The company operates through two segments: Teladoc Health Integrated Care and BetterHelp. Teladoc faces headwinds as it works to shift from subscription to visit-based revenue models and transitions its virtual mental health business, BetterHelp, to accept insurance, moving from a cash-pay model to an in-network, insurance-covered model.
Cyborg Score Rationale
Teladoc experienced stagnant overall revenue growth and a decline in cash position, with full-year 2025 revenue declining 2% year-over-year to $2.53 billion. However, the company is developing AI-enabled clinical intervention pilots for rising and high-risk populations with plans to bring innovations to market in 2026. Recent weak forward guidance for 2026 significantly impacted investor confidence, with Q1 2026 EPS guidance missing consensus and full-year guidance signaling caution on profitability.
Top Insights
BetterHelp segment experienced a 7% year-over-year revenue decrease in Q4 2025, with adjusted EBITDA declining 46% for the full year.
Integrated Care segment revenue grew 4.7% year-over-year driven by performance-based revenue and increased US virtual care visits, with acquisitions contributing to growth and international revenue delivering double-digit constant currency growth.
International expansion shows promise with 12% revenue growth in Q3 2025, highlighted by the acquisition of TeleCare in Australia to broaden international integrated care business.
Teladoc ended 2025 with $781 million in cash and cash equivalents after retiring $550 million in convertible debt, with net debt to trailing adjusted EBITDA under 0.8 times.
Named Competitors
Virtual Care Services — Telehealth and virtual care platform
Mental Health Platform — Digital mental health and wellness services
Integrated Care Solutions — Behavioral health and chronic care management
Recent Developments
(February 2026) Appointed Michael Smith as board member, bringing financial expertise from Voya Financial to guide strategic operations
(February 2026) Q4 2025 earnings beat expectations with EPS of -$0.14 vs. -$0.22 expected, revenue of $642.3M exceeded guidance
(February 2026) Issued cautious 2026 guidance with $5-7M tariff headwind and expected modest decline in US integrated care membership
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