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28 Apr, 27 tweets, 4 min read
$TDOC Call - Primary360 going well and signed additional deals for later this year.

Very excited about Primary360.
$LVGO and $TDOC commercial integration fully completed from early this year.

Combined Teladoc and Livongo behavioral health products.

Can start Livongo through the $TDOC app.
Q: Competition?

We have competitive advantages across all types of care and levels of providers.

Customers are looking for one point of sale not multiple vendors stitched together.

Proven by larger deals and more multi-product deals than ever. Proof with large blue plans.
We've seen success and increased interest as some competitors have gone to a health plan and other health plans don't want to buy from a competitor.

Moves have been in-line with what we have expected.

We almost never bump into these competitors.
Q: Pipeline?

Recall 4Q report, we said pipeline of new members was 50% larger than last year - it has only grown since then and progressed along the deal stage through the pipeline. One of those was very significant.
Also seeing more large multi-product deals than ever before. Seeing Livongo push much faster into hospitals faster than we ever expected. Also Primary360 much better uptake than expected.

We don't usually upgrade guidance at this point in the year so this is unusual.
Q: Interested in whole-person care at a blue plan.

We are selling our full suite of telehealth and chronic care solutions to them. We allow consumers and clinicians to buy and recommend across our products.

This was the thesis to combine w/ Livongo and is a sig comp adv
There are some economies we get from selling like this. We can charge a lower price and receive higher revenue per user.
Q: Sense of pipeline for Primary 360, how fast can it ramp, can you quantify how much it helped?

Pipeline is very strong for Primary 360. We expect to roll out this and next year. Don't expect it to be material this year but it will next year.
Some clients are happy w/ higher PMPM and visit fees for increased intensity - others are looking for more value based arrangements. Eventually that is where we are going to go which is something only we can do due to our scale. P360 is multi-product so expands PMPM.
Q: Strength in behavioral business, channel checks show strength, benefit from new carriage.

Mental Health continues to be the strongest growth in the portfolio. Our attention there is increasing. Combining LVGO and Teladoc offerings which is clearly resonating w/ the market.
Growth here will continue to be strong even with explosive growth in 2020. Mental health will be leading 2nd product to general.

We see utilization shift to live interaction over text interaction. Enables us to bring value at an attractive price due to scale.
Q: Where are you on the backend integration with livongo and what will we see?

Rapid progress on commercial side, bringing together a unified suite is hard work and team has done great. We launched the first group who are able to get Livongo from the tdoc app.
Next year we will have a redesigned user experience. Provider integration is material and it is a significant source of engagement.
The data integration is critical. We have a treasure trove of data - once we can integrate our millions of visits with blood gluc data we can move the needle on behavior change.

The team has spent a lot of time on this integration.

CFO says 2021 is an investment year [hm]
Q: BetterHelp, how does it work against other products, how is CAC affecting things?

We are seeing Revenue/CAC increase for DTC channels as we optimize channels. We are benefiting from market acceptance for digital therapy. Not seeing a challenge with CAC.
These are always built in with benefit packages, not really an either-or. Some are selling our platform services into a plan along with betterhelp. Some exhaust usage on main benefit and move to DTC.
Q: Acquisitions

We will continue to expand the portfolio, especially around the cardio metabolic continuum. We are working on whole person care. Will see a trend towards at home monitoring. Evaluate buy vs build as they go.
Q: Health system

Most are cross-sells where we bring in Livongo products to existing clients. Challenge is moving from HR, where Livongo sold, to C-suite. Hospitals want to discharge patients with a livongo device to avoid readmits.
Q: guide
The membership closes and sales this year have more of an impact on 2022 rather than 2021. We have great confidence on what 2022 looks like due to significant deals. Upside on 2021 is due to increased LVGO uptake as well as no guidance alloted for flu season. DC as well
Q: Cloud and Integrations

We are multi-cloud - don't work with just one cloud provider. We think its best to be more diversified.

There are some things we want to own directly because it is very core to our goal of whole person care, then there are some we bring ..
.. in because they are not directly our circle of expertise. Then there are potential partners which we would consider opening our platform to.
Q: Where is increased spend coming from?

Making investments in unified data platform, primary 360, and behavioral health.

We think about spend as both abs and % of revenue, what is the ROI and what is the clear payback? Important to maintain and grow margins.
Q: Where did the extra 24c in PMPM come from?

Don't provide break-outs on components of PMPM but you can see the buckets of drivers in the numbers.

Now 15% of customers are multi-product triple from 1y ago. 1/3 of chronic care are buying more than 1 product up 18%.
We really focus on revenue per client and our revenue per chronic care client is up 33% from 1 year ago.

Shows significant room for expansion as we are still only 15% multi-product.
$TDOC Call over.

So I see the stock is down 5% or so. Can't be surprised there. Obviously I was hoping for a blow-out to shock the market on $TDOC but its going to be a continual grind.
I think the most interesting point of the call was that they are more confident in 2022 than 2021 due to large deals coming through! I wonder how analysts are going to adjust 2022 growth expectations from that.

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