Telemed, Inc. (TLMD) Reports Q3 Revenues of $15.1M; Offers FY20 Revenue Guidance of $57.3M

Telemed, Inc. (NASDAQ: TLMD) reported Q3 EPS of $. Revenue for the quarter came in at $15.1 million, versus $17.1 million reported last year.

Third Quarter HighlightsFinancial performance for the three months ended September 30, 2020 compared to the three months ended September 30, 2019.

• Bookings of $2.6 million compared to $1.7 million, a 54% increase primarily driven by the increased interest in telemedicine and overall momentum in the business.
• Revenue was $15.1 million compared to $17.1 million, an 11% decrease due to lower utilization resulting from a decrease in hospital visits due to the COVID-19 pandemic.
• GAAP gross profit was $5.6 million compared to $7.2 million and adjusted gross profit (non-GAAP) was $6.6 million compared to $8.0 million.
• GAAP gross margin was 37.0% compared to 42.2% and adjusted gross margin (non-GAAP) as 44% compared to 47%. Despite the COVID-19 impact to revenue, the Company was able to partially offset margin pressure by leveraging costs.
• Net loss of $(9.7) million compared to a loss of $(3.3) million.
• Adjusted EBITDA was a loss of $(2.9) million compared to positive $0.5 million as SOC continues to increase its investments in its go-to-market functions and preparations to become a public company.
• On a pro forma basis, total cash was $47.4 million as of September 30, 2020.

"I'm pleased to report that we delivered strong third-quarter results, achieved record levels of bookings, added several new customers, and expanded our relationships with existing customers. During the quarter, we also completed our business combination and have since begun trading on the Nasdaq," said John Kalix, CEO of SOC Telemed.

Mr. Kalix continued, "We have seen utilization levels rebound from the early days of the pandemic and remain optimistic about our full-year revenue outlook. We are a leader in the acute telemedicine market and our 2020 guidance reflects that we expect to continue to build on our momentum from the third quarter to finish out the year strong."

Mr. Hai Tran, Chief Operating Officer and Chief Financial Officer of SOC Telemed commented, "Utilization has rebounded from the lows we experienced in the early days of the pandemic and despite the recent increases in COVID-19 cases, utilization of our core services remains stable as Hospitals adapt to operating in a post pandemic environment."

GUIDANCE:

Telemed, Inc. sees FY2020 revenue of $57.3 million.

2020 Outlook For the full year 2020, the Company continues to expect:

• Bookings in the range of $11.5 to $12.5 million
• Revenue of approximately $57.3 million
• Adjusted EBITDA of approximately ($11.1) million

For earnings history and earnings-related data on Telemed, Inc. (TLMD) click here.

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