TLMD - Earnings call transcript Q2 2021

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Operator

Good evening and welcome to SOC Telemed’s Second Quarter 2021 Earnings Conference Call and Webcast. All participants will be in a listen-only mode. Please note also that today's event is being recorded. I would now like to turn the conference over to Steve Rubis, Vice President of Investor Relations. Please go ahead.

Steve Rubis

you our thank call. and evening for conference joining Good quarter SOC an as financial Today second provide on results XXXX. Telemed the of we will review update business the well for of as detailing these available company's The news results release on is the website. will call company be archived this website. of on replay also A the

Also GAAP During the discussing between is and performance. are that non-GAAP could be Details to press those Act measure the uncertainties, Litigation website. the today's relationship Reform financial most differ factors certain as important subject during measures and XXXX. from be be call, the implied a Investor the other are Private evaluating will made call that company's forward-looking non-GAAP in posted forward-looking Relations' Such in to SOC measures these to Securities comparable note of conference will company for can in Telemed thereof, certain they materially risks, believe the this reconciliation or of on call. on statements please page defined that found cause that release statements statements by results actual expressed the

of the and company's will For be refer are the joined the turn are release will cautionary SEC, evening questions to Chief we to filings available by John. remarks. now This who John website. to Kalix, Officer, Investor answer on I Chief the which all with statements Executive Knibb, additional Officer; and call Financial Chris press after available over Relations' prepared page the the in the please information, of

John Kalix

pro second the growth the business, sales I call. our Physicians, Including platform all you an XX% trends impacting XX% Physicians, for update a IQ revenue Telemed XX% or overview will during and of bookings Steve. how our the forma secular you, quarter, on Thank second basis. thank provide and performance On Access an walk basis our Access our through performance, evening on Today, with our competitors. differentiated quarter, is consult our close then volume increased XXX%. total a quarter Good joining year-over-year from in and increased increased

bookings distraction stemming and in we in placing in opportunities. resulting greater pressure The increased The rise departments, than Our performance guidance has pressure variant temporary quarter and entirety XXXX for health bookings and is Texas. emergency and the associated hospital of COVID-XX strong of from Delta of new near-term on performance revised with prospective the COVID-XX and our implementations slower Notwithstanding timelines hospitals. as second lower which half XXXX. our our XXXX to such creates variance, disruption significant COVID-XX year-to-date, cycles and first a customers, performance from Delta business for delayed Florida reflect implementation have especially to stemming led delayed decision-making financial system the current at states cross-selling was significant and sales hospitals both longer for the

a Finally, upcoming we've headwind. than modeled weaker flu additional season, representing normal

remain The business, business. to Acute opportunity double COVID-XX, current year the and position relative as early growth for bookings the of we growth well optimistic track as of in adoption our trajectory XXXX. on illustrates bookings in term longer than leadership beyond Looking to more the growth care market full innings. significance our the trajectory remain very telemedicine as remain

our drive our on telemedicine increasingly single to continue tailwind seeking shortly. proposition value continue needs momentum how Telemed We Our current that to evidenced discuss will firsthand which traction secular with solutions hospitals see gain with flexible business. There and broad are several a as platform. standardize I decision growth customers, by resonates for growth to makers, IQ

Telemed of US In shoulders Medical study, College XX,XXX physician projected uniquely suggests are hospitals rural gap relative to urban American both posted but rapidly and tools seventh that the positioned The regions of the regardless shortage revolves the systems specialty report the this annual of systems. well. and face location. gap of approaching around June, coastal physicians. and first These Association a Telemedicine will throughout access physicians clinicians to specialty are shortages health the issue that help the such to XX for IQ more XXXX XX% Today specialty as severe a fractionalizing by as trends tools care as these like middle IQ access and for Telemed or are highlight prominent hospitals can specialist need older. fill physicians will health currently resource the remain of country, democratizing by specialty

ability integrity the to for system keep hospital The of health their network providers. second within network network patients is defined is integrity,

