- Teladoc Health reported a loss of $23.3 million in the third quarter of 2018, compared with $31.3 million loss in the same period last year. Per share loss amounted to 34 cents, according to consolidated financial information released Thursday.
- Revenue for the Purchase, New York-based company totaled $111 million, up 62% from $69 million in the third quarter of 2017. Organic revenue, excluding Advance Medical, which Teladoc acquired in May, grew 29% year over year to $88.3 million.
- The telehealth vendor expects fourth quarter revenue to total between $119 million and $121 million, and full-year revenue to be in the $414 million to $416 million range.
The results were buoyed by strong enrollment. Total paid membership reached 22.6 million in the third quarter, an 18% increase from the prior year. Teladoc attributed the growth to new subscribers to its behavioral health services.
Total visits shot up 110% to 641,000 in Q3. For the first nine months of 2018, the company tallied nearly 1.8 million telehealth visits.
Teladoc’s purchase of global telemedicine provider Advance Medical during the second quarter provided a big boost to international revenue, which grew 187% to $24 million in third quarter. Headquartered in Barcelona, Spain, Advance Medical reported revenue of about $63 million and adjusted EBITDA of $2 million in 2017.
Offsetting revenues were operating expenditures and costs associated with growing the telehealth business. Advertising and marketing expenses totaled $22 million, sales expenses were $16.3 million and outlays for technology and development were about $13.6 million.
Teladoc ended the quarter with adjusted EBITDA of $6.3 million for the quarter, versus a loss of $0.6 million in Q3 2017.
During the quarter, CVS Health launched MinuteClinic Video Visits using Teladoc’s technology platform. The program, currently available in nine states and the District of Columbia, offers 24/7 virtual visits for minor ailments and wellness needs.