2017 Revenue of $233.3 million, growth of 89%; 4Q 2017 Revenue of $77.1 million, growth of 106%
Total Paid Membership of 23.2 million, growth of 33%
2017 Visits of 1,463,000, growth of 54%; 4Q 2017 Visits of 464,000, growth of 49%
PURCHASE, NY, February 27, 2018 — Teladoc, Inc. (NYSE:TDOC), the largest and most trusted provider of virtual care delivery services, today announced results for the full-year and fourth-quarter ended December 31, 2017.
“Teladoc demonstrated very strong performance in the fourth quarter, delivering results that were at or above our expectations on all key metrics. We made meaningful progress across all segments of our business, and take excellent momentum into 2018,” said Jason Gorevic, chief executive officer, Teladoc. “Our unique product portfolio and value proposition is being recognized by clients and prospects alike for its breadth and differentiation, as virtual care becomes a core component of the healthcare system of the future.”
“In addition to our strong results, we were pleased to see favorable developments coming out of Washington, with supportive language in the Bipartisan Budget Act that paves the way for virtual care to serve every segment of the healthcare market, including the Medicare population.”
Financial Performance for the Fourth Quarter and Full-Year Ended December 31, 2017
All comparisons are to the fourth quarter and full-year ended December 31, 2016.
Total revenue was $77.1 million for the fourth quarter 2017, an increase of 106%. Organic revenue growth was 39%. Full-year 2017 total revenue was $233.3 million, an increase of 89%. Year over year organic revenue growth was 43%.
Revenue from Subscription Access Fees was $65.4 million for the fourth quarter 2017, which includes $24.1 million from the July 14, 2017 acquisition of Best Doctors, an increase of 115%. Full-year 2017 revenue from Subscription Access Fees was $197.5 million, which includes $44.5 million from Best Doctors, an increase of 97%.
Revenue from Visits was $11.8 million for the fourth quarter 2017, an increase of 68%. Full-year 2017 revenue from visits was $35.8 million, an increase of 57%.
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”.
First Quarter 2018 Guidance: Revenue for the first quarter 2018 is expected to be in the range of $86 million to $88 million. EBITDA is expected to be in the range of a loss of $12.0 million to a loss of $13.0 million. Adjusted EBITDA is expected to be in the range of a loss of $2.5 million to a loss of $3.5 million. Total U.S. paid membership is expected to total approximately 19.5 million to 20.0 million and visit fee only access are expected to total between of 9.0 million to 9.25 million individuals at March 31, 2018. Total visits are projected to be between 575,000 and 625,000. First quarter net loss per share, based on 61.9 million weighted average shares outstanding, is expected to be between $(0.43) and $(0.45).
Full Year 2018 Guidance: Revenue for 2018 is expected to be in the range of $350 million to $360 million. EBITDA is expected to be in the range of a loss of $27 million to $30 million. Adjusted EBITDA is expected to be positive in the range of $7 million to $10 million. Total U.S. paid membership is expected to be approximately 22 million to 24 million, plus visit fee only access should be available to approximately 19 million individuals. Total visits are projected to be between 1.9 million to 2.0 million visits. Net loss per share, based on 62.8 million weighted average shares outstanding, is expected to be between $(1.36) and $(1.41).
Quarterly Conference Call
The full year and fourth quarter 2017 earnings conference call and webcast will be held Tuesday, February 27, 2018 at 4:15 p.m. ET. 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: 6993917 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, Inc.
Teladoc, Inc. (NYSE:TDOC) is the largest and most trusted telehealth provider in the world. Recognized by MIT Technology Review as one of the “50 Smartest Companies”, Teladoc is forging a new healthcare experience with better convenience, outcomes and value. The company provides virtual access to high quality care and expertise, with a portfolio of services and solutions covering 450 medical subspecialties from non-urgent, episodic needs like flu and upper respiratory infections, to chronic, complicated medical conditions like cancer and congestive heart failure. By marrying the latest in data and analytics with its award-winning user experience and highly flexible technology platform, Teladoc has delivered millions of medical visits to patients around the globe. 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.
Director, Communications, Teladoc
Jordan E. Kohnstam