The Purchase, New York–based telemedicine company said it is now providing more than 20,000 virtual medical visits per day in the United States.
Teladoc Health released its preliminary Q1 2020 financial results Tuesday afternoon, with projections for revenue between $180 million to $181 million, well above the $129 million in revenue that the company reported in Q1 2019.
Teladoc's adjusted EBITDA is projected to be between $10 million to $11 million, higher than the $1.2 million reported in Q1 2019, while total visit volume is projected to exceed 1.8 million, marking growth of 70% year-over-year.
As a result of the ongoing coronavirus disease 2019 (COVID-19) outbreak, utilization of telehealth services has increased significantly, creating greater demand for companies like Teladoc.
The Purchase, New York–based telemedicine company said it is now providing more than 20,000 virtual medical visits per day in the United States, an increase of 100% compared to the first week of March 2020. The company also estimates that more than 60% of current visits are from new patients.
Still, Teladoc stated that the ultimate impact of the coronavirus crisis is "highly uncertain" and will depend on the length of the pandemic going forward, impact on the broader global economy, and the effect on demand for Teladoc.
"Our first priority is to ensure that every patient who comes to us receives the high-quality medical care they need," Jason Gorevic, CEO of Teladoc Health, said in a statement. "The Teladoc Health team and platform are performing extremely well as more consumers, employers and hospital systems rely on us during this unprecedented time. Virtual care is playing a central role during this crisis, when the traditional healthcare system is under intense pressure, and I am confident that role will only continue to expand."
Despite the positive financial performance projections, Teladoc anticipates additional expenses of $4 million due to the company's "incremental investment" in its physician network as a result of the pandemic.
Teladoc is expected to release its official Q1 2020 financial results on April 29 after markets close.
Jack O'Brien is the Content Team Lead and Finance Editor at HealthLeaders, an HCPro brand.
Photo credit: KONSKIE, POLAND - December 01, 2018: Teladoc Health logo displayed on smartphone - Image / Editorial credit: Piotr Swat / Shutterstock.com