Teladoc Health Inc
Q1 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +6.74%.
Did TDOC Beat Earnings? Q1 2025 Results
Teladoc Health delivered a mixed first quarter for 2025, clearing the revenue bar while falling well short on the bottom line, as a goodwill impairment charge deepened losses and its struggling BetterHelp segment continued to weigh on the overall business. The telehealth company posted revenue of $629.37 million, a 2.6% decline year-over-year but a 1.64% beat against the $619.23 million consensus, while its loss per share of $-0.53 missed the $-0.358 estimate by 48.04%, largely due to a $59.14 million non-cash goodwill impairment tied to the Catapult Health acquisition. BetterHelp, the direct-to-consumer therapy unit, saw revenue slide 11% as average paying users fell to 397,000, a persistent attrition trend that prompted Teladoc to acquire virtual mental health firm UpLift for $30 million, a strategic pivot aimed at enabling insurance-covered access to therapy for over 100 million lives. Management guided Q2 revenue of $614 to $633 million and maintained full-year revenue guidance of $2.47 to $2.58 billion, projecting further BetterHelp declines of 3.75% to 9.75% for the year.
- Integrated Care segment revenue grew 3% YoY driven by 12% growth in U.S. Integrated Care members to 102.5 million
- BetterHelp segment revenue declined 11% YoY due to 4% decline in average paying users to 397,000
- Average monthly revenue per U.S. Integrated Care member declined 8% to $1.27
- Chronic Care Program Enrollment grew 3% to 1.151 million
- International revenue grew 6% YoY to $104.4 million, partially offsetting U.S. revenue decline of 4%
- Other revenue grew 16% to $103.6 million while access fees declined 6%
“We are pleased with the solid start to 2025. Consolidated revenue and adjusted EBITDA were towards the higher end of our first quarter guidance ranges, including our Integrated Care segment being above our ranges for both measures and BetterHelp segment results in the upper half of our ranges as well. We also continue to make progress towards strategic priorities aimed at driving sustainable performance, including advancing our position in virtual mental health. We are excited about the UpLift acquisition announced today, which will further the BetterHelp segment's ability to support consumers seeking to use their covered benefits for virtual mental health services.”
Teladoc Health CEO, on the earnings call
Forward Guidance & Outlook
For Q2 2025, Teladoc expects revenue of $614–$633 million, adjusted EBITDA of $56–$70 million, and net loss per share of ($0.40)–($0.20). Integrated Care revenue growth is expected at 0.25%–2.75% YoY with adjusted EBITDA margins of 13.25%–14.75%. BetterHelp revenue is expected to decline 7.50%–11.25% YoY with adjusted EBITDA margins of 2.50%–5.25%. For full-year 2025, the company guides revenue of $2,468–$2,576 million, adjusted EBITDA of $263–$304 million, net loss per share of ($1.40)–($0.90), free cash flow of $170–$200 million, and U.S. Integrated Care Members of 101–103 million. Integrated Care full-year revenue growth is expected at 0%–3% with adjusted EBITDA margins of 14.30%–15.30%. BetterHelp full-year revenue is expected to decline 3.75%–9.75% with adjusted EBITDA margins of 4.75%–6.25%. Guidance includes the UpLift acquisition contribution but excludes any impact from potential new tariff actions in 2025.
TDOC YoY Financials
TDOC Revenue by Segment
TDOC Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.