Group 1 - Michael Wiggins De Oliveira is an inflection investor, focusing on buying undervalued companies at pivotal moments when their profitability is expected to improve significantly over the next year [1] - The investment strategy emphasizes technology and the Great Energy Transition, including uranium, with a concentrated portfolio of approximately 15 to 20 stocks and an average holding period of 18 months [1] - Michael has over 10 years of experience analyzing companies in tech and energy sectors, and has built a following of over 40,000 on Seeking Alpha [2] Group 2 - The Investing Group Deep Value Returns, led by Michael, offers insights through its concentrated portfolio of value stocks, timely updates on stock picks, and a weekly webinar for live advice [3] - The group provides "hand-holding" support for both new and experienced investors, fostering an active and kind community accessible via chat [3]

Core Insights - Teladoc reported revenue of $631.9 million for the quarter ended June 2025, reflecting a year-over-year decline of 1.6% and an EPS of -$0.19, an improvement from -$0.28 a year ago [1] - The revenue exceeded the Zacks Consensus Estimate of $620.91 million by 1.77%, while the EPS surprised by 29.63% against the consensus estimate of -$0.27 [1] Financial Performance Metrics - U.S. Integrated Care Members reached 102.4 million, slightly above the estimated 102.12 million [4] - Average Revenue Per U.S. Integrated Care Member was $1.27, surpassing the estimated $1.25 [4] - BetterHelp Paying Users totaled 0.39 million, exceeding the average estimate of 0.38 million [4] - Chronic Care Program Enrollment matched the average estimate of 1.12 million [4] Revenue by Segment - BetterHelp generated $240.39 million in revenue, compared to the estimated $236.78 million, marking a year-over-year decline of 9.3% [4] - Integrated Care revenue was $391.51 million, exceeding the estimated $382.52 million, with a year-over-year increase of 3.7% [4] - BetterHelp's Therapy Services revenue was $235.4 million, above the average estimate of $232.77 million, reflecting a year-over-year decline of 9.1% [4] - BetterHelp's Other Wellness Services revenue was $4.99 million, below the average estimate of $5.75 million, showing a year-over-year decline of 16.2% [4] Revenue by Type - Access fees generated $523.7 million, below the average estimate of $535.21 million, representing a year-over-year decline of 6.4% [4] - Other revenue reached $108.2 million, exceeding the average estimate of $87 million, with a year-over-year increase of 30.7% [4] Adjusted EBITDA - BetterHelp's Adjusted EBITDA was $11.86 million, surpassing the average estimate of $9.58 million [4] - Integrated Care's Adjusted EBITDA was $57.45 million, exceeding the average estimate of $52.92 million [4]

Company Performance - Teladoc reported a quarterly loss of $0.19 per share, better than the Zacks Consensus Estimate of a loss of $0.27, and an improvement from a loss of $0.28 per share a year ago, representing an earnings surprise of +29.63% [1] - The company posted revenues of $631.9 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 1.77%, although this is a decrease from year-ago revenues of $642.44 million [2] - Over the last four quarters, Teladoc has surpassed consensus EPS estimates three times and topped consensus revenue estimates four times [2] Stock Outlook - Teladoc shares have underperformed the market, losing about 9.8% since the beginning of the year, while the S&P 500 has gained 8.6% [3] - The current consensus EPS estimate for the coming quarter is -$0.21 on revenues of $627.2 million, and for the current fiscal year, it is -$1.21 on revenues of $2.51 billion [7] Industry Context - The Medical Services industry, to which Teladoc belongs, is currently in the top 37% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% of industries [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, suggesting that industry outlook can materially impact stock performance [5][8]

