Amwell (American Well)

Amwell provides an enterprise telehealth platform for health systems, health plans, and employers, including a Converge platform integrating digital behavioral health and chronic care. NYSE: AMWL. Converge platform launched 2022. Acquired SilverCloud Health (digital mental health) and Conversa Health (automated virtual care). Stock has declined significantly since 2020 highs.

Amwell is the enterprise telehealth infrastructure play — it powers virtual care for the largest health systems and payers through licensed, white-label platforms, not a DTC brand.

business.amwell.com Virtual Care Delivery

United Statespublic · AMWL

At a glance

Total raised

$1.3B

last round ipo

Headcount

501-1k

approximate · public range

Headquarters

Boston

United States

Founded

2006

20 years active

Status

Public

Ticker · AMWL

Subsector

Virtual Care Delivery

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Funding history

Total raised

$1.3B

Rounds tracked

Latest stage

IPO

Date	Stage	Amount	Valuation	Lead investors
Sep 17, 2020	IPO	$742M	—	—
May 20, 2020	Series C	$194M	—	Allianz X, Takeda
Jul 2, 2018	Growth	$291M	—	Philips, Allianz
Aug 7, 2015	Undisclosed	$5M	—	InVenture Partners
Dec 16, 2014	Series C	$81M	—	Anthem Health, Jefferson Health System

Stock performance

$7.960000038146973

2026-05-22 · AMWL

Latest earnings

Q1 2026Filed May 5, 2026

Revenue$54.9M

YoY-18%

GAAP EPS($0.66)

Amwell reported Q1 2026 revenue of $54.9 million, declining 18% year-over-year from $66.8 million in Q1 2025. Subscription revenue reached $24.9 million while Amwell Medical Group (AMG) visit revenue was $28.9 million; total visits were 1.1 million. GAAP net loss was $10.3 million compared to $18.4 million in Q1 2025. The company reported gross margin of 51%. Adjusted EBITDA was negative $3.1 million versus negative $12.2 million in the prior-year period. For full-year 2026, Amwell reaffirmed revenue guidance of $195–205 million and AMG visits of 1.32–1.37 million, while narrowing adjusted EBITDA guidance to negative $16 to negative $12 million. The company reiterated its objective to achieve positive operating cash flow by Q4 2026. Q2 2026 guidance: revenue $48–52 million; adjusted EBITDA negative $4 to negative $2 million.

Guidance

FY2026 revenue $195–205M; adjusted EBITDA ($16)–($12)M; Q2 2026 revenue $48–52M, adjusted EBITDA ($4)–($2)M; positive operating cash flow targeted Q4 2026

Read the 8-K

Founder backgrounds

Ido Schoenberg, M.D.

Chairman and Chief Executive Officer

Co-founded iMDSoft in 1996, building enterprise software that automated hospital critical care units, then co-founded CareKey Inc. alongside brother Roy Schoenberg. Served as chief business strategy officer at TriZetto before leaving in 2006 to co-found American Well (Amwell) with Roy, bootstrapping the telehealth company through its early years. The Schoenbergs are Israeli-born physicians who have spent two decades building healthcare technology companies; Amwell went public in 2020 and now powers the Converge platform for health systems, plans, and employers.

Roy Schoenberg, M.D., M.P.H.

Executive Vice Chairman of the Board

Co-founded Amwell in 2006 alongside his brother, Ido Schoenberg, after an earlier exit: they built CareKey, a healthcare technology company acquired by TriZetto Group in 2005 for up to $100M, where he served as Chief Internet Security Officer post-acquisition. Holds an M.D. from Hebrew University and an M.P.H. from Harvard School of Public Health, where he also completed a fellowship in clinical informatics. Before stepping up to Executive Vice Chairman in mid-2024, he served as President and Co-CEO for 18 years and was the architect of Amwell's Converge platform. He previously sat on the board of the American Telemedicine Association, which awarded him its industry leadership award.

