NEW YORK, Nov. 20, 2020 (GLOBE NEWSWIRE) -- Wall Street Reporter, the trusted name in financial news since 1843, has published reports on the latest comments and insights from leaders at: 1life Healthcare ONEM, CloudMD DOCRF (TSX.V: DOC), Teladoc Health TDOC, and Oak Street Health OSH.
The explosive growth in virtual care services, and digital transformation is here to stay beyond the pandemic. Meanwhile, enterprise customers are seeing bottom-line benefits from innovative healthcare services for their employees. Wall Street Reporter highlights the latest comments from industry thought leaders:
Teladoc Health TDOC CEO Jason Gorevic: "Virtual Care Trend is Only Accelerating - and Here to Stay (Beyond Pandemic)"
"...We reported another quarter of significant outperformance across all key financial and operational metrics driven by broad-based momentum across the entire business. The ongoing pandemic has highlighted the critical role of virtual care within the overall health care system, and we continue to see increasing adoption by consumers, clients and providers...This broad-based strength drove record revenue of $289 million in the third quarter, an increase of 109% from the prior year period, including organic revenue growth of approximately 90%. The strength demonstrated across our diverse channels, products and geographies, combined with a robust pipeline of new opportunities, continues to give us tremendous confidence in the forward outlook for the business.
"We continue to see strong evidence of sustained utilization increases for virtual care... One clear driver of this strength has been a steady and broad-based acceleration in our noninfectious disease-related visits. Visits for conditions such as hypertension, back pain, anxiety and depression represent over half of our general medical visit volume, up from approximately 1/3 a year ago, as our comprehensive portfolio of services enables us to meet the increasing consumer demand for virtual care."
"...Momentum in specialty visit growth, combined with the broadening diversity of diagnoses and robust overall registration growth, continues to give us a high degree of confidence in the sustainability of our volume growth. It also reinforces our strategy of consistently expanding the clinical scope of our services, which will take a quantum leap forward when we incorporate the Livongo capabilities focused on helping people who live with chronic conditions."
Teladoc Health TDOC Q3 2020 Earnings Highlights: https://bit.ly/3fg9jIt
CloudMD DOCRF (TSX.V: DOC) CEO, Dr. Essam Hamza: "CloudMD: The Future of Healthcare Is Here NOW"
NEXT SUPER STOCK conference presenter CloudMD DOCRF (TSX.V:DOC), CEO Dr. Essam Hamza, M.D. recently shared with Wall Street Reporter's investor audiences how CloudMD is addressing a multi-billion dollar market opportunity by digitizing the delivery of healthcare, with a focus on "whole persons health" - including mental health - providing patients access to all points of their care from their phone, tablet or desktop computer. Fueled by a recent (oversubscribed) capital raise, CloudMD is now entering its next exciting growth phase - which includes expansion into enterprise health services, and new markets.
November 20: CloudMD will be a featured presenter at Wall Street Reporter's NEXT SUPER STOCK livestream event. CEO Dr. Essam Hamza will discuss the company's growth strategy and answer investor audience questions. Livestream starts at 12:30 EST. Click here to join November 20 CloudMD Livestream: https://bit.ly/3nIUHV2
CloudMD DOCRF NEXT SUPER STOCK Video Replay: https://bit.ly/3nIUHV2
1life Healthcare ONEM Chairman & CEO, Amir Rubin: "New Market Expansions Provides Long Runway For Growth"
"...Our membership count in the quarter surpassed the half a million mark. Q3 membership growth accelerated to 29% year-over-year with momentum across both consumer and enterprise channels, allowing us to reach our year-end membership guidance a quarter early...We also surpassed $100 million in net revenue for the first time in a single quarter, delivering $102 million in total net revenue in Q3, which grew 46% year-over-year. We delivered a care margin of $42.9 million or 42% of net revenue and positive adjusted EBITDA of $3.5 million or 3% of net revenue. These margin results demonstrate the strong leverage components of our model."
"..In addition to seeing continued strong members satisfaction with One Medical, employers have also continued to recognize the power of our model to support the well-being and productivity of their employees, reduced health benefits spending, and facilitate workplace reentry during COVID-19. ...During Q3, we began relationships with enterprise clients across education, financial services, entertainment, commerce, media, real estate, biotech, hospitality, and the nonprofit sector among others."
"...We are now operating in 12 markets across the United States up 50% over the last 18 months. Throughout 2020, we have expanded into new markets in partnership with both new and existing health network partners. ..by the end of 2021, we plan to have established physical presence in 17 markets, a 40% increase from our 12 markets today, and more than double the markets from where we were 18 months ago. Our partnerships and market expansions provide long runways for growth impact and returns as we increase our reach and value proposition to companies and consumers, while leveraging our technology and operating infrastructure."
1life Healthcare ONEM Q3 2020 Earnings Highlights: https://bit.ly/35PBxGE
Oak Street Health OSH CEO, Mike Pykosz: "Leading the Way in Primary Care for Older Adults"
"...Our third quarter performance demonstrated the financial and operational strength of Oak Street's business model. We generated record revenue of $217.9 million, exceeding the top end of the guidance range we have communicated to investors. This represents an increase of 57% from third quarter 2019...We cared for roughly 59,500 at-risk patients, up 38% from third quarter 2019. We generated this patient growth despite essentially putting a halt on our community outreach and marketing efforts from early spring through midsummer due to uncertainties around COVID.
"...We continue to look to scale our network of de novo centers...in addition to the 16 we opened in the first 9 months of 2020, we expect to open additional 6 to 8 stand-alone centers in the fourth quarter, bringing us to 22 to 24 openings for the year excluding our Walmart centers...We are also squarely focused on driving growth within our existing infrastructure. As a reminder, a typical Oak Street center can serve approximately 3,500 patients at full capacity, implying that our quarter-ending portfolio of 67 stand-alone centers has the capacity to care for approximately 235,000 patients, which is over 3.5x the actual patients on our platform in Q3. We are constantly refining, expanding and improving our outreach processes, embedding lessons learned throughout our history…"
Oak Street Health OSH Q3 2020 Earnings Highlights: https://bit.ly/35SQcRP
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