Teladoc Announces First Quarter 2018 Results
1Q 2018 Revenue of $89.6 million, growth of 109%
Total Paid Membership of 20.8 million, growth of 41%
1Q 2018 Total Visits of 606,000, growth of 57%
PURCHASE, NY, May 1, 2018 — Teladoc, Inc. (NYSE:TDOC), the undisputed leader in telehealth, today announced results for the first-quarter ended March 31, 2018.
"Teladoc is off to an excellent start in 2018, posting strong first quarter results across all key financial and operating metrics. I'm very pleased with our performance during the intense 2018 flu season, providing yet another proof point for the inevitability of virtual care as a critical component of the healthcare system," said Jason Gorevic, Teladoc's chief executive officer. "I'm more encouraged than ever by the tremendous market response to Teladoc's comprehensive virtual care platform, further validating our multi-dimensional growth strategy."
Financial Performance for the First Quarter Ended March 31, 2018
All comparisons are to the first quarter ended March 31, 2017. Organic growth figures are calculated removing the effect of the July 14, 2017 acquisition of Best Doctors.
Total revenue was $89.6 million for the first quarter 2018, compared to $42.9 million, an increase of 109% . Organic revenue growth was 47%.
Revenue from Subscription Access Fees was $71.7 million for the first quarter 2018 compared to $34.3 million an increase of 109%.
Revenue from U.S. Subscription Access Fees for the first quarter 2018 was $61.0 million, compared to $34.3 million, an increase of 78%. Organic US Subscription Access Fee revenue growth for the first quarter 2018 compared to the same period last year was 37%.
Revenue from International Subscription Access Fees for the first quarter 2018 was $10.7 million compared to none in 2017.
Revenue from Visits was $17.9 million for the first quarter 2018 compared to $8.6 million, an increase of 109%.
Revenue from General Medical Visits (including dermatology and behavioral health) was $16.3 million for the first quarter 2018 compared to $8.6 million in the first quarter in 2017.
Revenue from Other Specialty Visits (principally expert medical opinions) was $1.6 million for the first quarter 2018 compared to none in 2017.
Total visits from U.S. Paid Membership was 554,000 for the first quarter 2018 compared to 385,000 an increase of 44%.
Paid visits totaled 298,000 or 54% as a percentage of total visits from US paid membership in the first quarter 2018 compared to 217,000 paid visits, or 56% as a percentage of total visits in the first quarter of 2017.
Total visits from U.S. Visit Fee Only Access, which was launched on January 1, 2018, was 51,000
Total U.S. paid membership was 20.8 million, an increase of 41% compared to the first quarter 2017 U.S. paid membership of 14.8 million (adjusted for 5.4 million Aetna and Amerigroup lives). Organic U.S. paid membership growth for the first quarter 2018 compared to the same period last year was 27%.
Total U.S. Visit Fee Only access, which was launched on January 1, 2018 was available to 9.5 million individuals.
Gross profit was 70.0% for first quarter 2018 compared to 71.7% in the first quarter of 2017.
Net loss was $23.9 million for the first quarter 2018 compared to $15.7 million in the first quarter 2017.
Net loss per basic and diluted share was $0.39 for first quarter 2018 compared to a first quarter 2017 net loss per share of $0.30.
EBITDA was a loss of $10.8 million for first quarter 2018 compared to a loss of $12.2 million in the first quarter of 2017.
Adjusted EBITDA improved to a loss of $1.4 million for first quarter 2018 compared to a loss of $9.1 million in the first quarter of 2017
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".
Second Quarter 2018 Guidance: Revenue for the second quarter 2018 is expected to be in the range of $86 million to $87 million. EBITDA is expected to be in the range of a loss of $8 million to a loss of $9 million. Adjusted EBITDA is expected to be in the range of $1.5 million to $2.5 million. Total U.S. paid membership is expected to total approximately 20.8 million to 21.0 million and visit fee only access are expected to total between of 18 million to 18.5 million individuals at June 30, 2018. Total visits are projected to be between 450,000 and 500,000. Second quarter net loss per share, based on 62.6 million weighted average shares outstanding, is expected to be between $(0.35) and $(0.37).
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 first quarter 2018 earnings conference call and webcast will be held Tuesday May 1, 2018 at 5:00 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.