Our platform and a network the offers network tool to clinical maintain also consisting availability The and through network services. only revenue, hospitals network the platform, increase service optimizes Telemed integrity keeps as provider health clinical capacity systems, XX as Telemed not value proposition comprehensive managed of expanded IQ revolves that lines, improves clinical IQ integrity quality. patients around well in a and but

network local about clients, patients within community, integrity our systems. to hospitals of through and is other health improving or patient the time same the transfers For at reduction keeping ROI

scarce we Third, provides Telemed and efficient to as balancing fractionalization coverage claim Medical most provides these assess load on unique resources a our solution. where hospitals curve. currently of platform adoption resources a clinical to stand the share cost tool specialist to optimize an deliver through lens

a of claims. days share claim small early relatively e-commerce total adoption, the represents Telemed of as portion like medical Just

to opportunities. believe next FAIR second Current We telemedicine, just Health claims, represent over of added the acute low. telehealth several while focused and for the achieve claims such X% claim several of estimates all seem expansion expect the cross-selling care share illustrates logos quarter, share X% from medical opportunity may illustrates benefited medical from new years. In several services. adoption telemedicine we significant We growth really vividly multi-year suggest significant relatively mainstream

clinical expansion. May, escalating SCP SCP’s telemedicine Telemed the agreement services strategy SCP’s includes will partnership announced four The annual multi-asset the enterprise to partnership that IQ optimize go-to-market of In we SCP serve hospital expansions focuses hybrid a conjunction to Telemed new approach, SCP, designed logos, an efficiently as engine over multi-year platform. excellent Our care. The workforce, both to with important expansion provide patient five-year commitments multi-specialty deliver on or IQ a deals, period. and partners expansions, opportunities, the in enabling in Health managed ability clinical provides Health

As XX a reminder, SCP healthcare operates portfolio a X,XXX states eight we've XXX over providers and patients. of seen across facilities, million

of value. our In the success recurring at offering, success billion. $X the The use more it telePsychiatry well, ICU generated expansion across multi-state driven primarily These platform with Importantly, only and XX opportunities of market appreciation bookings, by a quarter Lourdes better from length our of including multi-site offering network April, annual of small half among a several represents costs, Des to million second the Bon contract expansion benefited others. overall reduced telePsychiatry annual in the stay IQ are avoided markets, leading line. our as quarter the Health increases portion UnityPoint We which integrity through by proven expanded telemedicine offering from UnityPoint, adoption revenue clinical opportunity, nearly XXXX. resulted multi-site clinical per our proven four of expansion the in and existing an adoption to roughly to ROI Moines implemented existing second average lines in Hospital UnityPoint facility to opportunity proposition. getting It client stems hours. two go facility Cedar our XX Currently market, overall hospitals of plus two XXX%. that's average and Allen XXXX value client markets, live Four Telemed line billion Hospital, our represents across their full both nearly entire of enroll service we hospital base, Secours $X.X than X,XXX market service implemented across in in an r service $X customers base. lines set the approximate Rapids Mercy, maintain boarding within service annualized

intensive XX/X Center patients, IQ their with by complex maintain implemented Bon the within more There's Davis example, Implementation as maintain four hospital teleStroke Bon the to Regional Center, network Telemed integrity network cases. at final keeping the Access of and patients Davis by as the of allows in manage with better keeping can Medical higher Regional platform XX/X teleNeurology one it Medical platform neurological hospital, region acuity offerings. Secours can facility. patients only Our Secours to intensivists integrity Access

combined services and we outcomes physician higher improve to community. the its Telemed drive with help deliver throughout Additionally, quality IQ of care

has to we integration sales on across deepening through work focus sales remain process been the identifying opportunity. best associated both Early the with best an opportunities the Now and the adopting combined building continue about physicians, platform. is team regarding and organizations across and excited our Access’ processes team. focused practices The relationship

expanding the opportunity single service pipeline. revolves cross-sell a we've that service facility driving roughly opportunities the legacy to operating service of utilization multi-facility some clients clients, time, of significant full cross identified are penetration full synergies. The two base. from Additionally, initial moving to around lastly penetration sell active currently XX At in we've line and our same across number identified lines combined lines client

