Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/teladoc-health-inc" target="_blank" data-smartkarma-citation="entities:14233:1" rel="noopener">Teladoc Health, Inc. (TDOC US)</a> reported Q1 results, in-line with its prior guidance. However, 2022 guidance cut has played the spoilsport.</li>
<li>Teladoc shares plummeted more than 40% in 2022 to trade near 52-week low. With the near-term noises persist, shares will need time to recover.</li>
<li>With the current market dynamics in certain areas of operation not in favor of Teladoc, recent downfall in shares does not represent an attractive buying opportunity.</li>
</ul>



Teladoc Health, Inc. (TDOC US) reported Q1 results, in-line with its prior guidance. However, 2022 guidance cut has played the spoilsport.
Teladoc shares plummeted more than 40% in 2022 to trade near 52-week low. With the near-term noises persist, shares will need time to recover.
With the current market dynamics in certain areas of operation not in favor of Teladoc, recent downfall in shares does not represent an attractive buying opportunity.


Teladoc Health Inc (TDOC US): 1Q22 Results Review- Revenue Missed, 2022 Guidance Reduced

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Capital Markets

Teladoc Health, Inc. / Equity Capital Markets

<ul><li>Teladoc had another strong quarter, with solid financial results including a staggering 81% top-line growth and an organic growth of 32%.</li><li>Non-infectious diseases have accounted for over 75% of member visits in the last quarter in the employer and health plan channels as compared to 50% in the pre-pandemic period.</li><li>Teladoc has significantly enhanced its chronic care capabilities and these should continue to drive growth across the company's entire portfolio of products and services.</li></ul>

Teladoc had another strong quarter, with solid financial results including a staggering 81% top-line growth and an organic growth of 32%.Non-infectious diseases have accounted for over 75% of member visits in the last quarter in the employer and health plan channels as compared to 50% in the pre-pandemic period.Teladoc has significantly enhanced its chronic care capabilities and these should continue to drive growth across the company's entire portfolio of products and services.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/teladoc-health-inc" target="_blank" data-smartkarma-citation="entities:14233:1" rel="noopener">Teladoc Health, Inc. (TDOC US),</a> the whole-person virtual care industry leader in scale, clinical breadth, and outcomes, reported 70% revenue CAGR over the last three years.</li>
<li>The company expects 25% annual expansion in revenue per member, which together with 1–5% per year growth in membership will lead to 25–30% revenue CAGR during 2021–2024.</li>
<li>Teladoc has a strong growth opportunity amid a large TAM of 298 million total insured lives in the U.S., of which the company has penetrated just 30%.</li>
</ul>



Teladoc Health, Inc. (TDOC US), the whole-person virtual care industry leader in scale, clinical breadth, and outcomes, reported 70% revenue CAGR over the last three years.
The company expects 25% annual expansion in revenue per member, which together with 1–5% per year growth in membership will lead to 25–30% revenue CAGR during 2021–2024.
Teladoc has a strong growth opportunity amid a large TAM of 298 million total insured lives in the U.S., of which the company has penetrated just 30%.


Teladoc (TDOC US): Membership Add and Expanding Product Penetration to Drive 25–30% Top Line Growth

<ul><li>Teladoc delivered another strong quarter driven by continued momentum across telehealth and a robust demand for its broad suite of integrated whole-person virtual care.</li><li>The broad-based strength across the company's portfolio resulted in a staggering revenue growth of 109% over the previous year, including organic revenue growth of 41%, excluding the revenue from acquisitions completed over the past twelve months including Livongo.</li><li>We are optimistic about Teladoc and give the company an 'Outperform' rating with a revised target price.</li></ul>

Teladoc delivered another strong quarter driven by continued momentum across telehealth and a robust demand for its broad suite of integrated whole-person virtual care.The broad-based strength across the company's portfolio resulted in a staggering revenue growth of 109% over the previous year, including organic revenue growth of 41%, excluding the revenue from acquisitions completed over the past twelve months including Livongo.We are optimistic about Teladoc and give the company an 'Outperform' rating with a revised target price.

