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Teladoc Health

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Teladoc, Inc.
Company typePublic
NYSE: TDOC
IndustryMedical care
Founded2002
Headquarters1945 Lakepointe Dr
Lewisville, TX 75057

2 Manhattanville Road
Suite 203
Purchase, NY 10577
Key people
Jason Gorevic, CEO
RevenueIncrease US$$43.5 million (2014)
Decrease US$17.0 million (2014)
Websitewww.teladoc.com/

Teladoc, Inc. (formerly Teladoc Medical Services) is a telehealth company that uses telephone and videoconferencing technology to provide on-demand remote medical care via mobile devices, the internet, video and phone.[1] The company had its initial public offering on July 1, 2015.

Business

Teladoc provides access to board-certified, state-licensed physicians 24 hours a day for non-emergency medical issues such as allergies, bronchitis, pink eye, sinus problems, and ear infection via audio-video technology for consultations regarding medical advice, diagnoses and basic prescription medications.[2] The company bills itself as a telehealth provider due to its function of facilitating "remote house calls by primary care doctors". However, United States Department of Health and Human Services states that the term telehealth covers a broader range including "non-clinical services, such as provider training, administrative meetings, and continuing medical education" and that the term telemedicine means "remote clinical services".[3] Its competitors include PlushCare,[4] American Well, MDLIVE Inc., Doctor On Demand, and Carena.[5][6]

Metrics

On the eve of its July 1 IPO, the company was billed as the first and largest telehealth platform in the United States.[7] The number of visits facilitated in 2014 was 299,000 and 149,000 during the first quarter of 2015.[8] The company had 8.1 million members in 2014 and 10.6 by the end of the first quarter of 2015.[8] By the end of the first quarter of 2015, the company has 4000 clients including 160 of the Fortune 1000 companies.[8]

Acquisitions

The company has made three acquisitions: Consult A Doctor for $16.6 million cash in August 2013; AmeriDoc for $17.2 million in May 2014; and BetterHelp for $3.5 million in cash and a $1.0 million promissory note in January 2015.[8]

Funding

In September 2014, the company held a series F round of venture capital funding for $50 million which raised its venture backing to over $100 million and its market valuation to over #300 million.[9] Some of its earlier funding rounds included $9 million in December 2009,[10] $4 million in January 2011,[11] $18.6 million in September 2011,[12] and $15 million in September 2013.[13] On April 29, 2015, the company submitted preliminary confidential IPO paperwork, and on May 29, 2015 it publicly filed for its IPO.[14][15] On July 1, 2015, the company went public with a New York Stock Exchange-listed IPO at $19 per share, which gave the company a market capitalization of $758 million and an enterprise value of $620 million.[16] The initial response to the IPO was good: shares surged 50% on the opening day to close at $28.50,[3] after opening at $29.90 and trading as high as $31.90.[17]

Notes

  1. ^ Wieczner, Jen (2014-09-24). "Thanks to Obamacare, virtual-reality doctors are booming". Fortune. Retrieved 2015-06-28.
  2. ^ "Teladoc Services Now Available in Idaho - Effective July 1". Business Wire. 2015-07-01. Retrieved 2015-07-02.
  3. ^ a b Mitchell, Ben (2015-07-01). "Teladoc shares surge 50% in healthy IPO debut". USA Today. Retrieved 2015-07-02.
  4. ^ Mannes, John. "PlushCare nabs $8M Series A to prove telehealth can go mainstream". TechCrunch. Retrieved 2016-11-28.
  5. ^ Beck, Melinda (2014-05-08). "Where Does It Hurt? Log On. The Doctor Is In". The Wall Street Journal. Retrieved 2015-07-02.
  6. ^ Macedo, Diane (2013-12-12). "New App Lets You Get Instant Healthcare Through Your Smartphone". FOX Business. Retrieved 2015-07-02.
  7. ^ "Teladoc Announces Pricing of Initial Public Offering". Business Wire. 2015-06-30. Retrieved 2015-07-02.
  8. ^ a b c d Dolan, Brian (2015-06-01). "Teladoc IPO filing reveals 299,000 visits last year, details of past aquisitions". Mobi Health News. Retrieved 2015-06-30.
  9. ^ Hay, Timothy (2014-09-22). "Teladoc Grabs $50M to Stay Ahead of Telemedicine Pack". Dow Jones. Retrieved 2015-07-02.
  10. ^ "Teladoc Medical Services Secures $9M Funding Led By HLM Venture Partners". Teladoc. 2009-12-09. Retrieved 2015-07-02.
  11. ^ "Teladoc Raises Another $4M For 24/7 Doctor Availability". Dow Jones. 2011-01-26. Retrieved 2015-07-02.
  12. ^ "Teladoc Secures $18.6 Million in Funding led by Kleiner Perkins Caufield & Byers". Teladoc. 2011-09-13. Retrieved 2015-07-02.
  13. ^ Pai, Aditi (2013-09-12). "Virtual visit company Teladoc raises $15M". Mobi Health News. Retrieved 2015-07-02.
  14. ^ Hay, Timothy (2015-04-29). "Teladoc Announces Confidential Submission of Initial IPO Paperwork". Dow Jones. Retrieved 2015-07-02.
  15. ^ Hay, Timothy (2015-05-29). "Teladoc Publicly Files for Its IPO". Dow Jones. Retrieved 2015-07-02.
  16. ^ "Teladoc prices upsized IPO at $19, well above the range". NASDAQ. 2015-07-01. Retrieved 2015-07-02.
  17. ^ "Health Care Sector Update for 07/01/2015: TDOC,TLOG,XENE". NASDAQ. 2015-07-01. Retrieved 2015-07-02.
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