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Company Overview - Teladoc Health has established itself as a pioneer in the adoption and scaling of virtual care over the past 20 years, achieving a leading global position in the industry [2]. Service Segments - The company delivers and orchestrates care across three main segments: virtual care, chronic condition management, and mental health [2]. Future Priorities - Teladoc Health has set priorities for 2025 and is making progress towards these goals, with a focus on key challenges in healthcare [1]. - The company is also outlining areas of focus for 2026, indicating a forward-looking strategy [1].

Teladoc Health (NYSE:TDOC) FY Conference Summary Company Overview - **Company**: Teladoc Health - **Industry**: Virtual healthcare services - **Revenue**: Generated $2.5 billion in revenues on a trailing 12-month basis as of Q3 2025, with over $270 million in Adjusted EBITDA [3][2] Core Business Segments - **Integrated Care**: Largest segment, providing virtual care, chronic condition management, and mental health services. Over 100 million people in the U.S. have access to their products and services, with over 12,000 clients [3][2] - **BetterHelp**: The largest virtual therapy business globally, serving over 5 million people in 100 countries. The segment has faced challenges since 2023, particularly in the U.S. market [9][10] Key Strategic Priorities 1. **Enhancing U.S. Integrated Care**: Focus on clinical impact and innovation [14] 2. **Leveraging Mental Health Position**: Strengthening the role in virtual mental health services [14] 3. **Growing International Value**: Expanding international operations and tailoring services to local markets [15] 4. **Operational Excellence**: Improving business performance and efficiency [15] Financial Performance and Trends - **Revenue Model Shift**: Over 50% of revenues from virtual care are now visit-based arrangements, indicating a shift from subscription models [50] - **User Engagement**: BetterHelp has a conversion rate of less than 20% from potential users due to cost barriers; moving to insurance coverage is expected to improve this [11][12] Innovations and Technology - **Prism Care Delivery Platform**: Enhancements made to improve integrated care delivery and patient engagement [5][54] - **Pulse Data Platform**: Utilizes AI to analyze data for better patient outcomes and operational efficiency [6][55] - **New Offerings for 2026**: Introduction of new products in virtual care, chronic condition management, and mental health [16] International Expansion - **Localized Models**: Operating in seven countries with local language support and therapists [16] - **Hybrid Care Models**: Combining virtual services with physical care settings, particularly in rural areas [25] Challenges and Market Dynamics - **Healthcare Affordability**: Ongoing challenges include medical cost inflation and unmet mental health needs [13] - **Consumer Market Pressures**: BetterHelp's direct-to-consumer model has faced challenges, prompting a shift to insurance-based coverage [10][12] Future Outlook - **2026 Focus**: Emphasis on execution and bringing new products to market, with a strong financial position to support growth initiatives [29][28] - **AI Integration**: Continued focus on leveraging AI across various aspects of healthcare delivery [42][44] Conclusion - **Strategic Positioning**: Teladoc Health aims to address significant healthcare challenges through innovative solutions and operational improvements, with a focus on enhancing user experience and expanding its market presence [29][30]

Transforming how better health happens J.P. Morgan Healthcare Conference January 2026 Safe Harbor This presentation contains, and the officers of Teladoc Health, Inc. (the "Company" or "Teladoc Health") may make, "forward-looking" statements that are based on management's beliefs and assumptions and on information currently available to management. These forward-looking statements include, without limitation, information concerning possible or assumed future results of operations, including descriptions of ...

