Wall Street Is Punishing AmWell And The Schoenberg Brothers. But Is The Company Undervalued?

The turn of the 20th century was a time of dramatic change, with two titans of innovation competing to transform the way Americans lived and worked. Thomas Edisonthe lightbulb, but his and Nikola Tesla’s efforts to create systems to safely and efficiently distribute electricity would create the building blocks for the modern economy and way of life.

Into this void stepped Teladoc and AmWell to evangelize virtual care: the delivery of healthcare online and via video visits. Teladoc decided to sell its services to employers as a benefit to employees, while AmWell largely sold telehealth software to incumbent health systems and health plans, encouraging them to create their own virtual care offerings.

Hindsight being 20/20, what is most clear about the impact of the pandemic on telehealth and virtual care is three things:It drove investor excitement over the prospects for substantial disruption of traditional care delivery, with resulting startups being funded2000+ hospital customers, 55 health plan partners and collectively 100M+ members . The company has received recognition from

But there are those who have figured out pockets of growth. For instance, over the same time period, Teladoc grew revenue annually at a 27.8% clip, from $1.1B to $2.3B, largely through its BetterHelp mental health segment. Likewise, Hims & Hers Health has grown from $148 million to $872 million in revenue for a 80% CAGR.

For instance, in its Q3 2020 earnings call, AmWell’s CFO said, “With the IPO now behind us, in Q4 and throughout next year we see G&A spend normalizing back to the low mid-$20 million range.” That happened in 2021, but G&A spend increased again in 2022 and has remained elevated, averaging in the mid $30 million range on a quarterly basis since.

Talent will be important amidst increasing competition, commoditization, and uncertainty in the broader telehealth environment. On the competitive front, Epic System’s new, which offers white-labeled virtual care services to supplement a health systems’ own providers, and is built on Epic’s telehealth tech, appears competitive to AmWell’s own AmWell Medical Group offering.

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