Service intact, to For with Access significant the example, future platform Telemed remains IQ our live growth. Fetal across will SOC a onto driver legacy completed a transition combined Medicine have the sites, key line we of and Maternal successfully and gone physicians the be have cross-selling platform, the very opportunity

complete bulk across customers nearly Our with of three late-stage the of are the service There opportunity drivers XX% lines. roughly of cross-selling pipeline can more office quarter. companies easily up contracting additional first back the at the work end is the adopt combined

systems. additional their of coupled is among our Second, of providing us provide array new expand hospitals, becomes service services our leadership hospital nature. specialties a multiple The service on of suite others, Telemed privileging. of acute telemedicine. and among medicine, a minimal lines lines operational line the clients health and lines meet cross customers as as selling value resources the maternal-fetal clinical clinical IQ several platform change such service with their meet then needs IQ already to disease, platform rather addition help fatigue with XX consultative full infectious time. Telemed the sales enables lastly, easily more the telemedicine over leadership. driver strengthen credentialing vast backup process The than cardiology, understand can of Telemed to combination disruption, service and system vendor proposition hospitals strategic support, and and across individual of And opportunity One needs including value level to in their our care health allows of clinical the SOC

at face algorithm with automates and extremely As credentials attractive simplifies current potential which and licenses and associated an to complex the and hospitals and management systems health is our both level, the state constraints, customers. facility

we with story. are Physicians the meetings given limited, and another deal, remote makers as renewed While validation COVID rationale associated to strong the increased remains SOC Possible leads and growth timing face or already an visibility or strategic remains of being growth a environment. Telemed conversion provides decision in-person a Access back seeing delayed new opportunity wave multi-level revert to demands, example.

selling through The our first of into set line multi-service lever multi-site, expansion. extensive current revolves customers cross around

The new second new customers attracting time. lever, logos and in adding both over

time. resources to for We hospitals other care. meet security panels adoption acute allows are we IQ lines, them their state counters over acute doctor The Due workforce ranks Specialists third managed of service current bring our aggregating facility. to these platform as competitors supplement and be licensed assurances by driving continue balance only that space. lever, competing for to and are care. acuity is in solutions provide of us, And Investors offerings. of the medical build or strength in acute specific in who workflows optimization needed in offering, their lastly, technology, secure opportunistic industrial the a underlying clinical workflow that complexities doctors out like involves about the lies then offerings player time. limited to take small will are and designed capacity at too other acute our to availability and care Telemed trying Telemed Telemed with the The telemedicine, of and ambulatory are need. for the inflexible workflow load amongst scale clinical service advantage real-time. acuity differentiated platform were flexibility the very ranked often the is life-saving flexible design competitors from Furthermore, and the pool competitive of our the of driving platform settings care, the aggregates how patient at care. simply Telemed care by lacked for workflow right the Many outpatient asked system as right IQ. platform’s in higher IQ associated the and to finding IQ acute The privileged result the available right The

level acute greater credentialing Acute licensed layers a a and doctors, state, platform practice of require and sophistication medicine space. In and accounts IQ solutions specific for the privileging Telemed then Our each competitors. direct-to-consumer public at specific of in must to physician private privileged relative and for be relative to to facility. additional our a care, care credentialed

standalone XX As XX request gone from and FHIR our second embeds we managed we've live Such of telemedicine hospitals at a the X,XXX Epic medical we integration based two-way year This Epic Cerner SOC. directly Telemed can quarter, EMR seconds within implement systems. within health ecosystem, privileges EMR. a Cerner. Furthermore, practitioners the integration sign-on, across through submit and continue XX,XXX to in system single console alone, with licenses the and

available as Additionally, clinician in as during console is the the the become EMR complete. soon notes captured console

that seamless in type are and quite customers workflow of integration facilitates exchange. EMR imagine you As interested can data frictionless this

summary elements Telemed differentiate a SOC in other the key Finally, from in market. providers four telemedicine

serve greater consumer First, where clinical the have than risks complexity care address acute needs the telemedicine. direct and market we we to

manage the doctors privileging and we platform. Second, and credentialing on for hospitals our

SOC the scarce on resources hospitals platform network Telemed Third, acute and provider to flash improve integrity. allows

testament look financials. evidenced future. Chris through customer more And success new it We've stated to sharing as We the care walk from turn our over represents that, IQ a customer, I'll post believe the standards a ad stories before commitment continue to to the bookings security Telemed with to opportunity COVID our CSF forward to with for year-over-year acute is our acceleration. HITRUST you Lastly, platform. the space Certification Chris? telemedicine in highest near and

