2016 Revenue of $123.2 million, growth of 59%
4Q 2016 Revenue of $37.4 million, growth of 65%
Total Membership of 17.5 million, growth of 43%
2016 Visits of 952,081, growth of 65%; 4Q 2016 Visits of 310,467, growth of 68%
LEWISVILLE, Texas (March 1, 2017) — Teladoc, Inc. (NYSE: TDOC), the undisputed leader in telehealth, providing access to care for millions, today announced results for the full-year and fourth-quarter ended December 31, 2016.
“In 2016, we executed on our key financial and strategic objectives, while strengthening our product portfolio to drive further consumer engagement and the overall inflection point in telehealth adoption,” said Jason Gorevic, chief executive officer of Teladoc. “Looking to 2017, we remain focused on our long-term growth levers, which will deliver continued progress towards our previously stated 2017 financial targets.”
Financial Performance for the Fourth Quarter and Full-Year Ended December 31, 2016
All comparisons are to the fourth quarter and full-year ended December 31, 2015 respectively.
Total revenue was $37.4 million for fourth quarter 2016, an increase of 65%. Full-year 2016 revenue was $123.2 million, an increase of 59%.
Total visits recorded was 310,467 visits for fourth quarter 2016, an increase of 68%. Full-year 2016 total visits recorded was 952,081, an increase of 65%.
A reconciliation of 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”.
First Quarter 2017 Guidance: Revenue for the company’s first quarter 2017 is expected to be in the range of $41.5 million to $42.5 million. EBITDA is expected to be in the range of a loss of $14 million to $15 million. Adjusted EBITDA is expected to be in the range of a loss of $10 million to $11 million. Membership is expected to total approximately 20.0 million to 20.5 million at March 31, 2017. Total visits are projected to be between 375,000 and 385,000. First quarter net loss per share, based on 52.1 million weighted average shares outstanding, is expected to be between $(0.33) and $(0.34).
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 fourth quarter 2016 earnings conference call and webcast will be held Wednesday, March 1, 2017 at 5:00 p.m. Eastern. 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: 56315696 to expedite caller registration; or via a live audio webcast available online at http://ir.teladoc.com. A webcast replay will be available for on-demand listening shortly after the completion of the call in the same web link.
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 17.5 million members can use phone, mobile devices and secure online video to connect within minutes to Teladoc’s network of more than 3,000 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.
Director of Investor Relations
Director of Public Relations
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. Therefore, you should not rely on any of these 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. Additional relevant risks that may affect our results are described in certain of our filings with the Securities and Exchange Commission.
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.