Teladoc Health Reports Third Quarter 2025 Results

Core Insights - Teladoc Health, Inc. reported a 2% decrease in revenue for Q3 2025, totaling $626.4 million compared to $640.5 million in Q3 2024, with a net loss of $49.5 million or $0.28 per share [5][6][8] - The company continues to focus on strategic priorities, including growth initiatives in the Integrated Care segment and the rollout of insurance acceptance in BetterHelp [3] Financial Performance - Revenue for Q3 2025 was $626.4 million, down 2% from $640.5 million in Q3 2024; access fees revenue decreased 6% to $520.9 million, while other revenue increased 24% to $105.5 million [5][32] - U.S. revenue decreased 5% to $509.8 million, while international revenue increased 12% to $116.7 million [5][32] - Integrated Care segment revenue increased 2% to $389.5 million, while BetterHelp segment revenue decreased 8% to $236.9 million [5][36] Loss and Adjusted EBITDA - Net loss for Q3 2025 was $49.5 million, compared to a loss of $33.3 million in Q3 2024; adjusted EBITDA decreased 16% to $69.9 million [6][10] - The Integrated Care segment's adjusted EBITDA decreased 3% to $66.1 million, while BetterHelp's adjusted EBITDA decreased 75% to $3.8 million [10][36] Nine-Month Performance - For the first nine months of 2025, revenue decreased 2% to $1.887 billion from $1.929 billion in the same period of 2024 [11] - Net loss for the first nine months of 2025 was $175.2 million, significantly improved from a loss of $952.8 million in the same period of 2024 [12] Cash Flow and Capital Expenditures - Cash flow from operations was $99.3 million in Q3 2025, down from $110.2 million in Q3 2024; free cash flow was $67.9 million compared to $79.0 million in Q3 2024 [16] - Capital expenditures for Q3 2025 were $31.3 million, slightly up from $31.1 million in Q3 2024 [16] Financial Outlook - For the full year 2025, the company expects revenue between $2.510 billion and $2.539 billion, with adjusted EBITDA between $270 million and $287 million [19][20] - The fourth quarter of 2025 is projected to have revenue between $622 million and $652 million, with adjusted EBITDA between $73 million and $90 million [21]