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Teladoc Health Inc TDOC

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Teladoc Reports Strong Q1, Continues Integration With Livongo

Dylan Finley Associate Equity Analyst

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.

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Company Profile

Business Description

Teladoc Health is a virtual health provider with a telehealth platform delivering 24-hour, on-demand healthcare via mobile devices, the Internet, video, and phone. Its platform connects members with a network of physicians and behavioral health professionals. Most of the company’s revenue is generated on a subscription basis (per member per month); the balance comes from visit fees. Since inception, Teladoc has primarily partnered with employers, health plans, and health systems to offer network access to their members; most recently, the company has also started to market directly to consumers while expanding its service portfolio. The cornerstone of Teladoc’s business is to provide healthcare access to members in real time to avoid excessive health plan costs.

2 Manhattanville Road, Suite 203
Purchase, NY, 10577
T +1 203 635-2002
Sector Healthcare
Industry Health Information Services
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2021
Stock Type Speculative Growth
Employees 4,400