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Teladoc Health nearly doubled its full-year revenue in 2020 as telehealth soared amid the COVID-19 pandemic, according to company earnings results released Wednesday.
The Purchase, N.Y.-based telehealth giant posted $1.1 billion in 2020 revenue, up 97.7% from $553.3 million in 2019. Teladoc reported more than 12.7 million visits for the year, including 10.6 million visits connecting to a user to the company’s network of providers and 2.1 million that used Teladoc’s software to connect clinicians from the company’s provider clients.
Teladoc posted $383.3 million in revenue for 2020’s fourth quarter, up 145% from the year-ago period. That’s primarily from $316 million in subscription access fees and $53.3 million in visit fees. Total visits, including visits with Teladoc’s medical group and visits connecting outside clinicians, grew 226.4% year-over-year to 4 million.
Teladoc is still not profitable, reporting a $394 million net loss for the fourth quarter, compared to $19 million in 2019’s fourth quarter, and a $485.1 million net loss for the year, compared to $98.9 million in full-year 2019. The company’s net loss includes $57.6 million and $88.2 million in the fourth quarter and full year, respectively, in costs related to acquisitions and integration.
Teladoc in 2020 acquired Livongo, a digital health and chronic disease management company, and InTouch Health, a telehealth company focused on the provider market.
Teladoc’s fourth-quarter loss from operations was $458.5 million, compared to $15.6 million in the same period last year. Its full-year loss from operations was $506.4 million, compared to $80.4 million in 2019.
Teladoc CEO Jason Gorevic on a call with investment analysts Wednesday said the company in 2021 plans to launch an “integrated behavioral health product” that combines Livongo and Teladoc’s services.
There are also opportunities to tie Livongo’s capabilities into Teladoc’s virtual primary care program, a program the company launched in 2020 for employers and insurers.
Teladoc’s first virtual primary care pilot found that more than 40% of hypertension and pre-hypertension diagnoses and more than 25% of diabetes and pre-diabetes diagnoses made by Teladoc’s clinicians as part of the program were first-time diagnoses—creating “an opportunity for us to introduce the Livongo capabilities to those consumers early in their journey,” Gorevic said.
Teladoc expects its full-year 2021 revenue to be in the range of $1.95 billion to $2 billion, which would represent another near doubling of its revenue, with total visits with its network of providers to reach 12 million to 13 million.
Despite recent reports indicating that telehealth visits have declined since the early days of the COVID-19 pandemic, Gorevic cited factors like demand for Teladoc’s software platform from hospitals and health systems, its growing international market and “continued strength in the direct-to-consumer channel” as reasons underpinning its high 2021 earnings expectations.
“With the significant momentum we have entering this year, we feel extremely confident in our outlook for 2021,” Gorevic said.
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