Core Viewpoint - The company is preparing to provide guidance for 2026 during the upcoming fourth quarter earnings call in February, indicating a cautious approach to growth projections due to macroeconomic uncertainties in the healthcare sector [1] Segment Summaries Integrated Care - The company anticipates potential low single-digit growth for 2026, reflecting a conservative outlook influenced by various factors including the selling season and broader economic conditions [1] BetterHelp - Further details regarding BetterHelp's performance and growth will be discussed later, suggesting that it is a significant area of focus for the company [1]

Summary of Teladoc's Conference Call Company Overview - **Company**: Teladoc Health - **Industry**: Digital Health and Virtual Care - **Segments**: Integrated Care (60% of revenue, 90% of earnings) and BetterHelp Key Points Long-term Growth and Profitability - **Growth Outlook**: Expected low single-digit growth for 2026, influenced by macroeconomic uncertainties and selling season dynamics [4][6] - **Tailwinds**: Growth in virtual visit revenues, operational excellence, new product launches, and international expansion [5][6] - **Headwinds**: Rising medical costs for employers and challenges faced by health plans [6] Revenue Drivers - **Membership Growth**: Transition from subscription-based to visit-based models; focus on service utilization rather than just membership numbers [8][10] - **Chronic Care Management**: Over 1 million enrolled, with significant potential for cross-selling [9][14] - **Integrated Care Revenue**: $1.575 billion with a 3% growth rate and 15% margins expected in 2025 [10] Business Segmentation - **US vs. International**: The US business is the largest segment, followed by a smaller international business and health system services [11][12] - **Chronic Care and Telehealth**: Chronic care and virtual care are the primary revenue drivers, with mental health services integrated into the offerings [14][27] Behavioral Health Services - **Access to Mental Health**: 60 million members have access to mental health services, with a focus on integrated care [27][29] - **BetterHelp Integration**: Plans to launch Wellbound, an employee assistance product that combines Integrated Care with BetterHelp's therapy network [34] BetterHelp Transition - **Direct-to-Consumer Model**: BetterHelp is the largest virtual therapy business, facing challenges with conversion rates due to its cash-pay model [36][37] - **Insurance Integration**: Transitioning to insurance coverage to improve conversion rates and stabilize growth [41][42] Financial Position and Strategy - **Cash and Debt**: $726 million in cash with $1 billion in convertible debt maturing in 2027; potential for tuck-in acquisitions [45][46] - **M&A Strategy**: Open to mergers and acquisitions while focusing on organic growth [46][47] Market Dynamics - **Employer Market**: Increased interest and activity in the employer market channel, while health plan channels face pressure [23][24] - **2026 Selling Season**: Uncertainty in health plans could impact membership roles and enrollment for 2026 [26] Conclusion - Teladoc is navigating a complex healthcare landscape with a focus on integrated care, virtual health services, and strategic growth through both organic development and potential acquisitions. The company aims to enhance its service offerings while addressing market challenges and optimizing its financial structure.

