The telemedicine company saw its total visits for 2019 increase 57%.
Teladoc Health capped off a strong 2019 with double-digit growth in several financial metrics, according to its latest earnings report released Wednesday afternoon.
For 2019, the Purchase, New York-based telemedicine company produced total revenues of 32%, supported by total subscription access fees revenue growth of 32% and total visit revenue growth of 34%.
Total U.S. visit fee only access grew 104.2% while total U.S. paid membership increased 61.1%.
Perhaps most importantly, Teladoc reduced its net loss from $24.9 million in Q4 2018 to $19 million in Q4 2019.
"We demonstrated outstanding performance in the fourth quarter and full year of 2019 as we reported record results that were at the high end or exceeded our expectations on all key metrics. Our diversified growth strategies are driving strong growth across our channels," Jason Gorevic, CEO of Teladoc, said in a statement. "Looking forward, we are well positioned with significant momentum to extend our leadership position and to meet the increasing demand for our comprehensive service offering."
Focusing on Q4, Teladoc delivered total revenue growth of 27%, total visits growth of 44%, and an adjusted EBITDA of $15.2 million.
The company also shrank its net loss per basic and diluted share to $0.26, reduced its EBITDA loss to $5.7 million, and saw total visit fee revenue rise 47% compared to Q4 2018.
Looking ahead to Q1 2020, the company projects total revenue for 2019 between $169 million to $172 million, with an EBITDA loss between $9 million to $7 million.
Additionally, Teladoc expects to record 1.4 million to 1.6 million visits, with total U.S. paid membership between 40 million to 41 million.
For 2020, Teladoc's guidance projects total revenue between $695 million to $710 million, with an EBITDA loss between $15 million to $5 million.
One day before releasing its earnings report, Teladoc announced the appointment of Catherine Jacobson, CEO of Froedtert Health, a Milwaukee-based health system, to its board of directors.
ADDITIONAL TELADOC Q4 EARNINGS REPORT HIGHLIGHTS:
- The company's percent of paid visits from U.S. paid membership grew by 49% throughout 2019.
- For the full year, international paid visits fell by 13% year-over-year.
For complete financial information, review Teladoc's filing with the Securities and Exchange Commission.
Jack O'Brien is the finance editor at HealthLeaders, a Simplify Compliance brand.
Photo credit: KONSKIE, POLAND - December 01, 2018: Teladoc Health logo displayed on smartphone - Image / Editorial credit: Piotr Swat / Shutterstock.com