Teladoc Health Finishes 2020 With More Than $1B in Revenue

The Purchase, New York–based telemedicine company saw its total visits increase 156% last year.

Teladoc Health finished 2020 with more than $1 billion in total revenue, according to the telemedicine company's earnings report released Wednesday afternoon.

Teladoc Health benefited from the virtual care services boom related to the COVID-19 pandemic, as full year access fees revenue rose 107% year-over-year, while visit fee revenue increased 132%. 

The Purchase, New York–based telemedicine company saw its total visits increase 156% last year.

The company's U.S. paid membership hit 51.8 million at the end of 2020, a 41% increase compared to the membership at the end of 2019. Additionally, the company's visit fee only access membership rose 10%.

Related: Teladoc Health Revenues and Visits See Triple-Digit Growth in Q3

Despite the positive growth metrics, Teladoc Health's net loss ballooned from $19 million in Q4 2019 to $394 million in Q4 2020. Similarly, the full year net loss topped $485 million. 

The company stated that this was partially affected by the acquisition and integration-related costs associated with the Livongo merger announced in Q3 2020.

C-suite perspective:

"As virtual care shifted to become a consumer expectation in 2020, Teladoc Health not only met the rapidly growing demand, but we transformed our company to define a new category of whole-person virtual care," Jason Gorevic, CEO of Teladoc Health, said in a statement. "By accelerating our mission to transform the health care experience, we exceeded our fourth-quarter and full-year 2020 expectations and see strong momentum across our global business in 2021 as the market embraces the breadth and depth of our unique capabilities."

Like the net loss, Teladoc's EBITDA was a loss of $421.5 million in Q4 2020, one year after posting a $5.7 million EBITDA loss.

However, the company's adjusted EBITDA rose during both Q4 2020 and for the full year.

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Forward looking, the company projected total revenue to be between $1.95 billion to $2 billion for the full year.

Teladoc Health's total U.S. paid membership is projected to be in the range of 52 million to 54 million members, with total visits between 12 million to 13 million.

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Despite the positive financial metrics, the company did see its net loss grow to nearly $36 million during the quarter, as well as its net loss per basic and diluted share, which reached $0.43.

For complete financial information, review Teladoc Health's filing with the Securities and Exchange Commission.