(Reuters) - Telehealth company Teladoc Inc (TDOC.N) reported third-quarter revenue that beat Wall Street estimates on Wednesday and expected more patients to access its platform by the year end than was previously stated.
The largest U.S. provider of telemedicine with 75 percent marketshare said enrollment for the quarter rose 33 percent to 22.6 million, helping the company’s revenue more than double.
Analysts were expecting revenue of $67.58 million, according to Thomson Reuters I/B/E/S.
Revenue from subscription access fees, charged per member per month, came in at $59.8 million and accounted for about 87 percent of Teladoc’s revenue.
The New York-based company said it now expects to enroll between 22.6 million to 23 million members this year, an increase of 100,000 members to the low end of the previously issued range.
Policymakers have been pushing to expand patients’ access to telehealth, hoping that a visit to the platform could eventually offset, for example, a more expensive trip to the emergency room, Baird analyst Matthew Gillmor told Reuters.
Teladoc said total visits grew 51 percent to 306,000 in the quarter, an indication of more members consulting doctors through the platform.
The company’s net loss widened to $31.3 million, or 55 cents per share, missing analysts estimates by 3 cents.
Teladoc also narrowed its full-year revenue forecast to between $231 million to $233 million versus previously expected range of $230 million to $235 million.
Full-year net loss is expected to widen to between $1.56 and $1.58 per share, higher than the previous forecast of between $1.52 and $1.55 per share, Teladoc said.
Reporting by Tamara Mathias in Bengaluru; Editing by Arun Koyyur