The telemedicine company produced revenue gains and saw total visits rise while net losses fell.
Teladoc boosted its revenues significantly, riding an uptick in total visits during a robust 2018 and reducing its losses, according to its Q4 2018 earnings report released Wednesday afternoon.
In Q4, total revenues topped $122 million, marking another quarter of growth, amounting to nearly $418 million for the full year, a 79% increase year-over-year.
During Q4, total visits increased 70%, thanks to 155% year-over-year growth in international paid visits, while visits during 2018 rose 88% courtesy of 233% growth in international paid visits.
The company still has sizable net losses to account for, posting a net loss of nearly $25 million in Q4 and $97.1 million for the full year. However, both numbers were down slightly compared to reported metrics from this time last year.
For Q4, the Purchase, New York-based company reported an EBITDA loss of $8.3 million, an improvement compared to $17.2 million this time last year, with a full year EBITDA loss of $35.3 million, once again an improvement over its $70.4 million loss for full year 2017.
Adjusted EBITDA for Q4 was $5.8 million, a $3.4 million year-over-year increase, while Teladoc's full year adjusted EBITDA went from a $12.5 million loss in 2017 to a $13.4 million gain in 2018.
Teladoc also finished the year with 22.8 million paid U.S. members, up 16% compared to the end of 2017, and beating the low end of its projected membership range between 22.6 to 23.5 million paid members.
“We had an exceptional 2018 with solid performance across all of our key financial and operational metrics, enabling us to enter 2019 with significant momentum," Jason Gorevic, CEO of Teladoc, said in a statement. "As virtual care becomes mainstream, we are uniquely positioned across all of our channels as the only global comprehensive virtual healthcare solution. We continue to extend our leadership position by delivering the highest quality care, successfully engaging consumers, broadening our scope of services, and expanding our global geographic reach.”
The company's earnings report was the first one released since its CFO and COO Mark Hirschhorn resigned in mid-December after six years at Teladoc.
Despite the positive financial metrics, Teladoc's stock did not react well to the financial guidance listed in its year end earnings report, falling by nearly 15% in after-hours trading.
The company expects total revenues between $535 million and $545 million, an EBITDA loss in the range of $40 million and $50 million, and a net loss per share of between $1.52 and $1.66.
ADDITIONAL TELADOC Q4 EARNINGS REPORT HIGHLIGHTS:
- The company's percent of paid visits from U.S. paid membership fell 9% in Q4 and 8% for the full year.
- Total visits for Q1 2019 are projected to be in the range of 950,000 to 1,050,000.
- International revenues carried the way in 2018, rising 302% year-over-year.
For complete financial information, review Teladoc's filing with the Securities and Exchange Commission.
Jack O'Brien is the finance editor at HealthLeaders.
Photo credit: KONSKIE, POLAND - December 01, 2018: Teladoc Health logo displayed on smartphone - Image / Editorial credit: Piotr Swat / Shutterstock.com
For yet another quarter, revenues and visits rose while losses were reduced.
CEO Jason Gorevic said the Purchase, New York-based company had an "exceptional 2018."
Shares tumbled in after-hours trading on the financial guidance included in the report.