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earnings

Teladoc Announces Full-Year and Fourth Quarter 2016 Results

2016 Revenue of $123.2 million, growth of 59%4Q 2016 Revenue of $37.4 million, growth of 65%Total Membership of 17.5 million, growth of 43%2016 Visits of 952,081, growth of 65%; 4Q 2016 Visits of 310,467, growth of 68%

LEWISVILLE, Texas (March 1, 2017) — Teladoc, Inc. (NYSE: TDOC), the undisputed leader in telehealth, providing access to care for millions, today announced results for the full-year and fourth-quarter ended December 31, 2016.

“In 2016, we executed on our key financial and strategic objectives, while strengthening our product portfolio to drive further consumer engagement and the overall inflection point in telehealth adoption,” said Jason Gorevic, chief executive officer of Teladoc. “Looking to 2017, we remain focused on our long-term growth levers, which will deliver continued progress towards our previously stated 2017 financial targets.”

Financial Performance for the Fourth Quarter and Full-Year Ended December 31, 2016

All comparisons are to the fourth quarter and full-year ended December 31, 2015 respectively.

  • Total revenue was $37.4 million for fourth quarter 2016, an increase of 65%. Full-year 2016 revenue was $123.2 million, an increase of 59%.

    • Revenue from Subscription Access Fees was $30.4 million for fourth quarter 2016, an increase of 69%. For the full-year 2016, revenue from Subscription Access Fees was $100.5 million, an increase of 59%.

    • Revenue from Visit Fees was $7.0 million for fourth quarter 2016, an increase of 50%. For the full-year 2016, revenue from Visit Fees was $22.7 million, an increase of 61%.

  • Total membership was 17.5 million, an increase of 43%.

  • Total visits recorded was 310,467 visits for fourth quarter 2016, an increase of 68%. Full-year 2016 total visits recorded was 952,081, an increase of 65%.

    • Paid visits as a percentage of total visits was 59% in the fourth quarter 2016 compared to 64%. For the full-year 2016, paid visits as a percentage of total visits was 61% compared to 64%.

  • Gross margin was 73.2% for fourth quarter 2016 compared to 71.4%. Full-year 2016 gross margin was 74.0% compared to 72.8%.

  • Adjusted EBITDA improved to a loss of $8.0 million for fourth quarter 2016, compared to a loss of $11.8 million. For the full-year 2016, Adjusted EBITDA improved to a loss of $39.7 million, compared to a loss of $47.3 million.

  • EBITDA improved to a loss of $10.6 million for fourth quarter 2016, compared to an EBITDA loss of $12.8 million. For the full-year 2016, EBITDA loss was $62.8 million compared to $50.9 million. EBITDA loss for the full-year 2016 included previously disclosed non-recurring, primarily non-cash charges of $15.4 million incurred during the second and third quarter of 2016.

  • Net loss was $14.3 million for fourth quarter 2016, compared to $15.0 million. For the full-year 2016, net loss was $74.2 million compared to $58.0 million. Net loss in the full-year 2016 includes the previously mentioned non-recurring, primarily non-cash charges.

  • Net loss per basic and diluted share was $0.31 for fourth quarter 2016, compared to a net loss per share of $0.39. For the full-year 2016, net loss per basic and diluted share improved to $1.75 from $2.91. Excluding the non-recurring, primarily non-cash charges noted above, net loss per basic and diluted share would have been $1.39 for the full-year ended December 31, 2016.

A reconciliation of GAAP to non-GAAP results has been provided in this press release in the accompanying tables. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures”.

Business Outlook

First Quarter 2017 Guidance: Revenue for the company’s first quarter 2017 is expected to be in the range of $41.5 million to $42.5 million. EBITDA is expected to be in the range of a loss of $14 million to $15 million. Adjusted EBITDA is expected to be in the range of a loss of $10 million to $11 million. Membership is expected to total approximately 20.0 million to 20.5 million at March 31, 2017. Total visits are projected to be between 375,000 and 385,000. First quarter net loss per share, based on 52.1 million weighted average shares outstanding, is expected to be between $(0.33) and $(0.34).

Full Year 2017 Guidance: Revenue for the full year 2017 is expected to be in the range of $180 million to $185 million. EBITDA is expected to be in the range of a loss of $31 million to $34 million. Adjusted EBITDA is expected to be in the range of a loss of $19.5 million to $22.5 million and the Company targets to be Adjusted EBITDA break-even in the fourth-quarter of 2017. Membership is expected to total approximately 21.5 million to 23.0 million at December 31, 2017. Total visits for the full year are projected to be between 1,400,000 and 1,450,000. Net loss per share, based on 54.2 million weighted average shares outstanding, is expected to be between $(0.85) and $(0.91).

Quarterly Conference Call

The fourth quarter 2016 earnings conference call and webcast will be held Wednesday, March 1, 2017 at 5:00 p.m. Eastern. The conference call can be accessed by dialing 1-877-201-0168 for U.S. participants, or 1-647-788-4901 for international participants, and including the following Conference ID Number: 56315696 to expedite caller registration; or via a live audio webcast available online at http://ir.teladoc.com. A webcast replay will be available for on-demand listening shortly after the completion of the call in the same web link.

About Teladoc

Teladoc, Inc. (NYSE:TDOC) is the nation’s leading provider of telehealth services and a pioneering force in bringing the virtual care visit into the mainstream of today’s health care ecosystem. Serving some 7,500 clients — including health plans, health systems, employers and other organizations — more than 17.5 million members can use phone, mobile devices and secure online video to connect within minutes to Teladoc’s network of more than 3,000 board-certified, state-licensed physicians and behavioral health specialists, 24/7. With national coverage, a robust, scalable platform and a Lewisville, TX-based member services center staffed by 400 employees, Teladoc offers the industry’s most comprehensive and complete telehealth solution including primary care, behavioral health care, dermatology, tobacco cessation and more. For additional information, please visit www.teladoc.com.

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