- Teladoc Health reeled in $94.6 million in revenue for the second quarter, a 112% increase over Q2 2017 when revenue totaled $44.6 million. Global telehealth provider Advance Medical, which the company acquired in June, contributed $6.2 million to the quarter.
- U.S. paid membership grew to 22.5 million, up 48% year over year, with total visits reaching 436,000, up 41%, according to financials released by the firm.
- The company reported a net loss of $25.1 million for the quarter, nearly $10 million more than in the same period last year.
Subscription access fees accounted for $79.8 million of total revenue, a 113% gain from the second quarter of 2017. Revenue from visits contributed the remaining $14.8 million, up 107% from the previous year.
Teladoc’s EBITDA saw a loss of $10.1 million for the quarter, better than its $11.8 million loss the prior year, while adjusted EBITDA reversed last year’s loss for a positive $2.7 million.
“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 systems,” CEO Jason Gorevic said in a statement.
During an earnings call, Teladoc COO Mark Hirschhorn praised CMS’ proposed reimbursement of telehealth for Medicare fee-for-service beneficiaries, saying it “will provide more wind in the sail for our provider-focused business where we provide platform as a service.”
One setback was a delay in the Tricare business, Gorevic said, citing a slower, geographical government rollout strategy than originally anticipated. Teladoc expects a larger national rollout to take place next year, he said, adding the delay won’t impact financials.
Gorevic also said the company is ahead of schedule on integrating Advance Medical. “Very importantly, we’re seeing strong demand from our U.S. clients for global care on demand,” he said.