Here are six things to know about the telehealth company’s financial performance for the third quarter of 2020, which ended Sept. 30:
1. The company reported $184.8 million in total revenue for the first three quarters of 2020, up 78 percent from $103.8 million during the same time last year.
2. Amwell reported a net loss of $64.6 million for the quarter compared to a $24.1 million net loss during the third quarter of 2019.
3. Compared to last year, the total number of active providers on Amwell’s platform increased 930 percent from 6,000 to 62,000.
4. Amwell posted 1.41 million total visits for the third quarter, up 450 percent from 255,000 during the same time last year.
5. The company reported a 17 percent increase in subscription revenue for the quarter, rising from $22 million last year to $25.8 million this year. Visit revenue also grew to $28.5 million in the third quarter, up 295 percent from 7.2 million during the same time last year.
6. For 2020, Amwell projects revenue to reach between $235 million and $239 million.
More articles on telehealth:
Amwell launches virtual visit offerings: 4 notes
MUSC Health licenses virtual care implementation model to telehealth program monitoring platform
Viewpoint: 5 ways to preserve team-based care in telemedicine
Becker’s 3rd Annual Fall Chief Pharmacy Officer Summit is the top tier event that the people leading the future of pharmacy convene. This 3-day event is built specifically for Chief Pharmacy Officers and senior pharmacy leaders. The sessions examine the workforce, financial and clinical priorities shaping pharmacy today. Becker’s is where candid discussions flourish and new ideas thrive. Becker's 3rd Annual Fall Chief Pharmacy Officer Summit
