SOC Telemed Stock Tumbles After Lowering FY21 Revenue Guidance
- SOC Telemed Inc (NASDAQ: TLMD) reported Q2 revenue of $24.96 million, +84% Y/Y, but slightly lower than the consensus of $25.18 million.
- Bookings increased 136% to $6.7 million. Total system-wide consults were 130,214, +49% Y/Y on a pro forma basis.
- TelePsychiatry volumes recovered to pre-COVID levels faster than expected, and the teleNeurology service line experienced a significant volume increase.
- System-wide revenue per core consult totaled $339, down 3% Y/Y.
- Stand-alone SOC revenue per core consult was $417 versus $429, as the volume recovery in telePsychiatry and teleNeurology narrowed the gap associated with minimum consult thresholds in client contracts.
- Access Physicians revenue per core consult was $245 versus $237, up 3% year over year, driven by service line volume mix.
- Adjusted gross margin was 37% compared to 40%, impacted by the increase in physician incentive payments related to the rapid growth and volatility of consulting demand.
- Loss per share of $(0.16), missed the consensus of $(0.13).
- Cash and cash equivalents were $50.0 million.
- Outlook: For FY21, SOC Telemed expects revenue of $90 million - $92 million (prior $97 million - $103 million), versus the consensus of $100 million.
- Price Action: TLMD shares are down 27.5% at $3.01 on the last check Friday.
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