Teladoc Health, Inc. · NYSE:TDOC
Teladoc Health — Q2 2025 Earnings Presentation
13 slides from Teladoc Health's earnings presentation, Jul 29, 2025
Slide 1: 2Q-25 Quarterly Results
2Q-25 Quarterly Results Teladoc HEALTH
Slide 2: Cautionary Note
Cautionary Note • This presentation contains, and the officers of Teladoc Health, Inc. (the “Company” or “Teladoc Health”) may make, “forward-looking” statements that are based on management’s beliefs and assumptions and on information currently available to management. These forward-looking stateme
Slide 3: Financial Highlights
Financial Highlights 2Q-25 Adj. 2Q-25 Revenue of 2Q-25 Net loss per EBITDA(2) of $632M, (2)% y/y share of $(0.19)(1) $69.3M, (23)% y/y FY-25 Revenue outlook range FY-25 Net loss per share FY-25 Adj. EBITDA outlook of $2,501M to $2,548M outlook range of range of $263M to $294M $(1.35) to $(1.00) • 3Q
Slide 4: 2Q-25 Consolidated Revenue & Adj. EBITDA
2Q-25 Consolidated Revenue & Adj. EBITDA Revenue ($ millions) Adj. EBITDA ($ millions)(1) 100 700 $642 $632 $89.5 600 80 $69.3 500 60 400 300 40 200 20 100 0 0 2Q-24 2Q-25 2Q-24 2Q-25 (1) See reconciliation of GAAP to non-GAAP measures included in the Appendix of this presentation. 4
Slide 5: Quarterly Segment Results
(1) Quarterly Segment Results Integrated Care Segment Revenue ($ millions) BetterHelp Segment Revenue ($ millions) 600 300 $265 $257 $250 $240 $240 $377 $384 $391 $389 $392 400 200 200 100 0 0 2Q-24 3Q-24 4Q-24 1Q-25 2Q-25 2Q-24 3Q-24 4Q-24 1Q-25 2Q-25 Integrated Care Segment Adjusted EBITDA ($ mill
Slide 6: 2Q-25 Revenue: U.S. & International
2Q-25 Revenue: U.S. & International U.S. Revenue ($ millions) International Revenue ($ millions) 600 125 $541 $112 $520 500 $102 100 400 75 300 50 200 25 100 0 0 2Q-24 2Q-25 2Q-24 2Q-25 6
Slide 7: Quarterly Key Operating Metrics
Quarterly Key Operating Metrics U.S. Integrated Care Members(1) (millions) BetterHelp Paying Users(2) (thousands) 150m 600k 102.5 102.4 407 398 400 397 388 100m 92.4 93.9 93.8 400k 50m 200k 0m 0k 2Q-24 3Q-24 4Q-24 1Q-25 2Q-25 2Q-24 3Q-24 4Q-24 1Q-25 2Q-25 Average Monthly Revenue per Chronic Care Pro
Slide 8: Quarterly Adjusted EBITDA & Adjusted EBITDA Margin
Quarterly Adjusted EBITDA & Adjusted EBITDA Margin Adj. EBITDA(1) ($ millions) & Adj. EBITDA Margin 100m 16% 13.9% 13.0% 14% 11.7% 75m 11.0% 12% 9.2% 10% 50m 8% $89.5 $83.3 $74.8 6% $69.3 $58.1 25m 4% 2% 0m 0% 2Q-24 3Q-24 4Q-24 1Q-25 2Q-25 Adj. EBITDA Adj. EBITDA Margin (1) See reconciliation of GAA
Slide 9: Balance Sheet and Cash Flow Highlights
Balance Sheet and Cash Flow Highlights • Cash and Cash Equivalents (as of June 30, 2025): $680M • Convertible Senior Notes (as of June 30, 2025): $993M • Operating Cash Flow (2Q-25): $91M • Free Cash Flow (1) (2Q-25): $61M (1) See reconciliation of GAAP to non-GAAP measures included in the appendix
Slide 10: Outlook: 3Q-25 and FY-25
Outlook: 3Q-25 and FY-25 3Q-25 Y/Y % Growth FY-25 Y/Y % Growth Revenue ($M) $614 to $636 (4)% to (1)% $2,501 to $2,548 (3)% to (1)% Net loss per share $(0.35) to $(0.20) NM $(1.35) to $(1.00) NM Adj. EBITDA ($M) $56 to $70 (33)% to (16)% $263 to $294 (15)% to (5)% US Integrated Care 101.5 to 102.5 8
Slide 11: Appendix
Teladc c. HEALTH © Appendix
Slide 12: Reconciliation of GAAP Net Loss to Adjusted EBITDA
Reconciliation of GAAP Net Loss to Adjusted EBITDA 2Q-24 3Q-24 4Q-24 1Q-25 2Q-25 Net loss $(837,671) $(33,276) $(48,409) $(93,012) $(32,660) Add: Provision for income taxes 3,884 780 238 (18,255) (7,763) Other expense (income), net 563 (2,239) 7,341 (2,435) (8,371) Interest expense 5,648 5,660 6,846
Slide 13: Reconciliation of GAAP Net Cash Provided to Free Cash Flow
Reconciliation of GAAP Net Cash Provided by Operating Activities to Free Cash Flow 2Q-25 Net cash provided by operating activities $91,432 Capital expenditures (1,268) Capitalized software development costs (28,965) Capex (30,233) Free Cash Flow $61,199 (in 000s) 13