Thread by @sebidscap

Just read Amwell's ( $AMWL ) prospectus, & watched their roadshow. Assume market spirits are high for something like "telehealth software provider", but I'm not impressed. Lackluster margins, so much deficit to get to so little subscription revenue in 14 years.🤨
$LVGO way better

Doesn't feel like an opportunity to me, doesn't feel like true product-market-fit. Too much effort & energy for too little outcome. Big losses, not too much revenue. So little growth considering tailwinds, imo. 587 employees in 2018 to 686 employees in 2019. After 14 years...

Whitelabel provider = also caps the upside, which I don't like.

More disruption would have been better. I prefer to own companies with a closer relationship with their customers.

Too many parties & partnerships involved, company feels like a middleman. Nice NPS, nice ratings, but just doesn't feel like it's Amwell being in the driver's seat.

Can mostly compare with $TDOC and $LVGO, which feel like the opposite: highly energetic, creative & inventive.

$AMWL mission statement is boring, "enabling" health systems or digital delivery =/= disrupting healthcare. The latter is needed, big price pool is for disruptive company, not for enabler. Amwell feels dusty already.

Also language: "Cyber Command Center", "Centers of Excellence"

Are they even using a cloud provider as their primary infrastructure? Feels like they're still using their own infrastr.?

General conclusion: Whatever the market does with $AMWL's stock, I don't care, having read their prospectus only makes me more proud of $LVGO's achievments.

Very bullish on the $TDOC merger already, but even more so now.
Based on what I've read, I'd say that for people that care about investment styles based on fundamental/quality analysis (=not just speculation on short-term buzz), reward/risk is clearly better with Teladoc+Livongo.