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Teladoc stock drops after telemedicine company reports wider quarterly loss

Teladoc Health Inc. shares fell more than 7% in the extended session Tuesday after the telemedicine company reported a wider-than-expected second-quarter loss and guided for a wider per-share loss for the year than analysts forecast. Teladoc said it lost $133.8 million, or 86 cents a share, in the second quarter, compared with a loss of $25.7 million, or 34 cents a share, in the year-ago period. Revenue rose to $503 million from $241 million a year ago. Analysts polled by FactSet had expected a loss of 53 cents a share on sales of $501 million in the quarter. The company said that its telehealth visits topped 3.5 million, 28% higher than the second quarter of 2020, in the first wave of the pandemic. Teladoc also guided for third-quarter revenue between $510 million and $520 million, and a net loss between 78 cents a share and 68 cents a share. For the full year, the company guided for revenue between $2 billion and $2.025 billion, alongside a per-share loss between $3.60 and $3.35. The analysts surveyed by FactSet expect a loss of $2.84 a share for the year. Teladoc shares ended the regular trading day up 0.8%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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