Teladoc quietly acquires video visits company Stat Health

By Aditi Pai
Share

Stat HealthJust a couple months after Teladoc filed for an IPO, the company disclosed that they have acquired Scottsdale, Arizona-based Stat Health Services, which offers the online doctor visit service Stat Doctors.

"We anticipate closing on the proposed acquisition of StatDoc on June 16, 2015 for $30.5 million, comprised of $13.7 million of cash and $16.8 million of stock and any working capital adjustments as defined in the agreement and plan of merger governing the acquisition," Teladoc wrote in an updated SEC filing. "StatDoc is a telemedicine provider, focused on managed care, health system and self-insured clients."

Stat Health has raised at least $8.8 million to date.

Stat Doctors helps patients contact doctors about medical questions 24-7. After registering, users can schedule a video visit a board-certified, practicing ER physician using a smartphone app, through a web portal, or via a phone call. Average wait times to see a Stat Doctors physician is six minutes, according to the company. When applicable, the doctor can provide a patient with a prescription, too.

The company has said in the past that it believes that its service will help keep patients who just have quick questions out of the emergency room. Conditions that doctors using the service treat include respiratory infections, asthma, sinusitis, bronchitis, allergies, sore throats, and conjunctivitis.

Some Stat Health customers include the Arizona Small Business Association, Scottsdale Healthcare, and MagnaCare.

Teladoc's second IPO filing in June offered a number of insights about the company. The filing revealed that the company saw 299,000 visits last year. 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.

Earlier today, American Well filed a suit against Teladoc for alleged patent infringement. American Well’s lawsuit, filed today in Massachusetts District Court, alleges that Teladoc’s technology platform willingly infringes on a 2007 American Well patent. The suit asks for triple damages plus court fees, as well as an injunction against Teladoc continuing to do business.