Teladoc Health, Inc.NYSE: TDOC

Teladoc Health Reports Third Quarter 2025 Results

· Issued by Teladoc Health, Inc. via GlobeNewswire

NEW YORK, NY, Oct. 29, 2025 (GLOBE NEWSWIRE) -- Teladoc Health, Inc. (NYSE: TDOC), the global leader in virtual care, today reported financial results for the three months ended September 30, 2025 (“Third Quarter 2025”). Unless otherwise noted, percentage and other changes are relative to the three months ended September 30, 2024 (“Third Quarter 2024”).

Highlights

  • Third Quarter 2025 revenue of $626.4 million, down 2% year-over-year

  • Third Quarter 2025 net loss of $49.5 million, or $0.28 per share

  • Third Quarter 2025 adjusted EBITDA of $69.9 million, down 16% year-over-year

  • Integrated Care segment revenue of $389.5 million, up 2% year-over-year, and adjusted EBITDA margin of 17.0%

  • BetterHelp segment revenue of $236.9 million, down 8% year-over-year, and adjusted EBITDA margin of 1.6%

“In the third quarter, we again delivered consolidated revenues and adjusted EBITDA in the upper half of our guidance ranges, reflecting consistent execution along with our steadfast commitment to serving our clients and members,” said Chuck Divita, Chief Executive Officer of Teladoc Health. “Looking ahead we remain focused on advancing important work across each of our strategic priorities, including growth initiatives to drive greater value and impact within our Integrated Care segment and the ongoing rollout of insurance acceptance in BetterHelp.”

Key Financial Data

($ in thousands, except per share data, unaudited)

Three Months Ended

Nine Months Ended

September 30,

September 30,

2025

2024

Change

2025

2024

Change

Revenue

$

626,439

$

640,508

(2

)%

$

1,887,708

$

1,929,083

(2

)%

Net loss

$

(49,507

)

$

(33,276

)

(49

)%

$

(175,179

)

$

(952,836

)

82

%

Net loss per share

$

(0.28

)

$

(0.19

)

(47

)%

$

(1.00

)

$

(5.61

)

82

%

Adjusted EBITDA (1)

$

69,909

$

83,255

(16

)%

$

197,313

$

235,876

(16

)%

See note (1) in the Notes section that follows.

Third Quarter 2025

Revenue decreased 2% to $626.4 million from $640.5 million in Third Quarter 2024. Access fees revenue decreased 6% to $520.9 million and other revenue increased 24% to $105.5 million. U.S. revenue decreased 5% to $509.8 million and International revenue increased 12% to $116.7 million.

Integrated Care segment revenue increased 2% to $389.5 million in Third Quarter 2025 and BetterHelp segment revenue decreased 8% to $236.9 million.

Net loss totaled $49.5 million, or $0.28 per share, for Third Quarter 2025, compared to $33.3 million, or $0.19 per share, for Third Quarter 2024. Results for Third Quarter 2025 included a non-cash goodwill impairment charge of $12.6 million, or $0.07 per share pre-tax, stock-based compensation expense of $17.0 million, or $0.10 per share pre-tax, and amortization of intangibles of $85.8 million, or $0.48 per share pre-tax. Net loss for Third Quarter 2025 also included $2.0 million, or $0.01 per share pre-tax, of restructuring costs related to severance costs and costs associated with office space reductions.

The non-cash goodwill impairment charge recorded in Third Quarter 2025 was the result of the fair value of the Integrated Care segment being less than its carrying value at the time of the acquisition of Telecare Australia Pty Ltd ("Telecare").

Results for Third Quarter 2024 included amortization of intangibles of $86.9 million, or $0.51 per share pre-tax, stock-based compensation expense of $34.0 million, or $0.20 per share pre-tax, and $3.6 million, or $0.02 per share pre-tax, of restructuring costs primarily related to severance payments and costs associated with office space reductions.

Adjusted EBITDA(1) decreased 16% to $69.9 million, compared to $83.3 million for Third Quarter 2024. Integrated Care segment adjusted EBITDA decreased 3% to $66.1 million in Third Quarter 2025 and BetterHelp segment adjusted EBITDA decreased 75% to $3.8 million in Third Quarter 2025.

