Teladoc Reports Q1 Revenue of $26.9 Million, Driven by Strong Membership and Policy Tailwinds

May 12, 2016 11:48 CST Updated 11:48

Recently, telemedicine giant Teladoc announced first-quarter revenue of $26.9 million, a 63% year-over-year increase. Of this, membership subscription fees amounted to $20.7 million, while consultation fees totaled $6.2 million.

Teladoc’s Q1 2016 consultation volume hit a record high of approximately 240,000 visits, representing a 61% year-over-year increase, with 2.9 million new users added.

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Teladoc CEO Jason Gorevic stated, “The first quarter has always been important for us, as it typically sees a significant increase in new users. We have seen substantial results in the first quarter; Teladoc’s platform is robust and scalable, and we continue to expand our competitive advantage each quarter. We look forward to identifying new business opportunities in the coming years.”

Teladoc stated that the rapid growth in first-quarter revenue was attributable to the company’s strong sales performance, management adjustments, and supportive legal and policy developments.

For instance, in terms of legal and policy frameworks, Gorevic referenced the 1,425-page regulation on telemedicine issued last month by the U.S. Centers for Medicare & Medicaid Services (CMS). Gorevic expressed satisfaction with the enactment of relevant telemedicine legislation, which is driving the continuous evolution of telemedicine. Currently, Ohio, Indiana, Missouri, Michigan, Iowa, Connecticut, Louisiana, Virginia, South Carolina, Delaware, West Virginia, and Alaska have already adopted or will soon implement new telemedicine laws to address unnecessary regulatory burdens.

Over the past few weeks, Teladoc has announced a series of new clients: global consulting firm Willis Towers Watson, health benefits platform HealthX, and human resources management consulting firm Mercer.