Exhibit 99.1

 

 

SOC Telemed Reports Third Quarter 2020 Results

Record bookings of $2.6 million, a 54% increase year over year

Reaffirms 2020 Outlook

 

Reston, VA – November 16, 2020 – SOC Telemed, Inc. (Nasdaq: TLMD), the largest national provider of acute care telemedicine, today announced its pre-acquisition results for its third quarter ended September 30, 2020.

 

“I’m pleased to report that we delivered strong third quarter results, achieved record levels of bookings, added several new customers, and expanded our relationships with existing customers. During the quarter, we also completed our business combination and have since begun trading on the Nasdaq,” said John Kalix, CEO of SOC Telemed.

 

Mr. Kalix continued, “We have seen utilization levels rebound from the early days of the pandemic and remain optimistic about our full year revenue outlook. We are a leader in the acute telemedicine market and our 2020 guidance reflects that we expect to continue to build on our momentum from the third quarter to finish out the year strong.”

 

Mr. Hai Tran, Chief Operating Officer and Chief Financial Officer of SOC Telemed commented, “Utilization has rebounded from the lows we experienced in the early days of the pandemic and despite the recent increases in COVID-19 cases, utilization of our core services remains stable as Hospitals adapt to operating in a post pandemic environment.”

 

Third Quarter Highlights

Financial performance for the three months ended September 30, 2020 compared to the three months ended September 30, 2019.

 

Bookings of $2.6 million compared to $1.7 million, a 54% increase primarily driven by the increased interest in telemedicine and overall momentum in the business.
Revenue was $15.1 million compared to $17.1 million, an 11% decrease due to lower utilization resulting from a decrease in hospital visits due to the COVID-19 pandemic.
GAAP gross profit was $5.6 million compared to $7.2 million and adjusted gross profit (non-GAAP) was $6.6 million compared to $8.0 million.
GAAP gross margin was 37.0% compared to 42.2% and adjusted gross margin (non-GAAP) as 44% compared to 47%. Despite the COVID-19 impact to revenue, the Company was able to partially offset margin pressure by leveraging costs.
Net loss of $(9.7) million compared to a loss of $(3.3) million.
Adjusted EBITDA was a loss of $(2.9) million compared to positive $0.5 million as SOC continues to increase investments in its go to market functions and preparations to become a public company.
On a pro forma basis, total cash was $47.4 million as of September 30, 2020.

 

Year-to-Date Highlights

Performance for the nine months ended September 30, 2020 compared to the nine months ended September 30, 2019. Core consults are defined as consultations utilizing core services, including teleNeurology, telePsychiatry and teleICU solutions.

 

Bookings of $8.3 million compared to $4.1 million, a 103% increase.
Core revenue per core consult of $424 compared to $399, a 6% increase.
Core consults of 98,686 compared to 121,894, a 19% decrease.

 

 

 

 

2020 Outlook

For the full year 2020, the Company continues to expect:

 

Bookings in the range of $11.5 to $12.5 million
Revenue of approximately $57.3 million
Adjusted EBITDA of approximately ($11.1) million

 

Conference Call Details

The third quarter 2020 earnings conference call and webcast will be held Monday, November 16, 2020 at 5:00 p.m. ET. The conference call can be accessed by dialing 1-877-870-4263 for U.S. participants, or 1-412-317-0790 for international participants, and referencing the “SOC Telemed call”; or via a live audio webcast available on the Investor Relations section of the Company website at investors.soctelemed.com. A webcast replay will be available for on-demand listening shortly after the completion of the call at the same web link.

 

About SOC Telemed

SOC Telemed (SOC) is the largest national provider of telemedicine technology and solutions to hospitals, health systems, post-acute providers, physician networks, and value-based care organizations. Built on proven and scalable infrastructure as an enterprise-wide solution, SOC’s technology platform, Telemed IQ, rapidly deploys and seamlessly optimizes telemedicine programs across the continuum of care. SOC provides a supportive and dedicated partner presence, virtually delivering patient care through teleNeurology, telePsychiatry and teleICU, enabling healthcare organizations to build sustainable telemedicine programs in any clinical specialty. SOC enables organizations to enrich their care models and touch more lives by supplying healthcare teams with industry-leading solutions that drive improved clinical care, patient outcomes, and organizational health. The company was the first provider of acute clinical telemedicine services to earn The Joint Commission’s Gold Seal of Approval and has maintained that accreditation every year since inception. For more information, visit www.soctelemed.com.

