Core Viewpoint - Teladoc Health Inc. reported better-than-expected first-quarter 2025 results, but the outlook for 2025 has disappointed investors, leading to a 4.6% decline in shares since the earnings report [1] Financial Performance - The company incurred an adjusted loss of 19 cents per share, which was narrower than the Zacks Consensus Estimate of a loss of 33 cents and improved from a loss of 49 cents in the same quarter last year [2] - Operating revenues were $629.4 million, down from $646.1 million year-over-year, but exceeded the consensus estimate by 1.9% [2] - Access fees revenue decreased by 6% year-over-year to $525.7 million, missing the consensus estimate by 1.5% [3] - Other revenues increased by 16% year-over-year to $103.6 million, beating the consensus estimate by 22.9% [3] Segment Performance - The Integrated Care segment generated revenues of $389.5 million, a 3% year-over-year increase, surpassing both the Zacks Consensus Estimate and internal estimates [6] - The BetterHelp segment's revenues declined by 11% year-over-year to $239.9 million, although it beat the consensus estimate [7] Operational Metrics - Total visits decreased by 3% year-over-year to 4.4 million, falling short of the consensus estimate by 0.1% [8] - U.S. Integrated Care Members reached 102.5 million, a 12% year-over-year increase, exceeding the consensus mark by 1.2% [8] Expense and Cash Flow - Total expenses rose by 2.3% year-over-year to $750 million, exceeding internal estimates [5] - Operating cash flow improved to $15.9 million from $8.9 million year-over-year, while free cash outflow decreased to $15.7 million from $26.6 million [10] Outlook - For the second quarter, Integrated Care segment revenues are expected to grow by 0.25%-2.75% year-over-year, with an adjusted EBITDA margin forecasted between 13.25-14.75% [11] - Full-year revenues are projected to be between $2.468 billion and $2.576 billion, with a net loss expected between 90 cents and $1.40 per share [15]