Teladoc Health Reports Second Quarter 2025 Results
Teladoc Health (NYSE:TDOC) reported mixed Q2 2025 results with revenue declining 2% year-over-year to $631.9 million. The company posted a net loss of $32.7 million ($0.19 per share), significantly improved from the $837.7 million loss in Q2 2024. Adjusted EBITDA decreased 23% to $69.3 million.
The Integrated Care segment showed growth with revenue up 4% to $391.5 million, while BetterHelp segment revenue declined 9% to $240.4 million. The company secured a new $300 million revolving credit facility and paid $550.6 million to retire convertible senior notes. For full-year 2025, Teladoc expects revenue between $2.501-$2.548 billion and projects continued challenges in the BetterHelp segment with revenue declining 6.8-9.2%.
Teladoc Health (NYSE:TDOC) ha riportato risultati contrastanti nel secondo trimestre 2025, con un fatturato in calo del 2% su base annua, attestandosi a 631,9 milioni di dollari. L'azienda ha registrato una perdita netta di 32,7 milioni di dollari (0,19 dollari per azione), un miglioramento significativo rispetto alla perdita di 837,7 milioni di dollari nel secondo trimestre 2024. L'EBITDA rettificato è diminuito del 23%, raggiungendo 69,3 milioni di dollari.
Il segmento Integrated Care ha mostrato una crescita con ricavi in aumento del 4% a 391,5 milioni di dollari, mentre il segmento BetterHelp ha registrato un calo del 9% a 240,4 milioni di dollari. L'azienda ha ottenuto una nuova linea di credito revolving da 300 milioni di dollari e ha pagato 550,6 milioni di dollari per estinguere note senior convertibili. Per l'intero anno 2025, Teladoc prevede ricavi compresi tra 2,501 e 2,548 miliardi di dollari e stima ulteriori difficoltà nel segmento BetterHelp, con ricavi in calo tra il 6,8% e il 9,2%.
Teladoc Health (NYSE:TDOC) reportó resultados mixtos en el segundo trimestre de 2025, con ingresos que disminuyeron un 2% interanual hasta 631,9 millones de dólares. La compañía registró una pérdida neta de 32,7 millones de dólares (0,19 dólares por acción), una mejora significativa respecto a la pérdida de 837,7 millones de dólares en el segundo trimestre de 2024. El EBITDA ajustado disminuyó un 23%, alcanzando 69,3 millones de dólares.
El segmento de Integrated Care mostró crecimiento con ingresos que aumentaron un 4% hasta 391,5 millones de dólares, mientras que los ingresos del segmento BetterHelp cayeron un 9% a 240,4 millones de dólares. La empresa aseguró una nueva línea de crédito revolvente de 300 millones de dólares y pagó 550,6 millones de dólares para retirar notas senior convertibles. Para todo el año 2025, Teladoc espera ingresos entre 2.501 y 2.548 mil millones de dólares y proyecta desafíos continuos en el segmento BetterHelp, con ingresos decreciendo entre un 6,8% y un 9,2%.
Teladoc Health (NYSE:TDOC)는 2025년 2분기 실적에서 매출이 전년 대비 2% 감소한 6억 3,190만 달러를 기록하며 혼조된 결과를 발표했습니다. 회사는 순손실 3,270만 달러(주당 0.19달러)를 기록했으나, 이는 2024년 2분기 8억 3,770만 달러 손실에 비해 크게 개선된 수치입니다. 조정 EBITDA는 23% 감소하여 6,930만 달러를 기록했습니다.
Integrated Care 부문은 매출이 4% 증가한 3억 9,150만 달러를 기록하며 성장세를 보인 반면, BetterHelp 부문 매출은 9% 감소한 2억 4,040만 달러를 기록했습니다. 회사는 새로운 3억 달러 회전 신용 한도를 확보하고 전환 사채 상환에 5억 5,060만 달러를 지불했습니다. 2025년 전체 매출은 25억 1,000만~25억 4,800만 달러 사이로 예상하며, BetterHelp 부문은 매출이 6.8~9.2% 감소하는 등 지속적인 어려움을 전망하고 있습니다.
