Millions of patients tried telehealth visits as the Covid-19 pandemic disrupted in-person care delivery.elehealth company Amwell surged in its first day of trading, exemplifying how hungry both the public and private markets are to invest in the sector whose growth has accelerated due to the coronavirus pandemic. Teladoc has reigned supreme the past few years as one of the only public telehealth companies, but its first-mover advantage is about to be put to the test.
Amwell brought in $122.3 million in revenue in the first six months of the year, a 77% increase over the same period last year, and approaching the $149 million the company reported in all of 2019. Amwell recorded more than 2.9 million visits and 57,000 providers using the platform the first half of this year. Schoenberg cofounded Amwell in 2006, along with his brother Roy. This is, who grew up outside of Jerusalem and both attended medical school in Israel, and the first to go public.
“The pandemic is likely to increase deal count and exits in the coming year as companies rush to secure funding.”here were 14 venture deals in the retail telehealth space through September 16 of this year, up from 8 deals in the same period last year, according to an analysis provided by private capital market data company PitchBook. The total known deal value was around $1.1 billion in 2020, compared to $367.4 million in 2019, according to the analysis.
There is probably no greater indication of the current telehealth deal and acquisition frenzy than the $18.5 billion mega-merger between Teladoc and Livongo. Both companies “have great product development efforts underway and both companies could evolve towards each other over time,” says Donald Hooker, equity research analyst at KeyBanc Capital Markets. “What the merger highlighted was the fact that the space is moving so fast and that you don't have time to do it yourself.
Hardly a promising prospect for a healthy society
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