Teladoc, Inc. (NYSE:TDOC) Q2 2020 Earnings Conference Call - Final Transcript

Jul 29, 2020 • 04:30 pm ET


Teladoc, Inc. (NYSE:TDOC) Q2 2020 Earnings Conference Call - Final Transcript


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Welcome to Teladoc's Second Quarter 2020 Earnings Conference Call and Webcast. [Operator Instructions] It is now my pleasure to turn the floor over to Patrick Feeley, Vice President of Investor Relations. You may begin.

Patrick Feeley

Thank you, and good afternoon. Today, after the market closed, we issued a press release announcing our second quarter 2020 financial results. This press release is available in the Investor Relations section of the website.

On this call to discuss the results are Jason Gorevic, our Chief Executive Officer; and Mala Murthy, our Chief Financial Officer. During this call, we will also provide our third quarter 2020 outlook, and our prepared remarks will be followed by a question-and-answer session.

Please note that we will be discussing certain non-GAAP financial measures that we believe are important in evaluating Teladoc Health's performance. Details on the relationship between these non-GAAP measures to the most comparable GAAP measures and reconciliations thereof can be found in the press release that is posted on our website.

Also, please note that certain statements made during this call will be forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause the actual results for Teladoc Health to differ materially from those expressed or implied on this call. For additional information, please refer to our cautionary statement in our press release and our filings with the SEC, all of which are available on our website.

I would now like to turn the call over to Jason.

Jason Gorevic

Thanks, Patrick, and thank you, everyone, for joining us this afternoon. After the market closed, we reported the results of our second quarter 2020, which was characterized by outperformance across all key financial and operational metrics, driven by broad-based strength across the entire business. Particularly strong was our revenue in the quarter, which grew 85% over the prior year to $241 million.

As a result of the increased demand for our services from clients and consumers, as well as including the results of InTouch Health for the second half of the year, we are significantly raising forward guidance, including full year revenue guidance of $980 million to $995 million. This represents an increase of $170 million to $180 million over our prior range, including an organic increase of over $100 million.

There's no doubt that the ongoing pandemic shines a spotlight on the integral role that virtual care plays within the health care system. I recently shared the virtual stage with US HHS Secretary, Alex Azar. And when asked about virtual care, Secretary Azar said, I think we'd have a revolution if anyone tried to go backwards on telemedicine. This is now an embedded part of our health care system. I don't think I could have said it any better. The pandemic has accelerated the widespread adoption of virtual care, and I'm confident there's no going back. To that end, while it's earlier than usual for us to be looking ahead to