JPM 2022: Teladoc projects $2.03B in 2021 revenue, up from previous guidance, after stock plummeted last year

Teladoc expects its full-year 2021 revenue to hit $2.03 billion, up from previous guidance of $2.015 billion to $2.025 billion, nearly doubling its 2020 revenue.

The telehealth provider estimates it delivered more than 14.7 million virtual visits in 2021, up from 10.6 million visits in 2020. The company also anticipates between $260 million and $265 million in full-year adjusted EBITDA.

For 2022, Teladoc is projecting full-year revenue of around $2.6 billion.

Despite the company’s strong financial performance, Teladoc’s shares plummeted 54% in 2021, compared to the S&P 500’s strong gain of approximately 27%. The telehealth giant isn’t yet profitable and reported a loss of $84.3 million in the third quarter of 2021, deeper than its year-prior loss of $36 million.

Shares of Teladoc stock fell 6.2% on Monday as of 10:47 a.m. in New York.

RELATED: Teladoc ramping up focus on virtual primary care with plans to take on financial risk

During the company’s third-quarter earnings call in October, CEO Jason Gorevic said that Teladoc plans to take on financial risk with its virtual primary care offerings. Presenting on Monday at the annual J.P. Morgan Healthcare Conference, he reaffirmed their commitment to “move along that continuum” of risk.

“This is not new for us,” he said, noting that Teladoc has been taking on forms of risk for years, originally by guaranteeing utilization rates.

The company announced in October that it would expand its primary care pilot, Primary360, to commercial health plans, employers and other payers in 2022, starting with CVS-owned insurer Aetna as well as Centene’s virtual-first health plans.

The telehealth giant plans to continue building on its model of whole-person value-based care. As the pandemic has forced increased demands on the virtual healthcare system, an integrated care platform can deliver more benefits to consumers than the many point solutions on the market are able to provide, Gorevic said.

“We provide the front door to all of the consumer’s healthcare needs because all of a consumer’s needs are fundamentally connected,” he said.

RELATED: Teladoc takes its primary care service nationwide with Aetna slated to roll out in early 2022

The Purchase, New York-based company has set a top-line growth goal of 25% to 30% through 2024.

Gorevic said investors can look to increasing revenue per member, now at $68 per member per month on average, and product penetration metrics for perspective on the company’s demonstrated progress.

“I’m hopeful that we’ll be rewarded for keeping our promises when it comes to our financial metrics,” he said.

RELATED: As the telehealth market shakes out, Teladoc, Amwell feeling pressure from new entrants, more specialization

Competition has been heating up in the virtual care space, from established telehealth players like Amwell to payers now offering virtual primary care like UnitedHealth and Cigna.

Gorevic said Teladoc remains unique in its holistic service model and wide client base.

“We’ve been at this a long time. We think that we’re uniquely positioned to take advantage of that opportunity, and quite frankly, we welcome more entrants because it really highlights our differentiation,” he said.