Teladoc Health (NYSE: TDOC) announced its 2022 Q4 financial results on February 22, 2023. According to the announcement, total revenue was up 15% (YoY, 3 months). In addition, adjusted EBITDA was up 22% (YoY, 3 months).
Teladoc recorded 3,773 million USD non-cash goodwill impairment in this quarter. As a result, operating loss and net loss amounted to 3,816 million USD and 3,810 million USD, respectively.
Access fees revenue paid by member companies increased by 16% (YoY, 3 months). On the other hand, the other revenue including visit fees was up 10%.
Looking at membership trends, US International care members increased by 7%(YoY). On the other hand, users of the mental health care program BetterHelp Playing were up 37%. Moreover, chronic care program enrollment increased by 16%.
Teladoc Health Integrated Care Program revenue was up 6% (YoY, 3 months). Meanwhile, the BetterHelp Playing Program revenue increased by 29% year-over-year.

In terms of margins, the Integrated Care Program had an adjusted EBITDA margin of 12.2% (+232bps, YoY, 3 months). On the other hand, the BetterHelp Playing Program had an adjusted EBITDA margin of 19.1% (+110bps). The higher growth in the higher-margin segment would lead to higher profitability for the company.
Regarding cash flow, net cash provided by operating activities recorded cash inflow of 189 million USD (-2%, YoY, TTM). In addition, free cash flow recorded cash inflow of 22 million USD (-82%). The larger decrease in free cash flow is mainly due to recording CAPEX.
Teladoc might have made system improvements and the other investment to improve the profitability of its chronic and mental illness-related businesses. These business might be sustainably profitable. Thus, we expect that revenues in the BetterHelp Playing Program and Chronic Care Program could grow rapidly in near future.
Teladoc Health, Inc. (NYSE: TDOC) Stock Chart
Important Notice
- Watanabe & Brothers’ Investment is holding shares of Teladoc Health.
- This report is provided solely for informational purpose and not intended for the purpose of soliciting investment in, or as a recommendation to purchase or sell any specific products.
- Any opinions or statements expressed in this report are based on the author’s personal and subjective views, and are not the official views of the organization to which the author belongs. In addition, although we have done our best efforts in making accurate assessments on the original financial statements, we cannot guarantee any complete accuracy of this report. We do not guarantee either that any future forecasts referred to in this report will certainly be realized. Investment in listed stocks, ETFs, etc. should be carried out under the responsibility of each investor, and even if the investor who read this report suffers a loss due to investment activities, Watanabe & Brothers’ Investment is not responsible for any liability.
- This report was originally prepared in English, and translated into the other languages with plugin utilizing Google Translation API. We hereby notify that the translations are provided only for the sake of reference, and any opinions or statements in this report should be interpreted in original English. We ask any investors reading this report to refer to the original financial statements issued by the company.