February 22, 2023 — Teladoc Health, Inc. (NYSE: TDOC), the global leader in whole-person virtual care, today reported financial results for the fourth quarter and full year ended December 31, 2022.
the company reported a wider Q4 net loss of $23.49 per diluted share, Analysts polled by Capital IQ forecast a per-share loss of $0.23.
Revenue for the quarter ended Dec. 31 was $637.7 million, Analysts surveyed by Capital IQ projected $633.4 million.
For Q1, the company expects a net loss of $0.45 to $0.55 per share on revenue of $610 million to $625 million. Analysts polled by Capital IQ are looking for a per-share loss of $0.42 on revenue of $648.7 million.
For 2023, the company said it expects a per-share net loss of $1.25 to $1.75 on revenue of $2.55 billion to $2.68 billion. Analysts surveyed by Capital IQ are expecting a per-share loss of $1.39 and revenue of $2.7 billion.
“We are pleased with the strong fourth quarter and full year operating results,” said Jason Gorevic, CEO of Teladoc Health. “Despite a challenging macro environment, we were able to expand our product offerings and enhance the level of care delivered across our integrated whole-person platform.”
Gorevic added, “As we look ahead to 2023, we see a healthy demand for solutions that promise better access and outcomes while lowering the cost of healthcare. Our key strategic priorities remain our whole-person suite of services including our virtual primary care offering – Primary360, our suite of chronic care management solutions, mental health, and continued growth in our BetterHelp consumer brand. We remain committed to a balanced approach to growth and margin which will allow us to invest in key initiatives across our product roadmap.”
Fourth Quarter 2022
Revenue increased 15% to $637.7 million from $554.2 million in the fourth quarter of 2021. Access fees revenue grew 16% to $553.7 million and other revenue grew 10% to $84.0 million. U.S. Revenues grew 15% to $554.4 million and International revenues grew 17% to $83.3 million.
Revenue increased 6% to $357.1 million for the Teladoc Health Integrated Care (“Integrated Care”) segment and increased 29% to $277.0 million for the BetterHelp segment in the fourth quarter of 2022. See note (9) in the Notes section that follows for further information regarding segment reporting.
Net loss totaled $3,810.1 million, or ($23.49) per share, for the fourth quarter of 2022, compared to $11.0 million, or ($0.07) per share, for the fourth quarter of 2021. Results for the fourth quarter of 2022 primarily included non-cash goodwill impairment charges of $3,772.8 million, or ($23.26) per share, stock-based compensation expense of $50.8 million, or ($0.31) per share, and amortization of acquired intangibles of $49.0 million, or ($0.30) per share.
Full Year Ended December 31, 2022
Revenue increased 18% to $2,406.8 million from $2,032.7 million for the year ended December 31, 2022 (“Full-Year 2022”). Access fees revenue grew 21% to $2,103.8 million, and other revenue grew 4% to $303.0 million. U.S. revenues and International revenues each grew 18% to $2,101.0 million and $305.8 million, respectively.
Revenue increased 6% to $1,373.9 million for the Integrated Care segment and increased 41% to $1,019.6 million for the BetterHelp segment for Full-Year 2022.
Non-cash goodwill impairment charges of $13.4 billion were recorded for Full-Year 2022.
Net loss totaled $13,659.5 million, or ($84.60) per share, for the year ended December 31,2022, compared to $428.8 million, or ($2.73) per share, for the year ended December 31, 2021. Results for Full-Year 2022 primarily included non-cash impairment charges of $13,402.8 million, or ($83.01) per share, as well as stock-based compensation expense of $217.9 million, or ($1.35) per share, and amortization of acquired intangibles of $196.3 million, or ($1.22) per share.
Financial Outlook
For the first quarter of 2023, we expect:
Revenue $610 – $625 million
Adjusted EBITDA $42 – $50 million
Net loss per share ($0.55) – ($0.45)
U.S. Integrated Care Members 84 – 85 million
For the full year 2023, we expect:
Revenue $2,550 – $2,675 million
Adjusted EBITDA $275 – $325 million
Net loss per share ($1.75) – ($1.25)
U.S. Integrated Care Members 84 – 86 million
About Teladoc Health
Teladoc Health empowers all people everywhere to live their healthiest lives by transforming the healthcare experience. As the world leader in whole-person virtual care, Teladoc Health uses proprietary health signals and personalized interactions to drive better health outcomes across the full continuum of care, at every stage in a person’s health journey. Teladoc Health leverages more than two decades of expertise and data-driven insights to meet the growing virtual care needs of consumers and healthcare professionals. For more information, please visit www.teladochealth.com or follow @TeladocHealth on Twitter.