AI bull / bear

Bull case

Amwell's enterprise-only strategy positions it to capture the harder, higher-value half of telehealth: deeply integrated, white-label infrastructure that health systems and payers cannot rip out once embedded. The Converge platform, launched in 2022, unifies virtual urgent care, behavioral health, and chronic care management onto a single architecture — exactly what large provider networks need as they move from point-solution telehealth to omnichannel care delivery. The acquisitions of SilverCloud Health and Conversa Health add automated, AI-driven care pathways and digital CBT, expanding recurring-revenue SaaS streams with higher gross margins than live video visits. With $1.3 billion in total funding and no debt, Amwell has the runway to weather the post-COVID telehealth utilization reset while competitors with thinner balance sheets retrench. As CMS and commercial payers permanently expand telehealth reimbursement codes, the TAM for licensed, compliant, interoperable platform infrastructure grows. Amwell's relationships with incumbents like Cigna and Cleveland Clinic give it distribution leverage that no DTC entrant can replicate.

Bear case

Amwell is losing the scale race — and in platform markets, scale compounds. Teladoc's Livongo-integrated offering and its own enterprise contracts dwarf Amwell's footprint, giving Teladoc pricing leverage and the data network effects Amwell lacks. Meanwhile, Epic's native telehealth modules — already deployed inside the largest health systems — represent a zero-switching-cost alternative that keeps Converge out of the very accounts Amwell needs most. The 2022 Converge migration cycle is proving slow and expensive, with revenue growth stalling as legacy contracts wind down and new platform deals take quarters to convert. Amwell burned significant cash from its $1.3 billion war chest on acquisitions that have yet to demonstrate revenue synergies; SilverCloud and Conversa remain sub-scale in crowded markets. Post-pandemic visit volumes have normalized sharply, exposing the structural reality that most healthcare still happens in person. Without a consumer brand or direct-to-employer motion, Amwell remains entirely dependent on slow-moving enterprise procurement cycles — and the stock's collapse since 2020 suggests public markets have lost patience waiting for the pivot.

Generated by deepseek-v4-pro · May 2, 2026Refreshes quarterly · see disclosures

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Leadership

Ido Schoenberg, M.D.

Chairman and Chief Executive Officer

Roy Schoenberg, M.D., M.P.H.

Executive Vice Chairman of the Board

Mark Hirschhorn

Chief Financial Officer and Chief Operating Officer

Dan Zamansky

Chief Product and Technology Officer

Products

Amwell Converge Platform
Amwell Converge is the company's flagship enterprise telehealth platform that enables health systems, health plans, and employers to deliver virtual care across the care continuum — from acute and urgent care to chronic condition management and behavioral health. It features built-in EHR integration, an open architecture supporting third-party clinical applications, and a single meeting place for providers and patients. Converge shifts care from episodic telehealth transactions to longitudinal hybrid care strategies, allowing organizations to unify in-person, virtual, and automated care delivery at scale.
Amwell Now
Amwell Now is a direct-to-consumer on-demand telehealth offering powered by the Converge platform. It provides patients with 24/7 access to board-certified clinicians for urgent care needs, including cold and flu symptoms, infections, allergies, and dermatology issues. Amwell Now enables health plans and employers to offer their members and employees convenient, immediate care from any device, with no appointment needed, helping reduce unnecessary emergency room visits and lower overall healthcare costs.
Amwell Behavioral Health
Amwell Behavioral Health is a comprehensive digital behavioral health solution that connects patients with licensed therapists, psychiatrists, and behavioral health coaches through secure video visits. It covers a wide range of mental health services including individual therapy, psychiatric medication management, and substance use disorder support. The program integrates with the Converge platform to provide a unified care experience, enabling health plans and employers to offer scalable, accessible mental healthcare that reduces stigma and improves outcomes.
Amwell Chronic Care Management
Amwell Chronic Care Management is a virtual care program designed to help patients manage ongoing conditions such as diabetes, hypertension, heart disease, and asthma. It combines remote patient monitoring, regular video check-ins with clinicians, and personalized care plans to keep patients engaged between visits. The program leverages the Converge platform's data integration capabilities to give providers real-time insights into patient health trends, enabling early interventions that prevent complications and hospital readmissions.

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