The 3 Hottest Telehealth Stocks to Watch in 2024

Stocks to buy

The telehealth sector will effectively reshape the medical services market in 2024. As a hotbed for innovation, it’s attracting investors with its potential in a burgeoning market. This transformation extends beyond mere patient care. Instead, it’s a pivot towards a tech-driven future in healthcare, promising new investment opportunities in the hottest telehealth stocks for 2024.

Moreover, the market’s growth is staggering. Initially valued at $128.12 billion in 2022, it’s projected to soar to $504.24 billion by 2030, with a robust 19.7% CAGR, as reported by Fortune Business Insights. This expansion reflects not only the sector’s potential but also its significant impact on healthcare’s future, marking a shift towards more accessible and efficient medical services.

As technology integrates deeper into healthcare, the telehealth sector emerges as a beacon of innovation and opportunity. Let’s dive into the top telehealth stocks of 2024, where savvy investment meets cutting-edge healthcare.

Teladoc Health Inc. (TDOC)

Source: Piotr Swat /

Teladoc Health Inc. (NYSE:TDOC), is a global telemedicine company, facing major financial headwinds this year, reflected in its 4.6% year-to-date (YTD) loss.

However, Teladoc Health rebounded in Q3 with steady financials, demonstrating an 8% year-over-year (YOY) growth in revenue to $660.2 million and a Free Cash Flow (FCF) of $68 million. In fact, this period marked a notable uptick in international revenue. It grew 21% to $269.1 million, alongside an 8% rise in U.S. revenue to $1672.8 million. Also, the company’s Health Integrated Care and BetterHelp segments reported encouraging revenue increases of 9% and 8%, respectively.

Looking forward, under CEO Jason Gorevic’s vision, Teladoc Health is set to enhance its virtual care offerings in 2024. Therefore, the company’s primary objective is to provide better health services to over 90 million members globally. This ambition is anchored in the advancement of its Unified app, a platform designed to facilitate comprehensive care from a single device, marking a major stride in telemedicine innovation.

Hims & Hers Health (HIMS)

Source: Lori Butcher /

Hims & Hers Health (NYSE:HIMS) stands out in the telehealth sector with a 41% YTD bump. The company’s recent Q3 results are a silver lining, showcasing a robust 57% YOY revenue increase to $226.7 million. With an impressive 1.4 million subscribers, HIMS is expanding its footprint, signaling its resilience and potential for growth.

Strategically, the company’s venture into the weight loss market by the end of 2023 marks significant diversification. Along with advancements in cardiovascular health and MedMatch technology, this move positions HIMS as a top telehealth stock to watch. Clearly, it reflects its dynamic approach to healthcare.

Financially, the company radiates confidence, underscored by the launch of a $50 million share repurchase program, signaling its financial stability. Looking ahead, the company sets an optimistic tone with its 2023 revenue guidance projected to be between $868 million and $873 million, coupled with a robust EBITDA forecast.

CrowdStrike Holdings (CRWD)

Source: T. Schneider /

CrowdStrike Holdings (NASDAQ:CRWD) is a leading cybersecurity software as a service (SaaS) firm. Further, it has shown exceptional growth with a 147% YTD return, driven by its AI-powered endpoint security solutions for databases and servers. So, this growth trajectory highlights the company’s increasing influence in the cybersecurity domain.

Financially, CRWD’s performance is impressive. The firm reported a 35.3% YOY increase in revenue, reaching $786 million. Additionally, ending ARR achieved a landmark, surpassing $3 billion. This represents a 35% bump YOY, clocking in at $3.15 billion. Furthermore, the record net new ARR of $223 million, driven by accelerating YOY growth, underscores these strong financial results.

Finally, CRWD’s achievements are credited to high scores in MITRE Engenuity ATT&CK Evaluations and the launch of Falcon Go for SMBs. Major reveals at the Falcon Cybersecurity Conference were data protection solutions, IT automation tools, and the Raptor Falcon platform. These efforts led CrowdStrike to exceed $1 billion in AWS Marketplace sales, impacting sectors like telehealth.

On the date of publication, Muslim Farooque did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines.

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