TLMD - SOC Telemed gains after Q3 results better-than-expected guidance

SOC Telemed (TLMD +32.9%) is trading sharply higher after the company’s Q3 2021 financials and its guidance for the year beat the Street forecasts. The telemedicine company based in Reston, Virginia recorded $26.7M in total revenue, indicating a ~76% YoY growth amid ~247% YoY rise in bookings that reached $9.0M. Access Physicians made up $9.7M in revenue with 38,020 core consults, and total system-wide consults climbed ~76% YoY to 140,743 while stand-alone SOC core consults rose ~18% YoY to 37,845. However, net loss increased ~9% YoY to $10.6M even as quarterly gross margin dropped to ~30% from ~37% in the corresponding period in the previous year. The company unveiled an enterprise-wide restructuring plan to yield $7M – $9M in annualized cost savings starting from 2022. For 2021, SOC Telemed (NASDAQ:TLMD) projects its GAAP revenue to reach $91.5M – $93.5M, up from $90.0M – $93.5M in the previous estimates. The consensus guidance

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SOC Telemed gains after Q3 results, better-than-expected guidance