Teladoc Health (TDOC) Q4 2024 earnings summary

Executive summary

• Achieved a solid finish to 2024, advancing strategic priorities and streamlining operations for cost savings and investment capacity.

• Full year 2024 revenue declined 1% to $2.57B; Q4 revenue down 3% year-over-year to $640.5M.

• Net loss for 2024 was $1.0B ($5.87/share), including a $790M non-cash goodwill impairment in BetterHelp.

• Added over 4 million U.S. members and grew visit volumes by 6% year-over-year, with strong client wins and expansions in chronic care and government channels.

• BetterHelp surpassed 5 million people served, with international now 20% of segment revenue, but faced a challenging environment impacting 2024 results and 2025 outlook.

Financial highlights

• Q4 2024 consolidated revenue was $640 million; Adjusted EBITDA $74.8 million (11.7% margin); net loss per share $0.28.

• Full year 2024 revenue was $2.6 billion, down 1% year-over-year; Adjusted EBITDA $310.7 million (12.1% margin); net loss per share $5.87, including a $4.63 per share goodwill impairment.

• Free Cash Flow for 2024 was $170 million; year-end cash and equivalents nearly $1.3 billion.

• Q4 access fees revenue decreased 5% to $543.1M; other revenue up 12% to $97.4M.

• U.S. revenue for 4Q24 was $535M, international revenue was $105M.

Outlook and guidance

• 2025 consolidated revenue expected between $2.47–$2.58 billion; Adjusted EBITDA $278–$319 million.

• Free Cash Flow guidance for 2025 is $190–$220 million, up 12–30% year-over-year.

• Integrated Care 2025 revenue expected flat to up 3% year-over-year; BetterHelp revenue expected down 3.75–9.75% year-over-year.

• FY25 net loss per share projected between ($1.10) and ($0.50).

• Catapult Health acquisition to contribute 200 basis points to constant currency growth; expected to close end of February.