SOC Telemed Stock Gains On Better Than Expected Q3 Earnings, Raises FY21 Revenue Guidance

SOC Telemed Inc TLMD reported Q3 revenue of $26.7 million, +76% Y/Y, beating the consensus of $25.27 million.
Bookings increased 247% to $9 million. Total system-wide consults were 140,743, +32% Y/Y on a pro forma basis.
System-wide revenue per core consult totaled $328, down 5% Y/Y.
Stand-alone SOC revenue per core consult was $428 versus $449.
Access Physicians' revenue per core consult was $229 versus $219, up 4% Y/Y, driven by service line volume mix.
Adjusted gross margin reached 36% from 44% a year ago, as results were negatively impacted primarily by an increase in physician incentive payments.
Loss per share of $(0.11), beat the consensus of $(0.17).
Cash and cash equivalents were $37.7 million.
Outlook: For FY21, SOC Telemed expects revenue of $91.5 million - $93.5 million (prior guidance $90 million - $92 million), versus the consensus of $98.9 million.
Adjusted EBITDA loss is expected to be $(21.5) million - $(22.5) million, an improvement from the prior guidance $(22.0) million - $(25.0) million.
Price Action: TLMD shares are up 30.60% at $2.79 during the market session on the last check Friday.