Purchase, New York-based Teladoc, a telehealth provider, released its first quarter 2017 financial results.
For Q1, which ended March 31, 2017, Teladoc reported revenue of $42.9 million. This is a 60 percent increase from Q1 2016, when the company reported revenue of $26.9 million.
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Teladoc’s net loss remained relatively flat between the first quarters of 2016 and 2017. For Q1 this year, the company reported a net loss of $15.7 million, compared to $15.3 million in Q1 last year. Net loss per share was $0.30, compared to $0.40 in Q1 2016.
The company’s adjusted EBITDA improved from a loss of $11.9 million in Q1 2016 to a loss of $9.1 million in Q1 2017.
Also of note are Teladoc’s reported total membership of 20.1 million, an increase of 34 percent since Q1 2016, and total visits of 384,839, an increase of 60 percent since Q1 2016.
During an earnings call May 8, Teladoc CEO Jason Gorevic said his company “met or exceeded” guidance in each of its key metrics during Q1.
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Gorevic also underscored the significance of Teladoc’s specialty products like behavioral health and dermatology. “We’re also pleased by contributions from our behavioral health offering, in which revenue more than doubled year-over-year, to reach approximately $5 million in that first quarter,” he said. “We expect to maintain this trend throughout 2017.”
On the call, Gorevic also took the time to weigh in on the current healthcare policy landscape. When asked about how the AHCA, which the House recently passed, could impact Teladoc’s business, he said the effect was “fairly neutral” for the company. Gorevic commented:
There are a couple of puts and takes but I think eliminating the minimum benefit plan probably opens up opportunity for other kinds of products in the market into which Teladoc fits very nicely. At the same time, pulling back on some of the Medicaid membership, we don’t have not much of our business now is Medicaid. And so I don’t think you would see anything that looks like a contraction in our existing customer base. So I don’t think that would have a significant impact on us as I look at our book of business today.
Looking ahead, Teladoc anticipates revenue for Q2 — which ends June 30, 2017 — to be between $44 million and $45 million. Net loss per share for Q2 is expected to be between $0.26 and $0.28. The company expects adjusted EBITDA to be between a loss of $6 million and a loss of $7 million. For Q2, Teladoc believes membership will increase to between 20.5 million and 21 million and total visits will be between 290,000 and 310,000.
For all of 2017, Teladoc anticipates revenue in the $180 million to $185 million range. The company targets a net loss per share of between $0.85 and $0.91. Adjusted EBITDA is expected to be between a loss of $19.5 million and a loss of $22.5 million. By the end of the year, Teladoc projects membership of between 21.5 million and 23 million and total visits of between 1.4 million and 1.45 million.
Photo: IAN HOOTON, Getty Images
