A new regulatory filing from Teladoc sheds light on the company’s rapid growth following a couple recent acquisitions.
The telemedicine pioneer disclosed financial statements on Monday that show new acquisition Advance Medical-Healthcare Management Services brought in $18.5 million during the first quarter. That goes with Teladoc’s first quarter revenue of $89.6 million to create a combined first quarter revenue of $108.1 million. The company brought in $42.9 million during the same quarter last year.
Teladoc now stations its top executives in Purchase, New York, but its second corporate office remains nearby in Lewisville, where the company was founded in 2002.
On May 31, Teladoc completed the acquisition of telemedicine provider Advance Medical for $361 million, a move that helps the company wade further into international markets.
Teladoc also bought medical consultation firm Best Doctors Holdings, Inc. in 2017 at a price of $446 million. Best Doctors brought in revenue of $53 million last year. It was grouped in with Teladoc’s first quarter revenue—the $89.6 million number—which is one reason for the aggressive growth, Acquisitions aside, first quarter earnings showed Teladoc grew organically by 47 percent, year over year.
“I’m very pleased with our performance during the intense 2018 flu season, providing yet another proof point for the inevitability of virtual care as a critical component of the healthcare system,” said Teladoc CEO Jason Gorevic, in a statement when the earnings were released.
Despite the revenue growth, Teladoc again recorded a loss during the first quarter. It had a net loss of $23.9 million, compared to a net loss of $15.7 million during the first quarter of 2017.