Teladoc Health, Inc. reported its financial results for the three and nine months ended September 30, 2024, revealing a mixed performance in revenue and profitability compared to the previous fiscal period. Total revenue for Q3 2024 was $640.5 million, a decrease of 3% from $660.2 million in Q3 2023. For the nine months ended September 30, 2024, revenue totaled $1.93 billion, down slightly from $1.94 billion in the same period last year.
The company's Integrated Care segment showed growth, with revenues increasing to $383.7 million in Q3 2024 from $374.4 million in Q3 2023, and $1.14 billion for the nine months, up from $1.08 billion. Conversely, BetterHelp's revenues declined significantly, with Q3 2024 revenues at $256.8 million, down from $285.8 million in Q3 2023, and $790.9 million for the nine months, compared to $857.5 million in the prior year.
Despite the revenue decline, Teladoc reported a net loss of $33.3 million for Q3 2024, an improvement from a net loss of $57.1 million in Q3 2023. However, the nine-month net loss increased to $952.8 million from $191.5 million, largely due to a $790 million goodwill impairment charge recognized in the first half of 2024. Adjusted EBITDA for Q3 2024 was $83.3 million, down from $88.8 million in Q3 2023, while for the nine months, it increased to $235.9 million from $213.7 million.
The company’s total assets decreased to $3.53 billion as of September 30, 2024, from $4.39 billion at the end of 2023, while total current liabilities surged to $931.4 million from $420.6 million. Total stockholders’ equity also fell to $1.51 billion from $2.33 billion.
Strategically, Teladoc has been undergoing restructuring, incurring $3.6 million in restructuring costs for Q3 2024, compared to $0.4 million in Q3 2023. Year-to-date restructuring costs totaled $14.8 million, down from $16 million in the same period last year. The company anticipates incurring additional restructuring charges between $12 million and $16 million for the full year 2024.
As of September 30, 2024, Teladoc had cash and cash equivalents of $1.24 billion, an increase from $1.12 billion at the end of 2023. The company continues to focus on enhancing its market position through increased membership and cross-selling capabilities, despite facing challenges in its BetterHelp segment.
About Teladoc Health, Inc.
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