Core Viewpoint - Teladoc Health has experienced a widening loss in Q3 2025, driven by a decline in its BetterHelp unit and overall revenue challenges, leading to a 14.8% drop in share price over the past month, underperforming the S&P 500 [1][2][3]. Financial Performance - The adjusted loss per share for Q3 2025 was 21 cents, which was narrower than the consensus estimate of 26 cents but wider than the previous year's loss of 19 cents [3]. - Operating revenues decreased by 2% year over year to $626.4 million, slightly beating the consensus estimate by 0.2% [3]. - Access fee revenues fell by 6% year over year to $520.9 million, missing the consensus estimate of $534 million [5]. - International revenues increased by 12% year over year to $116.7 million, surpassing the consensus mark of $105 million [6]. - Total costs and expenses decreased by 1% year over year to $678.4 million, lower than the estimate of $691.4 million [7]. Segment Performance - The Integrated Care segment's revenues grew by 2% year over year to $389.5 million, beating the consensus estimate [8]. - The BetterHelp segment saw revenues decline by 8% year over year to $236.9 million, missing the consensus estimate [9]. Operational Metrics - Total visits to Teladoc Health were 4.1 million in Q3, a 1% increase year over year, exceeding the consensus estimate of 4 million [10]. - U.S. Integrated Care members reached 102.5 million as of September 30, 2025, a 9% increase year over year, surpassing the consensus mark [11]. Financial Position - Cash and cash equivalents stood at $726.2 million, down 44.1% from the end of 2024 [12]. - Total assets decreased by 18.1% to $2.9 billion, while total stockholders' equity fell by 6.6% [12]. Future Outlook - For Q4 2025, total revenues are expected to be between $622 million and $652 million, with an adjusted EBITDA forecasted between $73 million and $90 million [15]. - The 2025 revenue outlook has been adjusted to between $2.510 billion and $2.539 billion, with a projected net loss per share between $1.25 and $1.10 [18]. - The Integrated Care segment is expected to see growth of 2.4-3.5% year over year, while the BetterHelp segment anticipates a decline of 9.2-8% [16][17]. Industry Comparison - Teladoc operates within the Zacks Medical Services industry, where Elevance Health reported revenues of $50.09 billion, reflecting a year-over-year increase of 12% [23].

Core Insights - Teladoc Health (TDOC) is leveraging acquisitions to enhance growth, expand distribution capabilities, broaden service offerings, and establish a global presence [1][8] Acquisition Strategy - The company focuses on acquiring scalable and rapidly growing products, capabilities, clinical specialties, technologies, and distribution channels [1] - Notable acquisitions include Healthiest You, BetterHelp, Consult-a-Doctor, AmeriDoc, InTouch Health, and Vida Health, positioning Teladoc as a leader in virtual care [2] - Recent acquisitions such as Catapult Health and Telecare have strengthened its international operations and specialist services in the Asia-Pacific region [3][4] Financial Impact - The acquisitions of Catapult Health, Uplift, and Telecare contributed 100 basis points to TDOC's revenue for the first nine months of 2025, with Integrated Care's total revenues increasing by 200 basis points [4][8] - The consensus estimate for TDOC's 2025 revenues indicates a year-over-year decline, while the estimate for 2026 suggests a year-over-year increase [10] Competitive Landscape - HCA Healthcare is also focusing on acquisitions to scale its business, leading to increased patient volumes and network expansion [5] - Elevance Health's strategic acquisitions are aimed at long-term growth, optimizing core operations [6] Stock Performance and Valuation - TDOC shares have decreased by 25.2% year to date, contrasting with the industry's growth of 4.2% [7] - The company is trading at a forward 12-month price-to-sales multiple of 0.47, slightly above the industry average of 0.46 [9]

