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Teladoc (TDOC) Q4 Loss Narrows on Higher Visits, Memberships
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Teladoc Health, Inc. (TDOC - Free Report) reported fourth-quarter 2021 loss of 7 cents per share, narrower than the Zacks Consensus Estimate of a loss of 59 cents. Also, the figure was narrower than the prior-year loss of $3.07 per share.
The company’s operating revenues of $554.2 million (higher than management’s expected range of $536-$546 million) surpassed the Zacks Consensus Estimate of $548 million. The top line also improved 45% year over year for the fourth quarter.
The strong fourth-quarter results were supported by increased visits and memberships as well as lower expenses. Solid contribution from access and visit fees also benefited the results.
Teladoc Health, Inc. Price, Consensus and EPS Surprise
Revenues from access fees (which comprised 84.8% of total revenues) increased 51% year over year to $469.9 million. Within this, access fees from the United States jumped 53% year over year to $403.1 million and accounted for 85.8% of total access fees. International access fees made up the remaining 14.2% and amounted to $66.8 million (up 36% year over year).
Meanwhile, TDOC generated $68.9 million of visit fee revenues (up 21% year over year) in the quarter under review. While visit fee revenues from the United States advanced 18% year over year to $65.3 million, revenues from International visits totaled $3.6 million (up 123%).
Adjusted EBITDA surged to $77.1 million from $50.4 million a year ago and was higher than management’s projected range of $69-$74 million.
Adjusted gross margin expanded 50 basis points year over year to 68.4% for the fourth quarter.
Total expenses plunged to $595.7 million from $841.8 million a year ago due to lower expenses related to sales, technology and development, and general and administrative.
Visits & Memberships
Total visits of 4.4 million (higher than the expectation of 3.9-4.1 million) improved 41% year over year on account of 44% and 35% increase in visits from the United States and International segments, respectively.
Teladoc ended the quarter with U.S. paid membership of 53.6 million, which inched up 3% year over year. U.S. visit fee-only access membership rose 14% year over year to 24.2 million for 2021.
Utilization (the ratio of visits to total U.S. paid members) increased 670 bps year over year to 22.7%.
Financial Update (as of Dec 31, 2021)
The company exited the fourth quarter with cash and cash equivalents of $893.5 million, which increased 21.8% from the 2020-end level.
Total debt was $1.2 billion, which tumbled 11.2% from the figure as of Dec 31, 2020.
In 2021, net cash provided by operating activities amounted to $194 million, which improved from cash used in operations of $53.5 million a year ago.
Guidance
First Quarter
For first-quarter 2022, TDOC expects total revenues of $565-$571 million and adjusted EBITDA within $51-$55 million. It projects total visits between 4.3 million and 4.5 million. Net loss per share is expected within 50-60 cents.
Full-Year 2022
For 2022, revenues are anticipated between $2.55 billion and $2.65 billion compared with the 2021 level of $2 billion.
Adjusted EBITDA is estimated to be $330-$355 million, calling for an improvement from the 2021 figure of $267.8 million.
The company projects total visits in the band of 18.5-20 million (indicating a rise from the 2021 level of 15.4 million).
Total U.S. paid membership is expected between 54 million and 56 million members (suggesting growth from the 2021 level of 53.6 million). U.S. visit fee-only access is projected to be available to 24-25 million individuals (implying an increase from the 2021 figure of 24.2 million).
Net loss per share is expected to be $1.40-$1.60, pointing to a narrower loss from the 2021 figure of $2.73.
Apollo Medical provides integrated care, inpatient and physician alignment solutions. Based in Alhambra, CA, AMEH has a vast physician network aiding patients and hospitals. The Zacks Consensus Estimate for Apollo Medical’s bottom line for 2022 indicates a jump of 5% year over year to $1.67 per share.
Headquartered in Boulder, CO, Biodesix provides data-driven diagnostic solutions in the country. The Zacks Consensus Estimate for Biodesix’s 2022 earnings per share indicates a rise of 1.9% year over year. BDSX has witnessed one upward estimate revision in the past 30 days compared with none in the opposite direction.
Doximity — headquartered in San Francisco, CA — provides a cloud-based digital platform for clients in the medical profession. The consensus estimate for full-year 2022 bottom line of DOCS has increased 29.3% in the past 30 days. During this time period, Doximity has witnessed six upward estimate revisions and no downward movement.
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Teladoc (TDOC) Q4 Loss Narrows on Higher Visits, Memberships
Teladoc Health, Inc. (TDOC - Free Report) reported fourth-quarter 2021 loss of 7 cents per share, narrower than the Zacks Consensus Estimate of a loss of 59 cents. Also, the figure was narrower than the prior-year loss of $3.07 per share.
