Once again, the telemedicine company saw its revenues rise alongside with its net loss.
Teladoc's total revenues rose to $128 million in Q1, up 43% year-over-year, though its net loss jumped to $30.2 million, according to its quarterly earnings report released Tuesday afternoon.
The Purchase, New York-based company benefited from a 22% rise in paid visits from U.S. membership, a 38% rise in visits included in that membership, and 282,000 international visits in the first comparative quarter for that metric.
Still, as has been Teladoc's lingering challenge, the company's net loss grew in Q1, ballooning from $23.9 million in Q1 2018 to $30.2 million. This was compounded by the company's gross margin shrinking from 70% in Q1 2018 to 65.3% in Q1.
Additionally, Teladoc's net loss per diluted share grew from $0.39 in Q1 2018 to $0.43 in Q1, while its EBITDA worsened from a loss of $10.8 million to $13.3 million over the same period of time.
In positive news, adjusted EBITDA for Q1 was $1.2 million, a $2.6 million year-over-year increase.
"Our first quarter 2019 delivered excellent results across all key financial and operational metrics and set a very positive tone for the year," Jason Gorevic, CEO of Teladoc, said in a statement. "The strong revenue and visit momentum during the quarter underscores the accelerating pace of adoption across our portfolio of clinical services and diversification of our business. As we exit the quarter with a robust pipeline, continued international expansion and favorable Medicare Advantage regulation, I am more confident than ever that we are uniquely positioned to capitalize on the enormous global market opportunity for virtual care."
Teladoc's stock did not react well to the Q1 earnings report, slipping by nearly 3% in after-hours trading.
The company still maintains its full-year guidance: total revenues in the range of $535 million and $545 million, an EBITDA loss between $40 million to $50 million, and a net loss per share projected between $1.52 and $1.56.
ADDITIONAL TELADOC Q1 EARNINGS REPORT HIGHLIGHTS:
- The company's percent of paid visits from U.S. paid membership fell 6% in Q1.
- Total visits for Q2 2019 are projected to be in the range of 775,000 to 875,000.
- Adjusted EBITDA is expected to amount between $5 million to $7 million.
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.
Photo credit: Photo credit: KONSKIE, POLAND - December 01, 2018: Teladoc Health logo displayed on smartphone - Image / Editorial credit: Piotr Swat / Shutterstock.com
As has been Teladoc's lingering challenge, the company's net loss grew in Q1, ballooning from $23.9 million in Q1 2018 to $30.2 million.
The company's EBITDA worsened from a loss of $10.8 million in Q1 2018 to $13.3 million in Q1.
CEO Jason Gorevic said Q1's earnings report "set a very positive tone for the year."