Teladoc Health Inc. (NASDAQ: TDOC) has signed an agreement with Northwell Health, the largest clinic chain in New York State, which runs 22 hospitals and 830 outpatient locations, works with over 16,600 physicians, and serves over 2 million patients. The cooperation with TDOC will start with 20 network hospitals and will grow over time to include other Teladoc Health sites throughout New York State.
Teladoc Health Inc. (TDOC) will provide remote treatment and expand patient care both inside and outside the clinic as part of the agreement. In fact, the telemedicine expert will demonstrate a single integrated system that includes both consumer apps and service provider solutions.
The firms have not yet released the deal’s financial terms, but given Northwell Health’s position as New York State’s largest healthcare provider, the sums involved are expected to be substantial.
The announcement of the alliance came just before Teladoc Health’s quarterly report, which the company plans to release at the end of April. Revenue is expected to increase by 25% to roughly $570 million. Total visits are forecast to reach 4.5 million, an increase of over a million from the same quarter a year ago.
Teladoc Health Inc. (TDOC) stock rose 3.97% on Monday, closing at $60.56. The number of shares traded was 3.19 million, which was lower than the average volume of 4.38 million for the previous three months. The stock fluctuated between $57.00 and $60.88 during the trading session.
The earnings per share ratio for the firm was -2.77. TDOC’s stock has been down -2.34% in the last five sessions and -12.73% in the last month, but is down -34.04% year-to-date. The 50-day moving average of $66.99 is higher than the 200-day moving average of $107.61 for the company. Furthermore, the stock now has an RSI of 42.11.