SPAC Deep Dive, subSPAC

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SPAC Deep Dive

Each week we’ll identify and break down for you SPACs that are capturing market share and making an impact.

Equity Bottom-Up

<ul><li>Fledgling Digital Therapy Company Talkspace has seen its shares collapse amidst a string of unfavourable events, including fading pandemic tailwinds, management changes and mounting losses.</li><li>With the company's valuation declining over 82% since the SPAC merger closing nearly a year ago, Talkspace has emerged as a lucrative acquisition target for larger cash-rich companies to consolidate their business.</li><li>Since the acquisition rumours of Talkspace hit Wall Street last month, shares of the company have surged over 60%.</li></ul>

Fledgling Digital Therapy Company Talkspace has seen its shares collapse amidst a string of unfavourable events, including fading pandemic tailwinds, management changes and mounting losses.With the company's valuation declining over 82% since the SPAC merger closing nearly a year ago, Talkspace has emerged as a lucrative acquisition target for larger cash-rich companies to consolidate their business.Since the acquisition rumours of Talkspace hit Wall Street last month, shares of the company have surged over 60%.

Is Talkspace a Compelling Acquisition Target?

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 a decent quarter with total revenue increasing by 25% year over year to $565 million.</li><li>The company ended the quarter with 54.3 million paid members in the United States, up 680,000 from the previous quarter.</li><li>The management anticipates revenue of $2.4 billion to $2.5 billion for 2022, representing an increase of 18% to 23% over the previous year with total paid membership in the United States to reach 54 million to 56 million members, representing a year-over-year increase of 1% to 5%.</li></ul>

Teladoc had a decent quarter with total revenue increasing by 25% year over year to $565 million.The company ended the quarter with 54.3 million paid members in the United States, up 680,000 from the previous quarter.The management anticipates revenue of $2.4 billion to $2.5 billion for 2022, representing an increase of 18% to 23% over the previous year with total paid membership in the United States to reach 54 million to 56 million members, representing a year-over-year increase of 1% to 5%.

Teladoc Inc.: What Is The Way Ahead For This Telehealth Pioneer? Check Out The Key Drivers

Global Healthcare Analyst

Tina Banerjee

<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

<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

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)

Is Talkspace a Compelling Acquisition Target?

Fledgling Digital Therapy Company Talkspace has seen its shares collapse amidst a string of unfavourable events, including fading pandemic...

subSPAC

Teladoc Inc.: What Is The Way Ahead For This Telehealth Pioneer? Check Out The Key Drivers

Teladoc had a decent quarter with total revenue increasing by 25% year over year to $565 million. The company ended the quarter with 54.3 million...

Baptista Research