Teladoc Health (TDOC) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue was $629.4M, down 3% year-over-year, with a net loss of $93.0M or $0.53 per share, including a $59.1M goodwill impairment charge related to the Catapult Health acquisition.

• Adjusted EBITDA was $58.1M, down 8% year-over-year, with Integrated Care outperforming guidance and BetterHelp in the upper half of its range.

• Strategic acquisitions of UpLift Health Technologies for $30M (plus up to $15M earnout) and Catapult Health for $64.6M expand virtual mental health and preventative care capabilities.

• Cost savings and productivity initiatives are ahead of targets, with further streamlining in Q1.

• Cash and cash equivalents stood at $1.19B as of March 31, 2025, supporting ongoing operations and future growth.

Financial highlights

• Net loss per share was $0.53, including a $59.1M non-cash goodwill impairment charge; excluding this, net loss per share was near the upper end of guidance.

• Free cash flow was a net outflow of $15.7M, an improvement from $26.6M outflow year-over-year.

• U.S. revenue was $525M, down 4%; international revenue was $104M, up 6%.

• Integrated Care revenue grew 3% to $389.5M; BetterHelp revenue fell 11% to $239.9M.

• Adjusted EBITDA margin was 9.2%, down from 9.8% in Q1 2024.

Outlook and guidance

• Full-year 2025 consolidated revenue expected at $2.47B–$2.58B; adjusted EBITDA guidance is $263M–$304M.

• Q2 2025 revenue guidance: $614M–$633M; adjusted EBITDA $56M–$70M; net loss per share ($0.40)–($0.20).

• Integrated Care 2025 revenue growth expected at 0%–3%, margin 14.3%–15.3%; BetterHelp revenue decline of 9.75%–3.75%, margin 4.75%–6.25%.

• Free cash flow guidance for 2025 is $170M–$200M.

• Tariffs could pose a $5M–$10M headwind to adjusted EBITDA in 2025, mainly in H2.