MedWell Ai reports Q3 revenues of $619k as losses narrow
MedWell Ai, the Clearwater, Florida-based company that positions itself as an AI-driven procurement and wellness platform for B2B healthcare markets, has filed its Form 10-Q for the quarter ending 31 March 2026, reporting revenues of $618,676 — a rise of approximately 120% on the $281,318 posted in the same period a year earlier.
For the nine months to 31 March 2026, cumulative revenues reached $1.69 million against $425,327 in the prior-year period. The company has reiterated full-year revenue guidance of $2.3 million, implying a step-up in the final quarter to close the gap.
Narrowing losses
The quarterly net loss fell sharply to $227,939, from $814,192 in the equivalent quarter of the prior year — a reduction of more than 70%. General and administrative expenses also contracted significantly, dropping to $364,539 from $1.13 million in Q3 2025. The company attributed much of the top-line growth to its B2B pharma procurement arm, MedWell USA, which markets compounded GLP-1 agonists and other in-office wellness products to healthcare providers. Total liabilities and stockholder deficit stood at $321,787 as of 31 March 2026, down from $805,500 at the end of June 2025.
Chief executive Steve Rubakh framed the results as confirmation that an initial restructuring phase has taken hold. "Q3 financial results confirm top-line progress, driven by its B2B pharma procurement arm, MedWell USA, which markets high-demand in-office use, wellness products, like compounded GLP-1 agonists for weight management," he said, adding that the company is now oriented towards a second phase of strategic acquisitions.
Acquisition ambitions and market context
That second phase, as described by Rubakh, is an ambitious vertically integrated roll-up encompassing an exosome-based biologics manufacturer, additional procurement agencies, a healthcare technology software firm, and a back-office services platform for 503A compounding pharmacies and 503B pharmaceutical manufacturers. No acquisition targets were named, no deal terms were disclosed, and no timeline was provided. Investors should treat these as forward-looking statements, as the company's own safe-harbour language makes clear.
The compounded GLP-1 space in which MedWell USA operates has attracted intense regulatory scrutiny in recent months. The US FDA has been tightening oversight of 503A and 503B compounding facilities that produce semaglutide and tirzepatide copies — the branded versions of which are manufactured by Novo Nordisk and Eli Lilly — as those drugs come off or near the end of shortage designations. Any meaningful change in FDA's compounding policy could materially affect MedWell USA's revenue stream, which appears to be the primary driver of the group's current top-line.
More broadly, the AI-enabled healthcare procurement sector is crowded at the enterprise level, with established players such as Veeva Systems, Inovalon, and a range of specialty group purchasing organisations already offering digital procurement and back-office services to pharma and provider clients. MedWell Ai's OTCQB listing, sub-$2 million annualised revenue base, and negative stockholders' equity position it firmly in the micro-cap, pre-scale category. The roll-up strategy it describes is a recognised path for small operators seeking to aggregate margin in fragmented healthcare services markets, but execution risk is high and acquisition financing has not been addressed in the release.