Nine Months Ended September 30, 2025

Revenue decreased 2% to $1,887.7 million from $1,929.1 million in the first nine months of 2024. Access fees revenue decreased 6% to $1,570.3 million and other revenue increased 23% to $317.4 million. U.S. revenue decreased 4% to $1,554.4 million and International revenue increased 9% to $333.3 million.

Integrated Care segment revenue increased 3% to $1,170.5 million in the first nine months of 2025 and BetterHelp segment revenue decreased 9% to $717.2 million.

Net loss totaled $175.2 million, or $1.00 per share, for the first nine months of 2025, compared to $952.8 million, or $5.61 per share, for the first nine months of 2024. Results for the first nine months of 2025 included non-cash goodwill impairment charges of $71.8 million, or $0.41 per share pre-tax, stock-based compensation expense of $64.5 million, or $0.37 per share pre-tax, and amortization of intangibles of $258.7 million, or $1.47 per share pre-tax. Net loss for the first nine months of 2025 also included $12.0 million, or $0.07 per share pre-tax, of restructuring costs related to severance costs and costs associated with office space reductions. These items were partially offset by a discrete tax benefit of $20.1 million, or $0.11 per share, related to the completion of a research and development tax credit study and a tax benefit of $11.1 million, or $0.06 per share, related to the current year's acquisitions.

The non-cash goodwill impairment charges recorded in the first nine months of 2025 were the result of the fair value of the Integrated Care segment being less than its carrying value at the time of the acquisitions of Catapult Health, LLC and Telecare.

Results for the first nine months of 2024 included a non-cash goodwill impairment charge of $790.0 million, or $4.65 per share pre-tax, amortization of intangibles of $276.8 million, or $1.63 per share pre-tax, stock-based compensation expense of $118.5 million, or $0.70 per share pre-tax, and $14.8 million, or $0.09 per share pre-tax, of restructuring costs primarily related to severance payments.

Adjusted EBITDA(1) decreased 16% to $197.3 million, compared to $235.9 million for the first nine months of 2024. Integrated Care segment adjusted EBITDA decreased 3% to $173.9 million in the first nine months of 2025 and BetterHelp segment adjusted EBITDA decreased 58% to $23.4 million in the first nine months of 2025.

Capex and Cash Flow

Cash flow from operations was $99.3 million in Third Quarter 2025, compared to $110.2 million in Third Quarter 2024, and was $206.6 million in the first nine months of 2025, compared to $207.8 million in the first nine months of 2024. Capital expenditures and capitalized software development costs (together, “Capex”) were $31.3 million in Third Quarter 2025, compared to $31.1 million in Third Quarter 2024, and were $93.1 million for the first nine months of 2025, compared to $94.4 million for the first nine months of 2024. Free cash flow was $67.9 million in Third Quarter 2025, compared to $79.0 million in Third Quarter 2024, and was $113.5 million for the first nine months of 2025, compared to $113.4 million for the first nine months of 2024.

Financial Outlook

The outlook provided below is based on current market conditions and expectations and what we know today.

For the full year of 2025, we expect:

Full Year 2025 Outlook Range

Revenue

$2,510 - $2,539 million

Adjusted EBITDA

$270 - $287 million

Net loss per share

($1.25) - ($1.10)

Free Cash Flow

$170 - $185 million

U.S. Integrated Care Members (2)

101.5 - 102.5 million

Integrated Care

Revenue growth percentage (year-over-year)

2.4% - 3.5%

Adjusted EBITDA margin

15.0% - 15.4%

BetterHelp

Revenue growth percentage (year-over-year)

(9.2%) - (8.0%)

Adjusted EBITDA margin

3.8% - 4.6%

For the fourth quarter of 2025, we expect:

4Q 2025 Outlook Range

Revenue

$622 - $652 million

Adjusted EBITDA

$73 - $90 million

Net loss per share

($0.25) - ($0.10)

U.S. Integrated Care Members (2)

101.5 - 102.5 million

Integrated Care

Revenue growth percentage (year-over-year)

1.0% - 5.2%

Adjusted EBITDA margin

15.3% - 16.8%

BetterHelp

Revenue growth percentage (year-over-year)

(8.8%) - (3.8%)

Adjusted EBITDA margin

5.5% - 8.6%

See note (2) in the Notes section that follows.

