Teladoc Shares Drop After Telemedicine Company Reports Larger Quarterly Loss

Teladoc Health Inc. TDOC,
shares fell more than 7% during the extended session Tuesday after the telemedicine company reported a larger-than-expected loss in the second quarter and projected for the year a larger loss per share than analysts had forecast. Teladoc said it lost $133.8 million or 86 cents per share in the second quarter, compared to a loss of $25.7 million or 34 cents per share in the same period a year ago. Revenue rose to $503 million, from $241 million a year ago. Analysts polled by FactSet had expected a loss of 53 cents a share on revenue of $501 million in the quarter. The company said its telehealth visits topped 3.5 million, 28% higher than in the second quarter of 2020, in the first wave of the pandemic. Teladoc also projected third quarter revenue of between $510 million and $520 million, and a net loss of between 78 cents per share and 68 cents per share. For the full year, the company targeted revenues of between $2 billion and $2.025 billion, in addition to loss per share of $3.60 to $3.35. Analysts polled by FactSet expect a full-year loss of $2.84 per share. Teladoc shares ended the regular trading day at 0.8%.