Amwell reported a total of $245.3 million in revenue during its first year on the market during its Q4 earnings call. This number represents a 65% revenue increase YoY.
The Boston-based company finished off Q4 by beating its financial expectations. It's no secret the telehealth giant has seen a bump in telehealth usage as a result of the COVID-19 pandemic.
"The pandemic, while terrible, only accelerated our transformation impact timetable by about three to five years. Patients and members have now embraced receiving care virtually.
"Providers of care are comfortable in some cases encouraging delivering care virtually to their patients across the care continuum well beyond rudimentary urgent care or pre-pandemic telehealth [focus]," Amwell CEO Ido Schoenberg, said during the earnings call.
In Q4, Amwell reported $60.4 million in revenue, representing a 34% increase from last year's Q4. Additionally, subscription revenue was $26.3 million, which is a 15% increase YoY. The company also reports visit revenue increased to $26.2 million this quarter. The net loss for Q4 was $50.6 million, up from $22.7 million last year.
The earnings call also released the full 2020 highlights. Amwell reported 5.9 million total visits, up from 1.1 million in 2019. The subscription revenue for the entire year came to $98.4 million and the visit revenue was $117.2 million.
In September Amwell made its debut on the New York Stock Exchange. Its initial public offering was 41.2 million shares of Class A common stock at $18 per share. In August it first filed to go public, inking a deal with Google that included $100 million in funding from the Silicon Valley giant.
A few months after going public, the company announced its Q3 earnings. It reported $62.6 million in revenue, an 80% increase compared with the previous year.
The company is forecasting the 2021 revenue to be somewhere between $260 million and $270 million. The plan for the future is to help healthcare become more hybrid, enabling providers to care for clients virtually as providers move back into brick-and-mortar spaces.
"Looking ahead, we see a rapidly evolving landscape, in which trusted health care players develop hybrid model of care," Schoenberg said. "They increasingly rely on Amwell, to deliver an easy-to-use yet comprehensive platform to enable the full spectrum of their telehealth needs. Importantly, this care will be longitudinal, enabling the relationship between providers and patients over time, as well as supporting interdisciplinary team-based care delivery models."
He went on to say that the company is investing in tools for after the pandemic that zero in on longitudinal care instead of episodic care, with a particular focus in the primary care model.