Track market-moving stories before they get noisy

Key Takeaways Teladoc Health is expanding through chronic care, international growth and its upcoming Teladoc One platform.BetterHelp revenues fell 11.6%, while its adjusted EBITDA margin dropped to 0.2% in Q2 2026.TDOC remains unprofitable and faces intense virtual-care competition that could pressure growth and pricing. Teladoc Health, Inc. (TDOC - Free Report) is well-positioned for growth, supported by broad clinical capabilities, connected-care innovation, strategic acquisitions and an expanding international presence. Over the past six months, TDOC stock has gained 22.7% compared with the industry’s 5.9% growth.

With a market capitalization of approximately $1.1 billion, TDOC operates through two main segments — Integrated Care and BetterHelp. From a valuation standpoint, the stock appears to be trading at a discount. The company has a forward Price-to-Sales ratio of 0.47X, which is below the industry average of 0.53X.

Courtesy of solid prospects, TDOC currently carries a Zacks Rank #3 (Hold) and a Value Score of B.

Where Do Estimates for TDOC Stand?The Zacks Consensus Estimate for Teladoc Health’s 2026 loss is pegged at 89 cents per share, suggesting a 21.9% year-over-year increase. In the past 30 days, it has witnessed three upward estimate revisions against one in the opposite direction. The consensus estimate for revenues is pegged at $2.4 billion for 2026.

TDOC beat earnings estimates in three of the past four quarters and missed once, with an average surprise of 11.4%.

TDOC’s Growth DriversTeladoc Health’s growth prospects are increasingly tied to deeper penetration of its Integrated Care platform, particularly chronic care. Chronic Care Program enrollment reached 1.27 million at the end of June 2026, up 14% year over year, helped by greater adoption of multi-condition bundles. In the second quarter of 2026, Integrated Care revenues increased 0.7% year over year to $394.3 million, with hybrid care revenues rising 30%.

International expansion and broader distribution channels provide another avenue for growth. International revenues increased 7% year over year to $119.6 million in the second quarter of 2026. The company expects international revenues to grow in the high-single digit on an organic constant-currency basis in 2026. The Telecare acquisition also contributed to Integrated Care’s revenue growth in the second quarter, supporting Teladoc Health’s international expansion strategy. Additionally, partnerships with platforms such as Walmart are extending Teladoc Health’s reach beyond traditional employer and health-plan channels, giving consumers easier access to virtual urgent care, dermatology and nutrition services.

A major part of Teladoc Health’s next phase is Teladoc One, a more unified care model that combines multidisciplinary care teams, connected health data and always-on AI support. The platform is designed to coordinate care across chronic conditions, mental health, primary care and other needs rather than treating each condition separately. Programs are scheduled to begin with select clients in September 2026, followed by broader availability in January 2027.

Meanwhile, BetterHelp is undergoing a strategic shift toward insurance-based, in-network services, which could create a more durable growth model over time. The company has contracted for more than 150 million in-network lives and credentialed more than 8,000 mental-health professionals. TDOC is also investing in provider recruitment, network capacity, platform efficiency and targeted marketing to support further growth in its insurance-based business.

Risks for TDOC StockThere are some factors, however, that investors should keep a careful eye on.

BetterHelp remains a key concern for Teladoc Health as weakness in the cash-pay mental health business continues to weigh on results. BetterHelp revenues declined 11.6% year over year to $212.6 million in the second quarter of 2026, while its adjusted EBITDA margin fell to just 0.2%.

Teladoc Health faces intense competition in the virtual care market, which could pressure pricing and growth. The company also remains unprofitable, reporting an accumulated deficit of $16.5 billion as of June 30, 2026, largely due to substantial investments in growth initiatives and technology.

Stocks to ConsiderSome better-ranked stocks in the Medical space are BrightSpring Health Services, Inc. (BTSG - Free Report) , Globus Medical, Inc. (GMED - Free Report) and Centene Corporation (CNC - Free Report) , each currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for BrightSpring Health Services’ current-year earnings of $1.82 per share has witnessed two upward revisions in the past 30 days against no movement in the opposite direction. BTSG beat earnings estimates in three of the trailing four quarters and missed once, with the average surprise being 16.1%. The consensus estimate for current-year revenues is pegged at $15.3 billion, suggesting 18.2% year-over-year growth.

The Zacks Consensus Estimate for Globus Medical’s current-year earnings of $4.99 per share has witnessed one upward revision in the past seven days, against no movement in the opposite direction. GMED beat earnings estimates in each of the trailing four quarters, with the average surprise being 27.9%. The consensus estimate for current-year revenues is pegged at $3.2 billion, suggesting 8.8% year-over-year growth.

The Zacks Consensus Estimate for Centene’s current-year earnings of $4.89 per share has witnessed two upward revisions in the past 30 days, against no movement in the opposite direction. CNC beat earnings estimates in each of the trailing four quarters, with an average surprise of 151.3%. The consensus estimate for current-year revenues is pegged at $196.3 billion, suggesting 0.8% year-over-year growth.

NEW YORK, Aug. 25, 2026 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Teladoc Health, Inc. (“Teladoc” or the “Company”) (NYSE: TDOC).  Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.

