Teladoc ended 2015 with $77.4 million in revenue, up 78 percent year-over-year from $43.5 million in 2014, the company’s CEO Jason Gorevic said on Teladoc’s year end earnings call. Revenue came from two sources: subscription access fees brought in $63.3 million and visit fees brought in $14.1 million.

Last year, Teledoc facilitated about 576,000 telehealth visits, up from 299,000 in 2014. And the total number of members the company ended the year with was 12.2 million. 

The total number of members at year end, while up from 8.1 million in 2014, was down from 12.6 million members at the end of the third quarter. But Teladoc Chief Financial Officer Mark Hirschhorn explained the bulk of this decline came from Health Republic, a non-profit consumer operated payer that was closed by the New York Department of Financial Services during the fourth quarter. Hirschhorn added that Teladoc started 2016 with more than 14 million members.

That growth was partially driven by the company adding 870 new clients in January. About 40 of these were Fortune 500 companies, including Dell, Monsanto, Sherwin-Williams, Panasonic, DuPont, and Kohl's. Teladoc also launched programs with Blue Cross Blue Shield of Florida and with Blue Cross Blue Shield of North Carolina.

Specifically in the fourth quarter last year, total revenue reached $22.6 million. Subscription access fees accounted for $18 million of the revenue and visit fees accounted for $4.6 million. 

During the quarter, Teladoc spent $14.1 million on general and administrative expenses. About $3.2 million was used to grow Teladoc’s employee base to 600 employees. The company’s legal fees last quarter accounted for about $1 million in expenses, significantly lower than the $7 million Teladoc spent in the second quarter of 2015.

Teladoc saw 184,000 total visits last quarter, up 67 percent from 110,000 in Q4 2014.

Gorevic highlighted Teladoc’s utilization rates, which he said are a result of the company’s per member per month (PMPM) payment model. The PMPM model and its sustainability has been a topic of discussion in past earnings calls for Teladoc. 

He explained that during the fourth quarter, visits increased faster than membership did, an indication of increased utilization of Teladoc’s service across the company’s membership base. Over the last three years, he added, the utilization rate of Teladoc’s members has increased by a CAGR of 40 percent.

“Our utilization trends are a byproduct of our PMPM model, our strong consumer analytics, and our proven track record of engaging members,” Gorevic said. “Much has been debated about the merits and viability of the PMPM model, and we believe these results validate two things: one, the PMPM model works, and two, Teladoc's engagement campaigns are highly effective.”

Teladoc also saw in increase in its average PMPM fees. In the fourth quarter, the company’s average subscription revenue PMPM was $0.48, up from $0.43 per member per month in the fourth quarter of 2014.

For the first quarter of 2016, Hirschhorn said the company expects revenue to reach between $26 million and $27 million. He also said the company expects to have between 14.5 million and 15 million members by the end of the period, after starting off the year with 14 million.

Gorevic said Teladoc will launch four new payer clients in the second and third quarters of 2016. Three of the four health plans are managed Medicaid plans.