posted a bigger net loss than investors had expected, and shares fell in after-hours trading on Tuesday after the earnings report.
The virtual health company (ticker: TDOC) had a net loss in the second quarter of $133.8 million, or 86 cents per share. According to Wall Street’s consensus estimate, there was a net loss of 53 cents per share, according to FactSet. Adjusted earnings before interest, taxes, depreciation and amortization, or Ebitda, of $66.8 million was higher than consensus estimates of $62.9 million, according to FactSet. Revenue of $503.1 million also exceeded expectations of $500.6 million.
Teladoc shares fell 7% in after-hours trading to $140.40. Shares had already lost a quarter of their value from the start of the year as investors wondered how virtual health companies would fare when the economy reopened, especially after the company said it expected little member growth in 2021.
During the quarter, the company saw visits rise to 3.5 million. That’s 28% year-on-year more than in the June quarter of 2020, when the first wave of the pandemic hit the US. Paid memberships in the US were 52 million, up 1% from 51.5 million in the second quarter of 2020.
“We have solid momentum heading into the second half as the market embraces the unified healthcare experience that only
has the scope and scale to achieve,” CEO Jason Gorevic said in the release of the results.
For the full year, the company forecasts $2 billion to $2.025 billion in revenue. The net loss outlook is $3.60 per share to $3.35 per share. It also expects total visits between 13.5 million and 14 million, with paid memberships in the US ranging from 52 million to 54 million members.
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