Livongo Health (NASDAQ:LVGO) was already one of the rock-star stocks of 2020, having gained more than 200% so far this year. Expectations were understandably high as the digital health management company released its preliminary second-quarter results, but the numbers far exceeded the most robust analyst estimates and smashed management's guidance, sending the stock up an additional 20% on Tuesday.

While the results have yet to be finalized, Livongo is now expecting revenue in a range of $86 million to $87 million, which would represent year-over-year growth of 110% to 113%. To put that into context, management had originally forecast revenue in a range of $73 million to $75 million, or growth of 78% to 83%. Analysts' consensus estimates were banking on revenue growth of 83%.

The Livongo app being used on a smartphone.

Image source: Livongo.

The company's Applied Health Signals platform uses smart devices to collect and aggregate patient's vital statistics, using artificial intelligence and sophisticated algorithms to analyze the data. Livongo then provides patients with feedback, tips, and actionable insights to help them better manage their chronic health conditions.

While the company initially focused on diabetes management, Livongo has since expanded to include hypertension, weight management, diabetes prevention, and behavioral health -- including depression. By using connected technology with remote monitoring, patients can track important health metrics in near real-time and make changes to improve their quality of life and ongoing health outlook.

As a result of the novel coronavirus pandemic, patients have increasingly turned to telehealth and remote health options to avoid unnecessary trips to the doctor's office, for fear of contracting the coronavirus, playing to Livongo's strength. "The COVID-19 pandemic has only magnified the need for Livongo's solutions, which goes well beyond remote monitoring and video visits to generate consumer directed virtual care," said CEO Zane Burke.

Livongo will release its full financial results after the market close on Thursday, Aug. 6.

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