SOC Telemed Inc. (NASDAQ:TLMD) Stock Rockets 32% On Positive Earnings
SOC Telemed Inc. (NASDAQ:TLMD) was up 32% after the company reported its Q3 2021 operating and financial results. The company reported a 76% YoY revenue increase in Q3 2021 to $26.7 million. Bookings were up 247% YoY to $9 million.
Market Stats
On Friday, TLMD stock soared 32% at $2.82 with more than 4.76 million shares, compared to its average volume of 846K shares. The stock has moved within a range of $2.2800 – 2.9450 after opening trading at $2.28.
Earnings Recap
Notably, total system-wide consults increased 76% to 140,743 whole total system-wide core consults were up 136% YoY to 75,865 in Q3 2021. During the quarter, the company confirmed organizational restructuring, leading to cost savings of between $7 million to $9 million per year. The company expects GAAP revenue of between $91.5 million and $93.5 million for the full year, with around 30% of the revenue expected to result from Access Physicians.
CEO Chris Gallagher said that they are delighted with Q3 2021 financial results with the new reorganization resulting in the highest quarterly revenue plus bookings in the company’s history. In addition, Gallagher said that the recent reorganization positions the company in a leadership position in the sector. So in the coming weeks, TLMD is worth watching.
Key Quote
“We are proud of our third quarter results as the new organization came together with renewed focus resulting in the highest quarterly revenue and bookings in our company’s history,” said Dr. Chris Gallagher, Chief Executive Officer. “Upon joining the Company, my first task has been to launch an enterprise-wide transformation of the legacy businesses, align our business objectives, and drive greater efficiencies throughout the organization. Our recently announced restructuring helps position the Company to continue to lead the industry, effectively service our clients and grow in line with our sales momentum. The cost reductions recognized as part of the restructuring will allow us to invest in areas known to be important to our market position and growth. We are grateful for the contributions of all of our employees, including those affected by the restructuring.”
Traders Corner
TLMD stock is trading above the 20-Day and 50-Day Moving averages of $2.28 and $2.33 respectively. However, the stock is trading below the 200-Day moving average of $5.17. The stock is up 43% in the past month.