Chris Knibb

more quarterly Thank you, with in discuss Overall, our our we by detail. are I led will quarter results solid system second results pleased consults John. operating volumes. wide

we million over quarter up generated XXX% second bookings, year $X.X the in For year.

of Our double greater year bookings stage for on than the half late further year for remain We track pipeline XXXX XXXX of growth more last than is our our all year. performance first full our the illustrates outlook. over bookings already in our to performance to XX% by and year approximately prior forma by total up year Physicians driven On system year, Total consults grew Psychiatry acquisition. Access over wide and growth wide system XX% XX% year, consults bookings primarily primarily Neurology. pro in XXX,XXX, a basis, driven of

managed consults platform. As a totaled system over the year approximately an reminder, increase SOC Access year Telemed include of from XX% both pro and wide XXX% up total core well System consults Legacy consults a at consults wide on as IQ or forma as Physicians services basis. core XX,XXX,

those core can a by Strong As reminder, performed our physicians. consults and Neurology. we defined to of volume growth and core Psychiatry across attributed be consults acquisition strength consults as primarily panel the

$X.X pulmonary limited $XX service from million Physicians Physicians a the flu resulting service medicine for neurology, Our consults and quarter. growth levels of in lines Physicians core XX,XXX, weakness Access implementations, in as service Physicians to core addition were new in volumes from in emerging core million, volumes driven by exhibited psychiatry SOC volume than cardiology pre-COVID Access very lines. consult well XX% pre-COVID XX,XXX in Consults our Telemed Revenues levels ICU volumes for by approximately year-over-year, recovery consults the growth and for contributed service and and and nearly associated contributed with these Psychiatry psychiatry maternal-fetal quarter. cases, totaled COVID Strength a and both back to reduction expected within neurology. consults faster cases in client significant for up consults lines core the were moving Access and while Access the core in as quarter. resulted standalone of revenue during lines. Neurology in impacted

XXXX, the acquisition. increase related margin of increase to recovery increased in a incentive Adjusted versus attributable $X.X a compared was primarily $XX.X million volatility $X.X investments functions, resulting gross results impacted expenses from a Our consult well margin Physicians' the the compensation, Access volumes, loss year go-to-market costs as XX% in Physicians. quarter experienced the the second physician to were ago, stock-based company, neurology, rapid $X.X was added in Access XX% a being expenses million the and our associated and the in was second as quarter an payments negatively to loss by adjusted physician psychiatry in in of versus year gross Operating ago. we from and acquisition EBITDA million public in operating with million of increase fees

Finally, despite core support It into drive limited solid we quarter, the work staffing experience utilization variant, continues their as services. a which demand. COVID-XX consult headwinds through issues as serves also trends second prospective starting during vaccine Delta affecting to the are clients to they to mandates our visibility and distraction from

while While X,XXX, since in since a of increase cases the reported the That's the been June there's roughly daily to -- number June. to daily COVID now CDC COVID out acceleration the XXX,XXX bottomed in nearly to a number cases number of then, of significant approximately day. XX-fold

Given these of neurology experiencing current the level off lines. we're of service daily volumes both and psychiatry trends, in a

the As to necessary. emergency become individuals again visit unless absolutely department, yet hesitant

volumes pulmonary flu experienced On the -- utilization COVID second side, lower resulting Access the non-existent in of non-existence Physicians flu service in quarter, the in near from the cases expected ICU reduction cases. consult lines than and of

hardware go-to-market customers our for results hardware-as-a-service but sales term better short-term whereby the through in utilize to a capital the adjusting Additionally, operational hardware. Physicians purchase Physicians, to in which monthly better pay a headwind the needs a are longer change only Access Access outcome. fee revenues, we as represents previously a hardware offered reflect our a model in strategy to market

go-to-market continue marketplace. our work Physicians' hardware in the and Access the strategy will integration as evolve we through to We the needs

SCP. to patient-physician we beyond and it at overall deal as will but positively Health onboarding announced XXXX SCP neutral May Lastly, XXXX revenue, the in as John impact increase mentioned, is

the a lowering year, between $XX taking we are approach of full XXXX XX% guidance. year be of balance revenue. forward XXXX we contributing year we year conservative to As Access XXXX roughly million our with revenue the full million $XX Currently, and GAAP to look full and expect Physicians

and We million. XX% EBITDA an to adjusted and between expect XX%, between margin be million to loss expect generate $XX adjusted gross we $XX of and

the While as on positive growth Physicians the acquisition, double more to than on are Access specific XXXX not last in to year. we remain bookings, we term as the and business, track in provide bookings on do compared guidance longer

well-underway integration from on on Physicians With combined the organization. each best has the been only focus and business Access the aligning practices identifying

of the are combined phases the identifying synergies initial We in across organization.

