Wall Street Reporter, the trusted name in financial news since 1843, has published reports on the latest comments and insights from leaders at Veeva Systems Inc. (NYSE: VEEV),Livongo Health, Inc. (NASDAQ: LVGO) CloudMD (OTC: DOCRF) (TSX.V: DOC) and Teladoc Health, Inc (TDOC).
AI, video, and new technologies are rapidly transforming healthcare. Wall Street Reporter highlights tech leaders comments and insights from recent earnings calls, where they discuss the challenges and opportunities as they navigate the dawn of a new era in healthcare.
Veeva Systems Inc. (NYSE: VEEV), CEO Peter Gassner: "Veeva's Cloud Innovation Powering Pharma & LifeSciences"
"...Telemedicine increased rapidly in the U.S. from less than 1% of doctor visits in February to more than 30% of visits in April. Doctors and patients are getting used to a mix of in-person and digital interactions and are finding it productive. Using Veeva Pulse data from Veeva CRM, we see that in the U.S., remote meetings between pharma and doctors with Veeva Engage are up more than 30 times and approved e-mail communications are up more than two times from February to April."
"Doctors are telling us they find digital meetings effective and they look forward to a mix of in-person and digital interactions once things get back to normal. It's good to see the healthcare systems and the life sciences industry evolving so rapidly. It was a very busy quarter for Veeva, we executed our first ever entirely remote product releases in both CRM and Vault. We made major changes to our product plans to release new digital capabilities, customers need most right now....Two big new areas of innovation, Data Cloud and MyVeeva: We had a major announcement for commercial in March with Veeva Data Cloud planned for the U.S. by year-end. Veeva Data Cloud will bring a better solution for patient data to the industry. This is a large, underserved area and ripe for disruption. Like the other markets we've entered, we aim to bring much needed innovation..." Veeva Systems (NYSE: VEEV) Earnings Call Highlights Available at: https://www.wallstreetreporter.com/2020/06/veeva-systems-inc-nyseveev-q1-2021-earnings-conference-call-summary-highlights/
CloudMD (OTC: DOCRF): "The Future of Telemedicine"
CloudMD (OTC: DOCRF) (TSX.V:DOC) CEO Dr. Essam Hamza, M.D. made his debut presentation at Wall Street Reporter's NEXT SUPER STOCK livestream investor conference on July 29. Dr. Hamza shared with investor audiences how CloudMD is addressing a multi-billion dollar market opportunity by digitizing the delivery of healthcare - providing patients access to all points of their care from their phone, tablet or desktop computer.
DOCRF offers SaaS based health technology solutions to medical clinics and healthcare providers across North America and has developed proprietary technology that delivers quality healthcare through the combination of connected primary care clinics, telemedicine, and artificial intelligence (AI). CloudMD currently provides service to a combined ecosystem of 376 clinics, over 3000 licensed practitioners and almost 3 million patient charts across its servers.
On August 6 DOCRF announced it has entered into a binding agreement to acquire 100% of a U.S. based medical clinic serving chronic care patients as a part of its broader strategy for entering the U.S. market with its comprehensive suite of telehealth products. The acquisition is an important and strategic part of CloudMD's cross-border expansion plan into the United States.
One of the key goals for CloudMD with this acquisition is to start providing a single comprehensive stop for longitudinal healthcare for chronic and complex care patients in the U.S. These patients often have multiple concurrent diseases such as diabetes, hypertension, vascular and heart disease. The opportunity for expansion with this acquisition is significant, as in the U.S alone, 90% of the $3.5 Trillion spent annually on health care is spent on chronic pain and mental health issues (Source: CDC). CloudMD's integrated telehealth technology will be used in the clinic practice to provide patient centric, continuity of care.
On July 28 CloudMD announced signing a definitive agreement to acquire South Surrey Medical Clinic, a premier provider of integrated medical solutions and an early adopter of telemedicine delivery. The Clinic has been able to streamline healthcare services and provide longitudinal and team-based patient centric care by offering a number of medical services from one location. The clinic operates with 24 healthcare professionals, including, 12 physicians across various specialities including mental health, women's health, sports medicine, gynecology and psychiatry. South Surrey services over 60,000 patients and already uses online booking, EMR software and telemedicine that will be easily integrated into CloudMD's software and clinic network.
WATCH CloudMD (OTC: DOCRF) July 31 CEO Livestream Interview & Investor LiveChat: https://www.wallstreetreporter.com/2020/08/cloudmd-otc-docrf-ceo-interview-investor-livechat/
WATCH CloudMD (OTC: DOCRF) NEXT SUPER STOCK July 29 livestream video: https://www.wallstreetreporter.com/2020/07/cloudmd-otc-docrf-the-future-of-telemedicine-next-super-stock-livestream-july-29/
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Teladoc Health, Inc (TDOC) CEO Jason Gorevic: "Pandemic Accelerated Widespread Adoption of Virtual Care".
"...Q2 2020 was characterized by outperformance across all key financial and operational metrics driven by broad based strength across the entire business...Particularly strong was our revenue in the quarter, which grew 85% over the prior year to $241 million. As a result of the increased demand for our services from clients and consumers, as well as including the results of InTouch Health for the second half of the year, we are significantly raising forward guidance, including full year revenue guidance of $980 million to $995 million. This represents an increase of $170 million to $180 million over our prior range, including an organic increase of over $100 million."
"There's no doubt that the ongoing pandemic shines a spotlight on the integral role that virtual care plays within the health care system. I recently shared the virtual stage with U.S. HHS Secretary, Alex Hazar. And when asked about virtual care, secretary Hazar said, 'I think we'd have a revolution if anyone tried to go backwards on telemedicine.' This is now an embedded part of our health care system. I don't think I could have said it any better. The pandemic has accelerated the widespread adoption of virtual care, and I'm confident there's no going back."
"The tremendous momentum and demand we're seeing across the business for a comprehensive product offering, including an impressive pipeline of new opportunities, gives us confidence in providing a preliminary outlook of 30% to 40% revenue growth for 2021."
Teladoc (NYSE: TDOC) Earnings Call Highlights Available at:https://www.wallstreetreporter.com/2020/08/teladoc-health-inc-nyse-tdoc-q2-2020-earnings-call-highlights/
Livongo Health, Inc. (NASDAQ: LVGO), CEO Zane Burke: "Remote Health Monitoring Here To Stay"
"There is no question in our mind that this pandemic has accelerated a more extensive virtual care delivery model. Remote monitoring is here to stay, and we expect it to become the standard of care for the most vulnerable and expensive populations...."
"Livongo's connected technology allows our members to track vital signs of interest in maintaining health. We expect that the ability for both personalized care as well as broad population surveillance will become critical going forward as an early warning and monitoring system for the health care system at large and a way to efficiently deliver care to those who need it most exactly when and where they need it."
"...The genie is out of the bottle in terms of remote patient monitoring. And - that that's going to be part of the future health care system as it moves forward...Livongo has a truly unique opportunity to thrive..."
LVGO Earnings Call Highlights Available at: https://www.wallstreetreporter.com/2020/06/livongo-health-inc-nasdaqlvgo-q1-2020-earnings-conference-call-summary-highlights/
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