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     307  0 Kommentare Teladoc Health Reports Fourth-Quarter and Full-Year 2019 Results

    Year-over-year Q4 revenue grows 27% to $156.5 million and total visits increase 44% to 1.2 million

    Year-over-year full year revenue grows 32% to $553.3 million and total visits increase 57% to 4.1 million

    Issues Initial 2020 guidance

    PURCHASE, NY, Feb. 26, 2020 (GLOBE NEWSWIRE) -- Teladoc Health, Inc. (NYSE: TDOC), the global leader in virtual care, today reported financial results for the fourth quarter and full year ending December 31, 2019.

    “We demonstrated outstanding performance in the fourth quarter and full year of 2019 as we reported record results that were at the high end or exceeded our expectations on all key metrics. Our diversified growth strategies are driving strong growth across our channels,” said Jason Gorevic, chief executive officer. “Looking forward, we are well positioned with significant momentum to extend our leadership position and to meet the increasing demand for our comprehensive service offering.”

    Financial Highlights for the Fourth Quarter and Full Year Ended December 31, 2019

                                   
    Revenue                              
    ($ thousands)                              
      Quarter Ended   Year over Year   Year Ended    Year over Year
      December 31,   Growth   December 31,   Growth
      2019   2018       2019   2018    
    Subscription Access Fees Revenue                              
    U.S. $ 98,052   $ 78,340   25%   $ 356,656   $ 277,091   29%
    International   28,924     24,362   19%     106,640     73,693   45%
    Total   126,976     102,702   24%     463,296     350,784   32%
                                   
    Visit Fee Revenue                              
    U.S. Paid Visits   21,265     15,752   35%     68,738     53,074   30%
    U.S. Visit Fee Only   7,957     3,751   112%     19,931     12,508   59%
    International Paid Visits   291     536   (46)%     1,342     1,541   (13)%
    Total   29,513     20,039   47%     90,011     67,123   34%
                                   
    Total Revenue* $ 156,489   $ 122,741   27%   $ 553,307   $ 417,907   32%
                                   
    *Organic fourth-quarter 2019 revenue, excluding MedecinDirect, increased by 27 percent year over year.
    Organic full year ended 2019 revenue, excluding Advance Medical and MedecinDirect, increased by 24 percent year over year.
     


                 
    Membership & Visit Fee Only Access            
    (millions)            
      Year Ended   Year over Year
      December 31,   Growth
      2019   2018    
    Total U.S. Paid Membership 36.7   22.8   61.1 %
                 
    Total U.S. Visit Fee Only Access 19.3   9.5   104.2 %
     


                                         
    Visits                                    
    (thousands)                         Quarter   Full Year  
                              Year over Year   Year over Year  
      2019     2018     Growth   Growth  
      Q1 Q2 Q3 Q4 YTD   Q1 Q2 Q3 Q4 YTD          
    Paid Visits from U.S. Paid Membership 365   291   278   441   1,375     298   218   202   302   1,020     46   %   35   %  
    Percent of Paid Visits from U.S. Paid Membership 51 % 48 % 45 % 52 % 49 %   54 % 50 % 46 % 50 % 50 %   4   %   (2 ) %  
    Visits Included from U.S. Paid Membership 353   319   344   409   1,425     256   218   237   305   1,016     34   %   40   %  
                                         
    Total Visits from U.S. Paid Membership 718   610   622   850   2,800     554   436   439   607   2,036     40   %   38   %  
                                         
    U.S. Visit Fee Only 63   54   62   125   304     51   37   36   49   173     154   %   76   %  
                                         
    International Visits 282   244   244   264   1,034     1   60   166   205   432     29   %   139   %  
    Total Visits 1,063   908   928   1,239   4,138     606   533   641   861   2,641     44   %   57   %  
                                         
    Utilization 11.00 % 9.10 % 7.98 % 9.49 % 9.34 %   10.90 % 8.04 % 7.81 % 10.75 % 9.35 %   (126 ) pt   1   pt  
                                         
    • Net loss was $(19.0) million for the fourth quarter 2019 compared to $(24.9) million for the fourth quarter 2018. Net loss was $(98.9) million for the full year 2019 compared to $(97.1) million for the full year 2018.
    • Net loss per basic and diluted share was $(0.26) for the fourth quarter 2019 compared to $(0.35) for the fourth quarter 2018. Net loss per basic and diluted share was $(1.38) for the full year 2019 compared to $(1.47) for the full year 2018.
    • Gross margin was 64.6 percent for the fourth quarter 2019 compared to 67.4 percent for the fourth quarter 2018. Gross margin was 66.7 percent for the full year 2019 compared to 69.2 percent for the full year 2018.
    • EBITDA was $(5.7) million for the fourth quarter 2019 compared to $(8.3) million for the fourth quarter 2018. EBITDA was $(41.5) million for the full year 2019 compared to $(35.3) million for the full year 2018.
    • Adjusted EBITDA was a positive $15.2 million for the fourth quarter 2019 compared to a positive $5.8 million for the fourth quarter 2018. Adjusted EBITDA was a positive $31.8 million for the full year 2019 compared to a positive $13.4 million for the full year 2018.