 

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. In some cases, you can identify these forward-looking statements by the use of terms such as “expect,” “will,” “continue,” or similar expressions, and variations or negatives of these words, but the absence of these words does not mean that a statement is not forward-looking. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including, but not limited to: the statements under “2020 Outlook,” including expectations relating to bookings and revenue; statements regarding relationships with customers and business momentum; and any other statements of expectation or belief. These statements are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from results expressed or implied in this press release. Such risk factors include, but are not limited to, those related to: the current and future impact of the COVID-19 pandemic on SOC Telemed’s business and industry; the effects of competition on the future business of SOC Telemed; uncertainty regarding the demand for and market utilization of its solution; returns on investments in its business; the ability to maintain customer relationships; difficulties maintaining and expanding its network of qualified physicians and other provider specialists; disruptions in SOC Telemed’s relationships with affiliated professional entities or third party suppliers or service providers; general business and economic conditions; the ability of SOC Telemed to successfully execute strategic plans; the timing and market acceptance of new solutions or success of new enhancements, features modifications to existing solutions and the degree to which they gain acceptance. Additional information concerning these and other risk factors is contained in the Risk Factors section of SOC’s most recent report on Form 10-Q. SOC Telemed assumes no obligation, and does not intend, to update these forward-looking statements as a result of future events or developments.

 

2

 

 

Use of Non-GAAP Financial Information

We believe that, in addition to our financial results determined in accordance with GAAP, adjusted gross profit (non-GAAP), adjusted gross margin (non-GAAP), and adjusted EBITDA, all of which are non-GAAP financial measures, are useful in evaluating our business, results of operations, and financial condition. However, our use of the terms adjusted gross profit, adjusted gross margin and adjusted EBITDA may vary from that of others in our industry. Adjusted gross profit, adjusted gross margin and adjusted EBITDA should not be considered as an alternative to gross profit, net loss, net loss per share or any other performance measures derived in accordance with GAAP as measures of performance. Adjusted gross profit, Adjusted gross margin and adjusted EBITDA have important limitations as analytical tools and you should not consider them in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are:

 

adjusted EBITDA does not reflect the significant interest expense on our debt;

 

although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and adjusted gross profit, adjusted gross margin and adjusted EBITDA do not reflect any expenditures for such replacements; and

 

other companies in our industry may calculate these financial measures differently than we do, limiting their usefulness as comparative measures.

 

We compensate for these limitations by using these non-GAAP financial measures along with other comparative tools, together with GAAP measurements, to assist in the evaluation of operating performance. Such GAAP measurements include gross profit, net loss, net loss per share and other performance measures. In evaluating these financial measures, you should be aware that in the future we may incur expenses similar to those eliminated in this presentation. Our presentation of non-GAAP financial measures should not be construed as an inference that our future results will be unaffected by unusual or nonrecurring items. When evaluating our performance, you should consider these non-GAAP financial measures alongside other financial performance measures, including the most directly comparable GAAP measures set forth in the reconciliation tables below and our other GAAP results.

 

Our non-GAAP financial measures are described as follows:

 

Adjusted gross profit and adjusted gross margin. Adjusted gross profit is defined as revenues less cost of revenues plus depreciation and amortization plus equipment leasing costs. Adjusted gross margin is adjusted gross profit divided by revenue.

 

Adjusted EBITDA. Adjusted EBITDA is defined as net income (loss) before interest, taxes, stock-based compensation, gain or loss on puttable options, depreciation and amortization and integration, acquisition, transaction and executive severance costs.

