These Top Telehealth Stocks Could Benefit from $109.98 Billion Market Opportunity

August 18, 2022 -

The telehealth boom is healthier than ever. In fact, according to Technavio, telehealth could become a $109.98 billion market by 2025. Most of that will be driven by increased care needs for chronic diseases, such as cardiovascular issues, cancer, Alzheimer's disease, asthma, and diabetes to name a few. That could be beneficial for companies such as Datametrex AI Limited (TSXV: DM) (OTCQB: DTMXF), Teladoc Health Inc. (NYSE: TDOC), WELL Health Technologies Corp. (TSX: WELL) (OTC: WHTCF), Doximity Inc. (NYSE: DOCS), and Uphealth Inc. (NYSE: UPH).

In addition, according to a CVS Health 2022 Health Care Insights Study, “A little over half (53 percent) of providers said that the addition of virtual care options led to an increase in patient visits, according to a new report. Compared to in-person appointments, healthcare consumers find virtual visits more convenient because they don't have to leave home (41 percent), they don't have to cover transportation costs (37 percent), and they save time (37 percent). Three, as also noted by the AMA, “Telehealth is critical to the future of health care, which is why the AMA continues to lead the charge to aggressively expand telehealth policy, research and resources to ensure physician practice sustainability and fair payment.”

Look at Datametrex AI Limited (TSXV: DM) (OTCQB: DTMXF), For Example

Datametrex AI Limited announced that Medi-Call Inc., the Company’s wholly owned telehealth company, has added a cutting-edge Health Canada approved portable ultrasound device, Butterfly iQ+, which is used to aid in assessments during home and in-clinic visits by Medi-Call physicians.

Butterfly iQ+ Features

- Basic Imaging

- Whole-body assessments

- Data Storage

- Diagnostic Tools

- Procedural Tools

To learn more about the Butterfly iQ+ visit:

In addition, the Company has further expanded its physicians and added Dr. Rashad Dindo to the Medi-Call team.

“We are thrilled to expand Medi-Call by offering new ultrasound services. Recent data shows wait times for services like ultrasounds can be up to 3-4 weeks. Being able to provide timely care for patients in a way that is accessible is priority”, said Marshall Gunter, CEO of the Company. “The team is excited to have the latest in portable ultrasound technology at our fingertips. These devices allow our physicians to serve patient needs better, and faster by having accessible and on the go equipment, catering to numerous health services, and ultimately more efficient care,” said Omar Sharif, Chief Medical Officer of the Company.

Other related developments from around the markets include:

Teladoc Health Inc., the global leader in whole-person care, announced the addition of a home A1C testing program to its Livongo by Teladoc Health chronic care solution, making it easier for members to manage and control their diabetes. Livongo by Teladoc Health members will have the option to receive at-home A1C tests provided by LetsGetChecked, a leading healthcare solutions company that enables providers to administer diagnostics and care directly into the homes of patients. The announcement comes as new company data shows that 58% of members opt for the at-home service when given the chance, with a three to four times greater consumer test return rate than other options on the market.

WELL Health Technologies Corp. announced its results for the fiscal second quarter ended June 30, 2022. Hamed Shahbazi, Chairman and CEO of WELL commented, “Our diligent focus on providing care and support for the care providers themselves is working as I believe our strong financial performance is a by-product of delivering real value to healthcare practitioners in both the US and Canada. We had a great quarter achieving ‘best ever’ results on both the top and bottom line without even being in our seasonally strongest quarter. These exemplary results were once again driven by an acceleration in our organic growth while maintaining robust operating margins. During the second quarter we achieved over 20% YoY organic growth driven by strong operating performances across all our lines of business including both online and in-person care channels. WELL also achieved record patient visits in the quarter with over 1.16 million combined omni-channel, diagnostic and asynchronous patient interactions – demonstrating our continued leadership position as the preeminent end-to-end healthcare company in Canada, while our US businesses continue to exhibit industry leading growth metrics. WELL’s US-based virtual patient services businesses, Circle Medical and Wisp, achieved profitable results and continued growth in revenues with a combined annual revenue run-rate exceeding $115 million in the month of June. Our outlook for the second half of the year remains very positive, hence we are able to confidently increase our annual guidance for annual revenue to exceed $550 million in 2022.”

Doximity Inc., the leading digital platform for U.S. medical professionals, announced results for the fiscal 2023 first quarter ended June 30, 2022. "We're pleased that a record number of physicians, NPs, and PAs used our Doximity Dialer over 200,000 times per workday last quarter to reach and provide more convenient care for their patients," said Jeff Tangney, co-founder and CEO at Doximity. "We believe this shows that the 'new normal' has set in with our users as they adopt a more mobile, hybrid schedule."

Uphealth Inc., a global digital health company delivering technology platforms, infrastructure, and services to modernize care delivery and health management, announced financial results for the second quarter ended June 30, 2022. UpHealth CEO Sam Meckey said, "I joined UpHealth because the Company's assets are uniquely situated within the healthcare ecosystem, to solve some of the most pressing problems in healthcare today. The opportunities for UpHealth to create value for our clients are significant and I am eager to contribute my experience and knowledge in healthcare, to help drive our future growth."

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