The investigation concerns whether Teladoc and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

[Click here for information about joining the class action]

On July 29, 2026, Teladoc reported its financial results for the second quarter of 2026 and updated its full-year 2026 revenue guidance to a range of $2.36 billion to $2.45 billion, compared to prior guidance in the range of $2.48 billion to $2.58 billion.  Teladoc cited “uncertainties inherent in cash pay and ongoing business model transition”.  The Company also identified various pressures facing its BetterHelp platform, including faster insurance preference, accelerated cash pay decline, and network capacity lagging demand. 

On this news, Teladoc’s stock price fell $2.60 per share, or 38.32%, to close at $6.58 per share on July 30, 2026.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.

Attorney advertising. Prior results do not guarantee similar outcomes.  

CONTACT:
Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980

Key Takeaways TDOC's BetterHelp sees insurance demand surge as users shift from paying out of pocket.More than 8,000 mental health professionals are credentialed as Teladoc expands insurance capacity.Insurance revenues hit $22 million in Q2 2026, up about $9 million sequentially. Teladoc Health, Inc.’s (TDOC - Free Report) lower revenue outlook may look alarming at first glance, but the underlying BetterHelp story is different. Demand has not disappeared; it has just shifted. Around 70% of prospective users prefer insurance over paying out of pocket, reaching as much as 80% in certain markets, creating a sharp increase in demand for covered therapy.

The problem is provider capacity. Insurance requires therapists to be credentialed with specific payers and available in the right states, making supply harder to scale than cash pay. As demand shifted faster than capacity, cash-pay revenues declined more rapidly than expected, while insurance revenues were not yet sufficient to offset the decline.

The company is prioritizing therapist recruitment, retention and credentialing, with more than 8,000 mental health professionals already credentialed. Company-wide advertising and marketing spending fell 12.2% in the first half of 2026 as resources shifted toward insurance. Meanwhile, insurance revenues reached $22 million in the second quarter of 2026, up roughly $9 million sequentially, while insurance users grew more than 70% sequentially. 

The next phase depends on how quickly Teladoc can convert this demand into completed therapy visits. The company expects the insurance business to reach an annualized revenue run rate of nearly $140 million by the end of the fourth quarter of 2026, with further growth anticipated in 2027. If capacity catches up with demand, BetterHelp could reduce its reliance on costly customer acquisition, while the insurance model could support more durable economics and make customer lifetime value more reflective of patient need.

How Are Competitors Faring?Some of Teladoc’s key peers across digital health include Hims & Hers Health, Inc. (HIMS - Free Report) and American Well Corporation (AMWL - Free Report)

Hims & Hers Health operates a consumer-centric digital healthcare model, with mental health offered alongside a broader range of cash-pay wellness and personalized treatments. By relying heavily on direct-to-consumer engagement and marketing, HIMS provides a useful benchmark for customer acquisition efficiency, digital consumer access and the economics of cash-pay healthcare.

American Well takes a more enterprise-oriented approach, partnering with employers, and health systems to deliver digital care infrastructure. With exposure to behavioral health and insurance-covered care, AMWL provides a useful reference point for payer integration, clinical network scaling, and the economics of in-network virtual care.

Teladoc Health’s Price Performance, Valuation & EstimatesShares of TDOC have lost 16.7% over the past year compared to the industry’s 13.3% growth.

Image Source: Zacks Investment Research

From a valuation standpoint, TDOC trades at a forward price-to-sales ratio of 0.48X, down from the industry average of 0.54X. TDOC carries a Value Score of B.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for TDOC’s 2026 loss is pegged at 89 cents per share,implying a 21.9% increase from the year-ago period’s level.

Image Source: Zacks Investment Research

The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

NEW YORK, July 29, 2026 (GLOBE NEWSWIRE) -- Teladoc Health, Inc. (NYSE: TDOC), the global leader in virtual care, today reported financial results for the three months ended June 30, 2026 (“Second Quarter 2026”). Unless otherwise noted, percentage and other changes are relative to the three months ended June 30, 2025 (“Second Quarter 2025”).

Highlights

Second Quarter 2026 revenue of $606.9 million, down 4% year-over-yearSecond Quarter 2026 net loss of $38.9 million, or $0.21 per shareSecond Quarter 2026 adjusted EBITDA of $65.7 million, down 5% year-over-yearIntegrated Care segment revenue of $394.3 million, up 1% year-over-year, and adjusted EBITDA margin of 16.5%BetterHelp segment revenue of $212.6 million, down 12% year-over-year, and adjusted EBITDA margin of 0.2%
“We continue to make progress on the priorities we believe are most important to the long-term success of Teladoc Health. Our second-quarter results were within our guidance ranges on a consolidated basis and reflected distinct dynamics across our two segments,” said Chuck Divita, Chief Executive Officer of Teladoc Health. “We delivered solid Integrated Care segment performance, with revenue growth and adjusted EBITDA margin above the midpoint of our guidance ranges and continued to advance new innovations designed to strengthen the value we provide to clients and members, including the launch of Teladoc One, our new connected care model for the U.S. market.”

“In the BetterHelp segment, insurance revenue came in near the high end of our expectations. However, pressure on cash pay revenue accelerated further in late May and into June, beyond the assumptions underlying our prior outlook. We saw stronger than anticipated demand for insurance covered services that outpaced available provider capacity, limiting our ability to convert a greater share of that demand into sessions and revenue to offset the cash pay decline. Given strong consumer preference for insurance, we accelerated the nationwide insurance rollout ahead of plan, and we are taking focused actions to further support the scaling of insurance.

