Teladoc's stock dives 15% after miss
Shares of Teladoc Health Inc. fell more than 15% in the extended session Wednesday after the once high-flying telehealth company posted a much larger-than-expected quarterly loss and withdrew its guidance for the year.
Teladoc (TDOC) lost $838 million, or $4.92 a share, in the second quarter, including a goodwill impairment charge of $790 million related to its online mental-health business. That compares with a loss of $65 million, or 40 cents a share, in the year-ago quarter.
The online mental-health segment, BetterHelp, saw revenue fall 9% to $265.0 million, Teladoc said. The company's total revenue dropped 2% to $642.4 million, it said.
Analysts polled by FactSet expected a loss of 35 cents a share on sales of $650 million for the quarter.
The results come as Teladoc in June appointed a new chief executive, Chuck Divita. Former Chief Executive Jason Gorevic left in April after serving as CEO for 15 years.
Teladoc said that it is withdrawing its 2024 outlook for its consolidated operations and for its BetterHelp segment provided in April. It did not detail a reason.
It called for 2024 revenue growth in the low to mid-single digits.
The stock is down 56% so far this year, contrasting with gains of about 14% for the S&P 500 index SPX.
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