Teladoc Health Posts $13.6B Net Loss, Weak Guidance in Latest Earnings Report

The digital healthcare company also reported a net loss of over $3.8 billion for the fourth quarter of 2022.

Teladoc Health, a Purchase, New York-based virtual primary care provider, reported its fourth quarter and full year 2022 earnings results, which included a net loss and weaker-than-expected guidance for 2023.

Teladoc reported a net loss of $3.8 billion for the fourth quarter of 2022, compared to $11 billion, for the fourth quarter of 2021. For the full 2022 year, Teladoc posted a loss of $13.6 billion, compared to a loss of $428 million for 2021. Revenue jumped by 15% quarter over quarter to $637.7 million and by 18% year-over-year to $2.4 billion.

"We are pleased with the strong fourth quarter and full-year operating results," Jason Gorevic, CEO of Teladoc Health said in the earnings report. "Despite a challenging macro environment, we were able to expand our product offerings and enhance the level of care delivered across our integrated whole-person platform."

Although the organization is pleased with its latest financial results, Teladoc issues guidance for the 2023 first quarter and full year that fell short of analysts' expectations. For the 2023 first quarter, Teladoc is expecting earnings of $610 million to $625 million versus the $648.72 million estimate, according to Benzinga. On a per-share basis, the company is anticipating a loss of .45 cents to .55 cents, while Wall Street estimates were for a loss of .43 cents per share.

"As we look ahead to 2023, we see healthy demand for solutions that promise better access and outcomes while lowering the cost of healthcare," Gorevic said. "Our key strategic priorities remain our whole-person suite of services including our virtual primary care offering - Primary360, our suite of chronic care management solutions, mental health, and continued growth in our BetterHelp consumer brand. We remain committed to a balanced approach to growth and margin which will allow us to invest in key initiatives across our product roadmap."

Teladoc Health stock was trading in the red on Thursday morning.