We continue to expect 2026 insurance revenue within our previously communicated range, but we have lowered our BetterHelp segment revenue outlook to reflect updated assumptions for cash pay including prioritization of the growing insurance market. We are addressing BetterHelp’s near-term challenges with urgency and discipline and believe these actions will strengthen our ability to meet growing insurance demand and position the segment for more durable performance over time.”

Key Financial Data             (In thousands, except per share data, unaudited)         Three Months Ended     Six Months Ended   June 30,     June 30,    2026   2025  Change
  2026   2025  ChangeRevenue$606,927  $631,900  (4)% $1,220,772  $1,261,269  (3)%              Net loss$(38,908) $(32,660) (19)% $(102,745) $(125,672) 18 %Net loss per share$(0.21) $(0.19) (11)% $(0.57) $(0.72) 21 %              Adjusted EBITDA (1)$65,713  $69,311  (5)% $123,882  $127,404  (3)% See note (1) in the Notes section that follows.

Second Quarter 2026

Revenue decreased 4% to $606.9 million from $631.9 million in Second Quarter 2025. Access fees revenue decreased 9% to $474.2 million while other revenue increased 23% to $132.7 million. U.S. revenue decreased 6% to $487.4 million while International revenue increased 7% to $119.6 million.

Integrated Care segment revenue increased 1% to $394.3 million in Second Quarter 2026 while BetterHelp segment revenue decreased 12% to $212.6 million.

Net loss totaled $38.9 million, or $0.21 per share, for Second Quarter 2026, compared to $32.7 million, or $0.19 per share, for Second Quarter 2025. Results for Second Quarter 2026 included amortization of intangibles of $88.4 million, or $0.49 per share pre-tax, and stock-based compensation expense of $9.3 million, or $0.05 per share pre-tax.

Results for Second Quarter 2025 included amortization of intangibles of $88.7 million, or $0.50 per share pre-tax, and stock-based compensation expense of $22.3 million or $0.13 per share pre-tax. Net loss for Second Quarter 2025 also included restructuring costs related to severance costs and costs associated with office space reductions of $5.7 million, or $0.03 per share pre-tax. These items were partially offset by an acquisition related tax benefit of $9.7 million, or $0.06 per share.

Adjusted EBITDA(1) decreased 5% to $65.7 million, compared to $69.3 million for Second Quarter 2025. The Integrated Care segment adjusted EBITDA increase of $7.8 million was offset by a $11.4 million decrease of the BetterHelp segment adjusted EBITDA in Second Quarter 2026.

Six Months Ended June 30, 2026

Revenue decreased 3% to $1,220.8 million from $1,261.3 million in the first six months of 2025. Access fees revenue decreased 9% to $958.9 million while other revenue increased 24% to $261.9 million. U.S. revenue decreased 6% to $978.9 million while International revenue increased 12% to $241.9 million.

Integrated Care segment revenue increased 1% to $789.8 million in the first six months of 2026 while BetterHelp segment revenue decreased 10% to $431.0 million.

Net loss totaled $102.7 million, or $0.57 per share, for the first six months of 2026, compared to $125.7 million, or $0.72 per share, for the first six months of 2025. Results for the first six months of 2026 included amortization of intangibles of $178.3 million, or $0.99 per share pre-tax, and stock-based compensation expense of $23.9 million, or $0.13 per share pre-tax. Net loss for the first six months of 2026 also included restructuring costs of $12.9 million, or $0.07 per share pre-tax, primarily related to severance costs.

Results for the first six months of 2025 included a non-cash goodwill impairment charge of $59.1 million, or $0.34 per share pre-tax, amortization of intangibles of $173.0 million, or $0.99 per share pre-tax, and stock-based compensation expense of $47.5 million, or $0.27 per share pre-tax. Net loss for the first six months of 2025 also included restructuring costs related to severance costs and costs associated with office space reductions of $10.0 million, or $0.06 per share pre-tax. These items were partially offset by a discrete tax benefit of $20.1 million, or $0.11 per share, related to the completion of a research and development tax credit study and acquisition related tax benefits of $11.1 million, or $0.06 per share.

The non-cash goodwill impairment charge recorded in the first six months of 2025 was the result of the fair value of the Integrated Care segment being less than its carrying value at the time of the acquisition of Catapult Health, LLC.

Adjusted EBITDA(1) decreased 3% to $123.9 million, compared to $127.4 million for the first six months of 2025. The Integrated Care segment adjusted EBITDA increase of $13.7 million was offset by a $17.2 million decrease of the BetterHelp segment adjusted EBITDA in the first six months of 2026.

Capex and Cash Flow

Cash flow from operations was $64.7 million in Second Quarter 2026, compared to $91.4 million in Second Quarter 2025, and was $74.2 million in the first six months of 2026, compared to $107.4 million in the first six months of 2025. Capital expenditures and capitalized software development costs (together, “Capex”) were $28.9 million in Second Quarter 2026, compared to $30.2 million in Second Quarter 2025, and were $64.7 million in the first six months of 2026, compared to $61.8 million in the first six months of 2025. Free cash flow was $35.7 million in Second Quarter 2026, compared to $61.2 million in Second Quarter 2025, and was $9.4 million in the first six months of 2026, compared to $45.5 million in the first six months of 2025.

Financial Outlook

The outlook provided below is based on current market conditions and expectations and what we know today.

