Why Is Teladoc (TDOC) Down 14.8% Since Last Earnings Report?

Core Viewpoint - Teladoc Health has experienced a widening loss in Q3 2025, driven by a decline in its BetterHelp unit and overall revenue challenges, leading to a 14.8% drop in share price over the past month, underperforming the S&P 500 [1][2][3]. Financial Performance - The adjusted loss per share for Q3 2025 was 21 cents, which was narrower than the consensus estimate of 26 cents but wider than the previous year's loss of 19 cents [3]. - Operating revenues decreased by 2% year over year to $626.4 million, slightly beating the consensus estimate by 0.2% [3]. - Access fee revenues fell by 6% year over year to $520.9 million, missing the consensus estimate of $534 million [5]. - International revenues increased by 12% year over year to $116.7 million, surpassing the consensus mark of $105 million [6]. - Total costs and expenses decreased by 1% year over year to $678.4 million, lower than the estimate of $691.4 million [7]. Segment Performance - The Integrated Care segment's revenues grew by 2% year over year to $389.5 million, beating the consensus estimate [8]. - The BetterHelp segment saw revenues decline by 8% year over year to $236.9 million, missing the consensus estimate [9]. Operational Metrics - Total visits to Teladoc Health were 4.1 million in Q3, a 1% increase year over year, exceeding the consensus estimate of 4 million [10]. - U.S. Integrated Care members reached 102.5 million as of September 30, 2025, a 9% increase year over year, surpassing the consensus mark [11]. Financial Position - Cash and cash equivalents stood at $726.2 million, down 44.1% from the end of 2024 [12]. - Total assets decreased by 18.1% to $2.9 billion, while total stockholders' equity fell by 6.6% [12]. Future Outlook - For Q4 2025, total revenues are expected to be between $622 million and $652 million, with an adjusted EBITDA forecasted between $73 million and $90 million [15]. - The 2025 revenue outlook has been adjusted to between $2.510 billion and $2.539 billion, with a projected net loss per share between $1.25 and $1.10 [18]. - The Integrated Care segment is expected to see growth of 2.4-3.5% year over year, while the BetterHelp segment anticipates a decline of 9.2-8% [16][17]. Industry Comparison - Teladoc operates within the Zacks Medical Services industry, where Elevance Health reported revenues of $50.09 billion, reflecting a year-over-year increase of 12% [23].