Teladoc Health Q1 Preview: Analyst Says Strategic Direction Is Good, But There's 'More Work To Be Done'

Shares of Teladoc Health Inc TDOC have been under pressure since the fourth-quarter earnings release on Feb. 26.

JPMorgan analysts blamed the persistent underperformance of BetterHelp and "a more challenging operating backdrop complicated by renewed macroeconomic concerns.”

The Teladoc Health Analyst: Analyst Lisa Gill reaffirmed a Neutral rating, while reducing the price target from $13 to $11.

The Teladoc Health Thesis: The company is likely to generate Q1 revenues of $617.5 million, versus consensus of $619 million.

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The adjusted EBITDA is likely to be $52.8 million, versus consensus of $53 million, she added.

The analyst projected full-year revenue estimate at $2.52 billion. That’s slightly higher than the consensus of $2,519 million.

The analyst also has a 2026 estimate of $2.56 billion, versus consensus of $2.558 billion.

Gill lowered the adjusted EBITDA estimates for 2025 and 2026 from $311 million to $294 million and from $333 million to $314 million, respectively.

"Our revenue estimates assume Integrated Care growth of +2% and +3% and we model BetterHelp down -7.7% and flat in FY25 and FY26, respectively," she wrote.

While the scale of Teladoc Health platform and the longer-term strategic direction are good, "there is more work to be done," Gill added.

Price Action: Shares of Teladoc Health had risen by 0.06% to $8.62 at the time of publication on Monday.

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