The Purchase, New York–based telemedicine company did see its net loss grow to nearly $36 million during the quarter.
Teladoc Health's total revenue rose 109% year-over-year while total visits increased 206% during Q3, according to the telemedicine company's earnings report released Wednesday afternoon.
The Purchase, New York–based telemedicine company continues to benefit from the popularity of virtual care services during the ongoing COVID-19 pandemic.
Teladoc Health's total paid membership hit 51.5 million, up 47% year-over-year, total visit fee revenue grew 171%, and total access fee revenue increased 90%.
For the quarter, Teladoc Health's total U.S. visit fee only access was 21.8 million members, up 15% compared to this time last year.
Additionally, the telemedicine provider's EBITDA was a loss of $6.8 million, which marked an improvement on the $10.3 million loss in Q3 2019.
"Our strong third quarter results exceeded expectations, driven by broad-based strength across the business and building on the momentum we saw in the first half of the year," Jason Gorevic, CEO of Teladoc Health, said in a statement. "We are seeing significant market success and consistent growth in member visits throughout all of our commercial channels. With the addition of Livongo later this year, we will be creating a new category of whole person virtual care that will transform how people live healthier lives."
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.
Teladoc's most significant move during the quarter was its $18.5 billion acquisition of Livongo Health, a telemedicine rival.
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