Is Teladoc Health Accelerating Growth Through Global Expansion?

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]