SOC Telemed, Inc. (TLMD) is a key provider of critical telemedicine solutions to the health care systems and physician networks. The company’s tech portfolio Telemed IQ deploys and optimizes the programs along the continuum of care. The company virtually delivers patient care in different sectors including neurology, psychiatry, pulmonology, cardiology, nephrology, and maternal-Fetal health care.
The price of TLMD stock during the regular trading on February 2, 2022, was $0.64 with a decline of 9.28%. At last check in the premarket on February 3, 2022, the stock rocketed phenomenally by 336.6%.
TLMD: Events and Happenings
On February 3, 2022, TLMD announced its entry into a definitive contract of acquisition to be purchased by Patient Square Capital firm. The company’s shareholders will receive per share cash of $3.00 of its common stock. The acquisition price per share represented a hike of up to 366.1% over the company’s closing price of the share on the last full trading day prior to the announcement.
TLMD: CEO Comments
Speaking at the occasion, TLMD CEO Chris Gallagher stated that the notification of acquisition authenticates the company’s clinical services portfolio for critical care telemedicine. He further added that with the expert assistance and team support at Patient Square Capital, the company is well-positioned to meet the ever-increasing requirements of customers.
TLMD: Key Financials
On November 12, 2021, TLMD released its financial results for the third quarter ended September 30, 2021. Some of the key financial highlights are as follows.
Revenue
Total Revenue in Q3 2021 was $26.7 million compared to $15.1 million in the same period of 2020. Over the year, the total revenue increased by 76%. The company beat the estimated revenue by $1.41 million.
EPS
Basic and diluted net loss per share in Q3 2021 was $10.6 million or $0.11 compared to $9.7 million or $0.34 in the same period of 2020. The company’s actual EPS beat the estimated EPS by $0.05.
On September 16, 2021, TLMD and Ob Hospitalist Group co-reported their partnership merging the company’s maternal-fetal medicine expertise with the leading OB hospitalist programs. The primary hospital partner for this collaborative service provider is Hendrick Medical Center, Texas.
Conclusion
TLMD stock price is at its lowest six-months point. The company’s stock plummeted by 85% due to slow economic activities in the pandemic period. The tremendous gain in the premarket is the outcome of the company’s merger with a leading health care investment firm. The company’s earnings release date is also coming closer as the analysts estimate revenue of about $26.1 million.