Financial Data and Key Metrics Changes - The second quarter consolidated revenue was $631.9 million, down 1.6% year over year, but near the high end of the guidance range [22] - Adjusted EBITDA was $69.3 million, representing a margin of 11%, also at the upper end of the guidance range [22] - Net loss per share was $0.19 compared to a net loss of $4.92 in the previous year, which included a significant goodwill impairment charge [22] - Free cash flow was $61 million in the second quarter, slightly ahead of the prior year period [23] Business Line Data and Key Metrics Changes - Integrated Care segment revenue increased by 3.7% year over year to $391.5 million, exceeding guidance [25] - U.S. Integrated Care segment membership reached 102.4 million, up 11% year over year, while virtual visit volume increased by 6% [26] - Better Health segment revenue was $240.4 million, slightly above the midpoint of guidance, but average paying users declined by 5% year over year [27][28] Market Data and Key Metrics Changes - The international integrated care business delivered mid-teens growth on a constant currency basis, contributing to overall revenue growth [25] - The U.S. cash pay users saw a high single-digit percentage decline compared to the previous year, reflecting softening consumer sentiment [29] Company Strategy and Development Direction - The company is focused on enhancing integrated care offerings, particularly in the U.S., to drive clinical outcomes and cost efficiency [12][13] - There is an emphasis on product innovation, including the launch of WellBound and enhancements to the cardiometabolic health program [6][7] - The company aims to leverage its scale in mental health and expand insurance capabilities through BetterHelp [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to return to a growth trajectory despite broader market dynamics impacting healthcare [21] - The company is committed to maintaining a balanced approach between financial performance and investments in strategic priorities [21] - Management highlighted the importance of virtual care in addressing healthcare challenges, including affordability and access [11][12] Other Important Information - The company has retired $551 million in convertible senior notes and has a strong cash position of $618 million [23][41] - The company is making strategic investments to scale its insurance business and enhance operational capabilities [73][74] Q&A Session Summary Question: Transition from subscription to pay-per-visit model - Management indicated that over 50% of revenues in virtual care are now from visit-based arrangements, with a significant portion in mental health being around 70% [46][47] Question: Margin differences between cash pay and insurance - Management acknowledged that insurance margins would be lower than the cash pay business, but the scale of consumer demand is expected to drive conversion rates [50][51] Question: Opportunities to drive cost in healthcare - Management emphasized the importance of access to care and the potential for virtual care to complement local delivery systems [58][60] Question: Chronic Care Solutions selling season and competition - Management noted good interest in chronic care solutions, with ongoing pressure in the health plan channel but positive activity in employer channels [64][66] Question: Revenue contribution from Better Health Insurance in 2026 - Management expects insurance revenue to scale over a 6 to 12 month period, with ongoing investments needed to support this growth [72][75] Question: Overall readiness for revenue and EBITDA growth - Management believes considerable progress has been made, but acknowledges that ongoing investments and innovations are necessary to sustain growth [78][82]

Financial Performance - Q2 2025 - Revenue for 2Q-25 was $632 million, a decrease of 2% year-over-year[5] - Net loss per share for 2Q-25 was $(0.19)[5] - Adjusted EBITDA for 2Q-25 was $69.3 million, a decrease of 23% year-over-year[5] Financial Outlook - FY25 - The company projects full year 2025 revenue to be in the range of $2,501 million to $2,548 million[6] - The company projects full year 2025 net loss per share to be in the range of $(1.35) to $(1.00)[6] - The company projects full year 2025 adjusted EBITDA to be in the range of $263 million to $294 million[6] Segment Performance - Q2 2025 - Integrated Care segment revenue for 2Q-25 was $392 million[12] - BetterHelp segment revenue for 2Q-25 was $240 million[17] - Integrated Care segment adjusted EBITDA for 2Q-25 was $57 million[14] - BetterHelp segment adjusted EBITDA for 2Q-25 was $12 million[15] Key Metrics - U S Integrated Care Members reached 102.4 million in 2Q-25[21] - BetterHelp Paying Users numbered 388 thousand in 2Q-25[24]

