Q3 2024 Teladoc Health Inc Earnings Call Transcript
Key Points
- Teladoc Health Inc (TDOC) reported third quarter integrated care revenue of $384 million, which increased by 2.5% over the prior year period and exceeded the top end of their guidance range.
- The company saw strong growth in visit revenue driven by increased membership, contributing to robust visit volume growth.
- International integrated care operations continue to show strong momentum with revenue growth in the high teens on a constant currency basis.
- Teladoc Health Inc (TDOC) ended the quarter with over $1.2 billion in cash and cash equivalents, providing significant financial flexibility.
- The company is making strategic investments to enhance product innovation and improve execution, which are already showing positive impacts in terms of efficiency and effectiveness.
- Third quarter consolidated revenue of $641 million decreased by 3% year-over-year.
- BetterHelp segment revenue was down 10% versus the prior year, with average paying users declining by 13% year-over-year.
- The company is facing challenges in the health plan space, with bookings tracking lower than the previous year, reflecting a challenging market backdrop.
- Adjusted EBITDA margin for BetterHelp decreased to 5.9%, down from 9.6% in the second quarter, driven by lower revenue and additional ad spend.
- Teladoc Health Inc (TDOC) is not reinstating formal guidance for consolidated revenue, adjusted EBITDA, net loss per share, or free cash flow for the fourth quarter or full year 2024, indicating uncertainty in future performance.
Hello, and welcome to the Teladoc Health's third quarter 2024 earnings call. My name is Alex, I'll be coordinating the call today. (Operator Instructions) I'll now hand over to your host, Michael Minchak, Head of Investor Relations. Please go ahead.
Thank you and good afternoon. Today after the market closed, we issued a press release announcing our third quarter 2024 financial results. This press release and the accompanying slide presentation are available in the Investor Relations section of the teladochealth.com website.
On this call to discuss the results are Chuck Divita, Chief Executive Officer, and Mala Murthy, Chief Financial Officer. During this call, we will also discuss our outlook, and our prepared remarks will be followed by a question-and-answer session.
Please note that we will be discussing certain non-GAAP financial measures that we believe are important in evaluating Teladoc Health's performance. Details on the relationship between these non-GAAP measures to
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