    A reconciliation of generally accepted accounting principles (“GAAP”) in the United States to non-GAAP results has been provided in this press release in the accompanying tables. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures”.

    Financial Outlook
    Teladoc Health provides guidance based on current market conditions and expectations.

    For the first-quarter 2020, we expect:

    • Total revenue to be in the range of $169 million to $172 million.
    • EBITDA loss to be in the range of $(9) million to $(7) million.
    • Adjusted EBITDA to be in the range of $9 million to $11 million.
    • Total U.S. paid membership to be approximately 40 million to 41 million members and visit-fee-only access to be available to approximately 19.2 million individuals.
    • Total visits to be between 1.4 million and 1.6 million.
    • Net loss per share, based on 73.1 million weighted average shares outstanding, to be between $(0.37) and $(0.34).

    For the full-year 2020, we expect:

    • Total revenue to be in the range of $695 million to $710 million.
    • EBITDA loss to be in the range of $(15) million to $(5) million.
    • Adjusted EBITDA to be in the range of positive $60 million to $70 million.
    • Total U.S. paid membership to be approximately 43 million to 45 million members and visit-fee-only access to be available to approximately 19 to 20 million individuals.
    • Total visits to be between 5.5 million to 5.9 million.
    • Net loss per share, based on 73.7 million weighted average shares outstanding, to be between $(1.19) and $(1.06).

    Quarterly Conference Call

    The fourth quarter and full year 2019 earnings conference call and webcast will be held Wednesday, February 26, 2020 at 4:30 p.m. EST. The conference call can be accessed by dialing 1-833-241-4255 for U.S. participants, or 1-647-689-4206 for international participants, and including the following Conference ID Number: 8784129 to expedite caller registration; or via a live audio webcast available online at http://ir.teladoc.com/news-and-events/events-and-presentations/. A webcast replay will be available for on-demand listening shortly after the completion of the call at the same web link.

    About Teladoc Health

    A mission-driven organization, Teladoc Health, Inc. is successfully transforming how people access and experience healthcare, with a focus on high quality, lower costs, and improved outcomes around the world. The company’s award-winning, integrated clinical solutions are inclusive of telehealth, expert medical services, AI and analytics, and licensable platform services. With more than 2,400 employees, the organization delivers care in more than 175 countries and in more than 40 languages, partnering with employers, hospitals and health systems, and insurers to transform care delivery. For more information, please visit www.teladochealth.com or follow @TeladocHealth on Twitter.

    Cautionary Note Regarding Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “believe,” “project,” “estimate,” “expect,” “may,” “should,” “will” and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding future revenues, future earnings, future numbers of members or clients, litigation outcomes, regulatory developments, market developments, new products and growth strategies, and the effects of any of the foregoing on our future results of operations or financial conditions.
               
    Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: (i) changes in laws and regulations applicable to our business model; (ii) changes in market conditions and receptivity to our services and offerings; (iii) results of litigation; (iv) the loss of one or more key clients; and (v) changes to our abilities to recruit and retain qualified providers into our network. For a detailed discussion of the risk factors that could affect our actual results, please refer to the risk factors identified in our SEC reports, including, but not limited to our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, as filed with the SEC.

    Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

     
    CONSOLIDATED BALANCE SHEETS
    (In thousands, except share and per share data, unaudited)
               
      December 31,   December 31,
      2019   2018
             
    Assets          
    Current assets:          
    Cash and cash equivalents $ 514,353     $ 423,989  
    Short-term investments   2,711       54,545  
    Accounts receivable, net of allowance of $3,787 and $3,382, respectively   56,948       43,571  
    Prepaid expenses and other current assets   13,990       10,631  
    Total current assets   588,002       532,736  
    Property and equipment, net   10,296       10,148  
    Goodwill   746,079       737,197  
    Intangible assets, net   225,453       247,394  
    Operating lease - right-of-use assets   26,452       0  
    Other assets   6,545       1,401  
    Total assets $ 1,602,827     $ 1,528,876  
    Liabilities and stockholders’ equity          
    Current liabilities:          
    Accounts payable $ 9,075     $ 7,769  
    Accrued expenses and other current liabilities   49,848       26,801  
    Accrued compensation   31,258       27,869  
    Total current liabilities   90,181       62,439  
    Other liabilities   11,539       6,191  
    Operating lease liabilities, net of current portion   24,994       0  
    Deferred taxes   21,678       32,444  
    Convertible senior notes, net   440,410       414,683  
    Commitments and contingencies          
    Stockholders’ equity:          
    Common stock, $0.001 par value; 150,000,000 shares authorized as of December 31, 2019
    and 2018; 72,761,941 shares and 70,516,249 shares issued and
    outstanding as of December 31, 2019 and 2018, respectively
      73       70  
    Additional paid-in capital   1,538,716       1,434,780  
    Accumulated deficit   (507,525 )     (408,661 )
    Accumulated other comprehensive loss   (17,239 )     (13,070 )
    Total stockholders’ equity   1,014,025       1,013,119  
    Total liabilities and stockholders’ equity $ 1,602,827     $ 1,528,876  
                   



