SOC Telemed (TLMD) reported significant growth in bookings, achieving $3.9 million in Q4 2020, up 95% from the previous year. However, revenue declined by 13% to $14.5 million due to reduced hospital visits related to COVID-19. The company announced the acquisition of Access Physicians, enhancing its telemedicine service offerings. For 2021, SOC Telemed forecasts revenue between $107-$113 million, with 30-35% from the acquisition. Despite the challenges, the company is positioned for future growth amid increasing demand for telemedicine.
SOC Telemed (Nasdaq: TLMD) announced the acquisition of Access Physicians for approximately $194 million, enhancing its position as the largest acute care telemedicine provider in the U.S. The merger increases service capacity to nearly 1,000 facilities, including over 700 hospitals across 47 states. This partnership aims to tackle healthcare inequities and expand clinical services, leveraging their combined experience of 27 years. The integrated entity is projected to generate $107-$113 million in pro forma annual revenue for 2021.
SOC Telemed (TLMD) will release its fourth quarter 2020 results on March 30, 2021, after market close. The company is the largest provider of acute care telemedicine in the U.S., offering technology and solutions across various healthcare sectors. Following the results announcement, a conference call will be held at 5:00 p.m. E.T. to discuss the outcomes. Interested participants can join via phone or through a live audio webcast on the company's Investor Relations page.
SOC Telemed, Inc. (Nasdaq: TLMD) has launched a new service line, telePulmonology, to provide U.S. hospitals access to board-certified pulmonologists via its Telemed IQ platform. This initiative responds to increased demand for pulmonary expertise, especially amid COVID-19. The service offers consultations in both routine and emergency settings, enhancing patient outcomes and reducing the need for patient transfers. SOC Telemed aims to improve healthcare access and mitigate clinician burnout during staffing shortages. This expansion aligns with SOC's vision for innovative healthcare solutions.
SOC Telemed (Nasdaq: TLMD) has appointed Stephanie Harris as Chief Human Resources Officer and Ron Egan as Chief Customer Officer, strengthening its leadership team. Harris, with nearly 25 years in HR, previously held a VP role at Telular AMETEK, while Egan brings over 11 years of healthcare experience from GE Healthcare. These appointments come as SOC Telemed positions itself for future growth as a public company, focusing on enhancing client experiences and talent strategies in the telemedicine sector.
SOC Telemed (Nasdaq: TLMD) announced key executive changes effective January 4, 2021, promoting Hai Tran to President and COO and appointing Chris Knibb as CFO. Knibb, with over 25 years of financial leadership in high-growth companies, will enhance the firm’s financial strategy. Tran brings 20 years of experience and aims to transform acute care through telemedicine. The transition reflects a strategic focus on accessible healthcare.
SOC Telemed (Nasdaq: TLMD) announced its participation in the Piper Sandler 32nd Annual Virtual Healthcare Conference on December 2, 2020. CEO John Kalix and COO/CFO Hai Tran will present at the event. This highlights SOC's position as a leading provider of telemedicine solutions, offering advanced technology to healthcare organizations. The company specializes in acute care telemedicine and is recognized for its impactful teleNeurology, telePsychiatry, and teleICU services, which enhance patient care and outcomes.
SOC Telemed (Nasdaq: TLMD) reported its Q3 2020 results, highlighting a 54% increase in bookings to $2.6 million, but an 11% decline in revenue to $15.1 million due to lower hospital visits during the pandemic. Gross profit decreased to $5.6 million, reflecting a GAAP gross margin of 37%. The net loss widened to $(9.7) million compared to $(3.3) million in Q3 2019. Despite challenges, core revenue per consult increased by 6%. The company expects full-year bookings of $11.5 million to $12.5 million and revenue of approximately $57.3 million.
SOC Telemed (Nasdaq: TLMD), the leading national provider of acute care telemedicine, will announce its third-quarter financial results for the period ending September 30, 2020, on November 16, 2020, after the market closes. A conference call to discuss the results will take place at 5:00 p.m. E.T. on the same day. Investors can access the call by phone or through a live webcast on the company's Investor Relations page. SOC Telemed continues to lead in telemedicine technology, offering solutions to healthcare organizations aimed at improving patient care and clinical outcomes.