Earnings Conference Call

The Third Quarter 2025 earnings conference call and webcast will be held Wednesday, October 29, 2025 at 5:00 p.m. E.T. The conference call can be accessed by dialing 1-833-470-1428 for U.S. participants and using the access code #609817. For international participants, please visit the following link for global dial-in numbers: https://www.netroadshow.com/conferencing/global-numbers?confId=90432. A live audio webcast will also be available online at http://ir.teladoc.com/news-and-events/events-and-presentations/. A replay of the call will be available via webcast for on-demand listening shortly after the completion of the call, at the same web link, and will remain available for approximately 90 days.

About Teladoc Health

Teladoc Health is the global leader in virtual care. The company is delivering and orchestrating care across patients, care providers, platforms, and partners — transforming virtual care into a catalyst for how better health happens. Through our relationships with health plans, employers, providers, health systems and consumers, we are enabling more access, driving better outcomes, extending provider capacity and lowering costs. Learn more at www.teladochealth.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “believe,” “project,” “estimate,” “expect,” “may,” “should,” “will” and similar references to future periods. Examples of forward-looking statements include, among others, the information under the caption “Financial Outlook” and statements we make regarding future financial or operating results, future numbers of members, BetterHelp paying users or clients, litigation outcomes, regulatory developments, market developments, new products and growth strategies, initiatives to improve our efficiency and competitiveness, and the effects of any of the foregoing on our future results of operations or financial condition.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: (i) changes in laws and regulations applicable to our business model; (ii) changes in market conditions and receptivity to our services and offerings, including our ability to effectively compete; (iii) results of litigation or regulatory actions; (iv) the loss of one or more key clients or the loss of a significant number of members or BetterHelp paying users; (v) changes in valuations or useful lives of our assets; (vi) changes to our abilities to recruit and retain qualified providers into our network; (vii) the impact of and risk related to impairment losses with respect to goodwill or other assets; (viii) the success of our initiatives to improve our efficiency and competitiveness; and (ix) imposed and threatened tariffs by the United States and its trading partners, and any resulting disruptions or inefficiencies in our supply chain. For a detailed discussion of the risk factors that could affect our actual results, please refer to the risk factors identified in our SEC reports, including, but not limited to, our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, as filed with the SEC.

Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

TELADOC HEALTH, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data, unaudited)

Three Months Ended
September 30,

Nine Months Ended
September 30,

2025

2024

2025

2024

Revenue

$

626,439

$

640,508

$

1,887,708

$

1,929,083

Costs and expenses:

Cost of revenue (exclusive of depreciation and amortization, which are shown separately below)

187,179

179,745

574,545

562,342

Advertising and marketing

167,985

177,462

503,717

531,061

Sales

48,209

47,465

146,853

152,267

Technology and development

67,572

72,383

206,314

230,522

General and administrative

102,581

114,245

323,469

335,494

Goodwill impairments

12,625

—

71,763

790,000

Acquisition, integration, and transformation costs

1,931

457

6,777

1,287

Restructuring costs

1,950

3,580

11,989

14,753

Amortization of intangible assets

85,757

86,906

258,725

276,825

Depreciation of property and equipment

2,612

2,666

10,514

7,203

Total costs and expenses

678,401

684,909

2,114,666

2,901,754

Loss from operations

(51,962

)

(44,401

)

(226,958

)

(972,671

)

Interest income

(7,081

)

(15,326

)

(29,819

)

(42,840

)

Interest expense

4,526

5,660

14,764

16,957

Other expense (income), net

815

(2,239

)

(9,991

)

(1,306

)

Loss before provision for income taxes

(50,222

)

(32,496

)

(201,912

)

(945,482

)

Provision for income taxes

(715

)

780

(26,733

)

7,354

Net loss

$

(49,507

)

$

(33,276

)

$

(175,179

)

$

(952,836

)

Net loss per share, basic and diluted

$

(0.28

)