For the full year of 2026, we expect:  Full Year 2026 Outlook RangeRevenue$2,362 - $2,447 millionAdjusted EBITDA$271 - $303 millionNet loss per share($1.00) - ($0.75)Free Cash Flow$130 - $170 millionU.S. Integrated Care Members (2)98.5 - 100.5 million  Integrated Care Revenue growth percentage (year-over-year)0.8% - 2.4%Adjusted EBITDA margin15.6% - 16.4%  BetterHelp Revenue growth percentage (year-over-year)(19.0%) - (12.7%)Adjusted EBITDA margin3.0% - 4.6%  For the third quarter of 2026, we expect:  3Q 2026 Outlook RangeRevenue$569 - $609 millionAdjusted EBITDA$62 - $74 millionNet loss per share($0.30) - ($0.20)U.S. Integrated Care Members (2)99.0 - 100.5 million  Integrated Care Revenue growth percentage (year-over-year)0.0% - 3.0%Adjusted EBITDA margin15.7% - 17.2%  BetterHelp Revenue growth percentage (year-over-year)(24.2%) - (12.3%)Adjusted EBITDA margin0.5% - 2.5%  See note (2) in the Notes section that follows.

Earnings Conference Call

The Second Quarter 2026 earnings conference call and webcast will be held Wednesday, July 29, 2026 at 5:00 p.m. E.T. The conference call can be accessed by dialing 833-461-5787 for U.S. participants and using the conference ID # 478 236 923. For international participants, please visit the following link for global dial-in numbers, using the same conference ID # 478 236 923: https://help.events.q4inc.com/eahc/international-dial-in-numbers. A live audio webcast will also be available online at http://ir.teladoc.com/news-and-events/events-and-presentations/. A replay of the call will be available via webcast for on-demand listening shortly after the completion of the call, at the same web link, and will remain available for approximately 90 days.

About Teladoc Health

Teladoc Health is the global leader in virtual care. The company is delivering and orchestrating care across patients, care providers, platforms, and partners — transforming virtual care into a catalyst for how better health happens. Through our relationships with health plans, employers, providers, health systems and consumers, we are enabling more access, driving better outcomes, extending provider capacity and lowering costs. Learn more at www.teladochealth.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “believe,” “project,” “estimate,” “expect,” “may,” “should,” “will” and similar references to future periods. Examples of forward-looking statements include, among others, the information under the caption “Financial Outlook” and statements we make regarding future financial or operating results, future numbers of members, BetterHelp paying users or clients, litigation outcomes, regulatory developments, market developments, new products and growth strategies, initiatives to improve our efficiency and competitiveness, and the effects of any of the foregoing on our future results of operations or financial condition.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Important factors that have in the past and/or may in the future cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: (i) changes in laws and regulations applicable to our business model; (ii) changes in market conditions and receptivity to our services and offerings, including our ability to effectively compete; (iii) results of litigation or regulatory actions; (iv) the loss of one or more key clients or the loss of a significant number of members or BetterHelp paying users; (v) a decrease in revenue from users who pay directly out-of-pocket without offsetting growth in insurance-covered services in our BetterHelp segment; (vi) changes in valuations or useful lives of our assets; (vii) changes to our abilities to recruit and retain qualified providers into our network; (viii) the impact of and risk related to impairment losses with respect to goodwill or other assets; (ix) the success of our initiatives to improve our efficiency and competitiveness; (x) imposed and threatened tariffs by the United States and its trading partners, and any resulting disruptions or inefficiencies in our supply chain; (xi) the rate and magnitude of declines in BetterHelp cash-pay users and revenue; (xii) the extent to which insurance availability changes users’ payment choices; (xiii) available provider capacity including on a state and payer specific basis; (xiv) the timing, cost and effectiveness of provider recruitment, credentialing, enrollment, activation, compensation and retention; (xv) the performance of insurance-specific eligibility, matching, booking, scheduling, utilization, session-duration, claims and collection workflows; (xvi) the effectiveness and revenue consequences of changes in advertising and marketing spending; (xvii) the effects of BetterHelp’s reduced near term emphasis and investment outside the United States; (xviii) the cost, timing and effectiveness of platform and provider-capacity investments; (xix) the margin effects of the insurance mix; and (xx) potential impairment of BetterHelp goodwill. For a detailed discussion of the risk factors that could affect our actual results, please refer to the risk factors identified in our SEC reports, including, but not limited to, our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, as filed with the SEC.

Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise, except as required by law.

TELADOC HEALTH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data, unaudited)
  Three Months Ended
June 30, Six Months Ended
June 30,  2026   2025   2026   2025 Revenue$606,927  $631,900  $1,220,772  $1,261,269 Costs and expenses:       Cost of revenue (exclusive of depreciation and amortization, which are shown separately below) 190,837   190,537   388,363   387,366 Advertising and marketing 143,397   167,547   294,924   335,732 Sales 49,391   49,951   100,667   98,644 Technology and development 62,861   68,784   130,726   138,742 General and administrative 104,029   108,114   206,122   220,888 Goodwill impairment —   —   —   59,138 Acquisition, integration, and transformation costs 1,690   2,658   2,754   4,846 Restructuring costs 904   5,692   12,879   10,039 Amortization of intangible assets 88,442   88,664   178,268   172,968 Depreciation of property and equipment 2,468   4,338   4,929   7,902 Total costs and expenses 644,019   686,285   1,319,632   1,436,265 Loss from operations (37,092)  (54,385)  (98,860)  (174,996)Interest income (6,481)  (10,064)  (12,971)  (22,738)Interest expense 5,109   4,473   10,477   10,238 Other expense (income), net 2,191   (8,371)  2,387   (10,806)Loss before provision for income taxes (37,911)  (40,423)  (98,753)  (151,690)Provision for income taxes 997   (7,763)  3,992   (26,018)Net loss$(38,908) $(32,660) $(102,745) $(125,672)        Net loss per share, basic and diluted$(0.21) $(0.19) $(0.57) $(0.72)        Weighted-average shares used to compute basic and diluted net loss per share 181,026,004   175,917,380   180,079,395   175,040,625   Stock-based Compensation Summary

