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TDOC - Teladoc Health Inc
$22.68
-0.20(-0.87%)8:00:01 PM 5/26/2023
Teladoc Health, Inc., formerly referred to as Teladoc, Inc. and Teladoc Medical Services, is a multinational telemedicine and virtual healthcare company based in the United States. Primary services include telehealth, medical opinions, AI and analytics, and licensable platform services. In particular, Teladoc Health uses telephone and videoconferencing software as well as mobile apps to provide on-demand remote medical care. Billed as the first and largest telemedicine company in the United States, Teladoc Health was launched in 2002 and has acquired companies such as BetterHelp in 2015, Best Doctors in 2017, and Advance Medical in 2018. It trades on the NYSE and in 2019 was active in 130 countries and served around 27 million members. Teladoc was founded in 2002 in Dallas, Texas by G.Byron Brooks EE MD and Michael Gorton. Billing itself as the oldest telemedicine company in United States, Teladoc's initial business model allowed patients to remotely consult with state-licensed doctors at any time. Companies paid a monthly fee for their employees to access the service, while patients paid a flat fee for each consultation, originally about $35 to $40. With Gorton as both chairman and CEO, Teladoc launched nationally in 2005 at the Consumer Directed Health Care Conference in Chicago, Illinois. Teladoc had around 1 million members by the end of 2007, with large employers such as AT&T providing the service to employees as a health benefit.

Financials

Quarterly financials
(USD)Mar 2022Q/Q
Revenue565.4MM+2%
Gross Profit378.3MM-
Cost Of Revenue187MM-
Operating Income-6.7B-
Operating Expenses7B-
Net Income-6.7B-
R&D87.4MM-
G&A104.9MM-
Amortization56.6MM-

Revenue Breakdowns

The revenue breakdowns above are extracted from this specific SEC Edgar 10-K filling, with report date as 2022-12-31 and filed on 2023-03-01. The process is fully automated and without human validation. Although we make every effort getting the relevant information, please be advised that We make no representation or warranties of any kind about completeness, accuracy, reliability, suitability or availability of the information exacted from Edgar 10-K/10-Q filings.