 

Readers are encouraged to review the reconciliation of our non-GAAP financial measures to the comparable GAAP results, which is attached to this earnings release and which can be found on SOC Telemed’s investor relations page of its website at: investors.soctelemed.com.

 

3

 

 

Specialists On Call, Inc. and Subsidiaries and Affiliates

CONSOLIDATED BALANCE SHEETS

(In thousands, except shares and per share amounts)

(Unaudited)

 

  September 30,
2020
   December 31,
2019
 
ASSETS          
CURRENT ASSETS          
Cash and cash equivalents (from Variable interest entities $1,589 and $3,509, respectively)  $2,395   $4,541 
Accounts receivable, net of allowance for doubtful accounts of $458 and $538 (from Variable interest entities, net of allowance $8,339 and $10,125, respectively)   8,820    10,545 
Prepaid expenses and other current assets   3,611    843 
Total current assets   14,826    15,929 
           
Property and equipment, net   3,905    2,387 
Capitalized software costs, net   8,669    7,647 
Intangible assets, net   6,348    7,429 
Goodwill   16,281    16,281 
Deposits and other assets   289    321 
Total assets  $50,318   $49,994 
           
LIABILITIES AND STOCKHOLDERS’ DEFICIT          
Current liabilities          
Accounts payable (from Variable interest entities $868 and $1,882, respectively)  $4,581   $3,435 
Accrued expenses (from Variable interest entities $1,948 and $1,226, respectively)   10,051    6,078 
Deferred revenues   523    516 
Capital lease obligations   9    48 
Total current liabilities   15,164    10,077 
           
Puttable option liabilities   518    1 
Deferred revenues   1,013    807 
Related party - Convertible bridge notes payable, net of unamortized issuance costs   3,982    - 
Long term debt, net of unamortized discount and debt issuance costs   80,523    77,140 
Total liabilities  $101,200   $88,025 
COMMITMENTS AND CONTINGENCIES (Note 11)          
CONTINGENTLY REDEEMABLE PREFERRED STOCK (Redeemable convertible preferred stock, $0.001 par value; 21,816,134 and 21,805,134 shares authorized as of September 30, 2020 and December 31, 2019, respectively; 21,816,134 and 21,805,134 shares issued and outstanding as of September 30, 2020 and December 31, 2019 respectively; aggregate liquidation preference of $79,094 and, $62,466 as of September 30, 2020 and December 31, 2019 respectively).   78,514    61,907 
STOCKHOLDERS’ DEFICIT          
Common stock, $0.001 par value; 132,034,637 and 132,034,637 shares authorized as of September 30, 2020 and December 31, 2019; 84,370,027 and 84,370,027 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively.   84    84 
Treasury stock 223,157 shares, at cost, as of September 30, 2020 and December 31, 2019   (768)   (768)
Additional paid-in capital   82,728    87,118 
Accumulated deficit   (211,440)   (186,372)
Total stockholders’ deficit   (129,396)   (99,938)
Total liabilities, contingently redeemable preferred stock and stockholders’ deficit  $50,318   $49,994 

 

4

 

 

Specialists On Call, Inc. and Subsidiaries and Affiliates

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except shares and per share amounts)

(Unaudited)

 

   Three Months Ended
September 30,
   Nine Months Ended
September 30,
 
   2020   2019   2020   2019 
Revenues  $15,132   $17,052   $43,493   $49,615 
Cost of revenues   9,534    9,853    29,277    30,251 
                     
Operating expenses                    
Selling, general and administrative   11,993    8,135    30,267    25,805 
Changes in fair value of contingent consideration   -    (258)   -    (1,712)
Total operating expenses   11,993    7,878    30,267    24,093 
Loss from operations   (6,395)   (678)   (16,051)   (4,729)
                     
Other income (expense)                    
Gain (Loss) on puttable option liabilities   (412)   -    (517)   - 
Interest expense   (2,853)   (2,650)   (8,469)   (7,495)
Interest expense – Related party   (21)   -    (21)   - 
Total other expense   (3,286)   (2,650)   (9,007)   (7,495)
Loss before income taxes   (9,681)   (3,328)   (25,058)   (12,224)
                     