Teladoc Health (NYSE:TDOC) a publié des résultats mitigés pour le deuxième trimestre 2025, avec un chiffre d'affaires en baisse de 2 % en glissement annuel, s'établissant à 631,9 millions de dollars. La société a enregistré une perte nette de 32,7 millions de dollars (0,19 dollar par action), une amélioration significative par rapport à la perte de 837,7 millions de dollars au deuxième trimestre 2024. L'EBITDA ajusté a diminué de 23 % pour atteindre 69,3 millions de dollars.
Le segment Integrated Care a connu une croissance avec un chiffre d'affaires en hausse de 4 % à 391,5 millions de dollars, tandis que le chiffre d'affaires du segment BetterHelp a diminué de 9 % à 240,4 millions de dollars. L'entreprise a obtenu une nouvelle facilité de crédit renouvelable de 300 millions de dollars et a versé 550,6 millions de dollars pour racheter des billets convertibles seniors. Pour l'année complète 2025, Teladoc prévoit un chiffre d'affaires compris entre 2,501 et 2,548 milliards de dollars et anticipe des défis persistants dans le segment BetterHelp avec une baisse du chiffre d'affaires comprise entre 6,8 % et 9,2 %.
Teladoc Health (NYSE:TDOC) meldete gemischte Ergebnisse für das zweite Quartal 2025 mit einem Umsatzrückgang von 2 % im Jahresvergleich auf 631,9 Millionen US-Dollar. Das Unternehmen verzeichnete einen Nettoverlust von 32,7 Millionen US-Dollar (0,19 US-Dollar je Aktie), was eine deutliche Verbesserung gegenüber dem Verlust von 837,7 Millionen US-Dollar im zweiten Quartal 2024 darstellt. Das bereinigte EBITDA sank um 23 % auf 69,3 Millionen US-Dollar.
Der Integrated Care-Segment zeigte Wachstum mit einem Umsatzanstieg von 4 % auf 391,5 Millionen US-Dollar, während der Umsatz im BetterHelp-Segment um 9 % auf 240,4 Millionen US-Dollar zurückging. Das Unternehmen sicherte sich eine neue revolvierende Kreditfazilität in Höhe von 300 Millionen US-Dollar und zahlte 550,6 Millionen US-Dollar zur Rückzahlung von wandelbaren Senior Notes. Für das Gesamtjahr 2025 erwartet Teladoc einen Umsatz zwischen 2,501 und 2,548 Milliarden US-Dollar und prognostiziert weiterhin Herausforderungen im BetterHelp-Segment mit einem Umsatzrückgang von 6,8 bis 9,2 %.
- None.
- Overall revenue declined 2% to $631.9M year-over-year
- Adjusted EBITDA decreased 23% to $69.3M
- BetterHelp segment revenue dropped 9% to $240.4M
- BetterHelp segment adjusted EBITDA margin declined to 4.9%
- Projecting continued revenue decline for BetterHelp segment (6.8-9.2%) for full year
Insights
Teladoc reports mixed Q2 results with declining revenue and EBITDA, but improving net loss position and solid cash flow.
Teladoc Health's Q2 2025 results paint a mixed picture with several concerning trends but also some positive developments. Revenue declined
The bottom line shows significant improvement in net loss, which decreased to
Particularly concerning is the
Cash generation remains a bright spot, with operating cash flow of
Looking at the balance sheet actions, Teladoc paid
Forward guidance suggests continued challenges, with full-year 2025 revenue projected between
These results reflect a company in transition, with the Integrated Care segment providing modest growth while BetterHelp faces significant competitive and market pressures impacting both growth and profitability. While cash flow remains solid, the substantial revenue and margin pressure in BetterHelp represents a meaningful drag on overall company performance.
NEW YORK, July 29, 2025 (GLOBE NEWSWIRE) -- Teladoc Health, Inc. (NYSE: TDOC), the global leader in virtual care, today reported financial results for the three months ended June 30, 2025 (“Second Quarter 2025”). Unless otherwise noted, percentage and other changes are relative to the three months ended June 30, 2024 (“Second Quarter 2024”).
