Teladoc posted $128.6 million in revenue for the first quarter of 2019, driven by rises in both domestic and international subscription fees.
That’s up 43% from the $89.6 million in revenue the company reported during same period last year, according to earnings results released Tuesday. Net loss for the quarter totaled $30.2 million, compared with $23.9 million in the same period last year.
Subscription fees accounted for more than 82% of the company’s total first-quarter revenue at $106 million, with the remaining $22.6 million attributed to visit fees. Teladoc’s total visits were up 75% year-over-year at nearly 1.1 million.
Gorevic said he sees the U.S. health plan market as “one of the greatest potential areas for growth” in terms of population and visit volume. Health plans generally tend to expand their relationship with Teladoc over time after seeing initial savings, according to the company.
Teladoc’s expanding international footprint also played a role in its growing revenue and visit volume.
The company’s revenue from international subscription fees was up 133% at $25 million for the quarter. Total international visits topped 282,000, up from roughly 1,000 international visits reported during last year’s first quarter.
Teladoc took numerous steps to expand its international presence in the quarter, entering into an agreement to acquire a Paris-based telemedicine provider and rolling out a virtual care service in Canada.
Teladoc is scheduled to bring its first client live on the Canada service during the third quarter.
“We have continued to execute on our strategy of positioning Teladoc as the only global virtual care solution,” Gorevic said. Last year, Teladoc purchased of virtual care provider Advance Medical for an estimated $352 million.
Teladoc reaffirmed its financial expectations for 2019, projecting revenue to be in the range of $535 million to $545 million and net loss per share to be in the range of $1.52 and $1.66. In 2018, net loss per share was $1.47.
Gabriel Cappucci, Teladoc’s chief accounting officer, said that Teladoc also expects to be cash-flow positive for the first time in 2019.
Cappucci is coordinating the company’s finance activity until it names a permanent chief financial officer. Mark Hirschhorn, Teladoc’s former CFO and chief operating officer, resigned in December after investors filed a class-action lawsuit alleging he engaged in insider trading.
Gorevic said the CFO search remains a “high priority.”
“We’re seeing some great candidates, although our process is not yet concluded” he said. “I’m confident in Gabe and the finance team, which gives us the time we need to find the right fit for our organization.”
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