[Second Quarter 2025 Financial and Operational Highlights](index=1&type=section&id=Second%20Quarter%202025%20Financial%20and%20Operational%20Highlights) [Financial Performance Summary](index=1&type=section&id=Financial%20Performance%20Summary) Q2 2025 revenue declined 2% to $631.9 million, Adjusted EBITDA fell 23%, net loss narrowed to $32.7 million due to no prior impairment Q2 & H1 2025 Key Financial Results ($ in thousands, except per share data) | | Three Months Ended June 30, | Change | Six Months Ended June 30, | Change | | :--- | :--- | :--- | :--- | :--- | | | **2025** | **2024** | | **2025** | **2024** | | | **Revenue** | $631,900 | $642,444 | (2)% | $1,261,269 | $1,288,575 | (2)% | | **Net loss** | $(32,660) | $(837,671) | 96% | $(125,672) | $(919,560) | 86% | | **Net loss per share** | $(0.19) | $(4.92) | 96% | $(0.72) | $(5.44) | 87% | | **Adjusted EBITDA** | $69,311 | $89,481 | (23)% | $127,404 | $152,621 | (17)% | - The significant reduction in net loss for Q2 2025 compared to Q2 2024 was largely due to a **$790.0 million** non-cash goodwill impairment charge recorded in the prior-year period[10](index=10&type=chunk) - The company retired **$550.6 million** in convertible senior notes using cash on hand and entered into a new five-year, **$300.0 million** senior secured revolving credit facility to enhance financial flexibility[7](index=7&type=chunk)[18](index=18&type=chunk) [Business Segment and Geographic Performance](index=2&type=section&id=Business%20Segment%20and%20Geographic%20Performance) Integrated Care revenue grew 4% to $391.5 million, BetterHelp declined 9% to $240.4 million, showing segment divergence Q2 2025 Performance by Segment ($ in thousands) | Segment | Revenue | YoY Change | Adjusted EBITDA | YoY Change | Adjusted EBITDA Margin | | :--- | :--- | :--- | :--- | :--- | :--- | | **Integrated Care** | $391,510 | 4% | $57,450 | (10)% | 14.7% | | **BetterHelp** | $240,390 | (9)% | $11,861 | (53)% | 4.9% | Key Operating Metrics (as of June 30, 2025) | Metric | Q2 2025 | Q2 2024 | YoY Change | | :--- | :--- | :--- | :--- | | U.S. Integrated Care Members (millions) | 102.4 | 92.4 | 11% | | Chronic Care Program Enrollment (millions) | 1.117 | 1.173 | (5)% | | BetterHelp Paying Users (avg. millions) | 0.388 | 0.407 | (5)% | - International revenue increased by **10%** to **$112.2 million**, while U.S. revenue decreased by **4%** to **$519.7 million** in Q2 2025[8](index=8&type=chunk)[30](index=30&type=chunk) [Cash Flow and Capital Expenditures](index=3&type=section&id=Cash%20Flow%20and%20Capital%20Expenditures) Q2 2025 operating cash flow was $91.4 million, free cash flow $61.2 million, with H1 free cash flow at $45.5 million Cash Flow Summary ($ in millions) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | **Cash Flow from Operations** | $91.4 | $88.7 | $107.4 | $97.6 | | **Capex** | $30.2 | $27.7 | $61.8 | $63.3 | | **Free Cash Flow** | $61.2 | $60.9 | $45.5 | $34.3 | [Financial Outlook](index=4&type=section&id=Financial%20Outlook) [Full Year 2025 Guidance](index=4&type=section&id=Full%20Year%202025%20Guidance) Full-year 2025 revenue projected $2,501-$2,548 million, Adjusted EBITDA $263-$294 million, anticipating segment growth divergence Full Year 2025 Outlook | Metric | Outlook Range | | :--- | :--- | | **Revenue** | $2,501 - $2,548 million | | **Adjusted EBITDA** | $263 - $294 million | | **Net loss per share** | ($1.35) - ($1.00) | | **Free Cash Flow** | $170 - $200 million | | **Integrated Care Revenue Growth** | 1.75% - 3.25% | | **BetterHelp Revenue Growth** | (9.20%) - (6.80%) | [Third Quarter 2025 Guidance](index=4&type=section&id=Third%20Quarter%202025%20Guidance) Q3 2025 revenue anticipated $614-$636 million, Adjusted EBITDA $56-$70 million, with BetterHelp revenue declining Third Quarter 2025 Outlook | Metric | Outlook Range | | :--- | :--- | | **Revenue** | $614 - $636 million | | **Adjusted EBITDA** | $56 - $70 million | | **Net loss per share** | ($0.35) - ($0.20) | | **U.S. Integrated Care Members** | 101.5 - 102.5 million | | **Integrated Care Revenue Growth** | (0.50%) - 2.25% | | **BetterHelp Revenue Growth** | (9.75%) - (5.00%) | [Consolidated Financial Statements](index=6&type=section&id=Consolidated%20Financial%20Statements) [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q2 2025 revenue decreased 2%, total costs significantly lower due to no $790 million goodwill impairment, resulting in a reduced operating loss Q2 2025 Statement of Operations Highlights ($ in thousands) | Line Item | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | **Revenue** | $631,900 | $642,444 | | **Total costs and expenses** | $686,285 | $1,483,592 | | *Goodwill impairment* | *$0* | *$790,000* | | **Loss from operations** | $(54,385) | $(841,148) | | **Net loss** | $(32,660) | $(837,671) | | **Net loss per share** | $(0.19) | $(4.92) | [Condensed Consolidated Balance Sheets](index=10&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets were $2.89 billion, liabilities $1.47 billion, with cash decreasing to $679.6 million Balance Sheet Highlights ($ in thousands) | Account | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | **Cash and cash equivalents** | $679,621 | $1,298,327 | | **Total current assets** | $1,073,270 | $1,663,907 | | **Total assets** | $2,894,004 | $3,516,524 | | **Total current liabilities** | $401,767 | $941,535 | | **Total liabilities** | $1,471,865 | $2,025,445 | | **Total stockholders' equity** | $1,422,139 | $1,491,079 | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) H1 2025 generated $107.4 million from operations, used $183.0 million in investing, and $549.2 million in financing, leading to a net cash decrease Six Months Ended June 30, 2025 Cash Flow Summary ($ in thousands) | Cash Flow Activity | H1 2025 | H1 2024 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $107,351 | $97,603 | | **Net cash used in investing activities** | $(182,964) | $(63,260) | | **Net cash (used in) provided by financing activities** | $(549,164) | $5,556 | | **Net (decrease) increase in cash** | $(624,777) | $39,899 | [Non-GAAP Financial Measures and Reconciliations](index=11&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Reconciliations) [Reconciliation of Net Loss to Adjusted EBITDA](index=12&type=section&id=Reconciliation%20of%20Net%20Loss%20to%20Adjusted%20EBITDA) Q2 2025 net loss of ($32.7) million is reconciled to Adjusted EBITDA of $69.3 million, after various adjustments Reconciliation of Net Loss to Adjusted EBITDA ($ in thousands) | | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | **Net loss** | $(32,660) | $(837,671) | $(125,672) | $(919,560) | | **Total Adjustments** | $101,971 | $927,152 | $253,076 | $1,072,181 | | **Consolidated Adjusted EBITDA** | $69,311 | $89,481 | $127,404 | $152,621 | [Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow](index=12&type=section&id=Reconciliation%20of%20Net%20Cash%20Provided%20by%20Operating%20Activities%20to%20Free%20Cash%20Flow) Q2 2025 net cash from operations of $91.4 million is reconciled to free cash flow of $61.2 million, deducting Capex Reconciliation to Free Cash Flow ($ in thousands) | | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | **Net cash provided by operating activities** | $91,432 | $88,683 | $107,351 | $97,603 | | **Capex** | $(30,233) | $(27,748) | $(61,818) | $(63,260) | | **Free Cash Flow** | $61,199 | $60,935 | $45,533 | $34,343 |