Compensation expense for stock-based awards was classified as follows (in thousands, unaudited):

 Three Months Ended
June 30, Six Months Ended
June 30, 2026
 2025
 2026
 2025
Cost of revenue (exclusive of depreciation and amortization, which are shown separately)$124 $506 $471 $1,079Advertising and marketing 426  1,302  1,286  2,805Sales 1,460  3,594  3,537  7,853Technology and development 1,735  4,247  4,462  10,032General and administrative 5,556  12,695  14,156  25,738Total stock-based compensation expense (3)$9,301 $22,344 $23,912 $47,507  See note (3) in the Notes section that follows.

Revenues

 Three Months Ended   Six Months Ended   June 30,   June 30,  (In thousands, unaudited)2026
 2025
 Change 2026
 2025
 ChangeRevenue by Type           Access Fees$474,215 $523,703 (9)% $958,870 $1,049,439 (9)%Other 132,712  108,197 23 %  261,902  211,830 24 %Total Revenue$606,927 $631,900 (4)% $1,220,772 $1,261,269 (3)%            Revenue by Geography           U.S.$487,360 $519,689 (6)% $978,865 $1,044,659 (6)%International 119,567  112,211 7 %  241,907  216,610 12 %Total Revenue$606,927 $631,900 (4)% $1,220,772 $1,261,269 (3)%  Summary Operating Metrics

Consolidated

 Three Months Ended   Six Months Ended   June 30,   June 30,  (In millions)2026 2025 Change 2026 2025 ChangeTotal Visits4.1 4.1 (2) % 8.4 8.6 (2) %  Integrated Care

 As of June 30,  (In millions)2026 2025 ChangeU.S. Integrated Care Members (2)100.3 102.4 (2)%Chronic Care Program Enrollment (4)1.272 1.117 14 %   Three Months Ended   Six Months Ended   June 30,   June 30,   2026
 2025
 Change 2026
 2025
 ChangeAverage Monthly Revenue
Per U.S. Integrated Care Member (5)$1.31 $1.27 3 %
 $1.31 $1.27 3 %
  BetterHelp

 Average for   Average for   Three Months Ended   Six Months Ended   June 30,   June 30,  (In millions)2026 2025 Change 2026 2025 ChangeBetterHelp Paying Users (6)0.346 0.388 (11) % 0.353 0.393 (10) %  See notes (2), (4), (5), and (6) in the Notes section that follows.

Operating Results by Segment (see note (7) in the Notes section that follows)

The following table presents operating results by reportable segment for the periods indicated:

 Three Months Ended   Six Months Ended   June 30,   June 30,  (In thousands, unaudited) 2026   2025  Change  2026   2025  ChangeIntegrated Care           Revenue$394,305  $391,510  1 % $789,750  $780,978  1 %Adjusted EBITDA$65,242  $57,450  14 % $121,519  $107,829  13 %Adjusted EBITDA margin % 16.5%  14.7%    15.4%  13.8%              BetterHelp           Consumer and Other$190,852  $238,262  (20)% $396,315  $478,163  (17)%Insurance Covered Services 21,770   2,128  N/M  34,707   2,128  N/MTotal Revenue$212,622  $240,390  (12)% $431,022  $480,291  (10)%Adjusted EBITDA$471  $11,861  (96)% $2,363  $19,575  (88)%Adjusted EBITDA margin % 0.2%  4.9%    0.5%  4.1%    N/M - not meaningful

