UPDATE: SOC Telemed Inc. (TLMD) Announces CFO Departure, David Fletcher Appointed as Interim CFO

(Updated - September 15, 2021 8:39 AM EDT)

SOC Telemed, Inc. (NASDAQ: TLMD), the largest national provider of acute care telemedicine, today announced that Chris Knibb, Chief Financial Officer (CFO), has resigned to pursue other opportunities effective September 23, 2021. The Company will immediately begin a search for a new CFO. David Fletcher has been appointed interim CFO, while SOC searches to identify a successor. Mr. Knibb will be available to support the transition through December 31, 2021.

"I appreciate Chris' leadership and impact on the SOC team," said Dr. Chris Gallagher, Chief Executive Officer of SOC Telemed. "We wish Chris the best of luck and have confidence in our finance team's leadership as we work to identify a successor."

David Fletcher will serve as the Interim Chief Financial Officer of SOC Telemed. Mr. Fletcher is a financial consultant who currently functions as an interim chief financial offer and interim senior financial executive of healthcare services, technology, and services industry companies sponsored by leading private equity firms, including Goldman Sachs, H.I.G. Capital, and Ares Management, among other firms.

Prior to these roles, Mr. Fletcher was a Chief Financial Officer Partner with Tatum, a Randstad company, where he served as acting Chief Financial Officer for Flotek Industries, Inc. and as acting Chief Financial Officer with Envela Corp., among other interim financial executive roles. Prior to Tatum, he served concurrently as Executive Vice President and Chief Financial Officer of three publicly traded companies: American Realty Investors, Inc., Transcontinental Realty Investors Inc., and Income Opportunity Realty Investors. Previously, Mr. Fletcher was Executive Vice President and Chief Financial Officer of a wholly-owned subsidiary of Tarragon Corporation, which had its common stock listed and traded on the NASDAQ and for more than five years prior thereto was employed as a senior manager with Deloitte LLP and as a banker with Bank of America.

Mr. Fletcher holds a Master of Business Administration with a concentration in Finance from the McCombs Graduate School of Business at The University of Texas at Austin, graduating as a Sord Scholar. Mr. Fletcher also holds a Bachelor of Business Administration degree from The University of Iowa.

2021 Financial GuidanceAdditionally, SOC is taking the opportunity to re-affirm the financial guidance the company provided during its second quarter earnings call that occurred on Thursday, August 12, 2021.

• GAAP Revenue is expected to be in the range of $90 million to $92 million, with approximately 30% expected to be attributed to Access Physicians
• Primary drivers of the guidance include impacts from the Delta variant of COVID-19, specifically on increased pressure on hospital emergency departments, and a change in go-to-market strategy around hardware sales related to the integration of Access Physicians
• Adjusted gross margin is expected to be in the range of 37.0% and 40.0%
• Adjusted EBITDA is expected to be in the range of $(22.0) million to $(25.0) million

These statements are forward-looking and actual results may differ materially. Please refer to the Forward-Looking Statements safe harbor below for information on the factors that could cause our actual results to differ materially from these forward-looking statements.

SOC Telemed has not reconciled its expectations as to Adjusted Gross Margin and Adjusted EBITDA to the most comparable GAAP measures because certain items are out of its control or cannot be reasonably calculated or predicted at this time without unreasonable efforts. Accordingly, a reconciliation for forward-looking Adjusted Gross Margin and Adjusted EBITDA is not available without unreasonable effort.

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