Teladoc recorded Positive Free Cash Flow in Full Year of 2021

Teladoc Health (NYSE: TDOC) announced 2021 Q4 financial results on February 22nd, 2022. According to the announcement, revenue and adjusted EBITDA were up 45% and 53%, respectively (YoY, 3 months). 

In this regard, the loss from operation was 41,429 thousand USD in 2021 Q4 compared to 458,506 thousand USD in 2020 Q4. Net loss was 10,985 thousand USD compared to 393,967 thousand USD in 2020 Q4. 

In full year of 2021, Teladoc recorded a positive free cash flow (FCF) of 121,009 thousand USD. We expect that this could cause continuous growth of Teladoc’s stock price in the future.

Access fee revenue, which seems subscription fee revenue, was up 51% (YoY, 3 months). Visit fee revenue was up 21%. Although paid membership was up only 3%, chronic care enrollment increased significantly by 22%. The growth of the chronic care enrollment might bring significant improvement of Teladoc’s profitability in the future.

Assuming the access fee revenue as subscription fee revenue, Teladoc had a subscription ratio of 85% and a revenue growth rate of 86% for the full year of 2021. On the other hand, the FCF margin is less than 1%. However, Teladoc’s stock price might grow drastically in the future considering that the PSR at the end of trading hours on February 28th is about 6.

Teladoc Health, Inc. (NYSE: TDOC) Stock Chart

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  1. Watanabe & Brothers’ Investment is holding shares of Teladoc Health.
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  3. Any opinions or statements expressed in this report are based on the author’s personal and subjective views, and are not the official views of the organization to which the author belongs.  In addition, although we have done our best efforts in making accurate assessments on the original financial statements, we cannot guarantee any complete accuracy of this report. We do not guarantee either that any future forecasts referred to in this report will certainly be realized. Investment in listed stocks, ETFs, etc. should be carried out under the responsibility of each investor, and even if the investor who read this report suffers a loss due to investment activities, Watanabe & Brothers’  Investment is not responsible for any liability.
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