$

(0.19

)

$

(1.00

)

$

(5.61

)

Weighted-average shares used to compute basic and diluted net loss per share

176,934,781

171,496,282

175,678,949

169,824,993

Stock-based Compensation Summary

Compensation expense for stock-based awards was classified as follows (in thousands, unaudited):

Three Months Ended
September 30,

Nine Months Ended
September 30,

2025

2024

2025

2024

Cost of revenue (exclusive of depreciation and amortization, which are shown separately)

$

509

$

1,075

$

1,588

$

3,782

Advertising and marketing

1,083

3,856

3,888

11,023

Sales

3,156

5,204

11,009

20,124

Technology and development

4,129

8,152

14,161

27,134

General and administrative

8,119

15,760

33,857

56,416

Total stock-based compensation expense (3)

$

16,996

$

34,047

$

64,503

$

118,479

See note (3) in the Notes section that follows.

Revenues

Three Months Ended

Nine Months Ended

September 30,

September 30,

($ in thousands, unaudited)

2025

2024

Change

2025

2024

Change

Revenue by Type

Access Fees

$

520,907

$

555,275

(6

)%

$

1,570,346

$

1,672,097

(6

)%

Other

105,532

85,233

24

%

317,362

256,986

23

%

Total Revenue

$

626,439

$

640,508

(2

)%

$

1,887,708

$

1,929,083

(2

)%

Revenue by Geography

U.S. Revenue

$

509,774

$

536,161

(5

)%

$

1,554,433

$

1,624,563

(4

)%

International Revenue

116,665

104,347

12

%

333,275

304,520

9

%

Total Revenue

$

626,439

$

640,508

(2

)%

$

1,887,708

$

1,929,083

(2

)%


Summary Operating Metrics

Consolidated

Three Months Ended

Nine Months Ended

September 30,

September 30,

(In millions)

2025

2024

Change

2025

2024

Change

Total Visits

4.1

4.1

1

%

12.7

12.9

(1

)%

Integrated Care

As of September 30,

(In millions)

2025

2024

Change

U.S. Integrated Care Members (2)

102.5

93.9

9

%

Chronic Care Program Enrollment (4)

1.165

1.179

(1

)%

Three Months Ended

Nine Months Ended

September 30,

September 30,

2025

2024

Change

2025

2024

Change

Average Monthly Revenue Per U.S. Integrated Care Member (5)

$

1.27

$

1.36

(7

)%

$

1.27

$

1.37

(7

)%

BetterHelp

Average for

Average for

Three Months Ended

Nine Months Ended

September 30,

September 30,

(In millions)

2025

2024

Change

2025

2024

Change

BetterHelp Paying Users (6)

0.382

0.398

(4)%

0.389

0.407

(4)%

See notes (2), (4), (5), and (6) in the Notes section that follows.

Operating Results by Segment (see note (7) in the Notes section that follows)

The following table presents operating results by reportable segment for the periods indicated:

Three Months Ended

Nine Months Ended

September 30,

September 30,

($ in thousands, unaudited)

2025

2024

Change

2025

2024

Change

Integrated Care

Revenue

$

389,538

$

383,666

2

%

$

1,170,516

$

1,138,198

3

%

Adjusted EBITDA

$

66,068

$

68,039

(3

)%

$

173,897

$

179,741

(3

)%

Adjusted EBITDA Margin %

17.0

%

17.7

%

14.9

%

15.8

%

BetterHelp

Therapy Services

$

231,803

$

250,588

(7

)%

$

701,644

$

773,373

(9

)%

Other Wellness Services

5,098

6,254

(18

)%

15,548

17,512

(11

)%

Total Revenue

$

236,901

$

256,842

(8

)%

$

717,192

$

790,885

(9

)%

Adjusted EBITDA

$

3,841

$

15,216

(75

)%

$

23,416

$

56,135

(58

)%

Adjusted EBITDA Margin %

1.6

%

5.9

%

3.3

%

7.1

%

TELADOC HEALTH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands, unaudited)

Nine Months Ended
September 30,

2025

2024

Cash flows from operating activities:

Net loss

$

(175,179

)

$

(952,836

)

