Teladoc Health (TDOC) investor relations material

Executive summary

• Q1 2026 revenue was $614 million, down 2% year-over-year, with net loss narrowing to $63.8 million from $93.0 million in the prior year; Adjusted EBITDA was $58.2 million, flat year-over-year, and results exceeded guidance midpoints.

• Integrated Care revenue grew 2% to $395.4 million, while BetterHelp revenue declined 9% to $218.4 million, reflecting visit-based revenue growth and international expansion in Integrated Care and cash pay pressure in BetterHelp.

• Strategic focus on product innovation, AI integration, and expanding insurance coverage in BetterHelp, with insurance now live in 30 states and DC, and over 6,000 credentialed providers.

• Operational excellence and cost discipline remain priorities, with AI-driven efficiencies and a strong balance sheet supporting ongoing investments.

Financial highlights

• Q1 2026 consolidated revenue: $614 million; Adjusted EBITDA: $58.2 million (9.5% margin); net loss per share: $0.36, including $0.50 amortization, $0.08 stock-based compensation, and $0.07 restructuring costs per share.

• Free cash flow: net outflow of $26.3 million; cash and equivalents: $751 million; convertible senior notes: $996 million; net debt to trailing Adjusted EBITDA: under 0.9x.

• U.S. revenue for Q1 2026 was $491.5–$525 million; international revenue was $89–$122.3 million.

• Advertising and marketing expenses decreased 10% to $151.5 million; general and administrative expenses fell 9% to $102.1 million.

• Amortization of intangible assets increased 7% to $89.8 million, driven by accelerated amortization from brand transition.

Outlook and guidance

• 2026 consolidated revenue guidance: $2.48–$2.58 billion; Adjusted EBITDA: $267–$306 million; free cash flow: $130–$170 million.

• Full-year net loss per share projected at $1.05–$0.75; stock-based compensation expected below $55 million (down 30% YoY).

• Q2 2026 revenue guidance: $597–$626 million; Adjusted EBITDA: $55–$67 million.

• Integrated Care 2026 Adjusted EBITDA margin guidance: 15.1%–16.1%; BetterHelp revenue guidance narrowed to down 6.5% to down 1.0% YoY, with insurance revenue expected at $90–$105 million.

• Pre-tax restructuring costs for 2026 expected to remain within $15–$20 million.