Analyst Note| Dylan Finley |
Teladoc Health reported strong first-quarter results, with revenue of $454 million at the top of the guided range of $445 million-$455 million. Revenue soared 161% year over year (69% excluding acquisitions) as demand for virtual appointments has skyrocketed in the COVID-19 pandemic. Teladoc's 3.2 million visits in the first quarter handily exceeded guidance of 2.9 million-3.1 million despite a mild cold and flu season. Fueled by promising growth in access fee revenue and realization of cost synergies from its October 2020 Livongo acquisition, management has maintained or slightly increased 2021 guidance across the board for revenue, EBITDA, and number of visits.