Teladoc Health Posts Deeper Loss On Goodwill Impairment Charge Of $6.6B, Cuts FY22 Guidance

Teladoc Health Inc TDOC posted a Q1 EPS loss of $(41.58) compared to $(1.31) a year ago.
Q1 EPS loss included a non-cash goodwill impairment charge of $(41.11), stock-based compensation expense of $(0.38), and amortization of acquired intangibles of $(0.31) per share.
Adjusted gross margin decreased to 66.9% from 67.8% a year ago. Adjusted EBITDA decreased 4% to $54.5 million.
The average revenue per U.S. paid member increased to $2.52, from $2.09 in Q1 FY21 and $2.49 in Q4 FY21.
Revenue increased 25% to $565.4 million, missing the consensus of $568.8 million.
Access fees revenue grew 29% to $491.3 million, and visit fee revenue grew 12% to $67.9 million.
During the quarter, the company saw overall visits jump to 4.51 million, +35% Y/Y,
Paid memberships in the U.S. were 54.3 million, up 5% Y/Y.
Guidance: Teladoc forecasts Q2 FY22 sales of $580 million - $600 million, below the consensus of $615.26 million.
The company expects EPS loss of $(0.72) - $(0.60), compared to the consensus of $(0.47).
For FY22, Teladoc expects sales of $2.4 billion - $2.5 billion, compared to previous guidance of $2.55 billion - $2.65 billion, versus the analyst estimate of $2.58 billion.
It forecasts FY22 EPS loss of $(43.50) - $(43.00), compared previous outlook of $(1.60) - $(1.40).
Price Action: TDOC shares are down 41.1% at $33.00 during the premarket session on the last check Thursday.

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