TELADOC HEALTH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands, unaudited)
  Six Months Ended
June 30,  2026   2025 Cash flows from operating activities:   Net loss$(102,745) $(125,672)Adjustments to reconcile net loss to net cash flows from operating activities:   Goodwill impairment —   59,138 Amortization of intangible assets 178,268   172,968 Stock-based compensation 23,912   47,507 Depreciation of property and equipment 4,929   7,902 Amortization of right-of-use assets 3,394   4,190 Provision for allowances for doubtful accounts 807   377 Deferred income taxes (1,673)  (34,072)Other, net 2,812   2,049 Changes in operating assets and liabilities:   Accounts receivable (28,647)  (8,497)Prepaid expenses and other current assets (17,071)  (16,434)Inventory 8,628   861 Other assets 2,337   7,616 Accounts payable (9,656)  19,278 Accrued expenses and other current liabilities 44,676   (5,149)Accrued compensation (31,246)  (9,545)Deferred revenue (44)  (6,084)Operating lease liabilities (4,586)  (5,170)Other liabilities 83   (3,912)Net cash provided by operating activities 74,178   107,351 Cash flows from investing activities:   Capital expenditures (2,588)  (3,994)Capitalized software development costs (62,152)  (57,824)Proceeds from the sale of investment —   740 Acquisitions accounted for as business combinations, net of cash acquired —   (65,302)Asset acquisition resulting in net intangible assets (12,675)  (29,569)Payments for investments (700)  (27,075)Other, net 3   60 Net cash used in investing activities (78,112)  (182,964)Cash flows from financing activities:   Proceeds from the exercise of stock options 33   81 Proceeds from employee stock purchase plan 1,241   1,384 Repayment of convertible senior notes —   (550,629)Other, net (2,848)  — Net cash used in financing activities (1,574)  (549,164)Net decrease in cash and cash equivalents (5,508)  (624,777)Effect of foreign currency exchange rate changes (1,228)  6,071 Cash and cash equivalents at beginning of the period 781,084   1,298,327 Cash and cash equivalents at end of the period$774,348  $679,621   TELADOC HEALTH, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data, unaudited)  June 30,
2026 December 31,
2025ASSETS   Current assets:   Cash and cash equivalents$774,348  $781,084 Accounts receivable, net of allowance for doubtful accounts of $3,628 and $4,033 at June 30, 2026 and December 31, 2025, respectively 221,015   192,826 Inventories 28,823   38,203 Prepaid expenses and other current assets 124,175   107,016 Total current assets 1,148,361   1,119,129 Property and equipment, net 24,690   26,972 Goodwill 283,190   283,190 Intangible assets, net 1,175,669   1,297,087 Operating lease—right-of-use assets 22,718   26,119 Other assets 103,997   105,803 Total assets$2,758,625  $2,858,300 LIABILITIES AND STOCKHOLDERS’ EQUITY   Current liabilities:   Accounts payable$37,496  $47,967 Accrued expenses and other current liabilities 226,550   198,208 Accrued compensation 60,172   96,258 Deferred revenue, current 60,812   62,305 Convertible senior notes, net—current 996,700   — Total current liabilities 1,381,730   404,738 Operating lease liabilities, net of current portion 29,537   34,204 Deferred revenue, net of current portion 9,669   9,139 Deferred taxes, net 26,881   28,945 Convertible senior notes, net—non-current —   994,925 Other liabilities 700   643 Total liabilities 1,448,517   1,472,594 Commitments and contingencies   Stockholders’ equity:   Common stock, $0.001 par value; 300,000,000 shares authorized; 181,649,591 shares and 178,315,400 shares issued and outstanding as of June 30, 2026 and December 31, 2025 respectively 182   178 Additional paid-in capital 17,876,827   17,850,478 Accumulated deficit (16,532,967)  (16,430,222)Accumulated other comprehensive loss (33,934)  (34,728)Total stockholders’ equity 1,310,108   1,385,706 Total liabilities and stockholders’ equity$2,758,625  $2,858,300   Non-GAAP Financial Measures:

To supplement our financial information presented in accordance with generally accepted accounting principles in the United States (“GAAP”), we use certain non-GAAP financial measures to clarify and enhance an understanding of past performance, which include adjusted EBITDA and free cash flow. We believe that the presentation of these financial measures enhances an investor’s understanding of our financial performance and are commonly used by investors to evaluate our performance and that of our competitors. We further believe that these financial measures are useful to assess our operating performance and financial and business trends from period-to-period by excluding certain items that we believe are not representative of our core business, and that free cash flow reflects an additional way of viewing our liquidity that, when viewed together with GAAP results, provides management, investors, and other users of our financial information with a more complete understanding of factors and trends affecting our cash flows. We use these non-GAAP financial measures for business planning purposes and in measuring our performance relative to that of our competitors. We utilize adjusted EBITDA as a key measure of our performance.

Adjusted EBITDA consists of net loss before provision for income taxes; other expense (income), net; interest income; interest expense; depreciation of property and equipment; amortization of intangible assets; restructuring costs; acquisition, integration, and transformation costs; goodwill impairments; and stock-based compensation.

Free cash flow is net cash provided by operating activities less capital expenditures and capitalized software development costs.

Our use of these non-GAAP terms may vary from that of others in our industry, and other companies may calculate such measures differently than we do, limiting their usefulness as comparative measures.

Non-GAAP measures have important limitations as analytical tools and you should not consider them in isolation, and they should not be considered as an alternative to net loss before provision for income taxes, net loss, net loss per share, net cash from operating activities or any other measures derived in accordance with GAAP. Some of these limitations are:

adjusted EBITDA eliminates the impact of the provision for income taxes on our results of operations, and does not reflect other expense (income), net, interest income, or interest expense;adjusted EBITDA does not reflect restructuring costs. Restructuring costs may include certain lease impairment costs, certain losses related to early lease terminations, and severance;adjusted EBITDA does not reflect significant acquisition, integration, and transformation costs. Acquisition, integration, and transformation costs include investment banking, financing, legal, accounting, consultancy, integration, fair value changes related to contingent consideration, and certain other transaction costs related to mergers and acquisitions. It also includes costs related to certain business transformation initiatives focused on integrating and optimizing various operations and systems, including upgrading our enterprise resource planning system. These transformation cost adjustments made to our results do not represent normal, recurring, operating expenses necessary to operate the business but, rather, incremental costs incurred in connection with our acquisition and integration activities;adjusted EBITDA does not reflect goodwill impairment charges; andadjusted EBITDA does not reflect the significant non-cash stock-based compensation expense which should be viewed as a component of recurring operating costs. In addition, although amortization of intangible assets and depreciation of property and equipment are non-cash charges, the assets being amortized and depreciated will often have to be replaced in the future, and adjusted EBITDA does not reflect any expenditures for such replacements.

