Teladoc Health Slashes 300 Redundant Non-Clinician Roles, Reduces Office Spaces To Save Costs

Teladoc Health, Inc TDOC slashed 6% of its workforce and underwent other initiatives during the fourth quarter of 2022 to reduce operating costs.
The removal of redundant roles affected 300 non-clinician employees of the company.
Teladoc also reduced office spaces in specific markets under the restructuring.
The actions did not have a material impact on the company's quarterly results.
Teladoc's third-quarter revenue grew by 17% year-on-year to $611.4 million. Adjusted EBITDA decreased 24% Y/Y to $51.2 million.
Teladoc held $899.6 million in cash and equivalents as of September 30. It generated $63 million in operating cash flow.
Barclays analyst Marc Solecitto maintained Teladoc Health with an Equal-Weight and lowered the price target from $32 to $28.
Price Action: TDOC shares traded higher by 1.17% at $28.55 in the premarket on the last check Wednesday.