Q4 2025 Teladoc Health Inc Earnings Call Transcript
Key Points
- Teladoc Health Inc (TDOC) reported fourth-quarter revenue of $642 million, slightly higher than the prior year, with adjusted EBITDA of $84 million, representing a 13% margin.
- Integrated Care segment revenue grew 4.7% year-over-year, driven by performance-based revenue and increased US virtual care visit volume.
- The acquisitions of Catapult Health and TeleCare contributed to year-over-year growth, with international revenue delivering double-digit constant currency growth.
- BetterHelp's adjusted EBITDA increased to $18 million in Q4, up from $4 million in Q3, driven by a seasonal pullback in ad spend.
- Teladoc Health Inc (TDOC) ended 2025 with $781 million in cash and cash equivalents after retiring $550 million in convertible debt, with a net debt to trailing fourth quarter adjusted EBITDA under 0.8 times.
- Full-year consolidated revenue of $2.53 billion was 1.5% lower than the prior year, with a net loss per share of $1.14.
- BetterHelp's revenue declined 9% year-over-year, with a 6% decline in average paying users.
- The shift from subscription to visit-based revenue models impacted revenue growth, particularly in the US Virtual Care segment.
- Teladoc Health Inc (TDOC) expects a $5 million to $7 million headwind from tariffs in 2026, up from $3 million in 2025.
- US integrated care membership is expected to decline modestly due to reductions related to government programs and the expiration of enhanced subsidies on Affordable Care Act business.
Good afternoon. Thank you for attending today's Teladoc Health Q4 2025 earnings conference call. My name is Tamia, and I will be your moderator for today's call. (Operator Instructions)
I would now like to pass the conference over to your host, Michael Minchak, Head of Investor Relations. Please proceed.
(inaudible) press release announcing our fourth quarter 2025 financial results. This press release and the accompanying slide presentation are available in the Investor Relations section of the teladochealth.com website.
On the call to discuss the results will be Chuck Divita, Chief Executive Officer. During this call, we will also discuss our outlook, and our prepared remarks will be followed by a question-and-answer session.
Please note that we will be discussing certain non-GAAP financial measures that we believe are important in evaluating our performance. Details on the relationship between these non-GAAP measures to the most comparable GAAP measures and
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