Core Insights - Teladoc Health has launched enhancements to its 24/7 Care service, expanding its capabilities to address a broader spectrum of health needs and deliver more value in virtual urgent care visits [1][3] Service Enhancements - The enhanced 24/7 Care service allows Teladoc Health's care teams to treat a wider range of conditions, including back and joint pain, hair loss, sleep issues, and provides support for members with uncontrolled hypertension, diabetes, asthma, and COPD [4] - Care providers can now consult with board-certified specialists during visits, enabling quicker confirmation of care plans and addressing over 95% of member concerns in a single visit, thus avoiding unnecessary follow-ups and ER visits [5] - Integrated claims and Health Information Exchange (HIE) data allow care providers to identify gaps in care and promote preventive care, with 70% of members agreeing to take action on preventive care recommendations made during visits [6] Care Continuity and Access - Care providers can refer members to in-network specialists or connect them to Teladoc Health programs, facilitating care continuity and access to resources such as diabetes, hypertension, and weight management programs [7] - Real-time access to patients' pharmacy benefits enables care providers to identify covered drugs, copay amounts, and preferred alternatives, improving medication adherence and member satisfaction [8] Company Positioning - Teladoc Health has been delivering 24/7 Care virtual visits for over 20 years, with more than 100 million Americans having access to at least one of its services through health plans or employers, positioning the company as a leader in transforming virtual urgent care into a catalyst for better health and cost savings [9][12]

Company Performance - Teladoc (TDOC) closed at $7.57, reflecting a -5.38% change from the previous day, underperforming the S&P 500 which lost 0.34% [1] - Over the past month, Teladoc shares have increased by 3.9%, while the Medical sector and S&P 500 gained 0.82% and 1.19% respectively [1] Earnings Forecast - The upcoming earnings report for Teladoc is expected to show an EPS of -$0.19, which is a 32.14% improvement from the same quarter last year [2] - Revenue is forecasted at $634.53 million, indicating a 0.93% decline compared to the same quarter last year [2] Full Year Projections - For the full year, earnings are projected at -$1.19 per share and revenue at $2.52 billion, representing a 79.73% increase in earnings and no change in revenue from the previous year [3] - Recent analyst estimate revisions suggest optimism regarding Teladoc's business and profitability [3] Zacks Rank and Industry Position - Teladoc currently holds a Zacks Rank of 4 (Sell), with the Medical Services industry ranked 184, placing it in the bottom 25% of over 250 industries [5] - The Zacks Rank system, which ranges from 1 (Strong Buy) to 5 (Strong Sell), has shown that top-rated industries outperform the bottom half by a factor of 2 to 1 [6]

Core Viewpoint - Teladoc Health has experienced a significant decline in stock value, down nearly 92% over the past six years, and is unlikely to recover soon, making it a risky investment choice [1][2]. Group 1: Competition - The pandemic success of Teladoc attracted substantial competition, including from major corporations like Amazon, which has a strong brand and a large customer base [4][5]. - Other companies, including insurance firms, are also entering the telemedicine space, posing further threats to Teladoc's market position [5]. Group 2: Growth Drivers - Teladoc's virtual mental health service, BetterHelp, which was a key growth driver, has been struggling and is now a burden on revenue growth, losing paying members [6]. - Despite attempts to turn around its fortunes through international expansion, the company may face similar challenges abroad as it has in the U.S. [8][9]. Group 3: Financial Performance - Teladoc has not yet achieved profitability, and its sales growth has been slow or nonexistent, leading to a loss of market share [7][8]. - The company has a market capitalization of $1.3 billion, with a gross margin of 55.61%, but consistent net losses raise concerns about its financial health [7].

Core Viewpoint - Teladoc Health has experienced a significant decline in stock value, currently trading about 98% lower than its peak in February 2021, raising questions about whether the shares are undervalued enough to consider a buy [1][2]. Financial Performance - In Q3 2025, Teladoc's revenue decreased by 2% year over year to approximately $626 million, with integrated care revenue rising by 2% to about $390 million, while BetterHelp revenue fell by 8% to around $237 million [4]. - The company reported a net loss of $49.5 million in Q3, which included a $12.6 million non-cash goodwill impairment charge, indicating ongoing struggles despite generating $67.9 million in free cash flow [11][12]. Membership and Growth Metrics - Teladoc's U.S. integrated care membership reached 102.5 million, reflecting a 9% year-over-year increase, while chronic care program enrollment was 1.17 million, showing a slight decline of 1% year over year but a sequential increase of over 4% [5]. - Key metrics for BetterHelp, such as conversion rates and user growth, are reportedly trending as expected, although the direct-to-consumer cash-pay business faces challenges due to competition [7][8]. Future Outlook - The company anticipates Q4 2025 revenue to be between $622 million and $652 million, which is lower than the previous year's Q4 revenue of approximately $640 million [13]. - Management has indicated that 2025 will be a "repositioning year" focused on product changes and improving the value proposition, particularly for BetterHelp [2][6].

