Teladoc produced strong quarterly revenues exceeding $110 million as the telehealth company works to reduce its losses.
As was the case in previous quarterly earnings reports, Teladoc posted strong revenue performance with noticeable losses in Q3.
Teladoc garnered $111 million in total revenues for Q3, well ahead of $94.6 million in Q2, according to the company's earnings report released Thursday afternoon.
Paid membership is still a reliable strength for the telehealth company, which a total paid membership population of 22.6 million, 18% more than this time last year, and 641,000 total patient visits in Q3, 110% year-over-year growth.
The company's earnings report came out just prior to a CMS announcement that the agency would be expanding the list of Medicare-covered telehealth services.
“Teladoc Health delivered very strong third quarter results. We carry significant momentum into the end of the year as demand for our comprehensive suite of virtual care services is robust across channels and geographies,” Jason Gorevic, Teladoc CEO, said in a statement. “We have a tremendous growth opportunity in front of us as the entry point into the health care system where individuals can go for guided access to a fully integrated, high-quality care experience."
ADDITIONAL TELADOC Q3 EARNINGS REPORT HIGHLIGHTS:
- Teladoc lowered its expectations for serving members by the end of the year, now projecting between 22.6 to 23.5 million paid members, while maintaining a estimate of 2.5 to 2.6 million visits in total.
- Additionally, Teladoc's net loss per diluted share reached $0.34, while the same metric totalled $0.55 this time last year.
- And while Teladoc's EBITDA was a $6 million loss, its adjused EBITDA was a gain of $6.3 million compared to a loss of $600,000 during Q317.
For complete financial information, review Teladoc's filing with the Securities and Exchange Commission.
Jack O'Brien is the finance editor at HealthLeaders, a Simplify Compliance brand.
Teladoc's story remains the same: $111 million in revenues coupled with $23 million in losses.
Membership and total visits grew by 18% and 110% year-over-year, respectively.
CEO Jason Gorevic said the telehealth company has a "tremendous growth opportunity" ahead of them.