     
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (In thousands, except share and per share data, unaudited)
                           
      Quarter Ended December 31,   Year Ended December 31,
      2019     2018     2019     2018  
    Revenue $ 156,489     $ 122,741     $ 553,307     $ 417,907  
    Expenses:                      
    Cost of revenue (exclusive of depreciation and amortization shown separately below)   55,355       40,028       184,465       128,735  
    Operating expenses:                      
    Advertising and marketing   25,356       23,555       109,697       85,109  
    Sales   16,751       14,509       64,915       59,154  
    Technology and development   16,246       13,544       64,644       54,373  
    Legal and regulatory   1,523       1,490       6,762       3,981  
    Acquisition and integration related costs   2,477       1,434       6,620       10,391  
    Gain on sale   0       0       0       (5,500 )
    General and administrative   44,482       36,461       157,694       116,916  
    Depreciation and amortization   9,887       9,557       38,952       35,602  
    Total expenses   172,077       140,578       633,749       488,761  
    Loss from operations   (15,588 )     (17,837 )     (80,442 )     (70,854 )
    Interest expense, net   7,581       6,663       29,013       26,112  
    Net loss before taxes   (23,169 )     (24,500 )     (109,455 )     (96,966 )
    Income tax benefit   (4,125 )     379       (10,591 )     118  
    Net loss $ (19,044 )   $ (24,879 )   $ (98,864 )   $ (97,084 )
                           
    Net loss per share, basic and diluted $ (0.26 )   $ (0.35 )   $ (1.38 )   $ (1.47 )
                           
    Weighted-average shares used to compute basic and diluted net loss per share   72,564,855       70,239,511       71,844,535       65,844,908  
                                   



     
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (In thousands, unaudited)
     
               
      Year Ended December 31,
      2019
      2018
    Cash flows provided by (used in) operating activities:          
    Net loss $ (98,864 )   $ (97,084 )
    Adjustments to reconcile net loss to net cash provided by (used in) operating activities:          
    Depreciation and amortization   44,952       35,602  
    Allowance for doubtful accounts   2,665       2,243  
    Stock-based compensation   66,702       43,769  
    Deferred income taxes   (10,868 )     (2,247 )
    Accretion of interest   25,438       19,487  
    Gain on sale   0       (5,500 )
    Changes in operating assets and liabilities:          
    Accounts receivable   (15,884 )     (10,931 )
    Prepaid expenses and other current assets   (2,685 )     (2,612 )
    Other assets   (105 )     (414 )
    Accounts payable   905       (391 )
    Accrued expenses and other current liabilities   14,841       3,993  
    Accrued compensation   4,546       8,480  
    Operating lease liabilities   (2,417 )     0  
    Other liabilities   643       745  
    Net cash provided by (used in) operating activities   29,869       (4,860 )
    Cash flows provided by (used in) investing activities:          
    Purchase of property and equipment   (3,510 )     (4,011 )
    Purchase of internal-use software   (7,390 )     (4,396 )
    Purchase of marketable securities   0       (56,347 )
    Proceeds from marketable securities   52,100       84,170  
    Sale of assets   (0 )     5,530  
    Investment in securities   (5,000 )     0  
    Acquisition of business, net of cash acquired   (11,187 )     (282,442 )
    Net cash provided by (used in) investing activities   25,013       (257,496 )
    Cash flows provided by financing activities:          
    Net proceeds from the exercise of stock options   33,283       31,322  
    Proceeds from issuance of convertible notes   0       279,152  
    Proceeds from borrowing under bank and other debt   0       10  
    Proceeds from issuance of common stock   0       330,843  
    Proceeds from employee stock purchase plan   3,380       2,564  
    Cash (paid) received for withholding taxes on stock-based compensation, net   (1,569 )     1,721  
    Net cash provided by financing activities   35,094       645,612  
    Net increase in cash and cash equivalents   89,976       383,256  
    Foreign exchange difference   388       (2,084 )
    Cash and cash equivalents at beginning of the period   423,989       42,817  
    Cash and cash equivalents at end of the period $ 514,353     $ 423,989  
               