Adjustments to reconcile net loss to net cash flows from operating activities:

Goodwill impairments

71,763

790,000

Amortization of intangible assets

258,725

276,825

Depreciation of property and equipment

10,514

7,203

Amortization of right-of-use assets

7,973

7,144

Provision for allowances for doubtful accounts

(481

)

2,199

Stock-based compensation

64,503

118,479

Deferred income taxes

(31,449

)

611

Other, net

3,272

5,212

Changes in operating assets and liabilities:

Accounts receivable

7,664

3,675

Prepaid expenses and other current assets

(1,326

)

2,849

Inventory

(1,039

)

(8,328

)

Other assets

6,391

1,439

Accounts payable

16,256

(5,851

)

Accrued expenses and other current liabilities

(2,247

)

13,980

Accrued compensation

(4,795

)

(35,943

)

Deferred revenue

(9,777

)

(10,456

)

Operating lease liabilities

(10,249

)

(8,088

)

Other liabilities

(3,904

)

(336

)

Net cash provided by operating activities

206,615

207,778

Cash flows from investing activities:

Capital expenditures

(6,274

)

(4,658

)

Capitalized software development costs

(86,862

)

(89,750

)

Proceeds from the sale of investment

740

—

Acquisitions accounted for as business combinations, net of cash acquired

(81,904

)

—

Asset acquisition resulting in net intangible assets

(29,569

)

—

Payments for investments

(27,875

)

—

Other, net

60

—

Net cash used in investing activities

(231,684

)

(94,408

)

Cash flows from financing activities:

Proceeds from the exercise of stock options

81

2,711

Proceeds from employee stock purchase plan

1,901

3,721

Repayment of convertible senior notes

(550,629

)

—

Payment of credit facility issuance costs

(4,109

)

—

Other, net

—

(178

)

Net cash (used in) provided by financing activities

(552,756

)

6,254

Net (decrease) increase in cash and cash equivalents

(577,825

)

119,624

Effect of foreign currency exchange rate changes

5,747

567

Cash and cash equivalents at beginning of the period

1,298,327

1,123,675

Cash and cash equivalents at end of the period

$

726,249

$

1,243,866

CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data, unaudited)

September 30,
2025

December 31,
2024

ASSETS

Current assets:

Cash and cash equivalents

$

726,249

$

1,298,327

Accounts receivable, net of allowance for doubtful accounts of $3,868 and $5,134 at September 30, 2025 and December 31, 2024, respectively

210,757

214,146

Inventories

39,904

38,138

Prepaid expenses and other current assets

115,849

113,296

Total current assets

1,092,759

1,663,907

Property and equipment, net

26,916

29,487

Goodwill

283,190

283,190

Intangible assets, net

1,336,653

1,431,360

Operating lease—right-of-use assets

32,365

27,092

Other assets

106,664

81,488

Total assets

$

2,878,547

$

3,516,524

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$

52,198

$

33,130

Accrued expenses and other current liabilities

205,898

202,157

Accrued compensation

76,848

76,229

Deferred revenue—current

70,146

79,296

Convertible senior notes, net—current

—

550,723

Total current liabilities

405,090

941,535

Other liabilities

4,237

720

Operating lease liabilities, net of current portion

37,799

32,135

Deferred revenue, net of current portion

11,204

9,786

Deferred taxes, net

34,058

49,851

Convertible senior notes, net—non-current

994,044

991,418

Total liabilities

1,486,432

2,025,445

Commitments and contingencies

Stockholders’ equity:

Common stock, $0.001 par value; 300,000,000 shares authorized; 177,349,640 shares and 173,405,016 shares issued and outstanding as of September 30, 2025 and December 31, 2024 respectively

177

173

Additional paid-in capital

17,831,624

17,759,194

Accumulated deficit

(16,405,079

)

(16,229,900

)

Accumulated other comprehensive loss

(34,607

)

(38,388

)

Total stockholders’ equity

1,392,115

1,491,079

Total liabilities and stockholders’ equity

$

2,878,547

$

3,516,524

Non-GAAP Financial Measures:

To supplement our financial information presented in accordance with generally accepted accounting principles in the United States (“GAAP”), we use certain non-GAAP financial measures to clarify and enhance an understanding of past performance, which include adjusted EBITDA and free cash flow. We believe that the presentation of these financial measures enhances an investor’s understanding of our financial performance, and are commonly used by investors to evaluate our performance and that of our competitors. We further believe that these financial measures are useful to assess our operating performance and financial and business trends from period-to-period by excluding certain items that we believe are not representative of our core business, and that free cash flow reflects an additional way of viewing our liquidity that, when viewed together with GAAP results, provides management, investors, and other users of our financial information with a more complete understanding of factors and trends affecting our cash flows. We use these non-GAAP financial measures for business planning purposes and in measuring our performance relative to that of our competitors. We utilize adjusted EBITDA as a key measure of our performance.

Adjusted EBITDA consists of net loss before provision for income taxes; other expense (income), net; interest income; interest expense; depreciation of property and equipment; amortization of intangible assets; restructuring costs; acquisition, integration, and transformation cost; goodwill impairments; and stock-based compensation.

Free cash flow is net cash provided by operating activities less capital expenditures and capitalized software development costs.

Our use of these non-GAAP terms may vary from that of others in our industry, and other companies may calculate such measures differently than we do, limiting their usefulness as comparative measures.

Non-GAAP measures have important limitations as analytical tools and you should not consider them in isolation, and they should not be considered as an alternative to net loss before provision for income taxes, net loss, net loss per share, net cash from operating activities or any other measures derived in accordance with GAAP. Some of these limitations are:

  • adjusted EBITDA eliminates the impact of the provision for income taxes on our results of operations, and does not reflect other expense (income), net, interest income, or interest expense;

  • adjusted EBITDA does not reflect restructuring costs. Restructuring costs may include certain lease impairment costs, certain losses related to early lease terminations, and severance;

  • adjusted EBITDA does not reflect significant acquisition, integration, and transformation costs. Acquisition, integration and transformation costs include investment banking, financing, legal, accounting, consultancy, integration, fair value changes related to contingent consideration, and certain other transaction costs related to mergers and acquisitions. It also includes costs related to certain business transformation initiatives focused on integrating and optimizing various operations and systems, including upgrading our customer relationship management and enterprise resource planning systems. These transformation cost adjustments made to our results do not represent normal, recurring, operating expenses necessary to operate the business but rather, incremental costs incurred in connection with our acquisition and integration activities;

  • adjusted EBITDA does not reflect goodwill impairment charges; and

  • adjusted EBITDA does not reflect the significant non-cash stock-based compensation expense which should be viewed as a component of recurring operating costs.

In addition, although amortization of intangible assets and depreciation of property and equipment are non-cash charges, the assets being amortized and depreciated will often have to be replaced in the future, and adjusted EBITDA does not reflect any expenditures for such replacements.

We compensate for these limitations by using these non-GAAP measures along with other comparative tools, together with GAAP measurements, to assist in the evaluation of operating performance. Such GAAP measurements include net loss, net loss per share, net cash provided by operating activities, and other performance measures.

In evaluating these financial measures, you should be aware that in the future we may incur expenses similar to those eliminated in this presentation. Our presentation of these non-GAAP measures should not be construed as an inference that our future results will be unaffected by unusual or nonrecurring items.

The following is a reconciliation of net loss, the most directly comparable GAAP financial measure, to adjusted EBITDA:

Reconciliation of GAAP Net Loss to Adjusted EBITDA
(In thousands, unaudited)

Outlook in millions (8)

Three Months Ended
September 30,

Nine Months Ended
September 30,

Fourth Quarter

Full Year

2025

2024

2025

2024

2025

2025

Net loss

$

(49,507

)

$

(33,276

)

$

(175,179

)

$

(952,836

)

$(45) - (18)

$(220) - (194)

Add:

Provision for income taxes

(715

)

780

(26,733

)

7,354

Other expense (income), net

815

(2,239

)

(9,991

)

(1,306

)

Interest expense

4,526

5,660

14,764

16,957

Interest income

(7,081

)

(15,326

)

(29,819

)

(42,840

)

