- Teladoc's Q1 2017 earnings, released Monday, show a 60% increase from last year in total revenue to $42.9 million and a net loss of $15.65 million or $0.30 per share, which was better than analysts expected.
- The telemedicine company also reported increases in revenue from subscription access fees (66%) and visit fees (39%) as well as bumps in total membership (34%) and total visits (60%).
- The company said it is maintaining its predictions for the rest of the year, which include revenue of between $180 million and $185 million and total membership of up to 23 million.
In an earnings call, Teladoc CEO Jason Gorevic said the company is working on expanding specialty products in behavioral health and dermatology that providers are eager to use. He also announced new agreements with two multi-hospital health systems and an expanded agreements with Mount Sinai Health. They join more than 140 hospitals already using Teladoc’s services.
In response to an analyst question, Gorevic said the Republican bill replacing the Affordable Care Act, which barely passed the House last week, isn’t likely to affect Teladoc much one way or the other.
“I think the bigger thing I would look at is there is generally positive regulatory momentum relative to telehealth both in Washington and in the states,” he said. “And we're much more likely to see benefit from that than we are to see any substantial impact from the new healthcare bill or whatever that ends up looking like.”
Gorevic also commented on a bill expected to pass today in Texas that would expand the definition of a valid patient relationship to include some telehealth visits. He called it a "significant victory." In 2015, Teladoc filed an antitrust lawsuit against the state's medical board arguing the definition was too strict.
In an interview with Healthcare Dive at last month’s American Telemedicine Conference, Teladoc Chief Medical Officer Henry DePhillips noted trends of increasing customer use and satisfaction as well as more collaboration.
“I think there’s a clearer vision for what the appropriate next steps are to keep the industry safe and credible while increasing value as well as efficiency and cost savings,” he said.