    Income taxes paid $ 1,310     $ 441  
               
    Interest paid $ 12,224     $ 10,303  
                   

    Non-GAAP Financial Measures:

    To supplement our financial information presented in accordance with generally accepted accounting principles in the United States, or U.S. GAAP, we use gross margin, EBITDA and Adjusted EBITDA, which are non-U.S. GAAP financial measures to clarify and enhance an understanding of past performance. We believe that the presentation of these financial measures enhances an investor’s understanding of our financial performance. We further believe that these financial measures are useful financial metrics to assess our operating performance from period-to-period by excluding certain items that we believe are not representative of our core business. We use certain financial measures for business planning purposes and in measuring our performance relative to that of our competitors. We utilize Adjusted EBITDA as the primary measure of our performance.

    Gross margin is our total revenue minus our total cost of revenue (exclusive of depreciation and amortization shown separately) as a percentage of our total revenue. We believe that it provides investors meaningful information to understand our results of operations and the ability to analyze financial and business trends on a period-to-period basis.

    EBITDA consists of net loss before interest, taxes, depreciation and amortization. We believe that making such adjustment provides investors meaningful information to understand our results of operations and the ability to analyze financial and business trends on a period-to-period basis.

    Adjusted EBITDA consists of net loss before interest, taxes, depreciation, amortization, stock-based compensation, gain on sale and acquisition and integration related costs. We believe that making such adjustment provides investors meaningful information to understand our results of operations and the ability to analyze financial and business trends on a period-to-period basis.

    We believe the above financial measures are commonly used by investors to evaluate our performance and that of our competitors. However, our use of the term gross margin, EBITDA and Adjusted EBITDA may vary from that of others in our industry. Neither EBITDA nor Adjusted EBITDA should be considered as an alternative to net loss before taxes, net loss, loss per share or any other performance measures derived in accordance with U.S. GAAP as measures of performance.

    Gross margin, EBITDA and Adjusted EBITDA have important limitation as analytical tools and you should not consider them in isolation or as a substitute for analysis of our results as reported under U.S. GAAP. Some of these limitations are:

    • Gross margin has been and will continue to be affected by a number of factors, including the fees we charge our Clients, the number of visits and cases we complete the costs paid to Providers and medical experts as well as the costs of our provider network operations center;
    • Gross margin does not reflect the significant depreciation and amortization to cost of revenue;
    • EBITDA and Adjusted EBITDA do not reflect the significant interest expense on our debt;
    • EBITDA and Adjusted EBITDA eliminate the impact of income taxes on our results of operations;
    • Adjusted EBITDA does not reflect the significant gain on sale of certain non-core business contracts;
    • Adjusted EBITDA does not reflect the significant acquisition and integration related costs related to mergers and acquisitions;
    • Adjusted EBITDA does not reflect the significant non-cash stock compensation expense which should be viewed as a component of recurring operating costs; and
    • other companies in our industry may calculate EBITDA and Adjusted EBITDA differently than we do, limiting the usefulness of EBITDA and Adjusted EBITDA as comparative measures.

    In addition, although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and gross margin, EBITDA and Adjusted EBITDA do not reflect any expenditures for such replacements.

    We compensate for these limitations by using gross margin, EBITDA and Adjusted EBITDA along with other comparative tools, together with U.S. GAAP measurements, to assist in the evaluation of operating performance. Such U.S. GAAP measurements include net loss, net loss per share and other performance measures.

    In evaluating these financial measures, you should be aware that in the future we may incur expenses similar to those eliminated in this presentation. Our presentation of gross margin, EBITDA and Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or nonrecurring items.

     
    Reconciliation of EBITDA and Adjusted EBITDA to Net Loss
    (In thousands, unaudited)
     
      Quarter Ended   Year Ended 
      December 31,   December 31,
      2019     2018     2019     2018  
    Net loss $ (19,043 )   $ (24,879 )   $ (98,864 )   $ (97,084 )
    Add:                      
    Interest expense, net   7,581       6,663       29,013       26,112  
    Income tax benefit   (4,125 )     379       (10,591 )     118  
    Depreciation expense   682       939       3,382       4,057  
    Amortization expense   9,205       8,618       35,570       31,545  
    EBITDA   (5,700 )     (8,280 )     (41,490 )     (35,252 )
    Stock-based compensation   18,457       12,683       66,702       43,769  
    Gain on sale   0       0       0       (5,500 )
    Acquisition and integration related costs   2,477       1,434       6,620       10,391  
    Adjusted EBITDA $ 15,234     $ 5,837     $ 31,832     $ 13,408  
                                   

    Media:
    Courtney McLeod
    914-265-6789
    cmcleod@teladochealth.com

    Investors:
    Patrick Feeley
    914-265-7925
    pfeeley@teladochealth.com



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