Teladoc Health Inc (NYSE:TDOC) shares are trading lower Thursday after the company reported financial results and said it now expects full-year results to be toward the lower end of its previously issued guidance range.
Teladoc said second-quarter revenue jumped 18% year-over-year to $592.37 million, which beat the estimate of $583.76 million, according to data from Benzinga Pro. The company reported a quarterly earnings loss of 19.22 per share, which was down from a loss of 86 cents per share in the prior year quarter. Earnings results included a non-cash goodwill impairment charge of $18.78 per share.
"While we continue to see increased uncertainty in the macroeconomic backdrop, we remain confident in our ability to execute against our strategy," said Jason Gorevic, CEO of Teladoc.
Teladoc maintained its previously issued revenue and adjusted EBITDA outlook for the full year. Full-year revenue is expected to be between $2.4 billion and $2.5 billion. Adjusted EBITDA is expected to be between $240 million and $265 million. However, based on current trends in the market, Teladoc said it now expects results to be toward the lower end of said ranges.
Teladoc is a virtual health provider that uses proprietary health signals and personalized interactions to drive better outcomes.
- SVB Leerink analyst Stephanie Davis Demko maintained Teladoc with a Market Perform rating and lowered the price target from $35 to $34.
- Oppenheimer analyst Michael Wiederhorn maintained Teladoc with an Outperform rating and lowered the price target from $65 to $55.
- Piper Sandler analyst Jessica Tassan maintained Teladoc with an Overweight rating and lowered the price target from $42 to $40.
- Needham analyst Ryan MacDonald downgraded Teladoc from a Buy rating to Hold.
TDOC Price Action: Teladoc has a 52-week high of $95.71 and a 52-week low of $27.38.
The stock was down 23.1% at $33.22 at time of publication.
Photo: courtesy of Teladoc.