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What were the key takeaways from Teladoc Health's earnings call?

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- **Q3 Revenue Beat**: $626 million total revenue, with Integrated Care up 1.5% YoY and BetterHelp down 8.2% YoY due to U.S. cash pay challenges.
- **Fee-for-Service Growth**: 50% of U.S. virtual care revenue now from fee-for-service visits, up from 40% in 2023.
- **Chronic Care Expansion**: Enrollment grows 4% sequentially to 1.17 million, driven by AI-powered clinical interventions.
- **Mental Health Momentum**: B2B mental health visits up double digits, with Wellbound EAP generating strong pipeline.
- **International Expansion**: Australia acquisition drives mid-teens growth in Integrated Care.
- **BetterHelp Insurance**: 7 states live with $12-$14 million 2025 revenue guidance, offsetting U.S. cash pay decline.
- **Free Cash Flow**: $113 million year-to-date, supporting $726 million cash balance.


**【CEO Summary Section】**
- Teladoc achieved Q3 revenue of $626 million, above the midpoint of guidance, with Integrated Care revenue growing 1.5% YoY and BetterHelp revenue declining 8.2% YoY due to U.S. cash pay headwinds.
- CEO Chuck Divita highlighted strategic progress in virtual care, including fee-for-service visit revenue now comprising over 50% of U.S. virtual care revenue, up from 40% in 2023.
- Chronic care program enrollment grew 4% sequentially, reaching 1.17 million members, driven by new clinical intervention models leveraging AI for risk stratification.
- Mental health initiatives showed double-digit growth in B2B mental health visits, with Wellbound (a new EAP offering combining integrated care and BetterHelp) generating strong client interest.
- International expansion via the Telecare acquisition in Australia is driving mid-teens constant currency growth in Integrated Care.

**【CFO Financial Commentary】**
- Q3 GAAP net loss was $0.28 per share, including a $0.07 non-cash goodwill impairment charge.
- Adjusted EBITDA was $70 million (11.2% margin), above guidance, with Integrated Care contributing $66 million (17% margin) and BetterHelp at $4 million (1.6% margin).
- Free cash flow was $68 million, bringing year-to-date total to $113 million.
- Full-year 2025 guidance updated to $2.510-$2.539 billion in revenue and $270-$287 million in adjusted EBITDA, with Integrated Care revenue expected to grow 2.4%-3.5% YoY.
- BetterHelp insurance revenue is projected to reach $12-$14 million in 2025, with 7 states and D.C. now live.

**【Q&A Key Highlights】**
- **BetterHelp Insurance Rollout**: 7 states launched with conversion rates and session metrics in line with expectations; 2025 insurance revenue guidance of $12-$14 million reflects early-stage growth.
- **Mental Health Margin Dynamics**: BetterHelp margins (1.6% Q3) pressured by U.S. cash pay decline, but non-U.S. growth and insurance ramp expected to improve long-term profitability.
- **Cross-Selling Opportunities**: Catapult integration with Integrated Care is driving member engagement, with chronic care program enrollment up 4% sequentially.
- **Tariff Impact**: $3 million annualized EBITDA headwind from tariffs, with mitigation strategies under evaluation.
- **2026 Selling Season**: Strong client interest in new products like Wellbound and AI-enabled chronic care interventions, with focus on value-based contracting.


Teladoc Health, Inc. (TDOC) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

TDOC

TDOC fundamentals

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