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Teladoc made the second-largest gains on the New York Stock Exchange last week.
Think telehealth is a trend? The deep-pocketed suits on Wall Street beg to differ.
The move followed Teladoc’s first-ever investor and analyst day and came just a few weeks after the announcement of its third-quarter results: $68.7 million in revenue, for a 112% year-over-year increase; 22.6 million paid memberships, a 33% year-over-year hike; and a 51% spike in total visits. “Teladoc demonstrated very strong performance in the third quarter, delivering results that were at or above our expectations on all key metrics,” CEO Jason Goveric said early this month, foreshadowing the stock’s ascent.
Founded in 2002, Teladoc was the first telehealth platform to take off in the country. It provides round-the-clock access to board-certified physicians with a variety of specialties, including dermatology, behavioral health, and general medicine. The company’s doctors prescribe medical treatments, manage records, and consult patients through an app, which supports video and phone calls.
The model seems to be working. Its 22.6 million members—who made 306,000 visits last quarter—report an average customer satisfaction rate of 95%, according to Teladoc. Members, meanwhile, reported a 92% resolution rate following encounters, the company noted.
And Teladoc’s tentacles extend beyond telehealth. It also uses big data and analytics, medical devices, and consumer wearables to boost care and engage patients, according to the company. Its tool bench, according to experts, combines many of the much-discussed features at the center of the marriage of healthcare and technology.
So, what has this all done for its stock? Teladoc, or TDOC, closed its initial public offering in July 2015 with more than 8.2 million shares of common stock at $19 apiece, according to the company. As of 12:35 p.m. today, Nov. 27, the stock’s value had climbed to $35.80, a 55-cent jump from the opening bell.
Teladoc hosted its investor and analyst powwow last Monday in New York City. The senior management team was expected to highlight “key industry insights” and “several business segments,” the organization noted.
In the fourth quarter, Teladoc expects its revenues to rise beyond $75 million and membership to grow by 400,000, to 23 million people.