We don’t usually hyperfocus on the fundamental drivers in the penny stock realm simply because the majority of the action is headline-based or momentum trading, however today we have found ourselves chasing yet another earnings release that caused a penny stock to find tremendous success on Wednesday.

Traders were quick to grab up shares of WELL Health Technologies Corp. (TSX:WELL)(OTCQX:WHTCF) following an announcement that the company reported record quarterly revenue and net income for a first quarter. Revenues in Q1 2024 were $231.6 million, an increase of 37% YoY. Net income was $19.6 million (or $0.06 EPS).

Traders pushed shares trading on the Canadian side up to $3.98/share (+11.17%) at the session high.

WELL Health Technologies Corp is the owner and operator of a portfolio of Primary Hclinics delivering healthcare-related services It operates through below segments: clinical operations and allied health, Electronic medical record (EMR), Billing and revenue cycle management solutions, Digital apps, Cybersecurity, CRH, MyHealth, and corporate/shared services. Its segments are grouped in three divisions; Omni-channel Patient Services - Primary includes clinical operations and allied health. Omni-channel Patient Services - Specialized comprises CRH and MyHealth under two segments. Virtual Services include EMR, billing and revenue cycle management solutions, digital apps, and cybersecurity.

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