Core Insights - Virtual care is becoming a mainstream healthcare channel, with Hims & Hers Health, Inc. (HIMS) and Teladoc Health, Inc. (TDOC) utilizing digital-first models to enhance access [2][3] Company Overview - HIMS operates as a consumer-first, subscription-based telehealth platform, allowing users to discover treatments online, consult licensed providers, and receive recurring prescriptions through its integrated digital pharmacy [2] - TDOC is a global leader in virtual care, providing services through its Integrated Care segment, which includes virtual medical visits and chronic care programs, as well as BetterHelp, its online therapy platform [2] Stock Performance & Valuation - Over the past three months, HIMS has decreased by 37.4%, while TDOC has declined by 9.7%. However, in the past year, HIMS has increased by 22.1%, contrasting with TDOC's loss of 22.5% [4] - HIMS is trading at a forward 12-month price-to-sales (P/S) ratio of 2.9X, above its three-year median of 2.6X, while TDOC's forward sales multiple is at 0.5X, below its median of 0.7X [6] Growth Strategies - HIMS is expanding into low testosterone care, integrating at-home lab testing with personalized treatment plans, and collaborating with Marius Pharmaceuticals to launch an exclusive branded oral testosterone by 2026 [8][10] - The introduction of Hims & Hers Labs aims to enhance customer engagement through diagnostics and biomarker tracking, supporting a more personalized healthcare model [9] - HIMS is also accelerating international expansion, having entered Canada and launched a Weight Loss Programme in the U.K. [10] Teladoc Health's Positioning - TDOC is focusing on building an integrated enterprise-scale virtual care platform, enhancing its offerings in primary care, chronic condition management, and mental health [11] - The company is expanding its hospital capabilities, introducing new tools for operational support and care-team workflows, with a new workplace safety capability expected to launch in early 2026 [12] - TDOC is working on stabilizing performance and improving execution across its segments, with recent results reflecting steady progress [13] Earnings Projections - The Zacks Consensus Estimate for HIMS' 2025 earnings per share (EPS) suggests a 77.8% improvement from 2024 [15] - For TDOC, the 2025 loss per share is expected to improve by 79.7% from 2024 [17] Price Targets - Analysts project an average price target of $45.92 for HIMS, indicating a potential increase of 31.9% from the last close [19] - For TDOC, the average price target is $9.18, suggesting a 27.3% increase from the last close [20] Investment Recommendation - HIMS is viewed as a more stable and financially sound investment opportunity due to its expanding specialty offerings and international growth strategy [22] - TDOC remains a leading enterprise-focused provider but is more exposed to demand cycles and segment-level volatility [23]

Company Overview - Teladoc Health, Inc. (NYSE:TDOC) is recognized as a leading healthcare AI stock, providing virtual healthcare services across various domains including general medical, chronic condition management, mental health, and specialty care [4] Recent Developments - On December 16, Teladoc announced that board director J. Eric Evans will retire in 2026 and will not stand for reelection at the 2026 Annual Meeting of Stockholders [1] - Barclays initiated coverage on Teladoc with an Equal Weight rating and a price target of $8.50, reflecting a neutral stance on the US healthcare technology and distribution industry [2] - Bank of America Securities analyst Allen Lutz reiterated a Hold rating on Teladoc and lowered the price target to $8, citing mixed results in user growth metrics, with BetterHelp showing a year-over-year decline in monthly active users (MAUs) despite some sequential improvement [3] Performance Metrics - BetterHelp's MAUs experienced a year-over-year decline, while Livongo's MAUs reached their highest levels since early 2024, although these figures remain below the peaks seen in 2022, indicating insufficient growth to drive significant revenue gains in the near term [3]