Income tax expense   7    2    10    5 
                     
Net loss and comprehensive loss  $(9,688)  $(3,330)  $(25,068)  $(12,229)
Accretion of redeemable convertible preferred stock   (2,152)   (1,412)   (5,670)   (4,054)
Net loss attributable to common stockholders  $(11,840)  $(4,742)  $(30,738)  $(16,283)
                     
Net loss per share attributable to common stockholders                    
Basic  $(0.14)  $(0.06)  $(0.36)  $(0.19)
Diluted  $(0.14)  $(0.06)  $(0.36)  $(0.19)
Weighted-average shares used to compute net loss per share attributable to common stockholders:                    
Basic   84,874,870    84,581,205    84,874,870    84,581,205 
Diluted   84,874,870    84,581,205    84,874,870    84,581,205 

 

5

 

 

Specialists On Call, Inc. and Subsidiaries and Affiliates

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 

   Nine Months Ended
September 30,
 
  2020   2019 
Cash flows from operating activities:          
Net loss  $(25,068)  $(12,229)
Adjustments to reconcile net loss to net cash used in operating activities          
Depreciation and amortization   4,008    3,150 
Stock-based compensation   1,280    1,115 
Loss on puttable option liabilities   517    - 
Change in fair value of contingent consideration   -    (1,712)
Bad debt expense   64    150 
Accrued interest on convertible bridge debt (related party)   21    - 
Paid-in kind interest on senior debt   2,310    2,055 
Amortization of debt issuance costs and accretion of original issuance discount   1,073    920 
Change in assets and liabilities, net of acquisitions          
Accounts receivable, net of allowance   1,661    (262)
Prepaid expense and other current assets   (599)   (32)
Deposits and other assets   32    - 
Accounts payable   891    214 
Accrued expenses and other liabilities   1,657    (2,012)
Deferred revenues   213    (93)
Net cash used in operating activities   (11,940)   (8,736)
           
Cash flows from investing activities:          
Capitalization of software development costs   (3,252)   (3,002)
Purchase of property and equipment   (1,724)   (973)
Net cash used in investing activities   (4,976)   (3,975)
           
Cash flows from financing activities:          
Principal payments under capital lease obligations   (66)   (104)
Proceeds from long term debt, net of issuance costs   3,961    12,867 
Exercise of stock options   -    19 
Payment of deferred transaction related costs   (63)   - 
Issuance of contingently redeemable preferred stock, net of offering costs   10,938    - 
Net cash provided by financing activities   14,770    12,782 
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS   5(2,146)   771 
Cash and cash equivalents at beginning of the period   4,541    3,989 
Cash and cash equivalents at end of the period  $2,395   $4,060 

 

6

 

 

Specialists On Call, Inc. and Subsidiaries and Affiliates

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(In thousands, except per share data)

(Unaudited)

 

   Three Months
Ended
September 30,
  

Nine Months

Ended
September 30,

   Three Months
Ended
September 30,
  

Nine Months

Ended
September 30,

 
   2020   2019   2020   2019   2020   2019   2020   2019 
                   Change   % Change   Change   % Change 
   (dollars in thousands) 
Revenues  $15,132   $17,052   $43,493   $49,615   $(1,920)   (11)%  $(6,122)   (12)%
Cost of revenues   9,534    9,853    29,277    30,251    (319)   (3)%   (974)   (3)%
Gross profit   5,598    7,199    14,216    19,364    (1,601)   (22)%   (5,148)   (27)%
Add:                                        
Depreciation and amortization (a)   1,004    719    2,807    1,898    285    40%   909    48%
Equipment leasing costs (b)   15    61    57    208    (46)   (75)%   (151)   (73)%
Adjusted gross profit  $6,617   $7,979   $17,080   $21,470    (1,362)   (17)%   (4,390)   (20)%
Adjusted gross margin (as a percentage of revenues)   44%   47%   39%   43%                    
                                         