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Medlive Technology / Equity Capital Markets

<div><p><a href="https://www.smartkarma.com/entities/medlive-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:32985:1" rel="noopener">Medlive Technology (2192 HK)</a> is the largest online professional physician platform in China as measured by the number of registered physician users as of 31 December 2020, according to Frost &amp; Sullivan. Medlive derives most of its revenue from providing solutions that facilitate healthcare marketing to physicians. Medlive ranked first among physician platform-based digital healthcare marketing service providers in China as measured by revenue in 2020, with a 21.4% market share, according to Frost &amp; Sullivan. Medlive is a JV between <a href="https://www.smartkarma.com/entities/m3-inc" target="_blank" data-smartkarma-citation="entities:13316:1" rel="noopener">M3 Inc (2413 JP)</a> and Tiantian, each with 50% stakes.</p></div><div><p>Medlive will commence trading on Thursday, 15 July. Medlive priced its IPO at HK$27.20 and <a href="https://inews.hket.com/article/3006198/%E3%80%90%E6%96%B0%E8%82%A1IPO%E3%80%913%E9%9A%BB%E6%96%B0%E8%82%A1%E6%9A%97%E7%9B%A4%E3%80%80%E9%86%AB%E8%84%88%E9%80%9A2192%E5%8D%871%E6%88%90%E3%80%81%E4%B8%80%E6%89%8B%E5%B8%B3%E9%9D%A2%E8%B3%BA1350%E5%85%83?mtc=40001&amp;srkw=IPO%E6%9C%80%E5%BF%AB%E6%9C%80%E9%BD%8A" target="_blank" rel="noopener">closed 10% up at HK$29.90</a> in the Futu securities grey market. </p></div><div><p>In <a href="https://www.smartkarma.com/insights/medlive-technology-ipo-initiation-what-s-up-doc" target="_blank" data-smartkarma-citation="insights:53683" rel="noopener">Medlive Technology IPO Initiation: What's Up, Doc?</a>, we stated that Medlive believes that it can compete with several players for a slice of healthcare companies’ marketing budgets due to its large and engaged physician user base, which enables it to reach a wider group of physicians more efficiently and achieve a better return on marketing spending. Medlive has strong fundamentals due to fast-paced revenue growth, rising margin and strong cash generation. We concluded that the Medlive IPO is worth a look. In <a href="https://www.smartkarma.com/insights/medlive-technology-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:53879" rel="noopener">Medlive Technology IPO: Valuation Insights</a>, we stated that we would participate in the IPO due to an attractive IPO price range and strong blue-chip cornerstone support.</p></div><div><div><div class="content-highlight"><p>Updating for the final IPO net raise, our base-case DCF derived price target of HK$32.17 per share. As DCF-based target prices are subject to a wide range of variability, we present a sensitivity table to help investors gauge where target prices could head. Our DCF sensitivity analysis shows that the grey market price is attractive.</p></div></div></div>

Medlive Technology (2192 HK) is the largest online professional physician platform in China as measured by the number of registered physician users as of 31 December 2020, according to Frost &amp; Sullivan. Medlive derives most of its revenue from providing solutions that facilitate healthcare marketing to physicians. Medlive ranked first among physician platform-based digital healthcare marketing service providers in China as measured by revenue in 2020, with a 21.4% market share, according to Frost &amp; Sullivan. Medlive is a JV between M3 Inc (2413 JP) and Tiantian, each with 50% stakes.Medlive will commence trading on Thursday, 15 July. Medlive priced its IPO at HK$27.20 and closed 10% up at HK$29.90 in the Futu securities grey market. In Medlive Technology IPO Initiation: What's Up, Doc?, we stated that Medlive believes that it can compete with several players for a slice of healthcare companies’ marketing budgets due to its large and engaged physician user base, which enables it to reach a wider group of physicians more efficiently and achieve a better return on marketing spending. Medlive has strong fundamentals due to fast-paced revenue growth, rising margin and strong cash generation. We concluded that the Medlive IPO is worth a look. In Medlive Technology IPO: Valuation Insights, we stated that we would participate in the IPO due to an attractive IPO price range and strong blue-chip cornerstone support.Updating for the final IPO net raise, our base-case DCF derived price target of HK$32.17 per share. As DCF-based target prices are subject to a wide range of variability, we present a sensitivity table to help investors gauge where target prices could head. Our DCF sensitivity analysis shows that the grey market price is attractive.

United States

Teladoc Health, Inc. provides healthcare services. The Company diagnoses, recommends treatment, and prescribes medication for routine medical issues through phone and video consultations. Teladoc operates in the United States.

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Teladoc Health, Inc. (TDOC US)