Core Insights - Teladoc Health reported a consolidated revenue of $631.9 million for the second quarter of 2025, a decrease of 2% compared to $642.4 million in the same period of 2024 [5][6] - The company achieved a net loss of $32.7 million, or $0.19 per share, significantly improved from a net loss of $837.7 million, or $4.92 per share, in the second quarter of 2024 [7][12] - Adjusted EBITDA for the second quarter of 2025 was $69.3 million, down 23% year-over-year from $89.5 million [10][15] Financial Performance - Revenue breakdown: Access fees revenue decreased by 6% to $523.7 million, while other revenue increased by 31% to $108.2 million [6][33] - U.S. revenue decreased by 4% to $519.7 million, while international revenue increased by 10% to $112.2 million [6][11] - Integrated Care segment revenue increased by 4% to $391.5 million, while BetterHelp segment revenue decreased by 9% to $240.4 million [6][35] Cost and Expenses - Total costs and expenses for the second quarter of 2025 were $686.3 million, compared to $1.5 billion in the second quarter of 2024, which included a significant goodwill impairment charge [30][9] - Stock-based compensation expense was $22.3 million for the second quarter of 2025, down from $42.1 million in the same quarter of 2024 [32][9] Cash Flow and Capital Expenditures - Cash flow from operations was $91.4 million in the second quarter of 2025, compared to $88.7 million in the second quarter of 2024 [16] - Capital expenditures were $30.2 million in the second quarter of 2025, up from $27.7 million in the same period of 2024 [16] Financial Outlook - For the full year of 2025, the company expects revenue between $2.501 billion and $2.548 billion, with adjusted EBITDA projected between $263 million and $294 million [20][21] - The third quarter of 2025 outlook includes expected revenue of $614 million to $636 million and adjusted EBITDA of $56 million to $70 million [22] Strategic Initiatives - The CEO emphasized the importance of virtual care as a performance multiplier in addressing challenges in the healthcare landscape [4] - The company is focused on enhancing patient experience, improving clinical outcomes, and driving greater value for clients [4]