We compensate for these limitations by using these non-GAAP measures along with other comparative tools, together with GAAP measurements, to assist in the evaluation of operating performance. Such GAAP measurements include net loss, net loss per share, net cash from operating activities, and other performance measures.

In evaluating these financial measures, you should be aware that in the future we may incur expenses similar to those eliminated in this presentation. Our presentation of these non-GAAP measures should not be construed as an inference that our future results will be unaffected by unusual or nonrecurring items.

The following is a reconciliation of net loss, the most directly comparable GAAP financial measure, to adjusted EBITDA:

Reconciliation of GAAP Net Loss to Adjusted EBITDA
(In thousands, unaudited)
          Outlook in millions (8) Three Months Ended
June 30, Six Months Ended
June 30, Second Quarter Full Year  2026   2025   2026   2025  2026 2026Net loss$(38,908) $(32,660) $(102,745) $(125,672) $(55) - (36) $(181) - (136)Add:           Provision for income taxes 997   (7,763)  3,992   (26,018)    Other expense (income), net 2,191   (8,371)  2,387   (10,806)    Interest expense 5,109   4,473   10,477   10,238     Interest income (6,481)  (10,064)  (12,971)  (22,738)    Depreciation of property and equipment 2,468   4,338   4,929   7,902     Amortization of intangible assets 88,442   88,664   178,268   172,968     Restructuring costs 904   5,692   12,879   10,039     Acquisition, integration, and transformation costs 1,690   2,658   2,754   4,846     Goodwill impairment —   —   —   59,138     Stock-based compensation 9,301   22,344   23,912   47,507     Total Adjustments 104,621   101,971   226,627   253,076  98 - 129 407 - 484Consolidated Adjusted EBITDA$65,713  $69,311  $123,882  $127,404  $62 - 74 $271 - 303            Segment Adjusted EBITDA           Integrated Care$65,242  $57,450  $121,519  $107,829     BetterHelp 471   11,861   2,363   19,575     Consolidated Adjusted EBITDA$65,713  $69,311  $123,882  $127,404       See note (8) in the Notes section that follows.

The following is a reconciliation of net cash provided by operating activities, the most directly comparable GAAP financial measure, to free cash flow:

Reconciliation of GAAP Net Cash Provided by Operating Activities to Free Cash Flow
(In thousands, unaudited)
  Three Months Ended Six Months Ended Outlook (9) June 30, June 30, Full Year  2026   2025   2026   2025  2026 (in millions)Net cash provided by operating activities$64,662  $91,432  $74,178  $107,351  $260 - 290Capital expenditures (928)  (1,268)  (2,588)  (3,994)  Capitalized software development costs (27,990)  (28,965)  (62,152)  (57,824)  Capex (28,918)  (30,233)  (64,740)  (61,818) (130) - (120)Free Cash Flow$35,744  $61,199  $9,438  $45,533  $130 - 170  See note (9) in the Notes section that follows.

Notes:

A reconciliation of each non-GAAP measure to the most comparable measure under GAAP has been provided in this press release in the accompanying tables. An explanation of these non-GAAP measures is also included under the heading “Non-GAAP Financial Measures.”U.S. Integrated Care Members represent the number of unique individuals at the end of the applicable period who have access to our suite of integrated care services in the U.S. under paid access fee and/or visit-based arrangements.Excluding the amount capitalized related to software development projects.Chronic Care Program Enrollment represents the total number of enrollees across our suite of chronic care programs at the end of the applicable period. Average monthly revenue per U.S. Integrated Care member is calculated by dividing the total revenue generated from the Integrated Care segment by the average number of U.S. Integrated Care Members (see note 2) during the applicable period. BetterHelp Paying Users represent the average number of global monthly paying users of our BetterHelp therapy and psychiatry services during the applicable period, including both those who pay directly out-of-pocket and those who utilize their insurance coverage.We have two segments: Integrated Care and BetterHelp. The Integrated Care segment includes a suite of global virtual medical services including general medical, expert medical services, specialty medical, chronic condition management, mental health, and enabling technologies and enterprise telehealth solutions for hospitals and health systems. The BetterHelp segment includes virtual therapy and other wellness services provided on a global basis which are predominantly marketed and sold on a direct-to-consumer basis, including both those who pay directly out-of-pocket and those who utilize their insurance coverage. Within the BetterHelp segment, Consumer and Other primarily includes revenue from BetterHelp Paying Users that pay for services directly out-of-pocket while Insurance Covered Services reflects revenue from BetterHelp Paying Users that utilize insurance coverage to pay for services, which includes any copayments.We have not provided a full line-item reconciliation for net loss to adjusted EBITDA outlook because we do not provide outlook on the individual reconciling items between net loss and adjusted EBITDA. This is due to the uncertainty as to timing, and the potential variability, of the individual reconciling items such as impairments, stock-based compensation and the related tax impact, provision for income taxes, acquisition, integration, and transformation costs, and restructuring costs, the effect of which may be significant. Accordingly, a full line-item reconciliation of the GAAP measure to the corresponding non-GAAP financial measure outlook is not available without unreasonable effort.We have not provided a line-item reconciliation for free cash flow to net cash from operating activities for this future period because we believe such a reconciliation would imply a degree of precision and certainty that could be confusing to investors and we are unable to reasonably predict certain items contained in the GAAP measure without unreasonable effort. Investors:
Michael Minchak
617-444-9612
[email protected]

Media:
Lou Serio
202-569-9715
[email protected]

July 15, 2026 16:05 ET  | Source: Teladoc Health, Inc.

