Teladoc Health Reports First Quarter 2019 Results
Year-over-year revenue grows 43% to $128.6 million and total visits increase 75% to 1,063,000
Issues 2019 second quarter guidance; reaffirms full-year expectations
PURCHASE, NY, April 30, 2019 — Teladoc Health, Inc. (NYSE: TDOC), the global leader in virtual care, today report ed financial results for the first quarter ending March 31, 2019.
"Our first quarter 2019 delivered excellent results across all key financial and operational metrics and set a very positive tone for the year. 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," said Jason Gorevic, chief executive officer, Teladoc Health. "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."
Financial Highlights for the First Quarter Ended March 31, 2019
- Gross margin was 65.3 percent for the first quarter 2019 compared to 70.0 percent for the first quarter 2018.
- Net loss was $(30.2) million for the first quarter 2019 compared to $(23.9) million for the first quarter 2018.
- Net loss per basic and diluted share was $(0.43) for the first quarter 2019 compared to $(0.39) for the first quarter 2018.
- EBITDA was $(13.3) million for the first quarter 2019 compared to $(10.8) million for the first quarter 2018.
- Adjusted EBITDA was a positive $1.2 million for the first quarter 2019 compared to an adjusted EBITDA loss $(1.4) million for the first quarter 2018.
A reconciliation of generally accepted accounting principles ("GAAP") in the United States to non-GAAP results has been provided in this press release in the accompanying tables. An explanation of these measures is also included below under the heading "Non-GAAP Financial Measures".
Teladoc Health provides guidance based on current market conditions and expectations.
For the second-quarter 2019, we expect:
- Total revenue to be in the range of $128 million to $131 million.
- EBITDA loss to be in the range of $(13) million to $(15) million.
- Adjusted EBITDA to be in the range of $5 million to $7 million.
- Total U.S. paid membership to be in the range of 27 million to 28 million and visit-fee-only access to be available to approximately 10 million individuals.
- Total visits to be between 775,000 and 875,000.
- Net loss per share, based on 72.4 million weighted average shares outstanding, to be between $(0.42) and $(0.44).
For the full-year 2019, we are reaffirming expectations as follows:
- Total revenue to be in the range of $535 million to $545 million.
- EBITDA loss to be in the range of $(40) million to $(50) million.
- Adjusted EBITDA to be in the range of positive $25 million to $35 million.
- Total U.S. paid membership to be in the range of 27 million to 29 million members and visit-fee-only access to be available to approximately 10 million individuals.
- Total visits to be between 3.6 million to 3.9 million.
- Net loss per share, based on 71.9 million weighted average shares outstanding, to be between $(1.52) and $(1.66).
Quarterly Conference Call
The first quarter 2019 earnings conference call and webcast will be held Tuesday, April 30, 2019 at 4:30 p.m. EDT. The conference call can be accessed by dialing 1-833-241-4255 for U.S. participants, or 1-647-689-4206 for international participants, and including the following Conference ID Number: 5178989 to expedite caller registration; or via a live audio webcast available online at http://ir.teladoc.com/news-and-events/events-and-presentations/. A webcast replay will be available for on-demand listening shortly after the completion of the call at the same web link.
About Teladoc Health
A mission-driven organization, Teladoc Health, Inc. is successfully transforming how people access and experience healthcare, with a focus on high quality, lower costs, and improved outcomes around the world. The company's award-winning, integrated clinical solutions are inclusive of telehealth, expert medical services, AI and analytics, and licensable platform services. With more than 2,000 employees, the organization delivers care in 130 countries and in more than 30 languages, partnering with employers, hospitals and health systems, and insurers to transform care delivery. For more information, please visit www.teladochealth.com or follow @TeladocHealth on Twitter.