On October 24, 2023, Teladoc Health Inc (TDOC, Financial) released its third quarter 2023 earnings report. The company reported an 8% year-over-year increase in revenue to $660.2 million. The net loss for the quarter narrowed to $57.1 million, or $0.35 per share, from $73.5 million, or $0.45 per share, in the same period last year. The adjusted EBITDA for the quarter stood at $88.8 million, marking a significant 73% increase year-over-year.
Financial Highlights
For the third quarter of 2023, Teladoc Health's revenue increased 8% to $660.2 million from $611.4 million in the third quarter of 2022. Access fees revenue grew 8% to $582.1 million and other revenue grew 10% to $78.2 million. U.S. revenue grew 7% to $569.3 million and International revenue grew 17% to $90.9 million. The company's Integrated Care segment revenue increased 9% to $374.4 million in the third quarter of 2023 and BetterHelp segment revenue increased 8% to $285.8 million.
The company's net loss for the third quarter of 2023 was $57.1 million, or $0.35 per share, compared to $73.5 million, or $0.45 per share, for the third quarter of 2022. The adjusted EBITDA increased 73% to $88.8 million, compared to $51.2 million for the third quarter of 2022.
Operational Performance and Future Outlook
Jason Gorevic, CEO of Teladoc Health, commented on the company's performance,
Our third quarter financial and operating performance reinforces the fundamental strength of our business and our success in making better health available to more than 90 million members."He further added that the company is committed to building an even stronger company that continues to deliver on balanced growth.
For the fourth quarter of 2023, Teladoc Health expects revenue to be in the range of $658 - $683 million, adjusted EBITDA to be in the range of $107 - $117 million, and net loss per share to be between ($0.33) - ($0.23).
For the full year 2023, the company expects revenue to be in the range of $2,600 - $2,625 million, adjusted EBITDA to be in the range of $320 - $330 million, and net loss per share to be between ($1.50) - ($1.40).
These financial results and projections highlight Teladoc Health Inc (TDOC, Financial)'s continued growth and commitment to improving its operational efficiency and financial performance.
