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@Gerrard, du solltest dich nicht von derartigen Kommentatoren abbringen davon lassen, an dein Investment zu glauben (ich gehe mal davon aus, dass du aus Überzeugung investiert bist).
Der Geschäftsbericht für das Geschäftsjahr 2020 enthält einige relevante Aussagen zum Thema Gewinn und Gewinnabsicht. Bevor ich diese hier rein kopiere, möchte ich jedoch kurz meinen eigenen Senf abgeben.
Wer hätte vor vielen Jahren geglaubt, Amazon würde jemals Gewinne erwirtschaften? Diese Frage kann heute jeder beantworten, damals gab es viele Zweifler. Amazon hat eine sehr lange Zeit die stark steigenden Umsätze in die Weiterentwicklung des eigenen Geschäftsmodells sowie in die geografische Ausdehnung investiert. Gewinn ist für ein so stark wachsendes Unternehmen nicht ausschlaggebend. Es ist die Vision und ein für diese Vision vorhandener Markt. Wie wir heute wissen, hat Amazon sehr viel richtig gemacht.
Kommen wir nun zu TDOC - ich möchte TDOC eigentlich nicht mit AMZN vergleichen. Dennoch ist AMZN ein sehr gutes Beispiel für einen globalen Giganten und Teladoc ist in einer ausgezeichneten Position, dies im Gesundheitsmarkt zu werden. Das benötigt aber noch viele Jahre und vor allem weiterhin ein kluges und visionäres Management. Die Kursentwicklung der TDOC Aktie wird die kommenden Jahre ganz gewiss nicht am Gewinn bemessen sein.
Hier nun die Zitate aus dem Geschäftsbericht 2020. Ich habe die entscheidenden Stellen rot markiert.
Our ability to compete depends, in large part, on our continuous commitment to rapidly introduce new services, technologies, features and functionality. We have invested, and expect to continue to invest, significant resources in research and development and acquisitions to enhance our existing solution and introduce new high-quality applications and services. Our product development team is responsible for the design, development, testing and certification of our solution. In addition, we utilize certain third party development services to perform application development and design services. We focus our efforts on developing new products and further enhancing the usability, functionality, reliability, performance and flexibility of our solution.
We have a history of cumulative losses, which we expect to continue, and we may never achieve or sustain profitability. We have incurred significant losses in each period since our inception. We incurred net losses of $485.1 million, $98.9 million and $97.1 million for the years ended December 31, 2020, 2019 and 2018, respectively. As of December 31, 2020, we had an accumulated deficit of $992.7 million. These losses and accumulated deficit reflect the substantial investments we made to expand our business and scope of services, acquire new Clients, build our proprietary network of healthcare providers and develop our technology platform. We intend to continue scaling our business to increase our Client, Member and provider bases, broaden the scope of services we offer and expand our applications of technology through which Members can access our services. Accordingly, we anticipate that cost of revenue (exclusive of depreciation and amortization shown separately) and operating expenses may increase substantially in the foreseeable future. These efforts may prove more expensive than we currently anticipate, and we may not succeed in increasing our revenue sufficiently to offset these higher expenses. We cannot assure you that we will achieve profitability in the future or that, if we do become profitable, we will be able to sustain or increase profitability. Our prior losses, combined with our expected future losses, have had and will continue to have an adverse effect on our stockholders’ equity and working capital. As a result of these factors, we may need to raise additional capital through debt or equity financings in order to fund our operations, and such capital may not be available on reasonable terms, if at all. General and Administrative Expenses General and administrative expenses include personnel and related expenses of, and professional fees incurred by our executive, finance, legal, business development, operations and human resources departments. They also include stock-based compensation costs related to our board of directors and our employees and most of the facilities costs including utilities and facilities maintenance. Our general and administrative expenses exclude any allocation of depreciation and amortization. We expect our general and administrative expenses to increase for the foreseeable future as we continue to grow our business. However, we expect our general and administrative expenses to decrease as a percentage of our total revenue over the next several years. Our general and administrative expenses may fluctuate as a percentage of our total revenue from period to period due to the seasonality of our total revenue and the timing and extent of our general and administrative expenses
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