Even before health tech’s big blockbuster news — Wednesday’s merger agreement between diabetes coaching company Livongo and big telemedicine provider Teladoc — this earnings season was already shaping up to be a milestone for the industry.
Although the final weeks of the first quarter of this year were shaped by the growing coronavirus crisis, April, May, and June offer investors the first entirely Covid-19-era quarter’s worth of financial results. That’s opening a window into how the pandemic is affecting the bottom lines of companies offering high-demand virtual care.
Some companies are reporting that the Covid-19 era has been good for business. In the second quarter, Teladoc saw its revenue increase by 85% and its total visits by 203% compared to the second quarter of 2019. While the company’s losses were slightly larger than analysts were expecting, the growth was good enough to send the company’s stock even higher.