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Teladoc grows revenue, visits 60%

May 9, 2017

First Quarter Revenue of $42.9 million Grew 60% Year-Over-Year

Total Membership of 20.1 million Grew 34% Year-Over-Year

Total Visits of 384,839 Grew 60% Year-Over-Year

Teladoc, Inc. (NYSE:TDOC), leader in telehealth, providing access to care for millions, today announced results for the first-quarter ended March 31, 2017.

“During the first quarter, we achieved strong results across all our key metrics, while seamlessly onboarding over 2.6 million new lives into the Teladoc platform and growing overall utilization,” said Jason Gorevic, chief executive officer of Teladoc. “We continue to benefit from strong demand for both our core and new clinical offerings, resulting in our deeper integration into the virtual healthcare continuum and an enhanced value proposition to our partners. I remain very confident about our market leadership and progress towards our 2017 financial and strategic targets.”

Financial Performance for the Three Months Ended March 31, 2017

All comparisons are to the three months ended March 31, 2016.

• Total revenue was $42.9 million, an increase of 60%.

  • Revenue from Subscription Access Fees was $34.3 million, an increase of 66%.
  • Revenue from Visit Fees was $8.6 million, an increase of 39%.

• Total membership was 20.1 million, an increase of 34%.

• Total visits of 384,839, an increase of 60%.

  • Paid visits as a percentage of total visits was 56% compared to 63%.

• Gross margin was 71.7% compared to 70.5%.

• Net loss was $15.7 million, compared to $15.3 million.

• Net loss per basic and diluted share was $0.30, compared to $0.40.

• EBITDA improved to a loss of $12.2 million, compared to a loss of $13.2 million.

• Adjusted EBITDA improved to a loss of $9.1 million, compared to a loss of $11.9 million.

A reconciliation of generally accepted accounting principles (“GAAP”) in the United States to non-GAAP results has been provided in this press release in the accompanying tables. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures”.

Business Outlook

Second Quarter 2017 Guidance: Revenue for the second quarter 2017 is expected to be in the range of $44.0 million to $45.0 million. EBITDA is expected to be in the range of a loss of $10.5 million to a loss of $11.5 million. Adjusted EBITDA is expected to be in the range of a loss of $6.0 million to a loss of $7.0 million. Membership is expected to total approximately 20.5 million to 21.0 million at June 30, 2017. Total visits are projected to be between 290,000 and 310,000. Second quarter net loss per share, based on 54.5 million weighted average shares outstanding, is expected to be between $(0.26) and $(0.28).

Full Year 2017 Guidance: Revenue for the full year 2017 is expected to be in the range of $180 million to $185 million. EBITDA is expected to be in the range of a loss of $31 million to $34 million. Adjusted EBITDA is expected to be in the range of a loss of $19.5 million to $22.5 million and the Company targets to be Adjusted EBITDA break-even in the fourth-quarter of 2017. Membership is expected to total approximately 21.5 million to 23.0 million at December 31, 2017. Total visits for the full year are projected to be between 1,400,000 and 1,450,000. Net loss per share, based on 54.2 million weighted average shares outstanding, is expected to be between $(0.85) and $(0.91).

Quarterly Conference Call

The first quarter 2017 earnings conference call and webcast will be held Monday, May 8, 2017 at 5:00 p.m. ET. The conference call can be accessed by dialing 1-877-201-0168 for U.S. participants, or 1-647-788-4901 for international participants, and including the following Conference ID Number: 71800717 to expedite caller registration; or via a live audio webcast available online at http://ir.teladoc.com/news-and-events/events-and-presentations/. A webcast replay will be available for on-demand listening shortly after the completion of the call at the same web link.

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