The news: Teladoc reported $522 million in revenues in Q3—an 81% year-over-year (YoY) spike. But its total net loss was $84.3 million in Q3 this year, which is more than double its net loss from Q3’2020.
Q3 also marked business growth for Teladoc in terms of partnerships and membership:
The bigger picture: Telehealth use is plateauing, though it's still 38 times higher than pre-pandemic levels.
And it’s not just patients who are warming up to the idea of telehealth being a permanent fixture of the healthcare ecosystem:
What does the next chapter of telehealth look like? Telehealth giants like Teladoc and Amwell face pressure to be dethroned by growing competitors like Amazon Care, Hims & Hers, and Ro.
Nontraditional telehealth entrants are coming out of the woodwork—and they come with new consumer appeal:
The big takeaway: Altogether, this competitive landscape could push telehealth giants like Teladoc and Amwell to potentially partner with or acquire a telehealth company that focuses on a high-cost/demand specialty like musculoskeletal care firm Hinge Health or digital diabetes management firm Virta Health.
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