The Purchase, New York–based telemedicine company saw its total visits increase 56% year-over-year.
Teladoc Health ended Q1 2021 with total revenues of $453.6 million, according to the telemedicine company's earnings report released Wednesday afternoon.
Boosted by increased popularization and utilization of telemedicine services during the pandemic, Teladoc Health saw its U.S. paid membership rise 20% year-over-year while its U.S. visit fee only access increased 15% over the same period.
The Purchase, New York–based telemedicine company saw its total visits increase 56% year-over-year.
Despite the bullish metrics, Teladoc Health's quarterly net loss ballooned to nearly $200 million, one year after the company posted a quarterly net loss of nearly $30 million.
Related: Teladoc Health Finishes 2020 With More Than $1B in Revenue
The company attributed this change largely to costs related to the Livongo merger announced in Q3 2020.
C-suite perspective:
"After a transformational year, Teladoc Health continues to show strong momentum by delivering record results across the business," Jason Gorevic, CEO of Teladoc Health, said in a statement. "Consumers are embracing our whole-person virtual care offerings, engaging with multiple products and coming to us for more of their health needs. As our integration accelerates, we are leading the way in whole-person care, unlocking the full spectrum of healthcare in one unified and personalized consumer experience."
Teladoc Health released its earnings days after appointing Claus Jensen as the virtual care organization's new CIO.
Related: Teladoc Health Names Healthcare Veteran as New CIO
Similar to its net loss, Teladoc Health posted an EBITDA loss of $36 million, compared to a loss of $11.3 million in Q1 2020.
Arielle Trzcinski, principal analyst at Forrester, said in an email to HealthLeaders that steady enrollment and utilization of virtual care services and chronic care management "demonstrate the continued shift in consumer willingness to embrace virtual-first primary care and virtual care."
"Interest from Millennials tracks with what we are seeing in our data as well," Trzcinski wrote. "This group has been most impacted by delayed care in 2020. Based on our data, 41% of consumers have missed more healthcare appointments than average in 2020 due to the pandemic, and 37% of consumers report that their overall health is not as good now as it was at the beginning of 2020."
Trzcinski added that virtual mental health will "not abate" once the pandemic has ended.
"Mental health was an under-addressed employer problem pre-pandemic, and now almost 80% of the workforce has reported symptoms of a mental health condition," Trzcinski wrote. "We have only seen an existing problem exacerbated during the last year."
Related: Teladoc: Competition is Heating Up in the Virtual Healthcare Space
For Q2 2021, Teladoc Health is projecting total revenue in the range of $495 million to $505 million, with an EBITDA loss between $38 million to $35 million.
Related: Teladoc's CEO Just Explained Why the Livongo Merger is a Winner
The company also expects its total visits to be in the range of 3.2 million to 3.4 million, with the total U.S. paid membership between 52 million to 53 million.
For complete financial information, review Teladoc Health's filing with the Securities and Exchange Commission.
Editor's note: This story has been updated to include commentary from Arielle Trzcinski, principal analyst at Forrester.
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 / Editorial credit: Piotr Swat / Shutterstock.com