A breakout stock of the coronavirus era, Teladoc Health (NYSE:TDOC) delivered a third quarter that trounced analyst estimates.
The period saw the telemedicine services specialist book just under $289 million in revenue, which was more than double the Q3 2019 figure, it reported on Wednesday. The company's net loss, however, deepened to $35.9 million, from the year-ago $20.3 million. On an adjusted basis, the latest shortfall was $0.13 per share.
Regardless, both numbers convincingly beat analyst expectations. On average, they predicted almost $282 million on the top line, and a much deeper adjusted per-share net loss of $0.32.
Teladoc continues to benefit from the dramatic rise in popularity of remote videoconferencing services (in its specific case, doctor visits) during the ever-lengthening coronavirus pandemic. New client partnerships with companies and organizations such as Spain's telecom incumbent Telefonica and Johns Hopkins University have also helped boost revenue.
Additionally, "We are seeing significant market success and consistent growth in member visits throughout all of our commercial channels," CEO Jason Gorevic said.
Teladoc also proffered estimates for its current fourth quarter and the full fiscal year. It believes revenue for the latter will range from just over $1 billion to nearly $1.02 billion, with a per-share net loss of $1.32 to $1.36.
Teladoc has attracted no small amount of criticism lately because of the announcement in August that it agreed to acquire Livongo Health in a deal valued at $18.5 billion. Some observers are concerned that Livongo is not a good fit, while others balk at the rich price the consistently loss-making Teladoc will be paying for its big new asset.