Teladoc, Inc. (NYSE: TDOC) was nothing short of a very hot initial public offering back at the start of July. After creeping higher and higher, Teladoc shares have finally pulled back almost $2.00 from their post-IPO highs.

Should investors be concerned or should they be looking for an opportunity? As a reminder, the bull market is over six years old now.

When Teladoc came public it said that Teladoc physicians conducted approximately 300,000 patient sessions that included diagnosis, treatment recommendations and prescriptions in 2014. Teladoc also estimated that the public’s frustration with emergency room visits, physician shortages and long waits for appointments will serve as a platform for long-term growth.

Teladoc is the first and largest telehealth provider in the nation. Its IPO was very well received. It sold some 8.3 million shares at $19.00 per share, which was above the $15.00 to $17.00 price range. That was also above the 7 million shares first indicated to be sold.

JPMorgan and Deutsche Bank Securities were Teladoc’s joint book-running managers for the offering. William Blair, Wells Fargo Securities and SunTrust Robinson Humphrey were the co-managers. It will still be some time before these firms are allowed to have their analysts issue formal ratings on the company.

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Teladoc’s IPO filing showed the following revenue and descriptive data:

Our solution connects consumers, or our Members, with our over 1,100 board-certified physicians and behavioral health professionals, or our Providers, who treat a wide range of conditions and cases from acute diagnoses such as upper respiratory infection, urinary tract infection and sinusitis to dermatological conditions, anxiety and smoking cessation. Nearly 11 million unique Members now benefit from access to Teladoc 24 hours a day, seven days a week, 365 days a year, at a cost of $40 per visit. Our solution is delivered with a median response time of less than ten minutes from the time a Member requests a telehealth visit to the time they speak with a Teladoc physician. We completed approximately 300,000 telehealth visits in 2014. … We currently serve over 4,000 employers, health plans, health systems and other entities.

We generated $19.9 million and $43.5 million in revenue for the years ended December 31, 2013 and 2014, respectively, representing 119% year-over-year growth, and $9.4 million and $16.5 million for the three months ended March 31, 2014 and 2015, respectively, representing 75% year-over-year growth. For the three months ended March 31, 2015, 80% and 20% of our revenue were derived from subscription access fees and visit fees, respectively, and for the year ended December 31, 2014, 85% and 15% of our revenue were derived from subscription access fees and visit fees, respectively.

At $30.90 on Friday afternoon, the price peak so far was on Tuesday, July 14 at $32.50. That was also the highest closing price at $31.96.

What matters here is that after the deal priced at $19 it closed at $28.00 on the first day of trading. The lowest close was July 8 at $26.26, but the post-IPO high from this week remains up at $32.50.

Again, it is going to be at least a couple more weeks before Teladoc’s underwriting firms are allowed to have their analysts cover this stock. The growth here has been very impressive, but this is still more than 50% above its pricing and different investors have different opinions about what a pullback really is in post-IPO trading.

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