We remain beyond. evolving aligning very telemedicine to telemedicine, the the open questions. space, XX physicians acute we cross-sell which service remains We our load associated are teams, well-positioned please about scarce access of scale to significant balancing acute care friction we as which back synergies, identifying you, the care, ability the in have integrity the on a have and around our functions to of deepening our executed in salesforce on are and optimistic office line the early combined to we in and base. a player care and help for adoption growth acceptance impact operator and our to resources. opportunity the hospital Thank innings customers strategy execute network points second solve continuing in training work specialty of on in across on Furthermore, are some we accelerating the and and XXXX the wider cost in and are client the half greater line, impact of but XXXX, penetration process expect

go We begin Suisse. And from Please Singh Instructions] with Credit comes the question the will question-and-answer Jailendra session. first now ahead. [Operator

Adam Heussner

today. strategy point hoping I for in did could to prompted then transaction, in provide be of else hardware on or market anything sales? mind happen the And the color maybe down outside Physicians this what more the around this Adam this then? with should broadly this that the was on at change in Thanks actually change integration, hardware something keeping that Physicians bringing Jailendra more line integration go-to-market on taking mean, outset the we just sales, since bit Hi, question. there of at Access Access how you're you I is was of the the anticipated a for is

Chris Knibb

Chris. we the Hi, they knew doing. certain the or cart go-to-market that not, had sales this what it weren't done than is differently change say I that Access on we been around we we Physicians would if would side had strategy the

strategy in the really full the purchase looking in really hardware rule, and still However, the a than flexible exception are co-lacing what of and as messaging that customers of experience includes a and always service those a and prefer capital more at but there offering service. and as be upfront our or we such look a customers we'll as refining for to that are a and looking transaction, our our one-time have to for go-to-market Hardware would combined, agreement customers approaching customers as certain our the customers Service are Component the Hardware a

near-term headwind that aware Hardware much of, to – actually do outcome So over cart, don't it basis. it the a $XX,XXX the that your has and And a selling bake is but we revenues $XX,XXX into for monthly something in upfront because it were the a to be revenues, future recurring you is revenue we economic long-term. better you take or on we going there's adoption as better a see that, frankly, Service

are as of anything other I that There add that. concerned John, other far be about differences there? things As business no to can to model think real

John Kalix

No.

Adam Heussner

XQ Are it. then impact XQ that only Texas variants. cutting or assuming and maybe, you just in those up on Florida now base in follow the the to in seeing in – customer some the also a you Got other regions of And the headwinds Delta expanded to now? regards is pressure ER maybe right in your due into are and guidance

John Kalix

and than two just of definitely have states. obviously, right Florida is it up national widespread a lot but news, those picked Texas So more

COVID XX% out even So, later this came the areas. are I counties United see considered you or high evening, reports that think, as later, of States

but Texas, banner widespread. of So a amount news more obviously, Florida, the is pick it up

Adam Heussner

you. thank Okay,

John Kalix

Adam. you, Thank

Operator

from ahead. with Ryan Daniels comes go please Blair, question William Next

Ryan Daniels

new taking like about up in pretty the that is number details, guys. a then to far, late and all quarter, the and questions that details meaning it's mentioned One on it's in release, you Thanks super big you can and the thus appreciate us? ask perspective you about press pipeline, for XX% sequential what I a a that helpful. the little what defined basis Hey, a the how XX% opportunity so that actually just seems late-stage is bit put talk one define for actually that stage for

