Merging company

TLMD stock soars in premarket

SOC Telemed, Inc. (TLMD) is a key provider of mission-critical telemedicine solutions for healthcare systems and physician networks. Telemed IQ’s technology portfolio deploys and optimizes programs across the continuum of care. The company virtually provides patient care across different sectors, including neurology, psychiatry, pulmonology, cardiology, nephrology, and maternal-fetal health care.

TLMD’s stock price during regular trading on February 2, 2022 was $0.64 with a decline of 9.28%. When last pre-market checked on February 3, 2022, the stock soared a phenomenal 336.6%.

TLMD: Events and Events

On February 3, 2022, TLMD announced that it had entered into a definitive acquisition agreement to be acquired by Patient Square Capital. Shareholders of the Company will receive per share in cash $3.00 of its common stock. The acquisition price per share was up to 366.1% higher than the company’s closing stock price on the last full trading day before the announcement.

TLMD: CEO comments

Speaking at the occasion, TLMD CEO Chris Gallagher said the acquisition notification authenticates the company’s portfolio of clinical services for critical care telemedicine. He further added that with the expert assistance and support of the Patient Square Capital team, the company is well positioned to meet the ever-increasing demands of customers.

TLMD: Main financial elements

On November 12, 2021, TLMD released its financial results for the third quarter ended September 30, 2021. Some of the major financial highlights are as follows.

Income

Total revenue in the third quarter of 2021 was $26.7 million, compared to $15.1 million for the same period of 2020. During the year, total revenue increased by 76 %. The company beat the estimated revenue of $1.41 million.

PES

Basic and diluted net loss per share in the third quarter of 2021 was $10.6 million or $0.11, compared to $9.7 million or $0.34 in the same period of 2020. Actual EPS of the company exceeded estimated EPS by $0.05.

On September 16, 2021, TLMD and Ob Hospitalist Group co-reported their partnership merging the company’s maternal-fetal medicine expertise with leading hospital OB programs. The primary hospital partner for this collaborative service provider is Hendrick Medical Center in Texas.

Conclusion

TLMD stock price is at its lowest point in six months. Shares of the company fell 85% as economic activity slowed during the pandemic period. The huge premarket gain is the result of the company’s merger with a leading healthcare investment firm. The company’s earnings release date is also getting closer, with analysts estimating revenue of around $26.1 million.