The Purchase, New York–based telemedicine company also saw its total visits increase 203% during Q2.
Teladoc Health saw revenues rise 85% year-over-year while total visits increase 203% in Q2 as virtual care services continue to enjoy mainstream popularity because of the ongoing coronavirus disease 2019 (COVID-19) pandemic.
The company's total visit fee revenue grew 209% compared to Q2 2019, visit utilization hit 16%, and EBITDA was positive $2.7 million compared to a loss of $12.2 million this time last year.
The Purchase, New York–based telemedicine company's latest earnings report also indicated that its net loss shrunk from $29.3 million in Q2 2019 to $25.7 million, net loss per basic and diluted share was $0.34 compared to $0.41 a year ago, and that the adjusted EBITDA rose $20 million year-over-year.
"Even as we continue to battle the coronavirus in the U.S. and other hard-hit countries, we are also seeing sustained demand in areas that are no longer considered hotspots. In some states where the curve has flattened, we are still seeing twice as many patient visits as last year," Jason Gorevic, CEO of Teladoc Health, said in a statement. "While COVID-19 has accelerated the virtual care needs of consumers and providers alike, our broad based momentum in 2020 and beyond is rooted in the satisfaction and trust our partners have in our ability to transform the healthcare experience."
For the first half of 2020, Teladoc Health saw its revenues rise to $421.8 million, up 63%, while total visits increased 144% to 4.8 million.
The company raised its full-year guidance, with total revenues in a range of between $980 million to $995 million, an EBITDA loss between $13 million to $6 million, and total U.S. paid membership of at least 50 million.
Teladoc Health also provided a preliminary outlook for 2021, highlighted by year-over-year growth projections in the range of 30% to 40%.
For complete financial information, review Teladoc Health'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