positions it to potentially disintermediate traditional pharmaceutical distributors by leveraging its vast logistics network, technological capabilities, and financial resources to establish its own wholesale and distribution operations, thereby bypassing or significantly reducing the need for third-party distributors like Wellgistics. This mirrors historical disruptions where new entrants with advanced logistics and tech platforms challenged established industry players.

• United States Prescription Drug Market: Wellgistics Health identifies the United States prescription drug market as a significant addressable market, citing its size as $634 billion. Other estimations for the U.S. market for pharmaceutical products valued it at $534 billion in 2020, with projections for growth to nearly $862 billion by 2029. Wellgistics Health also states that its healthcare technology platform is built for the $500 billion prescription drug market.
• Pharmaceutical Distribution Market in the U.S.: The broader pharmaceutical distribution market in the United States is described as a $600 billion market. Wellgistics Health engages in the wholesale and distribution of pharmaceutical products, including generic and branded pharmaceuticals, as well as over-the-counter healthcare and consumer products, primarily to pharmaceutical manufacturers and independent retail pharmacies in the United States.
• Telemedicine Remote Dispensing Market: In relation to its acquisition of Kare Rx Hub, Wellgistics Health operates within the telemedicine remote dispensing market, which is projected to grow from $6.7 billion in 2025 to $13.57 billion by 2032 in the United States.

Expected Drivers of Future Revenue Growth for Wellgistics Health (WGRX)

• Expansion of Manufacturer Relationships and Product Portfolio: Wellgistics Health is actively expanding its relationships with pharmaceutical manufacturers, which in turn broadens its product offerings. The company reported accelerating platform growth in Q2 with 116 new manufacturer partnerships and the addition of over 12,400 new products. This expansion directly increases the range of pharmaceuticals and healthcare products available for distribution, driving potential sales volume.
• Growth in Pharmacy Network and Onboarding: The company is focused on increasing its customer base by registering new pharmacies. In the first quarter of 2025, Wellgistics Health registered 354 new pharmacies, with a significant portion already placing orders. The network has expanded to include over 6,500 independent pharmacies, indicating a growing reach for its distribution services and a larger customer base for its products.
• Enhancement and Expansion of Technology Infrastructure: Wellgistics Health is investing in and expanding its technology platforms. Key initiatives include the planned expansion of its Peek platform, the introduction of HubRx AI as an AI-powered prescription ecosystem, and the recent launch of EinsteinRx, a platform designed to revolutionize prescription management. The company is also advancing its AI-driven prescription routing technology. These technological advancements aim to improve operational efficiency, attract new partners, and create new revenue opportunities through innovative healthcare solutions.
• Scaling Direct-to-Patient (DTP) Programs: Wellgistics Health is strategically scaling its direct-to-patient programs. The company aims to expand these programs into therapeutic areas such as diabetes, weight loss, and chronic pain. This focus represents an expansion into new service lines that could unlock additional revenue streams by directly connecting patients with necessary medications and services.

Share Issuance

• In February 2025, Wellgistics Health completed its Initial Public Offering (IPO), issuing 888,889 shares of common stock at $4.50 per share, which generated $4.0 million in gross proceeds.
• Wellgistics Health conducted a public offering in September 2025, pricing 7,142,862 shares of common stock along with warrants to purchase an equal number of shares at $0.70 per share, aiming to raise approximately $5 million.
• During 2025, the company executed debt-to-equity conversions totaling $10.1 million to strengthen its balance sheet and improve financial flexibility. This included an $8.1 million conversion approved in July 2025 and further conversions on October 30, 2025, amounting to approximately $5.3 million.

Outbound Investments

• Wellgistics Health acquired Wood Sage LLC on June 16, 2024, and Wellgistics LLC on August 30, 2024, as part of its strategy to build an integrated healthcare ecosystem.
• In April 2025, Wellgistics Health announced an agreement to acquire Peek Healthcare Technologies, Inc., which operates the Peek Meds Marketplace, to enhance digital healthcare and prescription price transparency.
• The company entered into a non-binding letter of intent in November 2025 to acquire Kare Rx Hub, an AI-based digital pharmacy hub, in an all-stock transaction slated to close by January 31, 2026.

Capital Expenditures

• Proceeds from the February 2025 IPO were designated for general corporate purposes, including capital expenditures.
• A $1.3 million loan was secured in August 2025 with the intention of bolstering healthcare technology initiatives.
• The net proceeds from the September 2025 public offering are intended for working capital, operating expenses, research and development, and potential acquisitions, which may involve capital expenditures.