Shares of Teladoc Health Inc. sank after hours Tuesday after the telehealth provider, known for its BetterHelp therapy platform, offered a largely downbeat forecast for the months ahead and warned that the market for virtual-healthcare services is getting saturated. In its earnings report Tuesday, the company
TDOC,
-2.57%
said it expects first-quarter sales of $630 million to $645 million, below FactSet analyst forecasts of $673 million. It said it projects to lose 45 cents a share to 55 cents a share during the period, worse than analyst expectations for a loss of 41 cents a share.
For the full year, Teladoc is forecasting sales of $2.64 billion to $2.74 billion, below analyst projections of $2.77 billion, and a per-share loss of 80 cents a share to $1.10 a share, narrower than expectations for $1.20 a share. Shares of Teladoc slid 18% after hours. The stock surged through the pandemic as lockdown restrictions forced more people to interact online, but has since fallen — and the company is now trying to cut costs and boost profits. “It’s important to remember that most U.S. healthcare consumers have access to virtual urgent care today,” Chief Executive Jason Gorevic said on the company’s earnings call Tuesday. “So, it’s largely a replacement market at this point.” “We’ve consistently taken share in this market and we expect to continue to do so,” Gorevic continued. “But it’s fairly well-penetrated and, accordingly, we anticipate revenue growth from our U.S. virtual- …
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TDOC,
-2.57%
said it expects first-quarter sales of $630 million to $645 million, below FactSet analyst forecasts of $673 million. It said it projects to lose 45 cents a share to 55 cents a share during the period, worse than analyst expectations for a loss of 41 cents a share.
For the full year, Teladoc is forecasting sales of $2.64 billion to $2.74 billion, below analyst projections of $2.77 billion, and a per-share loss of 80 cents a share to $1.10 a share, narrower than expectations for $1.20 a share. Shares of Teladoc slid 18% after hours. The stock surged through the pandemic as lockdown restrictions forced more people to interact online, but has since fallen — and the company is now trying to cut costs and boost profits. “It’s important to remember that most U.S. healthcare consumers have access to virtual urgent care today,” Chief Executive Jason Gorevic said on the company’s earnings call Tuesday. “So, it’s largely a replacement market at this point.” “We’ve consistently taken share in this market and we expect to continue to do so,” Gorevic continued. “But it’s fairly well-penetrated and, accordingly, we anticipate revenue growth from our U.S. virtual- …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]