Highlights
- Second Quarter 2025 revenue of
$631.9 million , down2% year-over-year - Second Quarter 2025 net loss of
$32.7 million , or$0.19 per share - Second Quarter 2025 adjusted EBITDA of
$69.3 million , down23% year-over-year - Integrated Care segment revenue of
$391.5 million , up4% year-over-year, and adjusted EBITDA margin of14.7% - BetterHelp segment revenue of
$240.4 million , down9% year-over-year, and adjusted EBITDA margin of4.9% - Paid
$550.6 million using cash on hand to retire convertible senior notes due in Second Quarter 2025 - On July 17, 2025, we entered into a credit agreement providing for a five-year,
$300.0 million senior secured revolving credit facility to preserve and enhance our financial and operational flexibility
“I’m pleased with our performance in the second quarter, with consolidated revenue and adjusted EBITDA both at the higher end of our guidance ranges. This reflects continued disciplined execution and builds on our solid results from the first quarter. We continue to work with focus and urgency to advance our strategic priorities, invest in products and capabilities, and deliver solid financial performance,” said Chuck Divita, Chief Executive Officer of Teladoc Health.
“We believe virtual care can be a performance multiplier to help address key challenges in an evolving healthcare landscape. We intend to build on our leadership position by delivering and orchestrating care across patients, providers, platforms, and partners, enhancing the patient experience, improving clinical outcomes, and driving greater value for our clients,” Divita added.
| Key Financial Data | |||||||||||||||||||||
| ($ in thousands, except per share data, unaudited) | |||||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||
| June 30, | June 30, | ||||||||||||||||||||
| 2025 | 2024 | Change | 2025 | 2024 | Change | ||||||||||||||||
| Revenue | $ | 631,900 | $ | 642,444 | (2 | )% | $ | 1,261,269 | $ | 1,288,575 | (2 | )% | |||||||||
| Net loss | $ | (32,660 | ) | $ | (837,671 | ) | 96 | % | $ | (125,672 | ) | $ | (919,560 | ) | 86 | % | |||||
| Net loss per share | $ | (0.19 | ) | $ | (4.92 | ) | 96 | % | $ | (0.72 | ) | $ | (5.44 | ) | 87 | % | |||||
| Adjusted EBITDA (1) | $ | 69,311 | $ | 89,481 | (23 | )% | $ | 127,404 | $ | 152,621 | (17 | )% | |||||||||
See note (1) in the Notes section that follows.
Second Quarter 2025
Revenue decreased
Integrated Care segment revenue increased
Net loss totaled
Results for Second Quarter 2024 included a non-cash goodwill impairment charge of
Adjusted EBITDA(1) decreased
Six Months Ended June 30, 2025
Revenue decreased
Integrated Care segment revenue increased
Net loss totaled
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.
Results for the first six months of 2024 included a non-cash goodwill impairment charge of
Adjusted EBITDA(1) decreased
Capex and Cash Flow
Cash flow from operations was
Revolving Credit Facility
On July 17, 2025, we entered into a credit agreement providing for a five-year,
Financial Outlook
The outlook provided below is based on current market conditions and expectations and what we know today.
| For the full year of 2025, we expect: | |
| Full Year 2025 Outlook Range | |
| Revenue | |
| Adjusted EBITDA | |
| Net loss per share | ( |
| Free Cash Flow | |
| U.S. Integrated Care Members (2) | 101 - 103 million |
| Integrated Care | |
| Revenue growth percentage (year-over-year) | |
| Adjusted EBITDA margin | |
| BetterHelp | |
| Revenue growth percentage (year-over-year) | ( |
| Adjusted EBITDA margin |
| For the third quarter of 2025, we expect: | |
| 3Q 2025 Outlook Range | |
| Revenue | |
| Adjusted EBITDA | |
| Net loss per share | ( |
| U.S. Integrated Care Members (2) | 101.5 - 102.5 million |
| Integrated Care | |
| Revenue growth percentage (year-over-year) | ( |
| Adjusted EBITDA margin | |
| BetterHelp | |
| Revenue growth percentage (year-over-year) | ( |
| Adjusted EBITDA margin |
See note (2) in the Notes section that follows.
Earnings Conference Call
The Second Quarter 2025 earnings conference call and webcast will be held Tuesday, July 29, 2025 at 4:30 p.m. E.T. The conference call can be accessed by dialing 1-833-470-1428 for U.S. participants and using the access code #606269. For international participants, please visit the following link for global dial-in numbers: https://www.netroadshow.com/conferencing/global-numbers?confId=85796. 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 (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.
