First Quarter Revenue of $42.9 million Grew 60% Year-Over-Year
Total Membership of 20.1 million Grew 34% Year-Over-Year
Total Visits of 384,839 Grew 60% Year-Over-Year
LEWISVILLE, Texas (May 8, 2017) — Teladoc, Inc. (NYSE: TDOC), the undisputed leader in telehealth, providing access to care for millions, today announced results for the first-quarter ended March 31, 2017.
“During the first quarter, we achieved strong results across all our key metrics, while seamlessly onboarding over 2.6 million new lives into the Teladoc platform and growing overall utilization,” said Jason Gorevic, chief executive officer of Teladoc. “We continue to benefit from strong demand for both our core and new clinical offerings, resulting in our deeper integration into the virtual healthcare continuum and an enhanced value proposition to our partners. I remain very confident about our market leadership and progress towards our 2017 financial and strategic targets.”
Financial Performance for the Three Months Ended March 31, 2017
All comparisons are to the three months ended March 31, 2016.
A reconciliation of generally accepted accounting principles in the United States (“GAAP”) 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”.
Second Quarter 2017 Guidance: Revenue for the second quarter 2017 is expected to be in the range of $44.0 million to $45.0 million. EBITDA is expected to be in the range of a loss of $10.5 million to a loss of $11.5 million. Adjusted EBITDA is expected to be in the range of a loss of $6.0 million to a loss of $7.0 million. Membership is expected to total approximately 20.5 million to 21.0 million at June 30, 2017. Total visits are projected to be between 290,000 and 310,000. Second quarter net loss per share, based on 54.5 million weighted average shares outstanding, is expected to be between $(0.26) and $(0.28).
Full Year 2017 Guidance: Revenue for the full year 2017 is expected to be in the range of $180 million to $185 million. EBITDA is expected to be in the range of a loss of $31 million to $34 million. Adjusted EBITDA is expected to be in the range of a loss of $19.5 million to $22.5 million and the Company targets to be Adjusted EBITDA break-even in the fourth-quarter of 2017. Membership is expected to total approximately 21.5 million to 23.0 million at December 31, 2017. Total visits for the full year are projected to be between 1,400,000 and 1,450,000. Net loss per share, based on 54.2 million weighted average shares outstanding, is expected to be between $(0.85) and $(0.91).
Quarterly Conference Call
The first quarter 2017 earnings conference call and webcast will be held Monday, May 8, 2017 at 5:00 p.m. ET. The conference call can be accessed by dialing 1-877-201-0168 for U.S. participants, or 1-647-788-4901 for international participants, and including the following Conference ID Number: 71800717 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.
NYSE Rule 303A.08 Disclosure
Pursuant to the requirements of NYSE’s Listed Company Manual Rule 303A.08, Teladoc also announced today that it has granted non-qualified stock options to new employees as material inducements to their hiring. Stock options for the purchase of a total of 35,500 shares of Teladoc’s common stock, par value $0.001 per share, at a price per share of $25.75 were awarded to a total of eight persons. Each of the options awarded vests as to twenty-five percent of the shares it covers on the first anniversary of its grant, with the remainder of the shares vesting ratably over thirty-six months thereafter. All the options were granted outside the terms of Teladoc’s 2015 Incentive Award Plan in reliance on the employment inducement exemption under the NYSE’s Listed Company Manual Rule 303A.08.
Teladoc, Inc. (NYSE: TDOC) is the nation’s leading provider of telehealth services and a pioneering force in bringing the virtual care visit into the mainstream of today’s health care ecosystem. Serving some 7,500 clients — including health plans, health systems, employers and other organizations — more than 20 million members can use phone, mobile devices and secure online video to connect within minutes to Teladoc’s network of more than 3,100 board-certified, state-licensed physicians and behavioral health specialists, 24/7. With national coverage, a robust, scalable platform and a Lewisville, TX-based member services center staffed by 400 employees, Teladoc offers the industry’s most comprehensive and complete telehealth solution including primary care, behavioral health care, dermatology, tobacco cessation and more. For additional information, please visit www.teladoc.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “believe,” “project,” “estimate,” “expect,” “may,” “should,” “will” and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding future revenues, future earnings, future numbers of members or clients, litigation outcomes, regulatory developments, market developments, new products and growth strategies, and the effects of any of the foregoing on our future results of operations or financial conditions.
Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: (i) changes in laws and regulations applicable to our business model; (ii) changes in market conditions and receptivity to our services and offerings; (iii) results of litigation; (iv) the loss of one or more key clients; and (v) changes to our abilities to recruit and retain qualified providers into our network. For a detailed discussion of the risk factors that could affect our actual results, please refer to the risk factors identified in our SEC reports, including, but not limited to our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, as filed with the SEC.
Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.