The telemedicine company continues to show financial growth through paid membership increases, while losses remain high.
Teladoc garnered $94.6 million in total revenues for Q2, a 112% increase year-over-year, according to the company's earnings report released Wednesday afternoon.
The telemedicine company continues to show growth in the burgeoning healthcare market, reporting a total paid membership population of 22.5 million, 48% more than this time last year, and 533,000 additional patient visits, which represents 72% growth. Teladoc expects to service between 23 to 24 million paid members by the end of the year, while estimating a total of 2.5 to 2.6 million visits.
"As we enter the second half of the year, I am excited by the breadth of our pipeline, our prospects’ level of enthusiasm around our full clinical suite, and the changes coming out of Washington D.C. which all serve as further evidence that virtual care is an invaluable component of the healthcare delivery system of the future," Jason Gorevic, CEO of Teladoc, said in a statement.
Though Teladoc posted strong financials supported by continued growth, the company saw its net losses and net loss per diluted earnings per share rise.
Below are highlights from Teladoc's Q2 earnings report:
- The company's net loss was $25.1 million for Q2, nearly $10 million higher than during Q2 2017.
- Additionally, Teladoc's net loss per diluted share reached $0.40, while the same metric totalled $0.28 this time last year.
- However, both Teladoc's EBITDA and adjused EBITDA posted positive gains compared to losses during Q2 2017.
Additional information is available in Teladoc's filing with the Securities and Exchange Commission.
Jack O'Brien is the finance editor at HealthLeaders, a Simplify Compliance brand.