Telemedicine company posts slight revenue beat
Shares of Teladoc Health Inc. were up about 13% in after-hours trading Wednesday after the telemedicine company posted a narrower loss than analysts were anticipating for its latest quarter, while slightly exceeding revenue expectations.
The company posted a net loss of $73.5 million, or 45 cents a share, compared with a loss of $84.3 million, or 53 cents a share, in the year-earlier period. Analysts tracked by FactSet were anticipating a 57-cent loss per share on the basis of Generally Accepted Accounting Principles (GAAP).
Teladoc TDOC, -0.04% also reported $51.2 million in adjusted earnings before interest, taxes, depreciation, and amortization (Ebitda), compared with $67.4 million on the metric a year before. The FactSet consensus called for $40 million in adjusted Ebitda.
Revenue rose to $611.4 million from $521.7 million, while analysts had been expecting $609 million.
“During the quarter we continued to make progress against our whole-person care strategy as the market evolves towards integrated virtual and digital health solutions,” Chief Executive Jason Gorevic said in a statement.
For the fourth quarter, Teladoc executives anticipate $625 million to $640 million in revenue, along with $88 million to $98 million in adjusted Ebitda. The FactSet consensus was for $636 million and $94 million, respectively.
Shares of Teladoc have struggled this year, falling about 70% so far in 2022 as the S&P 500 SPX, -0.74% has lost roughly 20%. The company took more than $9 billion in goodwill impairment charges across the first two quarters of the year, citing declines in Teladoc’s share price as well as falling multiples for fast-growing peer companies in the healthcare industry.