Teladoc Health Reports Full Year and Fourth Quarter 2024 Results

Core Insights - Teladoc Health reported a net loss of $1,001.2 million for the full year 2024, significantly higher than the $220.4 million loss in 2023, primarily due to a non-cash goodwill impairment charge of $790 million related to the BetterHelp segment [7][13][12] - The company experienced a 1% decline in total revenue for the full year 2024, totaling $2,569.6 million compared to $2,602.4 million in 2023 [7][11] - Integrated Care segment revenue increased by 4% year-over-year, while BetterHelp segment revenue decreased by 8% for the full year 2024 [12][15] Financial Performance - Fourth Quarter 2024 revenue decreased by 3% to $640.5 million from $660.5 million in the same quarter of 2023 [6][7] - The net loss for Fourth Quarter 2024 was $48.4 million, compared to a loss of $28.9 million in Fourth Quarter 2023 [8][7] - Adjusted EBITDA for Fourth Quarter 2024 was $74.8 million, down 35% from $114.4 million in Fourth Quarter 2023 [9][15] Revenue Breakdown - Access fees revenue for Fourth Quarter 2024 decreased by 5% to $543.1 million, while other revenue grew by 12% to $97.4 million [6][11] - U.S. revenue decreased by 5% to $535.4 million, while international revenue grew by 10% to $105.1 million in Fourth Quarter 2024 [6][11] - For the full year 2024, U.S. revenue decreased by 3% to $2,160.0 million, while international revenue increased by 12% to $409.6 million [11][12] Cost and Cash Flow - Operating cash flow for the full year 2024 was $293.7 million, down from $350.0 million in 2023 [7][17] - Free cash flow for the full year 2024 was $169.6 million, compared to $193.7 million in 2023 [7][18] - Capital expenditures for the full year 2024 were $124.1 million, down from $156.3 million in 2023 [18] Future Outlook - For the full year 2025, Teladoc expects revenue in the range of $2,468 million to $2,576 million and adjusted EBITDA between $278 million and $319 million [19][20] - The company anticipates a net loss per share for 2025 in the range of ($1.10) to ($0.50) [20][21] - The guidance includes contributions from the acquisition of Catapult Health, expected to close at the end of February 2025 [19][20]