   Three Months
Ended
September 30,
  

Nine Months

Ended
September 30,

   Three Months
Ended
September 30,
  

Nine Months

Ended
September 30,

 
   2020   2019   2020   2019   2020   2019   2020   2019 
                   Change   % Change   Change   % Change 
   (dollars in thousands) 
Net loss  $(9,688)  $(3,330)  $(25,068)  $(12,229)  $(6,358)   191%  $(12,839)   105%
Add:                                        
Interest expense (c)   2,874    2,650    8,490    7,495    224    8%   995    13%
Income tax expense (benefit) (d)   7    2    10    5    5    250%   5    100%
Depreciation and amortization (a)   1,401    1,130    4,008    3,150    271    24%   858    27%
Stock-based compensation (e)   1,033    252    1,280    1,115    781    310%   165    15%
Gain/(Loss) on puttable option revaluation (f)   412        517        412    *    517    * 
Changes in fair value of contingent consideration (g)       (258)       (1,712)   258    *    1,712    * 
Integration, acquisition, transaction, and severance costs (h)   1,018    31    3,521    1,050    987    3,184%   2,471    235%
Adjusted EBITDA  $(2,943)  $477   $(7,242)  $(1,126)   (3,420)   (717)%   (6,116)   543%

 

 

*Percentage not meaningful

 

7

 

 

   Three Months Ended
September 30,
         
   2020   2019   Change   % Change 
   (dollars in thousands) 
Selling, general and administrative expenses (1)  $11,993   $8,135   $3,858    47%
                     
Sales and marketing   1,936    1,364    572    42%
Research and development   398    270    128    47%
Operations   2,357    1,991    366    18%
General and administrative   7,302    4,510    2,792    62%
   $11,993   $8,135   $3,858    47%

 

(1)Selling, general, and administrative expenses include the following expenses for the periods presented:

 

   Three Months Ended
September 30,
2020
   Three Months Ended
September 30,
2019
 
  

Stock-Based

Compensation

   Depreciation and Amortization  

Integration

Costs

  

Stock-Based

Compensation

   Depreciation and Amortization  

Integration

Costs

 
   (dollars in thousands) 
Sales and marketing  $3   $   $   $100   $   $ 
Research and development   8            8         
Operations   10            11         
General and administrative   1,012    397    1,018    133    411    31 
   $1,033   $397   $1,018   $252   $411   $31 

 

   Three Months Ended
September 30,
         
   2020   2019   Change   % Change 
   (dollars in thousands) 
Selling, general and administrative expenses excluding stock based compensation, depreciation and amortization and integration costs  $9,545   $7,441   $2,104    28%
                     
Sales and marketing   1,933    1,264    669    53%
Research and development   390    262    128    49%
Operations   2,347    1,980    367    19%
General and administrative   4,875    3,935    940    24%
   $9,545   $7,441   $2,104    28%

 

8

 

 

   Nine Months Ended
September 30,
         
   2020   2019   Change   % Change 
   (dollars in thousands) 
Selling, general and administrative expenses (1)  $30,267   $25,805   $4,462    17%
                     
Sales and marketing   4,920    5,122    (202)   (4)%
Research and development   940    827    113    14%
Operations   6,539    5,916    623    11%
General and administrative   17,868    13,940    3,928    28%
   $30,267   $25,805   $4,462    17%

 

(1)Selling, general, and administrative expenses include the following expenses for the periods presented:

 

   Nine Months Ended
September 30,
2020
   Nine Months Ended
September 30,
2019
 
  

Stock-Based

Compensation

   Depreciation and Amortization  

Integration

Costs

  

Stock-Based

Compensation

   Depreciation and Amortization  

Integration

Costs

 
   (dollars in thousands) 
Sales and marketing  $18   $   $   $671   $   $ 
Research and development   48            38         
Operations   45            34         
General and administrative   1,169    1,201    3,521    372    1,252    1,050 
   $1,280   $1,201   $3,521   $1,115   $1,252   $1,050 

 

