Teladoc today (27 Oct) beat Wall Street consensus in reporting revenue of $611.4 million, a 17% increase versus prior year. It also reduced its per-share losses to 45 cents per share ($73.5 million) versus last year’s Q3 loss of 53 cents ($84.3 million) and Q2’s stunning $3.1 billion loss due to goodwill impairments from the Livongo acquisition [TTA 30 July]. Powering today’s stock bump (6.5% to $28.47) was primarily loss reduction from the prior quarter zeroing out the goodwill impairments and lower net interest expense. Motley Fool, Mobihealthnews
Disability groups are expressing concern that incentives to promote telehealth may be discriminatory. The concerns are primarily around the need for in-person care. Groups such as the American Association of People with Disabilities admit that telehealth can benefit the disabled, but are wary of a swing towards telehealth as a cost-saving measure versus in person. Federal data confirms that Medicare beneficiaries due to disabilities use telehealth at about twice the rate of age-eligible Medicare beneficiaries. There’s also concern about how the disabled can access and use telehealth platforms, as well as the quality of assessment during the virtual visit. POLITICO.
The Australian government is funding three five-year projects using wearable sensors for activity and diagnostics. The US$2.8 million will go to Curtin University for monitoring activity in children with cerebral palsy who are unable to walk (US$950,000), University of New South Wales for a cuffless blood pressure for hypertension monitoring (US$1.2 million), and Bond University for a project combining data from wearable devices and medical records for Type 2 diabetes patients (US$700,000). Mobihealthnews
More healthcare tech layoffs confirm that VC Elvis has left the building. The tech downturn has hit Israel-based startups particularly hard, but Europe is also affected. This is despite fundings for two of them earlier this year.
- Pinkslipping over a third (23) of its employees is telehealth platform Antidote Health. Based in Tel Aviv and New York, the layoffs hit primarily R&D staff in Israel. Antidote in March closed a $22 million Series A, bringing total funding to $36 million (Crunchbase). Antidote offers telehealth primary care, mental health, and hypertension chronic care as well as featuring sinus, tick bite, and UTI treatment on its website. The platform connects users to a network of about 100 doctors with a smart chatbot and through video calls. Their target audience is uninsured and underinsured people. Calcalist CTECH, Mobihealthnews
- Larger OrCam in Jerusalem is laying off about 16% (62) of staff, again primarily in Israel, as part of a reorganization. OrCam develops devices to help blind or visually impaired people read and navigate daily life more easily via AI. OrCam has over $86 million in funding through a Series A and three venture rounds (Crunchbase), the last in 2018. A planned 2020 IPO valuing the company at $3 billion never happened. The company also has offices and staff in New York, London, and Cologne. Calcalist CTECH, Jewish Business News
Berlin, Germany-based Ada Health also pinkslipped 50 people. According to a spreadsheet linked on Layoffs.fyi, most of the layoffs are in Europe and the UK in tech and product development, with others in marketing and medical. Ada has a medical assessment app that claims 10 million users and 25 million assessments. Employees are based in the US, London, and within Germany. Most recent funding was in March from a $30 million Series B, adding to a 2021 Series B of €74 million funded by Bayer (Crunchbase).