2Q 2018 Revenue of $94.6 million, growth of 112%
Total Paid Membership of 22.5 million, growth of 48%
2Q 2018 Total Visits of 533,000, growth of 72%
PURCHASE, NY, August 1, 2018 — Teladoc, Inc. (NYSE:TDOC), the global leader in virtual care, today announced results for the second quarter ended June 30, 2018.
“Teladoc saw another strong quarter financially and operationally as we met or exceeded our expectations across the board. I’m particularly pleased that we made significant early progress on the integration of Advance Medical, which empowers consumers to access high quality healthcare seamlessly around the world,” said Jason Gorevic, Teladoc’s chief executive officer. “As we enter the second half of the year, I am excited by the breadth of our pipeline, our prospects’ level of enthusiasm around our full clinical suite, and the changes coming out of Washington D.C. which all serve as further evidence that virtual care is an invaluable component of the healthcare delivery system of the future.”
Financial Performance for the Second Quarter Ended June 30, 2018
All comparisons are to the second quarter ended June 30, 2017. Organic growth figures are calculated removing the effect of the Best Doctors and Advance Medical acquistions.
Total revenue was $94.6 million (including $26.7 million from Best Doctors and $6.2 million from Advance Medical) for the second quarter 2018 compared to $44.6 million, an increase of 112%. Organic revenue growth was 39%.
Revenue from Subscription Access Fees was $79.8 million for the second quarter 2018 compared to $37.5 million, an increase of 113%.
Revenue from Visits was $14.8 million for the second quarter 2018 compared to $7.1 million, an increase of 107%.
Total visits from U.S. Paid Membership were 436,000 for the second quarter 2018 compared to 309,000, an increase of 41%.
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”.
Third Quarter 2018 Guidance: Revenue for the third quarter 2018 is expected to be in the range of $106 million to $108 million. EBITDA is expected to be in the range of a loss of $(7) million to a loss of $(9) million. Adjusted EBITDA is expected to be positive in the range of $4 million to $6 million. Total U.S. paid membership is expected to be in the range of 23.0 million to 23.5 million and visit fee only access is expected to be in the range of 9.6 million to 9.7 million individuals at September 30, 2018. Total visits are projected to be between 600,000 and 650,000 visits. Third quarter net loss per share, based on 68.3 million weighted average shares outstanding, is expected to be between $(0.37) and $(0.39).
Full Year 2018 Guidance: Revenue for 2018 is expected to be in the range of $405 million to $410 million. EBITDA is expected to be in the range of a loss of $(36) million to a loss of $(40) million. Adjusted EBITDA is expected to be positive in the range of $11 million to $13 million. Total U.S. paid membership is expected to be in the range of 23 million to 24 million and visit fee only access is expected to be available to approximately 10 million individuals. Total visits are projected to be between 2.5 million to 2.6 million visits. Net loss per share, based on 66 million weighted average shares outstanding, is expected to be between $(1.48) and $(1.52).
Quarterly Conference Call
The second quarter 2018 earnings conference call and webcast will be held Wednesday, August 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: 3399134 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.
2018 Investor Day
The company will host Investor Day on Thursday, September 27, 2018 at 10:00 AM ET in New York, NY. To RSVP or for further information, please contact Kelsey Turcotte at KTurcotte@teladoc.com or 914-265-6706.
About Teladoc, Inc.
Teladoc, Inc. (NYSE:TDOC) is the global leader in virtual care. A mission-driven organization, Teladoc is successfully expanding access to high quality healthcare, lowering costs and improving outcomes around the world. The company’s award winning, integrated clinical solutions are inclusive of telehealth, expert medical opinions, AI and analytics, and licensable platform services. With more than 2,000 employees, the organization delivers care in 125 countries and in more than 20 languages, partnering with employers, hospitals and health systems, and insurers to transform care delivery. For more information, please visit www.teladoc.com or follow @Teladoc on Twitter. on Twitter.
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.