Teladoc Health (NYSE: TDOC) announced its 2023 Q2 financial results on July 25, 2023. According to the announcement, revenue was up 10% (YoY, 3 months). Loss from operations was 71,645 thousand USD in 2023 Q2 (3 months). It was 3,096,552 thousand USD in 2022 Q2. In addition, net loss was 65,177 thousand USD in 2023 Q2 compared to 3,101,461 thousand USD in 2022 Q2.
Most of these losses are attributable to non-cash expenses, including SBC expense of 55,725 thousand USD in Q2 2023. Reflecting the circumstances, adjusted EBITDA was up 54% (YoY, 3 months).
Teladoc Health reported strong gross margin, with a GAAP gross margin of 67.5% (3 months).
As for the future outlook of Teladoc’s business performance, subscription-based access fees revenue was up 11% (YoY, 3 months). In addition, number of memberships of mental health supporting program BetterHelp was up 17% (YoY, 3 months). Mental health problems generally need continuous supports over several months or several years. Accordingly, we expect that the company’s revenue would continue to grow in the future.
Moreover, net cash provided by operating activities was up 88% (YoY, 6 months). The company recorded a positive figure as free cash flow, cash inflow of 32,144 thousands USD in 2023 Q2 (6 months). It was cash outflow of 11,632 thousands USD in 2022 Q2.
As described above, Teladoc Health’s business performance is still strong, but the stock price remains sluggish. Careful assessment would be required when investing in this company.
Teladoc Health, Inc. (NYSE: TDOC) Stock Chart
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