Teladoc Stock: Buy, Sell, or Hold in 2023?
Teladoc Health (NYSE: TDOC) experienced some exceptional gains when the global pandemic hit as telehealth medical appointments were the only option available.
Investors are concerned that the post-pandemic period will be the end of virtual healthcare. That, however, is not the case. The pandemic highlighted the benefits of virtual healthcare, and people want to continue reaping them. Let's take a look at Teladoc's efforts to expand its business and see if the stock is a good buy right now.
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Teladoc's fundamentals are strong
Although Teladoc's stock is down 68% from its 52-week high, its revenue and patient visits growth are outstanding. Teladoc's third-quarter results are a testament to its ongoing success. Third-quarter revenue jumped 17% to $611 million versus the prior-year quarter, driven by higher demand domestically and internationally.
While investors worry that telehealth patient visits will decline now that hospitals and healthcare are working in full swing, Teladoc's total visits increased by 14% to 4.5 million in Q3.
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