NEW YORK, July 15, 2026 (GLOBE NEWSWIRE) -- Teladoc Health Inc. (NYSE: TDOC), the global leader in virtual care, announced that it will release second quarter 2026 results on Wednesday, July 29, 2026, after the market closes. In conjunction, the company will host a conference call to review results at 5:00 p.m. ET on the same day.

Conference Call Details

The conference call can be accessed by dialing 833-461-5787 for U.S. participants and using the meeting ID # 478 236 923.

For international participants, please visit the following link for global dial-in numbers, using the same meeting ID # 478 236 923: https://help.events.q4inc.com/eahc/international-dial-in-numbers. A live audio webcast will also be available online at https://ir.teladoc.com/news-and-events/events-and-presentations/.

A replay of the call will be available via webcast for on-demand listening shortly after the completion of the call, at the same web link, and will remain available for approximately 90 days.

About Teladoc Health

Teladoc Health (NYSE: TDOC) is the global leader in virtual care. The company is delivering and orchestrating care across patients, care providers, platforms, and partners — transforming virtual care into a catalyst for how better health happens. Through our relationships with health plans, employers, providers, health systems and consumers, we are enabling more access, driving better outcomes, extending provider capacity and lowering costs. Learn more at teladochealth.com.

Investors:
Michael Minchak
[email protected] 
617-444-9612

After years of lagging broader equities, Teladoc Health (TDOC +1.10%) is finally bouncing back. The company's shares are up by 28% to date, while the S&P 500 has climbed just 9%. The telemedicine specialist still has plenty of work to do, but could it finally be on the road to full recovery? Let's see whether Teladoc can maintain the momentum it has had this year.

Why Teladoc is bouncing back At first glance, Teladoc doesn't seem to be doing that much better. In the first quarter, the company's revenue declined 2% year over year to $613.8 million. Sales from its BetterHelp virtual therapy division fell 9% year over year to $218.4 million, while the number of paying users on BetterHelp also fell 9%. Further, Teladoc remains unprofitable. It posted a net loss per share of $0.36, which, in fairness, was much better than the $0.53 loss per share it recorded in the year-ago period.

Image source: The Motley Fool.

Still, overall, Teladoc's financial results look mediocre. Why is the stock performing well? Part of the answer is that the market is paying attention to several developments that could help fix some of the company's issues. Consider BetterHelp, which was once Teladoc's biggest growth driver. For years, the company tried to get health insurance coverage for this unit. It has finally done so in many U.S. states thanks to an acquisition. Teladoc is seeing clear evidence that this is helping.

As the company reported, virtual therapy users who benefit from insurance coverage averaged about 20% more sessions than cash-paying patients in their first 90 days. Teladoc also expects to end 2026 with an annual run rate of at least $125 million for the company's BetterHelp insurance-covered sessions -- a meaningful improvement over the $75 million it had as of the end of the first quarter. Teladoc is also making progress elsewhere.

Notably, the company's international expansion is still going well. In the first quarter, Teladoc's international revenue grew by 17% year over year to $122.3 million. Meanwhile, Teladoc is implementing various artificial intelligence (AI)-powered initiatives across its business that could have a meaningful impact over the long run. For instance, the company has reduced the administrative work that BetterHelp's therapists do through AI-assisted documentation, allowing them to spend more time focusing on patients.

This is good for everyone involved. Teladoc could continue to see much-improved financial results and stock price performance if it can keep launching initiatives like these.

Today's Change

(

1.10

%) $

0.10

Current Price

$

9.20

Although Teladoc has addressed some of the issues it has encountered in recent years, it isn't out of the woods just yet. Here are several things that could go wrong for the telemedicine company. First, although it is making some progress with BetterHelp, thanks to third-party coverage, the virtual therapy space is very competitive. That's one reason why Teladoc faced -- in the company's own words -- "mounting pressure" within its direct-to-patient cash-paying virtual therapy business.

Insurance coverage is helpful, but even with that, BetterHelp's upside might be limited by the increasingly competitive nature of this industry. Second, although Teladoc's international revenue has been growing faster than the rest of the business, the company's global ambitions may eventually backfire. Managing legal and regulatory requirements, insurance rules and regulations, prescriptions, and many other matters that Teladoc engages in across different countries could turn into a nightmare.

We might see Teladoc's expenses rise significantly as the company continues its expansion plans abroad. As a result, it may be difficult for the company to turn profitable. Lastly, although Teladoc's AI-related work looks promising, it is unlikely to give it a significant advantage over most of its competitors, many of whom are also likely implementing similar strategies. The bottom line is that Teladoc has yet to demonstrate it can perform consistently, while it still faces significant headwinds. So, even with the progress it has made, its shares look fairly risky. Investors should keep that in mind before initiating a position. And only those comfortable with volatility should consider doing so.