The company’s operating revenues of $554.2 million (higher than management’s expected range of $536-$546 million) surpassed the Zacks Consensus Estimate of $548 million. The top line also improved 45% year over year for the fourth quarter.
The strong fourth-quarter results were supported by increased visits and memberships as well as lower expenses. Solid contribution from access and visit fees also benefited the results.
Teladoc Health, Inc. Price, Consensus and EPS Surprise
Teladoc Health, Inc. price-consensus-eps-surprise-chart | Teladoc Health, Inc. Quote
Operational Update
Revenues from access fees (which comprised 84.8% of total revenues) increased 51% year over year to $469.9 million. Within this, access fees from the United States jumped 53% year over year to $403.1 million and accounted for 85.8% of total access fees. International access fees made up the remaining 14.2% and amounted to $66.8 million (up 36% year over year).
Meanwhile, TDOC generated $68.9 million of visit fee revenues (up 21% year over year) in the quarter under review. While visit fee revenues from the United States advanced 18% year over year to $65.3 million, revenues from International visits totaled $3.6 million (up 123%).
Adjusted EBITDA surged to $77.1 million from $50.4 million a year ago and was higher than management’s projected range of $69-$74 million.
Adjusted gross margin expanded 50 basis points year over year to 68.4% for the fourth quarter.
Total expenses plunged to $595.7 million from $841.8 million a year ago due to lower expenses related to sales, technology and development, and general and administrative.
Visits & Memberships
Total visits of 4.4 million (higher than the expectation of 3.9-4.1 million) improved 41% year over year on account of 44% and 35% increase in visits from the United States and International segments, respectively.
Teladoc ended the quarter with U.S. paid membership of 53.6 million, which inched up 3% year over year. U.S. visit fee-only access membership rose 14% year over year to 24.2 million for 2021.
Utilization (the ratio of visits to total U.S. paid members) increased 670 bps year over year to 22.7%.
Financial Update (as of Dec 31, 2021)
The company exited the fourth quarter with cash and cash equivalents of $893.5 million, which increased 21.8% from the 2020-end level.
Total debt was $1.2 billion, which tumbled 11.2% from the figure as of Dec 31, 2020.
In 2021, net cash provided by operating activities amounted to $194 million, which improved from cash used in operations of $53.5 million a year ago.
Guidance
First Quarter
For first-quarter 2022, TDOC expects total revenues of $565-$571 million and adjusted EBITDA within $51-$55 million. It projects total visits between 4.3 million and 4.5 million. Net loss per share is expected within 50-60 cents.
Full-Year 2022
For 2022, revenues are anticipated between $2.55 billion and $2.65 billion compared with the 2021 level of $2 billion.
Adjusted EBITDA is estimated to be $330-$355 million, calling for an improvement from the 2021 figure of $267.8 million.
The company projects total visits in the band of 18.5-20 million (indicating a rise from the 2021 level of 15.4 million).
Total U.S. paid membership is expected between 54 million and 56 million members (suggesting growth from the 2021 level of 53.6 million). U.S. visit fee-only access is projected to be available to 24-25 million individuals (implying an increase from the 2021 figure of 24.2 million).
Net loss per share is expected to be $1.40-$1.60, pointing to a narrower loss from the 2021 figure of $2.73.
Zacks Rank & Key Picks
TDOC currently has a Zacks Rank #3 (Hold). Some better-ranked players in the Medical space include Apollo Medical Holdings, Inc. , Biodesix, Inc. (BDSX - Free Report) and Doximity, Inc. (DOCS - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Apollo Medical provides integrated care, inpatient and physician alignment solutions. Based in Alhambra, CA, AMEH has a vast physician network aiding patients and hospitals. The Zacks Consensus Estimate for Apollo Medical’s bottom line for 2022 indicates a jump of 5% year over year to $1.67 per share.
Headquartered in Boulder, CO, Biodesix provides data-driven diagnostic solutions in the country. The Zacks Consensus Estimate for Biodesix’s 2022 earnings per share indicates a rise of 1.9% year over year. BDSX has witnessed one upward estimate revision in the past 30 days compared with none in the opposite direction.
Doximity — headquartered in San Francisco, CA — provides a cloud-based digital platform for clients in the medical profession. The consensus estimate for full-year 2022 bottom line of DOCS has increased 29.3% in the past 30 days. During this time period, Doximity has witnessed six upward estimate revisions and no downward movement.