Teladoc Health Visits Jump 92% in Q1, Revenue Tops $180M

The earnings report was released two weeks after Teladoc Health provided its preliminary financial results for Q1.

Teladoc Health saw total visits skyrocket in Q1 2020 as the telemedicine company experienced a substantial demand increase as a result of the coronavirus disease 2019 (COVID-19) outbreak.

The Purchase, New York–based telemedicine company released its Q1 2020 earnings report Wednesday afternoon, highlighted by total revenue of $180.1 million, a 41% year-over-year increase.

Teladoc Health recorded total U.S. paid membership of $43 million in Q1, a 60.8% year-over-year increase, while total U.S. visit fee only access topped $19 million, an 88.7% increase.

Teladoc Health's performance in Q1 is the latest evidence that the global pandemic has contributed to the popularization of virtual care solutions among healthcare consumers.

Related: Telemedicine Playing Front Line Role in COVID-19 Outbreak

The earnings report was released two weeks after Teladoc Health provided its preliminary financial results for Q1.

Related: Following Demand Surge From COVID-19, Teladoc Health Projects Q1 Revenues Above $180M

The company's adjusted EBITDA was $10.7 million, on the higher end of the projected range between $10 million to $11 million.

C-suite perspective:

"In the first quarter of 2020 alone Teladoc Health delivered two million medical visits to people around the world, while simultaneously expanding access to millions of new members," Jason Gorevic, CEO of Teladoc Health, said in a statement. "As our clients and consumers have turned to us during these unprecedented times, our proven ability to meet their needs has elevated our global leadership role and accelerated our impact on the healthcare system overall."

The company's net loss for the quarter was $29.6 million, down slightly from $30.2 million in Q1 2019, while its net loss per basic and diluted share was $0.40.

Teladoc Health did record a negative EBITDA of $11.3 million, but this was still an improvement on the negative EBITDA of $13.3 million this time last year.

Forward looking, Teladoc Health projects total revenue in the range of $800 million to $825 million, with an adjusted EBITDA between $70 million to $80 million.

For Q2 2020, the company expects to see total revenue in the range of $215 million to $225 million, while servicing between 2.3 million to 2.4 million visits.

Related: 4 Ways You Haven't Thought About Using Telehealth During the COVID-19 Pandemic

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