Teladoc Health Reports First Quarter 2022 Results

1Q’22 Earnings: Press ReleaseInvestor PresentationWebcast

First quarter revenue grows 25% year-over-year to $565.4 million
• Net loss per share of $41.58, primarily driven by non-cash goodwill impairment charge of $6.6 billion or $41.11 per
share
• Full year guidance ranges for 2022 revenue, net loss per share and adjusted EBITDA revised to $2.4 – $2.5 billion,
($43.50) per share – ($43.00) per share, and $240 – $265 million, respectively

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PURCHASE, NY, April 27, 2022— Teladoc Health, Inc. (NYSE: TDOC), the global leader in wholeperson virtual care, today reported financial results for the first quarter ended March 31, 2022.
Teladoc Health continues to be the global leader in transforming healthcare, delivering
personalized, flexible and efficient whole-person care at scale for millions of consumers and patients while meaningfully reducing costs across the healthcare system. During the first quarter, we demonstrated significant progress in a number of strategic initiatives, such as successfully launching multiple clients on our innovative services, including Primary360 and our stepped-care chronic condition programs
,” said Jason Gorevic, chief executive officer of Teladoc Health.
While we continue to see sustainable growth across our suite of products and services, we are revising our 2022 outlook to reflect dynamics we are currently experiencing in the direct-to-consumer (D2C) mental health and chronic condition markets. In the D2C mental health market, higher advertising costs in some channels are generating a lower-than-expected yield on our marketing spend. In the chronic condition market, we are seeing an elongated sales cycle as employers and health plans evaluate their long-term strategies to deliver the benefits and care that their populations need. Despite the revision to our 2022 outlook, we are confident in our strategy, along with our breadth and depth of capabilities, which empower people everywhere to live healthier lives,” Gorevic added.

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First Quarter 2022
Revenue increased 25% to $565.4 million, from $453.7 million in the first quarter of 2021. Access fees revenue grew 29% to $491.3 million and visit fee revenue grew 12% to $67.9 million. U.S.
Revenues grew 24% to $491.2 million and International revenues grew 27% to $74.2 million.
Non-cash goodwill impairment charge of $6.6 billion was recorded in the first quarter of 2022.
The non-cash charge had no impact on income taxes.
Net loss totaled $6,674.5 million, or $(41.58) per share, compared to $199.6 million, or $(1.31) per share, in the first quarter of 2021. Results for the first quarter of 2022 primarily included a non-cash goodwill impairment charge of $6,600.0 million, or $(41.11) per share, as well as stock-based compensation expense of $60.4 million, or $(0.38) per share, and amortization of acquired intangibles of $49.4 million, or $(0.31) per share.
Results for the first quarter of 2021 included stock-based compensation expense of $86.3 million, or $(0.57) per share, amortization of acquired intangibles of $43.7 million, or $(0.29) per share, and non-cash income tax charge of $87.0 million, or $(0.57) per share.
Adjusted EBITDA* decreased 4% to $54.5 million, compared to $56.6 million in the first quarter of 2021.
GAAP gross margin, which includes depreciation and amortization, was 66.0 percent for the first quarter of 2022 compared to 67.0 percent for the first quarter of 2021.
Adjusted gross margin* was 66.9 percent for the first quarter of 2022 compared to 67.8 percent for the first quarter of 2021.
Average revenue per U.S. paid member increased to $2.52 in the first quarter of 2022, from $2.09 in the first quarter of 2021 and $2.49 in the fourth quarter of 2021.

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Financial Outlook: Teladoc Health provides guidance based on current market conditions and expectations and what we know today. In addition, given the uncertainty of the expected path of the COVID-19 pandemic as well as the broader economic impact, this is an evolving situation and circumstances may change. Based on what we know today, we believe our guidance ranges provide a reasonable baseline for 2022 financial performance.

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