Highlights from Investor Meetings; The Stars Are Aligning

Research evidence excerpt

Highlights from Investor Meetings; The Stars Are Aligning

TD Cowen HEALWELL AI Inc.

Global Research May 19, 2026

VALUATION METHODOLOGY AND RISKS

Valuation Methodology

Health Care Services & Technology:

Our valuation methodology is primarily based on comparable company multiples, such as

EV/EBITDA, P/E, EV/FCF, EV/Revenue; Discounted Cash Flow; and sum-of-the-parts. We make

investment recommendations on certain early stage, pre-revenue companies based upon

an assessment of their business model, technology, probability of market success, and the

potential market opportunity, balanced by an assessment of applicable risks. Such companies

may not be assigned a price target.

Investment Risks

Companies in our coverage face the risk of competition from incumbents/competitors with

access to materially higher capital. As well, they are also affected by technology risks, including

operational and cybersecurity risks. They are also affected by macroeconomic factors such as

enterprise spending and consumer spending patterns, as well as any changes in public sector

healthcare policies/regulations/laws and funding. Other key risks include interest rate risk,

supply chain risk, delays in payments/reimbursements, limited access to capital, risk of multiple

contraction, legal liability/malpractice risk, labour risk, and F/X risk.

Risks To The Price Target

Key risks to our target price include the following: technology risk, inclusive of cybersecurity

and AI risks; slower-than-expected clinician adoption of AI tools; increased competition;

regulatory, legal, and data privacy risks related to AI and healthcare compliance; governance

risk, including WELL Health having outright voting control through its MVS; the potential sale