Teladoc shares down 25% in extended trading: how come?
Teladoc Health Inc (NYSE: TDOC) shares are down 25% in extended trading after the telemedicine company reported wider-than-expected loss for its fiscal second quarter and lowered its full-year guidance.
Key takeaways from Teladoc Q2 earnings report
Lost $3.1 billion versus the year-ago figure of $133.8 millionPer-share loss of $19.22 was way bigger than last year’s 86 centsRevenue went up 18% year-over year to $592.4 millionConsensus was 61 cents of per-share loss on $586.7 million revenueRecorded $3.0 billion of non-cash goodwill impairment charge
According to the Purchase-headquartered company, revenue per U.S. paid member averaged at $2.56 in the first six months of 2022, up 16% from the same period last year. Teladoc shares are now down more than 65% for the year.
Teladoc shares down on weak guidance
For the current financial quarter, Teladoc expects its revenue to fall between $600 million and $620 million on up to $45 million of adjusted EBITDA. This compares to analysts’ call for $617.1 million in revenue and a much higher $65.8 million of adjusted EBITDA.
The virtual healthcare company reiterated its full-year outlook, but said it expects to hit only the lower end of its guidance. In the earnings press release, CEO Jason Gorevic said:
While we continue to see increased uncertainty in macroeconomic backdrop, we remain confident in our ability to execute against our strategy to deliver a unified care experience that we believe only Teladoc has the breadth and scale to achieve.
Wall Street currently rates Teladoc shares at “overweight”.
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