When the COVID-19 pandemic struck in early 2020, the value proposition of Teladoc Health (TDOC) became evident.

Virtual health care continues to be an important part of the overall healthcare system. Yet, some investors are concerned that the stay-at-home trade has already come and gone.

It’s undeniable that as vaccines are distributed to the public, more people are venturing out to visit their doctors in person. That is probably one of the main reasons that TDOC stock has fallen from its all-time high price.

Yet, this isn’t the time to just give up on the telehealth industry. There’s still plenty of room for growth, and a lower-priced TDOC stock could be your green light to pick up some shares for the long term. (See Teladoc Health stock chart on TipRanks)

A Quick Look at TDOC Stock

Here’s what is really interesting about the price action of TDOC stock. It’s true that the stock rallied from $150 to $200 after the onset of the COVID-19 pandemic last year, but that wasn’t the end of the story.

TDOC stock ended 2020 at almost exactly $200, but a wild run-up happened in February of 2021. During that month, the stock nearly hit the $300 level. Then the stock tumbled, even hitting the low $130’s in mid-March. As of June 25, TDOC stock had recovered to $165, but was still far below the February peak.

There is another area of concern: on a trailing 12-month basis, Teladoc has earnings per share of -$5.94. That’s not deeply negative for a $160-ish stock, but investors will undoubtedly want to see that number turn positive in the near future.

Still Growing

As mentioned above, there is an issue of the stay-at-home trade already having been played out. That’s an understandable concern, but it should not slow Teladoc down too much.

According to Fortune Business Insights, the global telehealth market size is projected to reach a whopping $559.52 billion by the year 2027. Moreover, in a report covering 2020 to 2027, Fortune said it expects the telehealth market to exhibit a compound annual growth rate (CAGR) of 25.2% during the forecast period.

Of course, this is bullish for Teladoc and its stakeholders. There’s no need to worry about telemedicine simply going away any time soon. Plenty of people would prefer to virtually visit a medical professional, when feasible, because it’s safer and more convenient.

By the way, this includes not only physical health care, but mental health care as well. To that end, Teladoc just announced the launch of a mental health service known as myStrength Complete. This service leverages a network of therapists and psychiatrists to “ensure that consumers get the level of mental health support and care they need, when they need it,” according to the press release.