John Kalix

let's that paper, track start question. start within basically that Yes, interested a these absolute a what's stage given the customer need When consider around doing volume, exchanging but so of all come are think us are at have the late-stage as specifics they sales and if type the not we we'll We We place, of always so we what for we see into to we matches, Ryan, yes, have when are stages growth. does verbal where appreciate exchange the with look et typical we we cetera getting are a starting that have itself, something, that. fruition, taking the process that – but they we're we the option in coverage, look and different to we definitively late-stage at says hours, do we interested. realize preferred paper obviously like that point, then as it organizations, it's that's what where at

Ryan Daniels

papers a of contract get the that to number actual in or kind of works? expected is XX% by of defined just value And metric annual is it the

John Kalix

can hospital, value, at a for be the hospitals No, all neurology even does late-stage as pieces the have original actual number coverage do is look pipeline tweaking. we and we deltas of we're it covering deals. more at a hospital that example, of the the are and of We the fine paper number partial don't XX% look quite estimated right. at it imagine And than neurology quite we on an not to we include If just contract small so can work original and deal contract are You do larger doing estimate. a large work, of for the different,

down sit trying process. we So are and in that coverage the customers work clinical late we typically each that for. and point, the really what looking hospitals sure stage have the to that's make is And that of at

Chris Knibb

of Yes. in ARR the We customer opportunities the measure the -- terms pipeline. or that pipeline within for contracts are the

Ryan Daniels

just I want Understand. sure. yes. make to Yes,

at Physicians ED impacted COVID continue here, maybe or try have to see like, surprise teleneurology? that companies a then, at more areas ED hospitals your the what managed approach given big change in ED, aren't said not Okay. And term all we volatility, or and ED about given care you volumes near thinking the the Does Access performance. sales push some by as in of take that look maybe off to some the of throttle that those really of and and the specific, are sales

John Kalix

the levels we in a did to as see we From mentioned, SOC, came as for into that into hospitals. second the inpatient together pulled great was big pre-COVID quarter, in near And pre neurology and as question. levels good psychiatry emergency in Chris volatility strength SOC. a psychiatry place. of neurology legacy know, was a It's Ryan. standpoint, more Hey, in to and well, those again with Physicians Access even you majority before volume get coming starting back for room

deliver who at customers, are inpatient they that specialties value have start pipeline you're And so and that hearing, they What's use setting. with know a stage as additional we cross together, now. good other Those floors. driving talking that's we nice natural look and were customers having conversations the the your more hospital what's familiar already our and on that They sell, late we conversation, down bringing that specialties getting a Access a before same with about and deeper that, coming into customers. SOC are we into know to on can the telemedicine point, pivot, how sit about we Physicians could

will just yes, the inpatient of naturally able to that general. specialties Ed So, the you in to see considering mix offer evolving, of we're other number

Ryan Daniels

off. then, I’ll Okay. and And one last hop Perfect.

curious, I'm surprising, you've again seeing, Just I assumed how in of, gradual year. kind that. throughout overly not the prior guidance, a know, the the given normalization before new but everything we're guidance, constructed

at June, from You’re the at assuming in this end the flat given decline stayed volumes just volume of weaker where or we and a season uptick. delta sat point flu

Just guidance. developing Thanks. you're how us really help frame your

John Kalix

we declines is Ryan, in some little think that. assumed flat, resetting Yes. just but the throughout and the a overall linear trend numbers. really of year had -- the bit flattened seeing over volatility it, and numbers, because the of we previously you you're slight the have is right, a resulting out, of that in the is can progression But we're largely balance which

Ryan Daniels

coming And you’ll flat get that. which some that new but clients should volume, fair? Is for help kind of on, same-store also that's

John Kalix

Yes. goes little in the thing will, on anything with just did bit do like a last this you We put us. it if to year, We downward it sideways don't trend, expect decreases. case of

Yes. So little that'll some there pickup you'll bookings is bit buoy the numbers get overall, live. of from coming but a

Ryan Daniels

Got it.

Thank Okay. you, guys. Perfect.

John Kalix

Thank you, Ryan.

