Teladoc Health, Inc. (NYSE: TDOC), the global leader in virtual care, saw its shares surge Wednesday, the day after the release preliminary financial and operating results for its first quarter ended March 31, 2020.
The Purchase, New York-based Teladoc Health now anticipates revenue for the first quarter of 2020 to be in the range of $180-181 million, compared to $129 million in the first quarter of 2019. Adjusted EBITDA for the first quarter is expected to be in the range of $10-11 million, compared to $1.2 million in the first quarter of 2019.
Total visit volume is expected to exceed 1.8 million visits in the first quarter of 2020, representing growth of approximately 70% as compared to the first quarter of 2019.
Expected results for the first quarter of 2020 include additional expenses estimated at $4 million, associated with the company’s incremental investments in its physician network in response to the global outbreak of COVID-19, which is expected to impact reported gross margin and adjusted EBITDA margin during the quarter
Full results are expected by the end of the month.
Said CEO Jason Gorevic, "Our first priority is to ensure that every patient who comes to us receives the high-quality medical care they need.
"The Teladoc Health team and platform are performing extremely well as more consumers, employers and hospital systems rely on us during this unprecedented time. Virtual care is playing a central role during this crisis, when the traditional healthcare system is under intense pressure, and I am confident that role will only continue to expand."
Teledoc shares climbed $7.50, or 4.8%, to 164.83.
