Teladoc IPO filing reveals 299,000 visits last year, details of past aquisitions

By Brian Dolan
07:35 am

TeladocVideoVisitIn late April news broke that remote visits company Teladoc had taken the first steps toward filing for an IPO, but the initial filing was private. Over the weekend the first public draft of its S-1 filing was published to the SEC's site, revealing a bevy metrics about the private company, including its financial performance to date and details surrounding the acquisitions it has made in the past few years.

The document has the usual $100 million placeholder for what the company aims to raise through its hoped for IPO, but that will likely be changed in the coming weeks as the document is tweaked and updated with more information.

Here's a quick roundup of some of the data from the initial filing:

Revenue: Teladoc posted a net loss of $6 million on topline revenues of $19.9 million in 2013, and a net loss of $17 million on topline revenues of $43.5 million in 2014. For the first three months of 2015, Teladoc posted revenues of nearly $16.5 million and a net loss of $12.7 million.

Visits: The company has steadily ramped up the number of remote visits it has facilitated between patients and physicians. In 2013 its platform had facilitated more than 127,000; 2014 saw almost 299,000 visits. The company conducted 149,000 visits during the first quarter of 2015.

Members: Its member count was at 6.2 million by the end of 2013, 8.1 million by year-end 2014, and 10.6 million members by the end of Q1 2015.

Acquisitions: Teladoc has undertaken three major acquisitions over the years, and its S-1 filing includes financial details on all three. "In August 2013 we acquired Consult A Doctor for $16.6 million, net of cash acquired. In May 2014, we acquired AmeriDoc for $17.2 million, net of cash acquired.... In January 2015, we completed the acquisition of BetterHelp, a provider of direct-to-consumer, behavioral health services for $3.5 million in cash and a $1.0 million promissory note and we have agreed to make annual payments to the sellers equal to 15% of the total net revenue generated by the BetterHelp business for each of the next three years." 

Customers: Teladoc has more than 4,000 clients and about 10.6 million members. Customers include employers (160 Fortune 1000 companies among them), health plans and health systems. A few examples: "employers, such as Accenture, Bank of America, General Mills, Pepsi, Shell and T-Mobile; health plans, such as Aetna, [Oscar,] Amerigroup, Blue Shield of California, Centene, Highmark and Universal American; health systems, such as Health Partners, Henry Ford, Memorial Hermann and Mount Sinai." While it doesn't name Home Depot as one of its earliest customers, a case study describing the impact the platform has had on the company is described in a few places in the document. No customer accounts for more than 10 percent of its revenues.

Employees: At the end of Q1, Teladoc had 259 employees, including 51 in technology and development and 86 in sales and marketing.

“We’ve seen really phenomenal growth,” Teladoc CEO Jason Gorevic said at an event in Boston last year. “Over 100 percent growth this year. Yesterday, we did 1,200 telemedicine visits, with an average response time of 11 minutes. We’ll do more than a half a million telemedicine visits next year. The data is pretty clear there’s this massive wave building and I think we’re really just at the beginning of that wave.”


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