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Digital medical services platform Teladoc Health (NYSE:TDOC) fell short of analysts' expectations in Q2 CY2024, with revenue down 1.5% year on year to $642.4 million. It made a GAAP loss of $4.92 per share, down from its loss of $0.40 per share in the same quarter last year.
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Teladoc (TDOC) Q2 CY2024 Highlights:
- Revenue: $642.4 million vs analyst estimates of $649.7 million (1.1% miss)
- EPS: -$4.92 vs analyst estimates of -$0.35 (-$4.57 miss)
- Gross Margin (GAAP): 70.7%, in line with the same quarter last year
- Free Cash Flow of $60.94 million, up from $7.77 million in the previous quarter
- U.S. Integrated Care Members: 92.4 million, up 87.7 million year on year
- Market Capitalization: $1.65 billion
Founded to help people in rural areas get online medical consultations, Teladoc Health (NYSE:TDOC) is a telemedicine platform that facilitates remote doctor’s visits.
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Sales GrowthTeladoc's revenue growth over the last three years has been solid, averaging 19.5% annually. This quarter, Teladoc reported a year on year revenue decline of 1.5%, missing analysts' expectations.
Ahead of the earnings results, analysts were projecting sales to grow 4.1% over the next 12 months.
Key Takeaways from Teladoc's Q2 Results We struggled to find many positives in these results. Its revenue growth regrettably slowed and missed Wall Street's estimates. Its EPS also fell short as the company recorded a goodwill impairment charge of $790 million. Perhaps the most negative news from the quarter was management retracted its full-year guidance, which is typically a bad sign. Zooming out, we think this was a tough quarter. The stock traded down 16.1% to $7.92 immediately after reporting.