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, 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 could 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) changes in valuations or useful lives of our assets; (vi) changes to our abilities to recruit and retain qualified providers into our network; (vii) the impact of and risk related to impairment losses with respect to goodwill or other assets; (viii) the success of our operational review of the company to achieve a more balanced approach to growth and margin; and (ix) imposed and threatened tariffs by the United States and its trading partners, and any resulting disruptions or inefficiencies in our supply chain. 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.
| 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, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Revenue | $ | 631,900 | $ | 642,444 | $ | 1,261,269 | $ | 1,288,575 | |||||||
| Costs and expenses: | |||||||||||||||
| Cost of revenue (exclusive of depreciation and amortization, which are shown separately below) | 190,537 | 188,059 | 387,366 | 382,597 | |||||||||||
| Advertising and marketing | 167,547 | 170,270 | 335,732 | 353,599 | |||||||||||
| Sales | 49,951 | 50,438 | 98,644 | 104,802 | |||||||||||
| Technology and development | 68,784 | 76,751 | 138,742 | 158,139 | |||||||||||
| General and administrative | 108,114 | 109,552 | 220,888 | 221,249 | |||||||||||
| Goodwill impairment | — | 790,000 | 59,138 | 790,000 | |||||||||||
| Acquisition, integration, and transformation costs | 2,658 | 457 | 4,846 | 830 | |||||||||||
| Restructuring costs | 5,692 | 1,500 | 10,039 | 11,173 | |||||||||||
| Amortization of intangible assets | 88,664 | 94,862 | 172,968 | 189,919 | |||||||||||
| Depreciation of property and equipment | 4,338 | 1,703 | 7,902 | 4,537 | |||||||||||
| Total costs and expenses | 686,285 | 1,483,592 | 1,436,265 | 2,216,845 | |||||||||||
| Loss from operations | (54,385 | ) | (841,148 | ) | (174,996 | ) | (928,270 | ) | |||||||
| Interest income | (10,064 | ) | (13,572 | ) | (22,738 | ) | (27,514 | ) | |||||||
| Interest expense | 4,473 | 5,648 | 10,238 | 11,297 | |||||||||||
| Other expense (income), net | (8,371 | ) | 563 | (10,806 | ) | 933 | |||||||||
| Loss before provision for income taxes | (40,423 | ) | (833,787 | ) | (151,690 | ) | (912,986 | ) | |||||||
| Provision for income taxes | (7,763 | ) | 3,884 | (26,018 | ) | 6,574 | |||||||||
| Net loss | $ | (32,660 | ) | $ | (837,671 | ) | $ | (125,672 | ) | $ | (919,560 | ) | |||
| Net loss per share, basic and diluted | $ | (0.19 | ) | $ | (4.92 | ) | $ | (0.72 | ) | $ | (5.44 | ) | |||
| Weighted-average shares used to compute basic and diluted net loss per share | 175,917,380 | 170,229,583 | 175,040,625 | 168,980,165 | |||||||||||
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, | ||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||
| Cost of revenue (exclusive of depreciation and amortization, which are shown separately) | $ | 506 | $ | 1,313 | $ | 1,079 | $ | 2,707 | |||
| Advertising and marketing | 1,302 | 3,378 | 2,805 | 7,167 | |||||||
| Sales | 3,594 | 6,953 | 7,853 | 14,920 | |||||||
| Technology and development | 4,247 | 9,683 | 10,032 | 18,982 | |||||||
| General and administrative | 12,695 | 20,780 | 25,738 | 40,656 | |||||||
| Total stock-based compensation expense (3) | $ | 22,344 | $ | 42,107 | $ | 47,507 | $ | 84,432 | |||
See note (3) in the Notes section that follows.
