Tina Banerjee

Global Healthcare Analyst

Equity Bottom-Up

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<a href="https://www.smartkarma.com/entities/teladoc-health-inc" target="_blank" data-smartkarma-citation="entities:14233:1" rel="noopener">Teladoc Health, Inc. (TDOC US)</a> reported mixed Q2 results, with revenue and adjusted EBITDA coming in above the midpoint of guidance range. However, EPS came significantly below consensus and guidance.</li>
<li>Teladoc has already took $9.8 billion hit from impairment charge in H1 2022. Moreover, the company now expects results to be toward the lower end of already reduced guidance range.</li>
<li>Since publishing Q1 results in April, the stock plummeted 23% in three months. From its peak in February 2021, the stock is now down 85%. No immediate recovery is expected.  </li>
</ul>

Ishan Majumdar

Founder & CEO of Baptista Research

Baptista Research

Independent research on the U.S. markets

Equity Capital Markets

<ul><li>Teladoc had a decent quarter with total revenue increasing by 25% year over year to $565 million.</li><li>The company ended the quarter with 54.3 million paid members in the United States, up 680,000 from the previous quarter.</li><li>The management anticipates revenue of $2.4 billion to $2.5 billion for 2022, representing an increase of 18% to 23% over the previous year with total paid membership in the United States to reach 54 million to 56 million members, representing a year-over-year increase of 1% to 5%.</li></ul>

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<a href="https://www.smartkarma.com/entities/teladoc-health-inc" target="_blank" data-smartkarma-citation="entities:14233:1" rel="noopener">Teladoc Health, Inc. (TDOC US)</a> reported Q1 results, in-line with its prior guidance. However, 2022 guidance cut has played the spoilsport.</li>
<li>Teladoc shares plummeted more than 40% in 2022 to trade near 52-week low. With the near-term noises persist, shares will need time to recover.</li>
<li>With the current market dynamics in certain areas of operation not in favor of Teladoc, recent downfall in shares does not represent an attractive buying opportunity.</li>
</ul>

<ul><li>Teladoc had another strong quarter, with solid financial results including a staggering 81% top-line growth and an organic growth of 32%.</li><li>Non-infectious diseases have accounted for over 75% of member visits in the last quarter in the employer and health plan channels as compared to 50% in the pre-pandemic period.</li><li>Teladoc has significantly enhanced its chronic care capabilities and these should continue to drive growth across the company's entire portfolio of products and services.</li></ul>

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<a href="https://www.smartkarma.com/entities/teladoc-health-inc" target="_blank" data-smartkarma-citation="entities:14233:1" rel="noopener">Teladoc Health, Inc. (TDOC US),</a> the whole-person virtual care industry leader in scale, clinical breadth, and outcomes, reported 70% revenue CAGR over the last three years.</li>
<li>The company expects 25% annual expansion in revenue per member, which together with 1–5% per year growth in membership will lead to 25–30% revenue CAGR during 2021–2024.</li>
<li>Teladoc has a strong growth opportunity amid a large TAM of 298 million total insured lives in the U.S., of which the company has penetrated just 30%.</li>
</ul>

United States

Teladoc Health, Inc. provides healthcare services. The Company diagnoses, recommends treatment, and prescribes medication for routine medical issues through phone and video consultations. Teladoc operates in the United States.

Teladoc Health, Inc. - TDOC US

Description