Teladoc Health (TDOC) Piper Sandler 36th Annual Healthcare Conference summary

Growth opportunities and strategic focus

• Significant membership growth in the past 12–18 months, with strong visit volume growth and ongoing investments to make each interaction more valuable for both patients and providers.

• Chronic care programs have substantial runway, with current penetration in the mid to high teens among 94 million members, and ongoing efforts to drive enrollment and innovation.

• Continued methodical progress in value-based care arrangements, leveraging data assets and provider capabilities to close care gaps and enhance outcomes.

Revenue outlook and business model evolution

• 2025 integrated care revenue growth is expected in the 0%–2.5% range, with forecasts including anticipated bookings through year-end.

• Health plan channel softness persists due to macro events, but other sales channels remain on track, and strategic client conversations continue.

• Revenue growth drivers include new member additions, increased visit volumes, and cross-sell/upsell opportunities, with a shift toward more visit-based fee arrangements.

• Pricing pressure is characterized as a mix shift from subscription (PMPM) to fee-for-service, not outright price degradation, with gross margins holding up well.

Mental health and BetterHelp business

• B2B mental health offering reaches about 50% of the 94 million member base, with approximately one million visits annually and $150 million in revenue.

• Digital mental health is bundled with chronic care, supporting better outcomes and upsell opportunities.

• BetterHelp has grown from $100 million to over $1 billion in revenue, is the largest DTC mental health platform globally, and is generating strong cash flows.

• Platform matches 95% of users to a therapist within 48 hours, with a Net Promoter Score above 70, and is seeing stabilization in US users and growth internationally.

• International DTC expansion and benefit coverage integration are key growth pivots, with backend and operational capabilities being developed for in-network provider status through 2025.