Wingspan is on a mission to make contract work effortless for everyone. In less than three years, the company expanded its customer base by 200%, increased average ACV by 5x, supported 12x more contractors, and processed $3B+ in payments. Wingspan's rapid adoption across various industries signals that businesses are urgently seeking infrastructure to manage this workforce transformation. "From day one, we knew the real problem existed at the intersection of company and contractor. We strategically started ...

Core Insights - Virtual healthcare is rapidly evolving, with Hims & Hers Health, Inc. (HIMS) and Teladoc Health, Inc. (TDOC) leading the market [1][2] - HIMS focuses on affordability and personalization, while TDOC emphasizes broad clinical reach and enterprise partnerships [2] - HIMS has significantly outperformed TDOC in stock performance over the past year [3][6] Company Overview - HIMS offers a subscription-based platform for personalized treatments in sexual health, mental wellness, dermatology, and weight loss [1] - Teladoc Health provides integrated services for primary care, chronic condition management, and mental health, with over 17 million visits projected in 2024 [1] Stock Performance & Valuation - HIMS stock has increased by 165.6% over the past year, while TDOC has declined by 14.3% [3][6] - HIMS has a forward price-to-sales (P/S) ratio of 4.89, significantly above its three-year median of 2.34X, while TDOC's ratio is 0.57X, below its median of 1.02X [5] - HIMS and TDOC have Value Scores of D and B, respectively [5] Growth Drivers for Hims & Hers - HIMS has over 2.4 million subscribers, a 38.4% increase year-over-year [7] - The acquisition of ZAVA enhances HIMS' presence in Europe, providing access to over 1.3 million customers [8] - HIMS is investing in AI to improve diagnostic accuracy and reduce healthcare friction, supported by $870 million in financing [9] Growth Drivers for Teladoc Health - Teladoc's BetterHelp platform is a leader in virtual mental health care, with over 35,000 licensed clinicians [10] - The Integrated Care segment addresses complex clinical needs, increasing user engagement and revenue per member [11] - Teladoc serves over 90 million members internationally, diversifying revenue streams [12] Earnings Projections - HIMS is projected to have a consensus EPS of $0.75 for the current year, reflecting a year-over-year growth of 177.78% [15] - TDOC's consensus estimate for loss per share in 2025 implies a 79.4% improvement from 2024 [16] Price Targets - The average price target for HIMS is $47.67, indicating a potential decline of 17.3% from the last close [18] - The average price target for TDOC is $9.26, suggesting a potential increase of 12.9% from the last close [19] Investment Recommendation - HIMS is identified as a more stable and financially sound investment opportunity, with strong profitability and user engagement [20][23] - TDOC, while growing, is viewed as having higher execution risk and less financial predictability compared to HIMS [23]

Core Points - Teladoc Health Inc. will release its second quarter 2025 results on July 29, 2025, after market close [1] - A conference call to discuss the results will take place at 4:30 p.m. ET on the same day [1] - The company is recognized as a global leader in virtual care, aiming to transform healthcare experiences [4] Conference Call Details - U.S. participants can access the conference call by dialing 1-833-470-1428 with access code 606269 [2] - International participants can find global dial-in numbers through a provided link [2] - A live audio webcast will be available online for those who prefer to listen via the internet [2] Replay Information - A replay of the conference call will be available shortly after its completion for on-demand listening [3] - The replay will remain accessible for approximately 90 days [3] Company Overview - Teladoc Health empowers individuals to live healthier lives by enhancing the healthcare experience [4] - The company utilizes proprietary health signals and personalized interactions to improve health outcomes [4] - With over two decades of expertise, Teladoc Health addresses the increasing virtual care needs of consumers and healthcare professionals [4]