Teladoc Doubles Q1 Revenue to $89.6 Million

The telemedicine company improved its financial standing thanks to increased paid membership and corporate partnerships.

Teladoc Inc. released its first-quarter earnings report Tuesday, highlighted by revenue of $89.6 million, a growth of 109% compared to the first quarter of 2017.

Although the company has not turned a profit, Teladoc saw its total paid membership reach 20.8 million, an increase of 41%, along with 606,000 total visits in the first quarter, up 57% year-over-year. The organization also collected $71.7 million in revenue from subscription access fees.

"I’m very pleased with our performance during the intense 2018 flu season, providing yet another proof point for the inevitability of virtual care as a critical component of the healthcare system," Jason Gorevic, CEO of Teladoc, said in a statement. "I’m more encouraged than ever by the tremendous market response to Teladoc’s comprehensive virtual care platform, further validating our multi-dimensional growth strategy."

Telemedicine continues to generate interest in the healthcare industry, driving Teladoc's growth among consumers and providers.

The strong start to 2018 has Teladoc expecting total revenue between $350 million and $360 million for the year. The organization projects total U.S. paid membership of 22-24 million, with visit fee only access available to 19 million individuals. Teladoc also projects about 2 million visits, and a net loss per share $1.36 and $1.41.

Below are highlights from Teladoc's first quarter earnings report:

Teladoc received 554,000 visits from paid U.S. membership during the first quarter, an increase of 44% year-over-year.
This included over 8,000 visits per day during the peak, as the organization saw strong utilization during flu season.
Gross profit was 70%, down 1.7% compared to the first quarter of 2017.
Teladoc had a net loss of $23.9 million, which eclipsed the $15.7 million loss in the first quarter 2017.
The organization saw a net loss per basic and diluted share of $0.39, increasing by $0.09 year-over-year.
Gorevic said the company stands to benefit from continued healthcare consolidation, as well as its partnerships with CVS and Aetna.
Executives said Teladoc is trending above internal financial expectations but are cautious going forward.