Depreciation of property and equipment

2,612

2,666

10,514

7,203

Amortization of intangible assets

85,757

86,906

258,725

276,825

Restructuring costs

1,950

3,580

11,989

14,753

Acquisition, integration, and transformation costs

1,931

457

6,777

1,287

Goodwill impairments

12,625

—

71,763

790,000

Stock-based compensation

16,996

34,047

64,503

118,479

Total Adjustments

119,416

116,531

372,492

1,188,712

91 - 135

464 - 507

Consolidated Adjusted EBITDA

$

69,909

$

83,255

$

197,313

$

235,876

$73 - 90

$270 - 287

Segment Adjusted EBITDA

Integrated Care

$

66,068

$

68,039

$

173,897

$

179,741

BetterHelp

3,841

15,216

23,416

56,135

Consolidated Adjusted EBITDA

$

69,909

$

83,255

$

197,313

$

235,876

See note (8) in the Notes section that follows.

The following is a reconciliation of net cash provided by operating activities, the most directly comparable GAAP financial measure, to free cash flow:

Reconciliation of GAAP Net Cash Provided by Operating Activities to Free Cash Flow
(In thousands, unaudited)

Three Months Ended

Nine Months Ended

Outlook (9)

September 30,

September 30,

Full Year

2025

2024

2025

2024

2025 (in millions)

Net cash provided by operating activities

$

99,264

$

110,175

$

206,615

$

207,778

$299 - 309

Capital expenditures

(2,280

)

(1,597

)

(6,274

)

(4,658

)

Capitalized software development costs

(29,038

)

(29,551

)

(86,862

)

(89,750

)

Capex

(31,318

)

(31,148

)

(93,136

)

(94,408

)

(129) - (124)

Free Cash Flow

$

67,946

$

79,027

$

113,479

$

113,370

$170 - 185

See note (9) in the Notes section that follows.

Notes:

  1. A reconciliation of each non-GAAP measure to the most comparable measure under GAAP has been provided in this press release in the accompanying tables. An explanation of these non-GAAP measures is also included under the heading “Non-GAAP Financial Measures.”

  2. U.S. Integrated Care Members represent the number of unique individuals who have paid access and visit fee only access to our suite of integrated care services in the U.S. at the end of the applicable period.

  3. Excluding the amount capitalized related to software development projects.

  4. Chronic Care Program Enrollment represents the total number of enrollees across our suite of chronic care programs at the end of the applicable period.

  5. Average monthly revenue per U.S. Integrated Care member is calculated by dividing the total revenue generated from the Integrated Care segment by the average number of U.S. Integrated Care Members (see note 2) during the applicable period.

  6. BetterHelp Paying Users represent the average number of global monthly paying users of our BetterHelp therapy services during the applicable period, including both those who pay directly out-of-pocket and those who utilize their insurance coverage.

  7. We have two segments: Integrated Care and BetterHelp. The Integrated Care segment includes a suite of global virtual medical services including general medical, expert medical services, specialty medical, chronic condition management, mental health, and enabling technologies and enterprise telehealth solutions for hospitals and health systems. The BetterHelp segment includes virtual therapy and other wellness services provided on a global basis which are predominantly marketed and sold on a direct-to-consumer basis.

  8. We have not provided a full line-item reconciliation for net loss to adjusted EBITDA outlook because we do not provide an outlook on the individual reconciling items between net loss and adjusted EBITDA. This is due to the uncertainty as to timing, and the potential variability, of the individual reconciling items such as impairments, stock-based compensation and the related tax impact, provision for income taxes, acquisition, integration, and transformation costs, and restructuring costs, the effect of which may be significant. Accordingly, a full line-item reconciliation of the GAAP measure to the corresponding non-GAAP financial measure outlook is not available without unreasonable effort.

  9. We have not provided a line-item reconciliation for free cash flow to net cash from operating activities for this future period because we believe such a reconciliation would imply a degree of precision and certainty that could be confusing to investors and we are unable to reasonably predict certain items contained in the GAAP measure without unreasonable effort.

Investors:
Michael Minchak
617-444-9612
ir@teladochealth.com

Media:
Lou Serio
202-569-9715
pr@teladochealth.com