   Nine Months Ended
September 30,
         
   2020   2019   Change   % Change 
   (dollars in thousands) 
Selling, general and administrative expenses excluding stock based compensation, depreciation and amortization and integration costs  $24,265   $22,388   $1,877    8%
                     
Sales and marketing   4,902    4,451    451    10%
Research and development   892    789    103    13%
Operations   6,494    5,882    612    10%
General and administrative   11,977    11,266    711    6%
   $24,265   $22,388   $1,877    8%

 

9

 

 

Explanation of Non-GAAP Adjustments

 

(a)Amortization and depreciation consists primarily of depreciation of fixed assets, amortization of capitalized software development costs and amortization of acquisition-related intangible assets, such as customer relationships, non-compete agreements, and trade names acquired in connection with business combinations. While depreciation and amortization are non-cash charges, the assets being depreciated or amortized will often have to be replaced or updated in the future, and these measures do not reflect any cash requirements for these replacements or updates. Additionally, we incur amortization of acquisition-related intangible assets based on the portion of the purchase price allocated to intangible assets and the estimated useful lives of such assets. However, the purchase price allocated to these assets is not necessarily reflective of the cost we would incur to internally develop the intangible asset and we do not believe these charges are reflective of our operating results in the period incurred. We eliminate these non-cash charges from our non-GAAP operating results to facilitate an understanding of our operating and financial performance from period-to-period.

 

(b)Equipment leasing costs consist of the cost of procuring equipment through lease financing. We ceased this practice in the second quarter of 2017. We eliminate these charges from our non-GAAP operating results to facilitate an understanding of our operating and financial performance from period-to-period.

 

(c)Interest expense consists primarily of interest incurred on our outstanding indebtedness and non-cash interest related to the amortization of debt discount and issuance costs associated with our term loan agreement. We eliminate these cash and non-cash expenses from our non-GAAP operating results to facilitate an understanding of our operating and financial performance from period-to-period within our presentation of adjusted EBITDA. Adjusted EBITDA is widely used by investors to measure a company’s operating performance without regard to items, such as interest benefit and expense, income tax benefit and expense, depreciation and amortization, stock-based compensation, and other charges and income. We believe adjusted EBITDA is useful in evaluating our operating performance compared to that of other companies in our industry as this metric generally eliminates the effects of certain items that may vary from company to company for reasons unrelated to overall operating performance.

 

(d)We incur income tax expenses or benefits that are related to prior periods. We eliminate these expenses from our non-GAAP operating results to facilitate an understanding of our operating and financial performance from period-to-period within our presentation of adjusted EBITDA.

 

(e)Stock-based compensation expense consists primarily of expenses for stock options. Although stock-based compensation is a key incentive offered to our employees, we continue to evaluate our operating and financial performance excluding stock-based compensation expenses. Stock-based compensation expenses will recur in future periods. We evaluate our performance both with and without these measures because stock-based compensation is a non-cash expense and can vary significantly over time based on the timing, size, nature and design of the awards granted, and is influenced in part by certain factors that are generally beyond our control, such as the volatility of the market value of our common stock. In addition, we eliminate stock-based compensation expense from our non-GAAP operating results to facilitate an understanding of our operating and financial performance from period-to-period.

 

(f)Gain (loss) on puttable option liabilities consists of changes in the fair value of puttable option liabilities. We eliminate these non-cash expenses from our non-GAAP operating results to facilitate an understanding of our operating and financial performance from period-to-period.

 

(g)Changes in fair value of contingent consideration consists of the change in fair value of contingent consideration associated with a business combination in August 2018.

 

(h)Integration, acquisition, transaction and executive severance costs represent the transaction and business integration costs related to our recent business combination with Healthcare Merger Corp., including incremental expenses incurred to affect business combinations such as advisory, legal, accounting, valuation, and other professional or consulting fees, as well as other related incremental executive severance costs. We exclude these costs from our non-GAAP results as they have no direct correlation to the operation of our business, and because we believe that the non-GAAP financial measures excluding these costs provide useful information about our spending trends to facilitate an understanding of our operating and financial performance from period-to-period.

 

 

10

 

 

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