Operator

The next with question Baird. ahead. comes from Vikram Kesavabhotla go Please,

Vikram Kesavabhotla

the about question. delays first, mean, Yes. talk Thank taking for new project much of new the assume guess guidance new to this the can going at range, what of And project forward expected to that balance in this of that I you was in guess, just how on year? reduction. I I year? implementations you looking does the related terms that implementations were

Chris Knibb

to Chris. hi. Its here. question Good Vikram take your

to -- they're driver. we're we trending, average beyond on that's and seen driver been had the extending previously, downturn we where the the days. now we're days is, the of is ED so implementations have now running biggest right we days XX back volume about largest over just What about up So, XX average though up XXX impact, on on

on volume to the the through the see the new start bigger when that So ED. we timeline revenue live. the deals trends impact definitely is come does But for going extend

Vikram Kesavabhotla

on And in Telemed. Okay, the to independent then to similar convert can great. going curious talked Thanks. Thanks. Physicians potential expectations SOC of your past forward? an give the I about I'm status there the employed over fully what are us you just you've front some if know update to that network and as Access from

Chris Knibb

Hey Vikram.

and We a clearly people have. of and of that a -- same on term we start that Our remains states, have specialties again naturally in number grows bring the the smaller as points work, half can our bring a to two that we direction strategy number well moving near volume -- the fully we we a by we predictably in employment volume in over Physicians know as interest we Access have a we watching from physicians, need strong happening actually, into W-X to We're move as as both overall a obviously steady that's at mentioned volumes before on W-X our for you conservative your dozen, and have can as these well clinicians. and want and from We costs more on team, then COVID as play dozen, that a we business makes individual signed into wanting clinical good to W-Xs, volumes SOC W-X. see we what and customers. come team dozen will our steady look what's the is, that fix be obviously in sense and as

Vikram Kesavabhotla

you. thank Great,

Operator

comes Dodge The with from Please go RBC next ahead. Capital Markets. question Sean

Sean Dodge

of and kind it with integrate in to done bit the it really now traction I before time Thanks. you and it's And the vendor clients? to in hospitals inflection the get going with message you to one starts of for shift a just guess of -- or having think feeling afternoon. Are of deal that there? down get kind Access prospective been of little slowing a a more conversations make brings noticing brush out Delta have a meaningful some having mentioned the the are deal it that variant Yes, Physicians is that’s gel you're shop now. it while you John take at it fatigue little stop all do drive all is and distraction just conversion a Good

John Kalix

something discussions. Vendor Yeah. was up common came that fatigue in really

quality across went I think almost it a an conference particular want like mentioned to this and that that and mentioned and the IDN trying have together and felt you're talk because measures CMO about in when system to and the before they team it clinical I folks run one they quality space, states no to someone trust to multiple you that clinical can early we and seeing still having IDN's their element reflect with July, putting the were what teams, it they if us with meetings and weeks, came has, in just that I six the you were is, the think a up CEOs last on and we're their especially regional and live back within still of system in number medical that leaders was etcetera. spades touch

of vendor trust on So technical to we And because those well. want dozens work of they a hospital dozens piece, basis proud at safe we're lot of elements. scale be that not our very introduced the technical because a have introductions did customer from were security IT again, there's keeps taking place of high to challenges, as

meetings as broadly meetings but well, we other additional being Zoom, other very be system discussion it's has just we that and canceled, are Texas they're when help different getting virtual. to offering multiple Mississippi, states prepared You we clearly, about talking already today, they're piece, about this teams are much for so feeling to to the not it's elements few obviously, we are as to then for, canceled, on you're that meetings need we’re the or look to in public, pushed the That get and ready where that there do talked states, either feeling hunkered states, mentioned, down a more going live nationally. be folks to obviously, elements vaccinations are up and ready are being their are states hey, Florida stress, Alabama and are the being back

was, proposition specialties became It is value consultative cleared, fact number having the have a of you more much specialists, Telemed the can need us, in discussion. IQ one then help for Telemed nice bring mal a of we you which for do where where distribution is and you So help the element yourself, do immediately, specialist your we us can can provide, and own where IQ.

enrich of help an sitting that to around how that strategic far easier obviously campaign at different the those fact national Sean? and time, Does same strategically think bring out when for a to to do and at you're able having to the discussions discussions, two and forward, we're whiteboard elements wanting go about actually So IBM. a live table

Sean Dodge

a of to maybe sounds both hybridization, decision. one over standalone, an help. more where like clients those and about that that Yeah, parts you're the is like or to the a clarify talking And it organization, last either/or different inclusive them the to of end-to-end is is offering Telemed others it that point just offering considering IQ or like, that is

