Teladoc Health, Inc. (NYSE: TDOC), the global leader in whole-person virtual care. Today reported financial results for the fourth quarter and full-year ended December 31, 2021.
This quarterly report represents an earnings surprise of 88.14%. A quarter ago, it was expected that this telehealth services provider would post a loss of $0.70 per share when it produced a loss of $0.53, delivering a surprise of 24.29%.
Teladoc shares have lost about 29.2% since the beginning of the year versus the S&P 500’s decline of -8.8%.
Fourth Quarter 2021
Revenue increased 45% to $554.2 million, from $383.3 million in the fourth quarter of 2020. Access fees revenue grew 51% to $469.9 million and visit fee revenue grew 21% to $68.9 million. U.S. Revenues grew 45% to $482.9 million and International revenues grew 40% to $71.3 million.
Net loss totaled $11.0 million, or $(0.07) per share, compared to $394.0 million, or $(3.07) per share, in the fourth quarter of 2020. Results for the fourth quarter of 2021 included stock-based compensation expense of $61.6 million, or $(0.39) per share. The amortization of acquired intangibles of $45.1 million, or $(0.28) per share, and the non-cash income tax benefit of $49.7 million, or $0.31 per share.
Results for the fourth quarter of 2020 included a stock-based compensation expense of $414.4 million, or $(3.23) per share. The amortization of acquired intangibles of $33.0 million, or $(0.26) per share. The non-cash income tax benefit of $85.5 million, or $0.67 per share.
Adjusted EBITDA* increased 53% to $77.1 million, compared to $50.4 million in the fourth quarter of 2020.
GAAP Gross margin, which includes depreciation and amortization, was 67.5 percent for the fourth quarter of 2021 compared to 67.2 percent for the fourth quarter of 2020.
Adjusted Gross margin* was 68.4 percent for the fourth quarter of 2021 compared to 67.9 percent for the fourth quarter of 2020.
The average revenue per U.S. paid member increased to $2.49 in the fourth quarter of 2021, from $1.63 in the fourth quarter of 2020 and $2.40 in the third quarter of 2021.
About Teladoc Health
Teladoc Health empowers all people everywhere to live their healthiest lives by transforming the healthcare experience. As the world leader in whole-person virtual care, Teladoc Health uses proprietary health signals and personalized interactions to drive better health outcomes across the full continuum of care, at every stage in a person’s health journey. Ranked Best in KLAS for Virtual Care Platforms in 2020 and #1 among direct-to-consumer telehealth providers in the J.D. Power 2021 U.S. Telehealth Satisfaction Study, Teladoc Health leverages more than a decade of expertise and data-driven insights to meet the growing virtual care needs of consumers and healthcare professionals.
Shares of Teladoc Health Inc. TDOC, +0.46% fell more than 6% in the extended session Tuesday after investors looked past a narrower quarterly loss and sales that were above expectations.
