Teladoc Health, Inc.
Health Care · Health Care Technology
6B revenue run rate. 7B cumulative), equity trades sub-1x sales near multi-year lows. 1B net debt with 2025 converts refinanced.
- Chronic care attach (diabetes + hypertension + weight management) is the high-ARPU leg the Livongo deal was bought for - if attach normalizes, Integrated Care ARPU re-rates
- BetterHelp CAC pressure from $META + $GOOGL ad inflation easing as competitors retrench; international expansion is incremental
- GLP-1 chronic-care wrap-around (Wegovy/Mounjaro adherence) is a natural AI/clinician overlay $LLY $NVO ecosystem leans into
- Sub-1x sales + FCF positive + IG-able balance sheet = takeout optionality (payer or retail-health buyer)
- Insider/board buying signaled at sub-$8
- BetterHelp paying users down 4 quarters running; D2C mental health commoditizing
- $AMZN One Medical + Amazon Pharmacy + $HIMS vertical bundling undercut single-purpose telehealth on price + UX
- Chronic-care churn structurally elevated - clients churn out faster than land
- Goodwill still ~$1B of equity; another impairment cycle not impossible
- No clear path to GAAP profitability before 2027; equity dilution risk if converts repriced
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