RESTON, Va., Sept. 15, 2021 /PRNewswire/ -- SOC Telemed,
Inc. (NASDAQ: TLMD, "SOC"), the largest national provider of acute
care telemedicine, today announced that Chris Knibb, Chief Financial Officer (CFO), has
resigned to pursue other opportunities effective September 23, 2021. The Company will immediately
begin a search for a new CFO. David
Fletcher has been appointed interim CFO, while SOC searches
to identify a successor. Mr. Knibb will be available to support the
transition through December 31,
2021.
"I appreciate Chris' leadership and impact on the SOC team,"
said Dr. Chris Gallagher, Chief
Executive Officer of SOC Telemed. "We wish Chris the best of luck
and have confidence in our finance team's leadership as we work to
identify a successor."
David Fletcher will serve as the
Interim Chief Financial Officer of SOC Telemed. Mr. Fletcher is a
financial consultant who currently functions as an interim chief
financial offer and interim senior financial executive of
healthcare services, technology, and services industry companies
sponsored by leading private equity firms, including Goldman Sachs,
H.I.G. Capital, and Ares Management, among other firms.
Prior to these roles, Mr. Fletcher was a Chief Financial Officer
Partner with Tatum, a Randstad company, where he served as acting
Chief Financial Officer for Flotek Industries, Inc. and as acting
Chief Financial Officer with Envela Corp., among other interim
financial executive roles. Prior to Tatum, he served
concurrently as Executive Vice President and Chief Financial
Officer of three publicly traded companies: American Realty
Investors, Inc., Transcontinental Realty Investors Inc., and Income
Opportunity Realty Investors. Previously, Mr. Fletcher was
Executive Vice President and Chief Financial Officer of a
wholly-owned subsidiary of Tarragon Corporation, which had its
common stock listed and traded on the NASDAQ and for more than five
years prior thereto was employed as a senior manager with Deloitte
LLP and as a banker with Bank of America.
Mr. Fletcher holds a Master of Business Administration with
a concentration in Finance from the McCombs Graduate School of
Business at The University of Texas at
Austin, graduating as a Sord Scholar. Mr. Fletcher also
holds a Bachelor of Business Administration degree from The
University of Iowa.
2021 Financial Guidance
Additionally, SOC is taking
the opportunity to re-affirm the financial guidance the company
provided during its second quarter earnings call that occurred on
Thursday, August 12, 2021.
- GAAP Revenue is expected to be in the range of $90 million to $92
million, with approximately 30% expected to be attributed to
Access Physicians
- Primary drivers of the guidance include impacts from the Delta
variant of COVID-19, specifically on increased pressure on hospital
emergency departments, and a change in go-to-market strategy around
hardware sales related to the integration of Access Physicians
- Adjusted gross margin is expected to be in the range of 37.0%
and 40.0%
- Adjusted EBITDA is expected to be in the range of $(22.0) million to $(25.0)
million
These statements are forward-looking and actual results may
differ materially. Please refer to the Forward-Looking Statements
safe harbor below for information on the factors that could cause
our actual results to differ materially from these forward-looking
statements.
SOC Telemed has not reconciled its expectations as to Adjusted
Gross Margin and Adjusted EBITDA to the most comparable GAAP
measures because certain items are out of its control or cannot be
reasonably calculated or predicted at this time without
unreasonable efforts. Accordingly, a reconciliation for
forward-looking Adjusted Gross Margin and Adjusted EBITDA is not
available without unreasonable effort.
About SOC Telemed
SOC Telemed (NASDAQ: TLMD, "SOC") is the leading national
provider of acute telemedicine technology and solutions to
hospitals, health systems, post-acute providers, physician
networks, and value-based care organizations since 2004. Build on
proven and scalable infrastructure as an enterprise-wide solution,
SOC's technology platform, Telemed IQ, rapidly deploys and
seamlessly optimizes telemedicine programs across the continuum of
care. SOC provides a supportive and dedicated partner presence,
virtually delivering patient care through teleNeurology,
telePsychiatry, teleCritical Care, telePulmonology, teleInfectious
Disease, teleNephrology, teleMaternal-Fetal Medicine and other
service lines, enabling healthcare organizations to build
sustainable telemedicine programs across clinical specialties. SOC
enables organizations to enrich their care models and touch more
lives by supplying healthcare teams with industry-leading solutions
that drive improved clinical care, patient outcomes and
organizational health. The company was the first provider of acute
clinical telemedicine services to earn The Joint Commission's Gold
Seal of Approval and has maintained that accreditation every year
since inception. For more information, visit
www.soctelemed.com.
Forward-Looking Statements
This press release includes "forward-looking statements" within
the meaning of the "safe harbor" provisions of the United States
Private Securities Litigation Reform Act of 1995. In some cases,
you can identify these forward-looking statements by the use of
terms such as "expect," "will," "continue," or similar expressions,
and variations or negatives of these words, but the absence of
these words does not mean that a statement is not forward-looking.
All statements other than statements of historical fact are
statements that could be deemed forward-looking statements,
including, but not limited to, statements under "2021 Financial
Guidance" and any other statements of expectation or belief. These
statements are subject to known and unknown risks, uncertainties
and other factors that may cause our actual results, levels of
activity, performance or achievements to differ materially from
results expressed or implied in this press release. Such risk
factors include, but are not limited to, those related to: the
effects of disruption to SOC Telemed's businesses of management
transitions; the ability of SOC Telemed to retain and hire key
personnel; the current and future impact of the COVID-19 pandemic
on SOC Telemed's business and industry; the effects of competition
on the future business of SOC Telemed; uncertainty regarding the
demand for and market utilization of its solution; returns on
investments in its business; the ability to maintain customer
relationships; difficulties maintaining and expanding its network
of qualified physicians and other provider specialists; disruptions
in SOC Telemed's relationships with affiliated professional
entities or third party suppliers or service providers; general
business and economic conditions; the ability of SOC Telemed to
successfully execute strategic plans; the timing and market
acceptance of new solutions or success of new enhancements,
features modifications to existing solutions and the degree to
which they gain acceptance. Additional information concerning these
and other risk factors is contained in the Risk Factors section of
SOC Telemed's most recent quarterly report on Form 10-Q and in
subsequent filings with the U.S. Securities and Exchange
Commission. SOC Telemed assumes no obligation, and does not intend,
to update these forward-looking statements as a result of future
events or developments, except as required by law. Readers are
cautioned not to place undue reliance on these forward-looking
statements that speak only as of the date hereof.
Media Relations:
Lauren Shankman
Trevelino/Keller
lshankman@trevelinokeller.com
Investor Relations:
Steve Rubis
Vice President, Investor Relations
SOC Telemed
P: (214) 681-7991
srubis@soctelemed.com
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SOURCE SOC Telemed