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Stalled membership numbers, hospital business mar Teladoc’s Q2 beat


Dive Brief:

Teladoc Health saw its year-over-year total revenue more than double in the second quarter of this year, coming in above Wall Street expectations and hiking its full-year guidance for the second time this year after offering mild expectations in February.

Analysts noted, however, that membership numbers were stale and the hospital business was slower than expected for the quarter. Shares were down 6% in morning trading Wednesday.

In a call with investors Tuesday, executives tried to steer the conversation toward per-member revenue metrics and touted new contracts, including with major Blues payer HCSC and a primary care platform agreement in the works with an unnamed national payer.

Dive Insight:

SVB Leerink analysts noted investors continue to be spooked by a concern of little cross-sales traction with Livongo, which Teladoc bought last year for $18.5 billion, and the possibility that virtual visits will drop off as more people get coronavirus vaccinations. They noted, however, that “core business metrics quietly continue to outperform.”COVID-19 led to a major spike in telehealth use that’s beginning to level off but still settling in at much higher rates than before the pandemic. One recent study pegged the usage at 38 times pre-COVID-19 levels […]

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