Teladoc Health Inc. reported first‑quarter 2026 revenue of $613.8 million, a 2% year‑over‑year decline from $629.4 million in the same period last year. The company posted a net loss of $63.8 million, or $0.36 per share, compared with a $93.0 million loss ($0.53 per share) in Q1 2025.
Integrated Care revenue rose 2% to $395.4 million, with an adjusted EBITDA margin of 14.2%—up from 12.9% in Q1 2025—reflecting disciplined cost management and a favorable mix shift toward higher‑margin visit‑based services. BetterHelp revenue fell 9% to $218.4 million, and its adjusted EBITDA margin contracted to 0.9% from 3.2% in the prior year, driven by pressure in the direct‑to‑consumer cash‑pay segment and ongoing investment to scale insurance‑covered sessions.
Adjusted EBITDA for the quarter was $58.2 million, essentially flat versus $58.1 million in Q1 2025. The overall margin remained stable, but the Integrated Care segment’s margin expansion offset the compression in BetterHelp, keeping the company’s profitability profile steady.
Teladoc reaffirmed its full‑year 2026 outlook, maintaining revenue guidance of $2.481 billion to $2.576 billion and a net‑loss per share range of $‑1.05 to $‑0.75. Second‑quarter guidance was narrowed to $597 million to $626 million in revenue and a loss of $0.30 to $0.20 per share, signaling clearer expectations for the near term.
Consensus estimates for the quarter were a revenue estimate of $612.3 million and an EPS estimate of $‑0.32 to $‑0.34. Teladoc’s revenue beat the estimate by $1.5 million, while the actual loss of $0.36 per share missed the consensus by $0.02 to $0.04, underscoring the impact of the BetterHelp margin squeeze.
Management highlighted the progress of BetterHelp’s transition to an insurance‑driven model, noting that 30 states and Washington, D.C. are live, over 6,000 providers are credentialed, and insurance‑contracted lives exceed 150 million. The company also emphasized continued investment in AI‑assisted documentation and product innovation, while maintaining disciplined execution across its strategic priorities.
Investors reacted cautiously, with concern over the EPS miss and the ongoing headwinds in BetterHelp’s direct‑to‑consumer business. The reaffirmed guidance, however, provided reassurance that the company’s long‑term trajectory remains on track.
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