Teladoc Health (TDOC) Goldman Sachs 46th Annual Global Healthcare Conference 2025 summary

Strategic priorities and business outlook

• Four main strategic areas: integrated care, mental health, international expansion, and operational excellence.

• Integrated care focuses on enhancing offerings, unifying clinical teams, and leveraging data to drive engagement and outcomes.

• Mental health strategy shifts BetterHelp from cash pay to benefits coverage, aiming to improve conversion and access.

• International growth targets Europe, UK, and Canada, leveraging technology and hybrid models to expand services.

• Operational excellence includes significant cost reductions and ongoing investment in technology and efficiency.

Revenue growth and business model evolution

• Transition from subscription-based to utilization-based revenue models, now the majority of business.

• Revenue growth driven by increased engagement, utilization, and expansion of services per member.

• Utilization rates remain in the mid-to-high single digits, with significant opportunity to increase.

• Land-and-expand approach increases revenue per member by broadening service penetration.

• International and BetterHelp insurance coverage expected to accelerate growth by 2026.

Competitive positioning and innovation

• Chronic care business leverages scale, data, and breadth of clinical services to maintain leadership.

• Acquisitions like Catapult and Uplift enhance preventative care, engagement, and insurance capabilities.

• Ongoing innovation in product development and AI/data analytics to drive engagement and outcomes.

• M&A strategy targets tuck-ins that expand services, engagement, and international reach.