Revenues
| Three Months Ended | Six Months Ended | ||||||||||||||||
| June 30, | June 30, | ||||||||||||||||
| ($ in thousands, unaudited) | 2025 | 2024 | Change | 2025 | 2024 | Change | |||||||||||
| Revenue by Type | |||||||||||||||||
| Access Fees | $ | 523,703 | $ | 559,648 | (6 | )% | $ | 1,049,439 | $ | 1,116,822 | (6 | )% | |||||
| Other | 108,197 | 82,796 | 31 | % | 211,830 | 171,753 | 23 | % | |||||||||
| Total Revenue | $ | 631,900 | $ | 642,444 | (2 | )% | $ | 1,261,269 | $ | 1,288,575 | (2 | )% | |||||
| Revenue by Geography | |||||||||||||||||
| U.S. Revenue | $ | 519,689 | $ | 540,802 | (4 | )% | $ | 1,044,659 | $ | 1,088,402 | (4 | )% | |||||
| International Revenue | 112,211 | 101,642 | 10 | % | 216,610 | 200,173 | 8 | % | |||||||||
| Total Revenue | $ | 631,900 | $ | 642,444 | (2 | )% | $ | 1,261,269 | $ | 1,288,575 | (2 | )% | |||||
Summary Operating Metrics
Consolidated
| Three Months Ended | Six Months Ended | ||||||||||||
| June 30, | June 30, | ||||||||||||
| (In millions) | 2025 | 2024 | Change | 2025 | 2024 | Change | |||||||
| Total Visits | 4.1 | 4.2 | (3 | )% | 8.6 | 8.8 | (3 | )% | |||||
Integrated Care
| As of June 30, | ||||||
| (In millions) | 2025 | 2024 | Change | |||
| U.S. Integrated Care Members (2) | 102.4 | 92.4 | 11 | % | ||
| Chronic Care Program Enrollment (4) | 1.117 | 1.173 | (5 | )% | ||
| Three Months Ended | Six Months Ended | ||||||||||||||||
| June 30, | June 30, | ||||||||||||||||
| 2025 | 2024 | Change | 2025 | 2024 | Change | ||||||||||||
| Average Monthly Revenue Per U.S. Integrated Care Member (5) | $ | 1.27 | $ | 1.36 | (7 | )% | $ | 1.27 | $ | 1.37 | (7 | )% | |||||
BetterHelp
| Average for | Average for | ||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||
| June 30, | June 30, | ||||||||||||
| (In millions) | 2025 | 2024 | Change | 2025 | 2024 | Change | |||||||
| BetterHelp Paying Users (6) | 0.388 | 0.407 | (5 | )% | 0.393 | 0.411 | (4 | )% | |||||
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) | 2025 | 2024 | Change | 2025 | 2024 | Change | |||||||||||||||
| Integrated Care | |||||||||||||||||||||
| Revenue | $ | 391,510 | $ | 377,421 | 4 | % | $ | 780,978 | $ | 754,532 | 4 | % | |||||||||
| Adjusted EBITDA | $ | 57,450 | $ | 64,028 | (10 | )% | $ | 107,829 | $ | 111,702 | (3 | )% | |||||||||
| Adjusted EBITDA Margin % | 14.7 | % | 17.0 | % | 13.8 | % | 14.8 | % | |||||||||||||
| BetterHelp | |||||||||||||||||||||
| Therapy Services | $ | 235,403 | $ | 259,073 | (9 | )% | $ | 469,841 | $ | 522,785 | (10 | )% | |||||||||
| Other Wellness Services | 4,987 | 5,950 | (16 | )% | 10,450 | 11,258 | (7 | )% | |||||||||||||
| Total Revenue | $ | 240,390 | $ | 265,023 | (9 | )% | $ | 480,291 | $ | 534,043 | (10 | )% | |||||||||
| Adjusted EBITDA | $ | 11,861 | $ | 25,453 | (53 | )% | $ | 19,575 | $ | 40,919 | (52 | )% | |||||||||
| Adjusted EBITDA Margin % | 4.9 | % | 9.6 | % | 4.1 | % | 7.7 | % | |||||||||||||
| TELADOC HEALTH, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands, unaudited) | |||||||
| Six Months Ended June 30, | |||||||
| 2025 | 2024 | ||||||
| Cash flows from operating activities: | |||||||
| Net loss | $ | (125,672 | ) | $ | (919,560 | ) | |
| Adjustments to reconcile net loss to net cash flows from operating activities: | |||||||
| Goodwill impairment | 59,138 | 790,000 | |||||
| Amortization of intangible assets | 172,968 | 189,919 | |||||
| Depreciation of property and equipment | 7,902 | 4,537 | |||||
| Amortization of right-of-use assets | 4,190 | 4,902 | |||||
| Provision for allowances for doubtful accounts | 377 | 810 | |||||
| Stock-based compensation | 47,507 | 84,432 | |||||
| Deferred income taxes | (34,072 | ) | 1,368 | ||||
| Other, net | 2,049 | 2,695 | |||||
