3 Key Takeaways From Teladoc's Q2 Earnings
Telehealth company Teladoc Health (NYSE: TDOC) is down 44% over the past six months, underperforming the broader stock market. The company recently reported its Q2 earnings for the 2021 fiscal year, and investors are wondering whether it's positioned for a comeback. Here are three key takeaways from earnings that might signal brighter days ahead for shareholders.
The pandemic forced people to make sudden and dramatic changes to their lives, one of which was the rapid adoption of telehealth. While patients were largely shut out of office visits, Teladoc saw a large surge in its business -- in Q2 2020, when the first wave of the pandemic was at its height, Teladoc's U.S. paid memberships grew to 51.5 million, up 92% from 2019. Visits grew 203% year over year to more than 2.7 million. This fueled 85% revenue growth to $241 million over 2019.
This huge uptick in business created tough comparable numbers for 2021, with many investors fearing that Teladoc would certainly see its business reverse after such a big 2020. Instead, Teladoc has continued to grow, and while Q2 2021 paid U.S. memberships only increased 1% to 52 million, visits grew 28% over 2020. Revenue accelerated from last year, hitting $503 million, a year-over-year increase of 109%.
Source Fool.com
