posted a wider net loss than investors expected, and shares fell in after-hours trading on Tuesday following the earnings report.
The virtual health firm (ticker: TDOC) had a second-quarter net loss of $133.8 million, or 86 cents a share. Wall Street’s consensus estimate called for a net loss of 53 cents a share, according to FactSet. Adjusted earnings before interest, taxes, depreciation, and amortization, or Ebitda, of $66.8 million was ahead of consensus estimates at $62.9 million, according to FactSet. Sales of $503.1 million also edged out expectations for $500.6 million.
Teladoc stock was down 7% to $140.40 in after-hours trading. Shares had already shed a quarter of their value from the start of the year, as investors questioned how virtual health firms would fare as the economy reopened, especially after the company said it expected little membership growth in 2021.
During the quarter, the company saw visits jump to 3.5 million. That’s up 28% year-over-year from the June quarter of 2020, when the first wave of the pandemic hit the U.S. Paid memberships in the U.S. were 52 million, up 1% from 51.5 million in the second quarter of 2020.
“We have solid momentum heading into the second half as the market embraces the unified care experience that only
has the breadth and scale to achieve,” CEO Jason Gorevic said in the earnings release.
For the full year, the company forecasts sales of $2 billion to $2.025 billion. Its net loss outlook is $3.60 a share to $3.35 a share. It also expects total visits between 13.5 million and 14 million, with U.S. paid memberships ranging from 52 million to 54 million members.
Write to Connor Smith at co[email protected]