Industry Overview - Telemedicine is transforming healthcare access, driven by regulatory measures like the 1135 waiver and the Coronavirus Preparedness Act, which expanded Medicare coverage for telehealth visits [1] - The demand for remote medical services is accelerating the adoption of telehealth solutions, benefiting industry players [1] Company Analysis: Teladoc Health (TDOC) - Teladoc is strengthening its leadership in integrated care in the U.S. by broadening its service offerings and improving patient outcomes [3] - The Prism care delivery platform is a major strategic priority, with pilot programs expected to launch in 2026, indicating future growth potential [3] - An acquisition-led strategy has expanded Teladoc's distribution capabilities and clinical offerings, targeting scalable, high-growth solutions [4] - International operations are increasingly important as competition in the U.S. market intensifies, with plans to expand across Europe, South America, and Asia [5] - Teladoc utilizes advanced technologies like AI and machine learning to enhance care delivery across various medical specialties [6] - The company has a solid liquidity position with $726 million in cash and cash equivalents and free cash flow of $113 million, but continues to operate at a loss [7] - TDOC shares have declined by 22.5% year to date, underperforming the industry's growth of 4.3% [7] Company Analysis: LifeMD (LFMD) - LifeMD is emerging as a leading provider of virtual primary care, with a diversified portfolio and growth momentum in key areas [8] - The company aims to scale its virtual women's and behavioral health businesses and enhance its weight management offerings in 2026 [9] - LifeMD's weight-management platform is expected to benefit from collaborations with pharmaceutical partners, broadening its addressable market [11] - The RexMD men's health brand will expand through personalized medications and hormone therapies to improve patient outcomes [12] - LifeMD has secured regulatory approval for its compounding pharmacy, enabling scalable production of personalized medications [13] - LFMD shares have lost 19.4% year to date, also underperforming the industry [13] Financial Estimates - The Zacks Consensus Estimate for TDOC's bottom line implies year-over-year improvements of 80.4% and 26.6% for 2025 and 2026, respectively [14] - The Zacks Consensus Estimate for LFMD's bottom line implies year-over-year improvements of 71.7% and 346.7% for 2025 and 2026, respectively [15] Valuation Metrics - TDOC shares are trading at a forward 12-month price-to-sales multiple of 0.49, below its five-year median of 1.49 [16] - LFMD's forward 12-month price-to-sales multiple is 0.65, also below its five-year median of 1.02 [16] Conclusion - Teladoc is a leading player in the telehealth market with consistent revenue growth but faces challenges in achieving profitability [17] - LifeMD presents a compelling growth opportunity in virtual care, with improving profitability and strong long-term growth catalysts [17] - Both companies carry a Zacks Rank 3 (Hold), but LFMD is considered to have an edge over TDOC [18]

Group 1: Industry Overview - Telehealth has become an integrated and essential part of the healthcare landscape, transforming delivery, access, and convenience [1] - The global telemedicine market size is projected to grow from USD 160.13 billion in 2025 to approximately USD 709.69 billion by 2034, with a CAGR of 17.99% from 2025 to 2034 [2] Group 2: Company Insights - Teladoc Health (NASDAQ: TDOC) is recognized as the largest telehealth company by revenue and global reach, with a new integration with TytoCare to enhance virtual primary and urgent care [3] - The consensus estimate for TDOC's 2025 revenues indicates a year-over-year decline, while the estimate for 2026 suggests a year-over-year increase [4] - On November 14, 2025, a Director at Teladoc Health purchased 10,000 shares of the company's stock, indicating insider confidence [4] Group 3: Stock Performance - After reaching a new 60+ day low on November 17, the stock closed strong, showing signs of a price reversal [5] - The Real Motion momentum indicator shows potential for the stock, with the 50-day moving average above the 200-day moving average [6] - The stock needs to hold recent lows and continue moving towards the 50 and 200-day moving averages, with a target around 8.15 [6]

Core Insights - Teladoc Health, Inc. is a prominent provider of virtual healthcare solutions, focusing on technology to enhance medical care, chronic disease management, and mental health support [1] - The company operates a platform-driven model that integrates primary and specialty care, aiming to improve patient outcomes and expand healthcare access [1] Company Performance - As of November 18, 2025, Teladoc shares were priced at $7.00, reflecting a 22.65% decline over the past year, underperforming the S&P 500 by 36.71 percentage points [2] - In Q3, Teladoc reported a 2% year-over-year decrease in sales to $626.4 million, with a net loss of $49.5 million, up from a loss of $33.3 million the previous year [5] - The increase in net loss was attributed to a goodwill impairment charge of $12.6 million related to the acquisition of Telecare Australia [5] Investment Activity - Oracle Investment Management acquired an additional 324,416 shares of Teladoc, bringing its total holdings to 705,416 shares valued at $5.45 million as of September 30, 2025, marking a $2.13 million net increase in position value since the prior quarter [3] - The purchase indicates a bullish outlook from Oracle Investment Management, with Teladoc's share of the firm's assets under management rising from 2.3% in Q2 to 3.4% in Q3 [4] Market Outlook - Despite Oracle's increased stake suggesting confidence in a recovery, Teladoc's recent performance indicates caution, with recommendations to wait for signs of business recovery before investing [6]

