A video visit for a Teladoc member.
Courtesy of Teladoc
Teladoc Health stock rebounded from a post-earnings drop shortly after the market opened on Thursday. The stock was rising after the virtual healthcare company’s third-quarter results beat expectations.
Teladoc (ticker: TDOC) reported a third-quarter net loss of $84.3 million, or 53 cents a share, Wednesday after the market close. Revenue jumped 81% year over year to $522 million. Wall Street’s consensus estimates called for a net loss of 67 cents a share and revenue of $516.63 million, according to FactSet.
Adjusted earnings before interest, taxes, depreciation, and amortization, or Ebitda, hit $67.4 million, ahead of expectations at $65.3 million, according to FactSet.
Though the stock opened down at $131, shares rebounded strongly and were up 5.3%, at $146.03, in recent trading. The initial response mirrored the stock’s moves after the firm’s prior three earnings reports. The stock fell nearly 13% following its fourth-quarter 2020 report and 8% after its first-quarter 2021 report. On the positive side, an initial steep drop on the day following Teladoc’s second-quarter report in July reversed itself, and the stock closed 0.5% higher.
The stock is down 27% in 2021 following a 139% surge in 2020. Though the pandemic provided explosive growth for the company, it also created a high bar to clear in 2021.
Teladoc reported 52.5 million U.S. paid memberships, up 2% year over year and in line with Wall Street’s consensus estimates. Total visits increased 37% year over year to 3.9 million, exceeding analysts’ estimates of 3.5 million.
For the fourth quarter, the company expects revenue between $536 million and $546 million, compared with the consensus call of $540 million among analysts tracked by FactSet. Teladoc expects total U.S. paid memberships to be between 52.5 million and 53.5 million, with between 3.9 million and 4.1 million total visits.
Write to Connor Smith at [email protected]