| Changes in operating assets and liabilities: | |||||||
| Accounts receivable | (8,497 | ) | (2,971 | ) | |||
| Prepaid expenses and other current assets | (16,434 | ) | (13,017 | ) | |||
| Inventory | 861 | (6,032 | ) | ||||
| Other assets | 7,616 | 676 | |||||
| Accounts payable | 19,278 | 12,614 | |||||
| Accrued expenses and other current liabilities | (5,149 | ) | 154 | ||||
| Accrued compensation | (9,545 | ) | (45,802 | ) | |||
| Deferred revenue | (6,084 | ) | (1,638 | ) | |||
| Operating lease liabilities | (5,170 | ) | (5,424 | ) | |||
| Other liabilities | (3,912 | ) | (60 | ) | |||
| Net cash provided by operating activities | 107,351 | 97,603 | |||||
| Cash flows from investing activities: | |||||||
| Capital expenditures | (3,994 | ) | (3,061 | ) | |||
| Capitalized software development costs | (57,824 | ) | (60,199 | ) | |||
| Proceeds from the sale of investment | 740 | — | |||||
| Acquisition accounted for as a business combination, net of cash acquired | (65,302 | ) | — | ||||
| Asset acquisition resulting in net intangible assets | (29,569 | ) | — | ||||
| Payments for investments | (27,075 | ) | — | ||||
| Other, net | 60 | — | |||||
| Net cash used in investing activities | (182,964 | ) | (63,260 | ) | |||
| Cash flows from financing activities: | |||||||
| Proceeds from the exercise of stock options | 81 | 2,677 | |||||
| Proceeds from employee stock purchase plan | 1,384 | 2,798 | |||||
| Repayment of convertible senior notes | (550,629 | ) | — | ||||
| Other, net | — | 81 | |||||
| Net cash (used in) provided by financing activities | (549,164 | ) | 5,556 | ||||
| Net (decrease) increase in cash and cash equivalents | (624,777 | ) | 39,899 | ||||
| Effect of foreign currency exchange rate changes | 6,071 | (1,191 | ) | ||||
| Cash and cash equivalents at beginning of the period | 1,298,327 | 1,123,675 | |||||
| Cash and cash equivalents at end of the period | $ | 679,621 | $ | 1,162,383 | |||
| CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share data, unaudited) | |||||||
| June 30, 2025 | December 31, 2024 | ||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 679,621 | $ | 1,298,327 | |||
| Accounts receivable, net of allowance for doubtful accounts of | 225,431 | 214,146 | |||||
| Inventories | 38,159 | 38,138 | |||||
| Prepaid expenses and other current assets | 130,059 | 113,296 | |||||
| Total current assets | 1,073,270 | 1,663,907 | |||||
| Property and equipment, net | 27,667 | 29,487 | |||||
| Goodwill | 283,190 | 283,190 | |||||
| Intangible assets, net | 1,383,306 | 1,431,360 | |||||
| Operating lease—right-of-use assets | 25,501 | 27,092 | |||||
| Other assets | 101,070 | 81,488 | |||||
| Total assets | $ | 2,894,004 | $ | 3,516,524 | |||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 54,434 | $ | 33,130 | |||
| Accrued expenses and other current liabilities | 202,304 | 202,157 | |||||
| Accrued compensation | 70,332 | 76,229 | |||||
| Deferred revenue—current | 74,697 | 79,296 | |||||
| Convertible senior notes, net—current | — | 550,723 | |||||
| Total current liabilities | 401,767 | 941,535 | |||||
| Other liabilities | 4,245 | 720 | |||||
| Operating lease liabilities, net of current portion | 32,047 | 32,135 | |||||
| Deferred revenue, net of current portion | 10,694 | 9,786 | |||||
| Deferred taxes, net | 29,947 | 49,851 | |||||
| Convertible senior notes, net—non-current | 993,165 | 991,418 | |||||
| Total liabilities | 1,471,865 | 2,025,445 | |||||
| Commitments and contingencies | |||||||
| Stockholders’ equity: | |||||||
| Common stock, | 177 | 173 | |||||
| Additional paid-in capital | 17,812,932 | 17,759,194 | |||||
| Accumulated deficit | (16,355,572 | ) | (16,229,900 | ) | |||
