Telehealth platform Teladoc (TDOC 2.73%), which delivers on-demand healthcare via mobile devices, the internet, video, and phone, saw its stock skyrocket as much as 25.2% on Tuesday following the company's first-quarter earnings release on Monday afternoon. Shares remain this high at the time of this writing.
Teladoc's first quarter consisted of rapid revenue growth and better-than-expected financial results. The company reported first-quarter revenue of $42.9 million, up 60% year over year. On average, analysts anticipated revenue of $42.2 million. Net loss per share was $0.30, an improvement compared to its loss per share of $0.40 in the year-ago quarter. On average, analysts were forecasting a net loss per share of $0.34.
In addition, Teladoc said it onboarded more than 2.6 million new customers into the platform and increased overall utilization. Total membership was 20.1 million, up 34% year over year. Total visits were about 385,000, up 60% year over year.
"We continue to benefit from strong demand for both our core and new clinical offerings, resulting in our deeper integration into the virtual healthcare continuum and an enhanced value proposition to our partners," explained Teladoc CEO Jason Gorevic.
With Gorevic remaining "very confident" in the company's market leadership and its progress toward its financial and strategic targets for the year, Teladoc guided for second-quarter revenue between $44 million and $45 million, above a consensus analyst estimate for second-quarter revenue of $43 million.