Core Insights - Teladoc Health, Inc. (TDOC) is enhancing its virtual care offerings by integrating TytoCare's FDA-approved Home Smart Clinic into its Primary360 and 24/7 Care programs, starting in 2026, allowing members to access clinical-grade remote exams [1][9] - TytoCare's technology enables comprehensive remote assessments of various health metrics, including lung and heart sounds, with its AI-powered Lung Sounds Suite recognized as a significant innovation [2][9] - This integration aims to strengthen TDOC's competitive position in the telehealth market, potentially leading to quicker interventions and improved chronic care management for conditions like asthma and hypertension [3][4] Company Developments - The integration of TytoCare's diagnostic tools is a response to the increasing demand for at-home healthcare solutions, indicating a shift towards more accessible diagnostics [4][9] - TDOC's cautious rollout strategy, starting with a select group of customers, suggests a focus on testing adoption and reimbursement alignment to ensure successful implementation [5] Market Performance - Year-to-date, TDOC shares have declined by 23%, contrasting with the industry's growth of 4.9%, highlighting the challenges faced by the company in the current market environment [8]

Core Insights - Teladoc Health (TDOC) is experiencing accelerated growth through its global presence, offering a wide range of virtual healthcare services and solutions across various medical specialties [1][4] - The company operates in over 175 countries, leveraging organic growth, localized clinical networks, and strategic partnerships to deliver customized care solutions [2] - International revenues have shown significant growth, with an 18% increase in 2022 and continued expansion in 2023 and beyond [3][8] Company Performance - Revenues from international operations grew 18% in 2022, with a year-over-year improvement of 19.3% in 2023, 12.3% in 2024, and 9% in the first nine months of 2025 [3][8] - The acquisitions of Best Doctors Advance Medical and MédecinDirect have bolstered the company's international operations [3] - TDOC's shares have decreased by 23.9% year to date, contrasting with the industry's growth of 4.2% [7] Competitive Positioning - The company's international operations provide diversification amid increasing competition in the U.S. market, enhancing its competitive positioning and supporting overseas growth [4][8] - TDOC's broad platform and extensive global network are key factors in realizing operating leverage and improving long-term profitability [4] Valuation and Estimates - TDOC is currently trading at a forward 12-month price-to-sales multiple of 0.48, slightly above the industry average of 0.46 [9] - The Zacks Consensus Estimate for TDOC's fourth-quarter 2025 and first-quarter 2026 loss has narrowed by 1 cent each, while the full-year 2025 estimate has narrowed by three cents [10][11] - The consensus estimates suggest a year-over-year decline in revenues for 2025 but an increase for 2026, with EPS estimates indicating year-over-year increases for both years [11]

Core Insights - Teladoc Health, Inc. is currently viewed as a promising digital health stock to consider for investment [1] - The company's Q3 earnings report revealed a decline in revenue primarily due to a reduction in BetterHelp's performance and a strategic pullback on marketing efforts [3] Financial Performance - Q3 revenue decreased as BetterHelp's segment shrank, leading to an 8% decline in the lower-margin segment, which resulted in a 16% drop in adjusted EBITDA to $69.9 million [3] - The GAAP loss widened due to non-cash charges and amortization rather than a significant drop in demand [4] - Integrated Care showed growth, but the profitability mix was unfavorable, with BetterHelp's margin at 1.6% compared to Integrated Care's 17.0% [3][4] Analyst Ratings - Evercore ISI analyst Elizabeth Anderson maintained an In-Line rating for Teladoc Health, adjusting the price target from $8.00 to $9.00 on October 8, then reverting it back to $8.00 on October 30 after the Q3 earnings call [2][4] Market Dynamics - International growth was reported at 12%, which partially offset a 5% decline in the U.S. market [4] - The company's guidance indicates a focus on disciplined growth, with expectations for modest Integrated Care growth and a slow rebuild of BetterHelp as insurance adoption shifts revenue strategies [4]