| Accumulated other comprehensive loss | (35,398 | ) | (38,388 | ) | |||
| Total stockholders’ equity | 1,422,139 | 1,491,079 | |||||
| Total liabilities and stockholders’ equity | $ | 2,894,004 | $ | 3,516,524 | |||
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 cost; goodwill impairment; 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 customer relationship management and enterprise resource planning systems. 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; and
- adjusted 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 provided by 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, | Third Quarter | Full Year | ||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2025 | ||||||||||||||
| Net income (loss) | $ | (32,660 | ) | $ | (837,671 | ) | $ | (125,672 | ) | $ | (919,560 | ) | |||||||
| Add: | |||||||||||||||||||
| Provision for income taxes | (7,763 | ) | 3,884 | (26,018 | ) | 6,574 | |||||||||||||
| Other expense (income), net | (8,371 | ) | 563 | (10,806 | ) | 933 | |||||||||||||
| Interest expense | 4,473 | 5,648 | 10,238 | 11,297 | |||||||||||||||
| Interest income | (10,064 | ) | (13,572 | ) | (22,738 | ) | (27,514 | ) | |||||||||||
| Depreciation of property and equipment | 4,338 | 1,703 | 7,902 | 4,537 | |||||||||||||||
| Amortization of intangible assets | 88,664 | 94,862 | 172,968 | 189,919 | |||||||||||||||
| Restructuring costs | 5,692 | 1,500 | 10,039 | 11,173 | |||||||||||||||
| Acquisition, integration, and transformation costs | 2,658 | 457 | 4,846 | 830 | |||||||||||||||
| Goodwill impairment | — | 790,000 | 59,138 | 790,000 | |||||||||||||||
| Stock-based compensation | 22,344 | 42,107 | 47,507 | 84,432 | |||||||||||||||
| Total Adjustments | 101,971 | 927,152 | 253,076 | 1,072,181 | 91 - 132 | 439 - 532 | |||||||||||||
| Consolidated Adjusted EBITDA | $ | 69,311 | $ | 89,481 | $ | 127,404 | $ | 152,621 | |||||||||||
| Segment Adjusted EBITDA | |||||||||||||||||||
| Integrated Care | $ | 57,450 | $ | 64,028 | $ | 107,829 | $ | 111,702 | |||||||||||
| BetterHelp | 11,861 | 25,453 | 19,575 | 40,919 | |||||||||||||||
| Consolidated Adjusted EBITDA | $ | 69,311 | $ | 89,481 | $ | 127,404 | $ | 152,621 | |||||||||||
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 | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | 2025 (in millions) | |||||||||||||
| Net cash provided by operating activities | $ | 91,432 | $ | 88,683 | $ | 107,351 | $ | 97,603 | |||||||||
| Capital expenditures | (1,268 | ) | (1,912 | ) | (3,994 | ) | (3,061 | ) | |||||||||
| Capitalized software development costs | (28,965 | ) | (25,836 | ) | (57,824 | ) | (60,199 | ) | |||||||||
| Capex | (30,233 | ) | (27,748 | ) | (61,818 | ) | (63,260 | ) | (139) - (129) | ||||||||
| Free Cash Flow | $ | 61,199 | $ | 60,935 | $ | 45,533 | $ | 34,343 | |||||||||
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 who have paid access and visit fee only access to our suite of integrated care services in the U.S. at the end of the applicable period.
- 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 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.
- We have not provided a full line-item reconciliation for net loss to adjusted EBITDA outlook because we do not provide an 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 efforts.
Investors:
Michael Minchak
617-444-9612
ir@teladochealth.com
Media:
Lou Serio
202-569-9715
pr@teladochealth.com
FAQ
What were Teladoc's (TDOC) key financial results for Q2 2025?
How did Teladoc's BetterHelp segment perform in Q2 2025?
What is Teladoc's revenue guidance for full-year 2025?
What major debt-related actions did Teladoc take in Q2 2025?
How did Teladoc's Integrated Care segment perform in Q2 2025?