John Kalix

solution. total a It's

this year and between the and We're literally in or specialties. It's fluctuates. that how of year with distribution and an almost are is can by yet which right-hand, distribution with the where multiple to asked customers. the We have this type having some not working this geography, we that difference of we of a the it being discussions solution have left-hand clinical fractionalized conversation helping coverage at that teams, There entirely last then conversation and ensure is team about discussions, always specialty you have separate the particular we're XX you is time, help on and their versus training been working teaching clearly probably sales further, we strategy and team have together and through goes cover mal in the sash why discussion. skilled an specialist to a help imagine they and sales are we've that that's can like different And discussion, on can the the teams that over folks it's what within.

shortage, the not of hire able environment to it's in Telemed instead. stat around specialists, as hospital XX,XXX the to whether shortages always might use additional own and a enough There solve. be just simply to few is be the solution a and ability then IQ a their there's specialty, going changes, be their be right, Our of their they to

trying the their individuals specialists. of distribution mal and around maximize really help it's time move to So with

Sean Dodge

very helpful. Thanks again. That's interesting. Okay,

John Kalix

Thanks.

Operator

next from comes Instructions] question [Operator go David Please Larsen with BTIG. The ahead.

David Larsen

sorry late. question asked, growth looked little bit has to me. if joined call the been this actually I'm bookings pretty already the I a Hi, But good

can and the what drove $X.X think XXX%, million, Thanks. that? just you I maybe on comment up environment selling

John Kalix

it we half that. the bookings, We shows think the in space. it's Hey in all of quarter compared the year used pleased adopted, telemedicine in it the with that to well be of in second this We truly environment as being both acute this trying first David, understood as is XXXX. where be that can strength are care see to

that we after. been it half we've the the in We So, getting numbers see well both as late-stage opportunities the between first as that the it as and see were do bullish. up put cross-selling

we -- said, bullish So, always on we've that's obviously side. we play. are booking post-COVID are the And

think a put I to then wanting would fourth was we something that that into I be world away. in any think the third predicted have it we go agree what we it is is models, But business true and going there pressure. a to all not shortage wave, so have and not can any in that never that's is understanding going the there's shows to

where coming we why COVID, to so urgent take is And While saw be think strong. older. in getting of and that's long-term is we care adding the my is population hospitals the is to the the are they the which bookings strategy going specialists as urgent, for immediate long-term

David Larsen

SOC Physicians? that pure trend the was rate, Does -- sort for Telemed Access that what and like, Okay. that SOC growth breakout or Telemed include of a And basis? and year-over-year bookings is on inorganic what's

John Kalix

that number consults. the Chris' does one what all evaluation legacy heard bookings it you not that number of well the our total the because within So, does combined. IQ quarter. was legacy that SCP my comment multi-year year contract include Access our, a comment, SOC and call, include our that contract, for it's represents only and in The -- core clinicians as Telemed includes we for Physicians' that as elements The offering a one

value over So, it period. five-year not does of that the contract show entire the

David Larsen

actually the year-over-year Okay. but just per little it helpful? And those on a drove declined on on consult consult revenue basis, increased trends a very Access looks what bit, be color then total like would the per a revenue basis, Physician any

Chris Knibb

by, Yes, on the consult the discussed as decline operating revenue been throughout is SOC below had SOC on side heavy the period, the driven we per we minimums, COVID the side. primarily on before,

than fewer been of performing but been a had number customers So, minimum we those. consults, for had paying

the a additional bucket, you minimums that the fill effectively as minimums price you drives period of consult your time, because doing those and there's doing bucket So, we consults that before. revenue which per fill were same down you're at

then in Physician revenue and in that the consults drove side, on the pulmonary ICU, down. increased per of a And what then decrease that's we kind saw the So of Access it's which consult. sort inverse

David Larsen

Okay. Great. much. Thanks very

Operator

question-and-answer remarks. closing concludes back This our now Kalix John the any over to conference I'll for session. to

John Kalix

on quickly additional everyone ensuring to tonight. joining additional and forward just customers I'll thank connecting everybody. details more Thank for forward. look We moving you, growth

Operator

now concluded. Thank attending has you conference presentation. today's for The

now may You disconnect.

SOC Telemed (TLMD) 12 Aug 212021 Q2 Earnings call transcript