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Teladoc Health Inc TDOC

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Teladoc Guidance Raise Likely a Reflection of Livongo Integration; Increasing FVE to $225

Soo Romanoff Equity Analyst

Analyst Note

| Soo Romanoff |

No-moat Teladoc raised full-year 2020 top-line and member guidance at a leading financial firm conference. The increased confidence is likely related to the better-than-anticipated integration and traction of its recent acquisition of InTouch and Livongo, although specifics for these acquired entities will not be reported separately. Further, we believe the company has continued to benefit from the macro trends related to continued mobility restrictions, potential for a new wave of shut downs, and potential extension of temporary telehealth reimbursement. Within the anticipated volume increase, we continue to view the recurring visits associated with behavioral health and diabetes (Livongo) will have the largest positive financial impact. In the investor presentation, management noted that 80% of its full-year revenue will be recurring in nature, which is a notable bump likely with the upside from the Livongo acquisition. We continue to anticipate reimbursement pressure in the near term, but the change in the new administration and associated appointments may create opportunities to accelerate changes in reimbursement policy.

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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 Sep 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type Speculative Growth
Employees 3,276