Highlights of Management Discussion and Risk Factors in 10-K/10-Q filling

Positive
1.
Our chronic care program enrollments are one of the key components of our whole person virtual care platform that we believe positions us to drive greater engagement with our platforms and increased revenue.
2.
​We believe that favorable existing secular trends in the healthcare industry were accelerated by the impacts of the COVID-19 pandemic, driving greater consumer awareness and use of virtual care and increased adoption by employers, health plans, hospitals and health systems, healthcare providers, and individuals.
3.
We further believe that increasing our membership is an integral objective that will provide us with the ability to continually innovate our services and support initiatives that will enhance members’ experiences.
4.
Excluding the impact from acquisitions, revenue increased 40%, driven primarily by BetterHelp.
5.
We believe that our ability to increase the revenue generated from each member over time is also a key indicator of our increasing market adoption, the growth of our business, and future revenue potential.
6.
​As it relates to the BetterHelp segment:​BetterHelp Paying Users.
7.
Therefore, we believe that our ability to add new members and retain existing members, and to increase utilization and penetration further into existing and new health plan Clients is a key indicator of our increasing market adoption, the growth of our business, and our future revenue potential.
8.
For the year ended December 31, 2022, we increased revenue 18% to $2,406.8 million, reflecting a 21% increase in revenue derived from access fees, primarily from BetterHelp.
9.
We believe that our ability to add new paying users and retain existing users is a key indicator of the increasing market adoption of BetterHelp, the growth of that business, and future revenue potential.
10.
Margin %​​11.2%​16.9%​ (568)bps​​​BetterHelp total revenues increased by $298.4 million, or 41%, to $1,019.6 million for the year ended December 31, 2022, driven by a 37% increase in average monthly paying users.
11.
Our ability to efficiently reach new potential paying users through various advertising channels helped us to increase BetterHelp paying users by 37% to 0.42 million as of December 31, 2022, compared to 0.31 million as of December 31, 2021.​As it relates to the Company: ​Seasonality.
12.
The increase in net revenues was primarily driven by higher chronic care enrollment and adoption, as well as higher telemedicine product revenue.
13.
Teladoc Health is the global leader in whole person virtual care focused on forging a new healthcare experience with better convenience, outcomes, and value around the world.​We were founded on a simple, yet revolutionary idea: that everyone should have access to the best healthcare, anywhere in the world on their terms.
14.
During 2022, we experienced positive operating cash flow and we continue to anticipate increasing positive operating cash flow results for 2023.​We believe that our existing cash and cash equivalents will be sufficient to meet our working capital, capital expenditure, and contractual obligation needs for at least the next 12 months.
15.
Margin %​​9.8%​11.1%​ (123)bps​​​Integrated Care total revenues increased by $73.0 million, or 6%, to $1,373.9 million for the year ended December 31, 2022.
16.
We have completed multiple acquisitions since our inception, which we believe have expanded our distribution capabilities and broadened our service offering.​On October 30, 2020, we completed the merger with Livongo, a leading provider to empower people with chronic conditions to live better and healthier lives.
17.
As a result of this dynamic we have typically experienced fewer new member additions and the strongest operating income performance in the fourth quarter.
18.
By geography, total revenue for the U.S. was $2,101.0 million and for International was $305.8 million for the year ended December 31, 2022, reflecting increases of 18% and 18%, respectively, compared to the year ended December 31, 2021.​Other revenue, which predominately includes visit fees, and to a lesser extent, revenues from the sales of our telehealth solutions for hospitals and health systems.
19.
Total access fees increased $892.9 million, or 105%.
20.
Our business and operational models are designed to be highly scalable and leverage variable costs to support revenue-generating activities.
21.
Total revenue was $2,032.7 million for the year ended December 31, 2021, compared to $1,094.0 million for the year ended December 31, 2020, an increase of $938.7 million, or 86%.
22.
In 2021, revenue increased 86% to $2,032.7 million, which included an incremental $500.0 million from acquired businesses.​For the year ended December 31, 2022, 87% and 13% of our revenue was derived from access fees and other revenues, respectively.
23.
We believe that the presentation of these financial measures enhances an investor’s understanding of our financial performance.
24.
Total access fees increased $363.6 million, or 21%.
25.
Also contributing to the increase in total revenue was other revenue, which totaled $292.5 million during the year ended December 31, 2021, compared to $246.7 million for the year ended December 31, 2020, an increase of $45.8 million, or 19%, primarily reflecting visit revenues and a full year’s sales of our telehealth solutions for hospitals and health systems.​Cost of Revenue (exclusive of depreciation and amortization, which is shown separately below).
26.
Total revenue was $2,406.8 million for the year ended December 31, 2022, compared to $2,032.7 million for the year ended December 31, 2021, an increase of $374.1 million, or 18%.
27.
As a result of seasonal cold and flu trends, we historically have experienced our highest level of visit and other fee revenue during the first and fourth quarters of each year.
28.
U.S. Integrated Care members increased by 5.8 million to 83.3 million at December 31, 2022, compared to the same period in 2021.
Negative
1.
Based on the result of the impairment test, we recognized an additional $2.6 billion non-deductible goodwill impairment charge, driven significantly by a decline in projected cash flows.
2.
These events include: (i) severe adverse industry or economic trends; (ii) significant company-specific actions, including exiting an activity in conjunction with restructuring of operations; (iii) current, historical or projected deterioration of our financial performance; or (iv) a sustained decrease in our market capitalization, as indicated by our publicly quoted share price, below our net book value.
3.
BetterHelp Adjusted EBITDA decreased by $7.6 million, or 6%, to $114.1 million for the year ended December 31, 2022, primarily reflecting higher operating expenses, most significantly higher advertising and marketing expenses. ​72
4.
Therefore, while membership increases, utilization and enrollment rates are dampened until service delivery ramps up over the course of the year.
5.
Average revenue per U.S. Integrated Care member decreased to $1.42 in the year ended December 31, 2022, from $1.46 in the same period in 2021, primarily due to the impact of new members onboarded over the course of year.
6.
For example, a sustained increase in the customer attrition rate related to customers acquired in the Livongo transaction could prompt us to reduce our estimate of the remaining useful life of the customer relationships.
7.
60 Table of ContentsConversely, as marketing activity typically resumes at the start of the year, we typically experience the weakest operating income performance during the first quarter as new customer acquisition and revenue growth lags marketing spend.
8.
See “Risk Factors—Risks Related to Our Business and Industry—Our quarterly results may fluctuate significantly, which could adversely impact the value of our common stock.”
9.
We recorded non-cash goodwill impairment charges of $13,402.8 million for the year ended December 31, 2022, following goodwill impairment testings performed as a result of sustained decreases in our publicly quoted share price and our annual testing requirement.
10.
​Due to the higher cost of customer acquisition during the end-of-year holiday season, our BetterHelp segment has historically reduced marketing activity during the fourth quarter.
The management discussion contents above are extracted from this specific SEC Edgar 10-K filling, with report date as 2022-12-31 and filed on 2023-03-01. The process is fully automated and without human validation. Although we make every effort getting the relevant information, please be advised that We make no representation or warranties of any kind about completeness, accuracy, reliability, suitability or availability of the information exacted from Edgar 10-K/10-Q filings.
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