Telehealth has been one of the massive growth stories of the Covid-19 era, as patients avoid clinics and hospitals where they risk exposure to the coronavirus. The Teladoc-Livongo deal is the third-largest in the U.S. this year.
Livongo, a provider of coaching services that help people manage chronic conditions, falls in the category of remote health management, which is also seeing soaring demand during the pandemic. The companies said in Wednesday's press release that the merger will help people everywhere get "high quality, personalized, technology-enabled longitudinal care that improves outcomes and lowers costs across the full spectrum of health.
But as of Tuesday's close, Teladoc had tripled in value this year and Livongo was up almost six-fold."Stock prices have gotten so high with these tech companies and Covid-19 plays that they're going to use their stock as currency to make acquisitions like this," said Jake Dollarhide, CEO of Longbow Asset Management. Teladoc, which Dollarhide owns in his portfolio, "is really getting a nice boost to diabetes and mental health services with Livongo," he said.
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