Teladoc, Inc. (TDOC) saw its loss widen to $15.65 million, or $0.30 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $15.30 million, or $0.40 a share. Revenue during the quarter surged 59.54 percent to $42.90 million from $26.89 million in the previous year period. Gross margin for the quarter expanded 124 basis points over the previous year period to 71.70 percent. Operating margin for the quarter stood at negative 34.51 percent as compared to a negative 54.73 percent for the previous year period.
Operating loss for the quarter was $14.80 million, compared with an operating loss of $14.72 million in the previous year period.
Adjusted EBITDA for the quarter stood at negative $9.10 million compared to negative $11.92 million in the prior year second quarter. At the same time, adjusted EBITDA margin stood at negative 21.21 percent for the quarter compared to negative 44.33 percent in the last year period.
“During the first quarter, we achieved strong results across all our key metrics, while seamlessly onboarding over 2.6 million new lives into the Teladoc platform and growing overall utilization,” said Jason Gorevic, chief executive officer of Teladoc. “We continue to benefit from strong demand for both our core and new clinical offerings, resulting in our deeper integration into the virtual healthcare continuum and an enhanced value proposition to our partners. I remain very confident about our market leadership and progress towards our 2017 financial and strategic targets.”
For the second-quarter, Teladoc forecasts revenue to be in the range of $44 million to $45 million. Teladoc forecasts revenue to be in the range of $180 million to $185 million for fiscal year 2017. The company expects diluted loss per share to be in the range of $0.26 to $0.28 for the second-quarter. For fiscal year 2017, the company expects diluted loss per share to be in the range of $0.85 to $0.91.
Operating cash flow remains negative
Teladoc, Inc has spent $12.51 million cash to meet operating activities during the quarter as against cash outgo of $17.18 million in the last year period. The company has spent $20.99 million cash to meet investing activities during the quarter as against cash inflow of $12.07 million in the last year period.
Cash flow from financing activities was $123.43 million for the quarter, up 52,200.42 percent or $123.19 million, when compared with the last year period.
Cash and cash equivalents stood at $139.95 million as on Mar. 31, 2017, up 178.82 percent or $89.76 million from $50.19 million on Mar. 31, 2016.
Working capital increases sharply
Teladoc, Inc has recorded an increase in the working capital over the last year. It stood at $176.69 million as at Mar. 31, 2017, up 45.75 percent or $55.46 million from $121.22 million on Mar. 31, 2016. Current ratio was at 10.74 as on Mar. 31, 2017, up from 9.11 on Mar. 31, 2016.
Days sales outstanding went down to 29 days for the quarter compared with 44 days for the same period last year.
At the same time, days payable outstanding went down to 15 days for the quarter from 19 for the same period last year.
Debt increases substantially
Teladoc, Inc has witnessed an increase in total debt over the last one year. It stood at $42.43 million as on Mar. 31, 2017, up 61.92 percent or $16.23 million from $26.21 million on Mar. 31, 2016. Total debt was 10.25 percent of total assets as on Mar. 31, 2017, compared with 12.28 percent on Mar. 31, 2016. Debt to equity ratio was at 0.12 as on Mar. 31, 2017, down from 0.16 as on Mar. 31, 2016.
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