Telehealth firms fall as Amazon offers low-cost telehealth services for Prime members

LifeMD

14/11/2024 15:56

(Updates)
        ** Shares of telehealth firms drop between 3.5% and 14%
  
    ** Amazon.com  AMZN.O  introduces low, upfront pricing for
telehealth visit, treatment plan and free medication delivery
for Prime members
    ** Says Prime members can now get anti-aging skin care
treatments starting at $10 per month, men's hair loss treatment
for $16 per month and erectile dysfunction treatment for $19 per
month, among other offerings 
    ** Says customers can view a single low treatment price for
five common health conditions and beauty treatments and have a
consultation with a clinician virtually and discreetly through
messaging or video
    ** HIMS falls 13.66% to $23.83; company offers treatments
for a range of conditions, including sexual health, men's and
women's dermatology, mental health, and weight loss
    ** Shares of other telehealth firms also drop; LifeMD
 LFMD.O  fall 10.66% to $6.25 and Teladoc Health  TDOC.N  down
3.45% to $9.24
    ** Brokerage Leerink Partners says the introduction by
Amazon "of what appears to be a HIMS look-alike product, at
least for its two largest categories (and importantly NOT
GLP-1), is both surprising and also not surprising"
    ** "We don't know how successful it (Amazon) will be, but
also note that this is a serious competitive threat being
introduced to the market" - Leerink Partners 
    ** Including session moves, HIMS more than tripled, LFMD
down ~25%, TDOC down ~57%, YTD

 (Reporting by Sneha S K and Kamal Choudhury in Bengaluru)
 ((Sneha.SK@thomsonreuters.com;))